(New York) The New York Stock Exchange ended in disarray on Friday, with major technology stocks escaping a consolidation movement that occurred at the end of a record week.
The Dow Jones fell 0.77% and the broader S&P 500 index lost 0.14%, while the NASDAQ gained 0.16% and recorded its third record in a row at the close.
“Even if the market was mixed today (Friday), with declines in certain sectors, we remain on a week of marked gains, the best in five months,” commented Angelo Kourkafas, analyst at Edward Jones.
The NASDAQ has even recorded five consecutive sessions of increase since Monday.
Diminished in recent weeks by a wave of profit-taking, the giant tech capitalizations took the lead again on Friday, as in recent days.
Semiconductor heavyweight Nvidia (+3.12%) shone, as did Alphabet (+2.04%), while Apple regained some color (+0.53%) after its bad day from yesterday.
“Since the beginning of March, the upward movement had expanded to more stocks, but today, growth stocks were at the forefront and small caps fell,” observed Angelo Kourkafas.
The capital-intensive technology sector benefited from the easing of bond rates. The yield on 10-year US government bonds stood at 4.20%, compared to 4.26% the day before at closing.
Semiconductor manufacturer Broadcom (+1.35%) capitalized on a series of positive comments from analysts, who see the Palo Alto (California) company as an essential player in the development of artificial intelligence, after the presentation of its new products on Wednesday.
On the Dow Jones side, red dominated, with sports equipment manufacturer Nike at the forefront (-6.90%).
The comma brand unveiled, Thursday after the stock market, forecasts considered disappointing for the current quarter, the sports equipment manufacturer counting on growth of only 1% over one year.
For the first half of its next financial year (which starts in June), the Beaverton (Oregon) group even anticipates a drop in its turnover of less than 5%.
Another sports equipment manufacturer, Lululemon Athletica, known for its yoga pants, also suffered (-15.80%), despite results higher than analysts’ projections.
The Dow Jones was also undermined by banking stocks, whether Goldman Sachs (-1.67%) or JPMorgan Chase (-1.23%).
The listed vehicle Digital World Acquisition Corporation (DWAC) fell (-13.71%) after the validation, at the general meeting, of its merger with Donald Trump’s media company, Trump Media & Technology Group (TMTG).
It allows the former president, who owns tens of millions of shares in the merged entity, to instantly increase his wealth by more than $3 billion.
Next week, the whole will take the symbol DJT on the NASDAQ, the initials of Donald Trump.
The letter and parcel delivery group FedEx performed well (+7.35%) after the publication of its results, which once again showed a decline in turnover, but also a clear recovery in margins, thanks to cost rationalization, particularly in the use of its air fleet.
The day after its first trading session, which saw it gain nearly 50% (48.35%), the social network Reddit came back to earth (-8.80%).
The Canadian start-up Canopy Growth Corporation, which markets cannabis, was catapulted (+68.64%) by the vote, in the German parliament, of a law legalizing the sale and consumption of this plant.
The Toronto Stock Exchange closed down more than 100 points on Friday
The Toronto Stock Exchange closed lower on Friday, losing more than 100 points the day after it reached a new record close.
The Toronto trading floor’s S&P/TSX Composite Index closed down 103.18 points, at 21,984.08 points.
On the currency market, the Canadian dollar traded at 73.57 US cents, compared to its average price of 73.94 US cents on Thursday.
The Canadian Press