(New York) The New York Stock Exchange was trading slightly higher on Monday, on the eve of a week truncated by a public holiday in the United States (Thanksgiving Thursday), which promises to be calm in the absence of indicators or major results.
Around 10:20 a.m. ET, the Dow Jones was up 0.18%, the NASDAQ was up 0.51% and the broader S&P 500 was up 0.28%.
“After last week’s acceleration in stocks and bonds, the markets are consolidating,” commented Karl Haeling of LBBW.
In two weeks, the S&P 500 has gained nearly 10% (+9.6%), boosted by signs of slowing inflation and a controlled landing of the American economy. The broader index is up 17.8% since the start of the year.
As for bond rates, since crossing the symbolic threshold of 5% at the end of October, the yield on 10-year US government bonds has fallen by more than 0.6 percentage points.
It stood at 4.46% on Monday, compared to 4.43% on Friday at the close.
This drop in rates reflects a market rebound, with bond prices moving in the opposite direction to their yields.
“The market is doing very little today, but this is mainly because it has advanced a lot since the end of October,” added, in a note, Patrick O’Hare, of Briefing.com. “He needs a break. »
“Conviction is lacking at the moment, which means that the flagship indices should operate within tight margins,” continued the analyst.
“It’s going to be a shortened week, with Thanksgiving on Thursday and a lot of people will make the bridge on Friday,” warned Karl Haeling, for whom the market nevertheless remains well oriented.
For him, the bond market has become wait-and-see because it questions investors’ appetite for new issues of American debt at lower rates than a few weeks ago.
“But stocks don’t necessarily need to see bond rates continue to fall to continue their progress,” says the analyst. “Investors just want them not to go up again. »
On the stock market, Microsoft rose (+0.59%) after the announcement of the hiring of the co-founder and former general director of OpenAI, Sam Altman, removed from the young company on Friday by the board of directors.
The Redmond (Washington State) group, whose action reached a record on Monday, took advantage of this crisis to further establish its position as a driving force in so-called generative artificial intelligence (AI).
Microsoft ($2,771 billion) is now within reach of the world’s largest capitalization, Apple (2,969).
Other AI stars such as the data analysis group Palantir (+3.86%) or the graphics card manufacturer Nvidia (+0.81%), followed in Microsoft’s wake.
A sign of a certain appetite for risk, volatile values emerged, such as the cryptocurrency “miner” Marathon Digital Holdings (+3.50%), the electric vehicle manufacturer Rivian (+1.62%). or the Brazilian online bank Nu (+1.05%).
Elsewhere, the Bristol Myers Squibb laboratory fell (-2.17%) after the announcement of the postponement of a decision by the American Medicines Agency (FDA) concerning the expansion of cases of use of its treatment against cancer Abecma, developed in collaboration with the biotech 2seventy bio (-16.90%).