(New York) The New York Stock Exchange opened slightly higher on Tuesday, driven by bargain hunting and a decline in oil prices, the market nevertheless remaining wait-and-see before a series of deadlines at the end of the week.
Around 2 p.m. GMT, the Dow Jones gained 0.03%, the NASDAQ index gained 0.79% and the broader S&P 500 index gained 0.54%.
After Monday’s decline, operators were interested in stocks neglected the day before such as Apple (+1.47%), Tesla (+0.79%) or Amazon (+0.95%).
Even PepsiCo was sought after (+0.62%), although it missed the mark on its quarterly turnover and lowered, for the second time this year, its revenue target for the entire financial year, mainly due to sluggish sales in North America.
The Purchase, New York, company has also been affected by product recalls of its Quaker Oats brand due to the possible presence of salmonella.
It must be said that the title of the drinks and snacks group had dropped more than 6% in one month before this publication.
“The question of the day is whether this trend of cheap purchases will hold or whether the participants will start selling again,” asked Patrick O’Hare of Briefing.com in a note. “The answer could depend a lot on bond yields. »
The yield on 10-year US government bonds continued to rise, now at 4.05% compared to 4.02% the day before at close.
“The market is wondering how high rates will go,” added Quincy Krosby of LPL Financial.
In addition to the change in posture of the American central bank (Fed), firmer than expected, the tension in bond rates is due to fears of a rise in inflation against a backdrop of a resilient American economy, according to the analyst.
The New York market is therefore impatiently awaiting the publication on Thursday of the CPI consumer price index.
In addition to opportunity purchases, Wall Street also supported its rebound on the fall in oil prices, after a week of gains following the Iranian attack on Israel.
“We hope that Israel will not attack Iran’s energy infrastructure” in the event of a response, promised by the Hebrew state, according to Quincy Krosby.
Furthermore, unlike European markets, the New York Stock Exchange reacted calmly to the absence of concrete announcements in China during a press conference of the National Development and Reform Commission (NDRC), including the market was awaiting details on the Chinese recovery plan.
“The market [américain] has learned to live without China” for several years, while the country is mired in a major real estate crisis, explains Mr. Krosby.
The lack of concrete announcements from the Chinese authorities on Tuesday weighed down People’s Republic shares listed in New York, such as online commerce giants Alibaba (-6.96%), PDD (-6.25%) and JD. com (-6.75%).
The company specializing in electronic document signature DocuSign rose (+8.17%) with the prospect of its next inclusion in a major Wall Street index, the S&P Midcap 400.
The online deferred payment start-up Affirm was also popular (+4.63%) after an increase in recommendation from BTIG analysts, who say they are optimistic about the group’s trajectory towards profitability.
The virtual universe platform Roblox fell (-5.29%) after the hedge fund Hindenburg Research published a note accusing the young company of lying about the attendance figures for its platform.
Honeywell (+0.46%) benefited from its decision to split its advanced materials activities, making it a listed entity separate from the industrial conglomerate.