2023-08-09 17:44:48
(Photo: Getty Images)
MARKET REVIEW. The Toronto Stock Exchange was better on Wednesday, the day following a difficult session and despite the weakness of the American indices.
The New York Stock Exchange was down slightly on Wednesday ahead of the release of US inflation figures on Thursday and following a session in the red the day before, weighed down by disappointing trade data in China and worries in the banking sector. .
To (re)consult market news
Stock market indices at noon
In Toronto, the S&P/TSX gained 16.92 points (+0.09%) to 20,225.06 points.
In New York, the S&P 500 lost 32.47 points (-0.72%) to 4,466.71 points.
The Nasdaq fell by 162.18 points (-1.16%) to 13,723.50 points.
The DOW lost 207.18 points (-0.59%) to 35,107.31 points.
The loon fell from -0.0006$US (-0.1020%) to 0.7441$US.
The oil gained US$0.82 (+0.99%) to US$83.74.
L’or dropped US$9.80 (-0.50%) to US$1950.10.
The bitcoin rose by US$186.13 (+0.63%) to US$29,737.30.
Context
“It was pretty quiet on Tuesday in the US with earnings announcements slowing down and that focused more attention on the bad news coming out of China,” recalled Art Hogan of B. Riley Wealth Management.
Beijing reported a 14.5% drop in exports and 12.5% drop in imports in July year on year, reflecting a slump in demand. Added to this was a downgrading of the rating by Moody’s of a dozen American regional banks, which had caused securities in the banking sector to fall.
On Wednesday, investors were cautiously awaiting US inflation figures to be released on Thursday for the CPI consumer price index and Friday for producer prices. Analysts expect inflation to come in at 3.3% year on year from 3% for June.
These numbers will fuel expectations for the direction of US monetary policy as a large majority of investors believe the central bank (Fed) will choose to hold rates steady in September.
China for its part reported a 0.3% decline in its CPI index over one year, “the first sign of disinflation since February 2021”, pointed out Patrick O’Hare of Briefing.com.
On the bond market, yields on ten-year Treasury bills stood at 4.00% once morest 4.02% the day before.
On the stock market, the market awaited the results of Disney (DIS) (+0.91% to US$88.68 at opening) and the hotel and casino group Wynn Resorts (WYNN) (-0.04% to US$103.53), which will be announced following the close.
Disney took advantage of a partnership signed by its sports channel ESPN with the casino operator Penn Entertainment (PENN) (+16.30% to US$28.67) for some $2 billion over ten years creating a sports betting network.
The title of the online gaming platform Roblox (RBLX) fell 19.25% to US$30.48, penalized following the announcement of a larger than expected quarterly loss associated with weaker than expected bookings.
The electric vehicle manufacturer Rivian (RIVN) dropped 4.66% to US$22.94 despite better than expected second quarter results.
Rivian raised its vehicle production forecast to 52,000 from 50,000 for the year and reduced its operating loss projection.
The title of Lift (LIFT), Uber’s competitor in car rental with driver, fell 5.23% to US$10.95 following climbing sharply the day before. The company saw its revenue increase by 3% in the 2nd quarter to 1.02 billion US dollars and reduced its loss to 114.3 million US dollars.
But revenue per customer fell year on year as Lyft lowered prices to compete with Uber.
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