(New York) The New York Stock Exchange finished near balance on Monday, deprived of fresh news and marked by weak trading volumes, before the publication of an important inflation indicator on Wednesday.
The Dow Jones fell 0.03%, the NASDAQ index gained 0.03% and the broader index edged down 0.04%.
“It was a rollercoaster session,” summarized Interactive Brokers analyst Steve Sosnick. “There have been some attempts to restart the machine, because operators remain purchase-oriented, but it hasn’t really worked. »
In question, the absence of notable publication, whether on the macroeconomic or microeconomic front, after that of the employment report on Friday, well received because it reaffirms the resilience of the American economy.
After starting in the green on Monday, stocks ran out of steam, with two of the three major indices even ending slightly in the red.
“During the afternoon, I think there were as many people interested in the Sun and the Moon as in the market, because the volumes were really low,” said Steve Sosnick, referring to the eclipse of Sun visible to tens of millions of Americans.
The bond market was more lively, with a further escalation in rates. The yield on 2-year US government bonds, the most representative of operators’ expectations in terms of monetary policy, stood at 4.79%, a first in more than four months.
“The stock market remains positioned upward, and when it is oriented this way, it can override movements in the bond market,” according to Steve Sosnick.
The New York market is notably awaiting the publication, on Wednesday, of the CPI price index, which economists see rebounding slightly in March compared to the previous month, to 3.4% over one year against 3.2% previously.
The CPI will be followed on Thursday by the PPI producer price index, considered a leading indicator of inflation.
The week will also see the start of the results season on Friday with a first round of financials, from JPMorgan Chase to Citigroup, including Wells Fargo and BlackRock.
In terms of values, the context of high rates benefited banks, notably JPMorgan Chase (+0.52%), whose CEO, Jamie Dimon, published his letter to investors on Monday, in which he indicated not to rule out a new surge in the cost of money.
The Taiwanese semiconductor giant TSMC, listed in Taiwan, but also on the New York Stock Exchange, gained 1.01% after the American government’s commitment to allocate $6.6 billion in subsidies for the construction of a third site in Arizona.
Real estate investment company Apartment Income REIT Corp (AIRC) jumped (+22.42%) after asset manager Blackstone (+1.36%) put $10 billion on the table to buy it and remove it from the coast.
Tesla accelerated (+4.90%) after its boss Elon Musk announced the presentation, at the beginning of August, by the manufacturer of a robotaxi.
Spirit Airlines (+6.55%) has postponed the delivery of several Airbus 320neo family aircraft by five years, which will allow the airline, weakened by its aborted union with JetBlue, to strengthen its liquidity.
Toronto Stock Exchange
The Toronto Stock Exchange ended the session with a slight decline on Monday, and the American markets moved in scattered order. It’s a smooth start ahead of a busy week, which will be marked by the release of numerous economic data, a decision by the Bank of Canada on interest rates and the start of the earnings season in the United States. United.
The Toronto trading floor’s S&P/TSX Composite Index lost 4.08 points, or 0.02%, to 22,260.30 points.
In New York, the Dow Jones industrial average fell 11.24 points, or 0.03 percent, to 38,892.80 points. The broader S&P 500 index fell 1.95 points, or 0.04%, to 5,202.39 points. The NASDAQ Composite Index gained 5.43 points, or 0.03%, to 16,253.96 points.
On the currency market, the Canadian dollar traded at an average rate of 73.63 US cents, up from 73.54 US cents on Friday.
On the New York Mercantile Exchange, the price of crude oil fell by 48 US cents to US$86.43 per barrel, while that of natural gas appreciated by 6 US cents to 1.84 US$ per million BTUs.
Gold prices rose US$5.60 to US$2,351.00 per ounce and copper prices rose US$4 cents to US$4.28 per pound.
The Canadian Press