2023-09-25 23:10:00
(Photo: Getty Images)
MARKET REVIEW. The New York Stock Exchange ended higher on Monday, offering a small technical rebound following a difficult week, in the absence of company news or major indicators.
Strength in energy sector stocks helped the Toronto Stock Exchange’s flagship index close higher.
To (re)consult market news
Stock market indices at closing
In Toronto, the S&P/TSX rose by 20.64 points (+0.10%) to 19,800.61 points.
In New York, the S&P 500 gained 17.38 points (+0.40%) to 4,337.44 points.
The Nasdaq increased by 59.51 points (+0.45%) to 13,271.32 points.
The DOW rose 43.04 points (+0.13%) to 34,006.88 points.
The loon increased by US$0.0012 (+0.15%) to US$0.7440.
The oil lost US$0.09 (-0.10%) to US$89.94.
L’or fell by US$10.70 (-0.55%) to US$1,934.90.
The bitcoin lost US$143.79 (-0.54%) to US$26,337.28.
The context
The session started in the red, under the effect of a new surge in bond rates.
The yield on 10-year US government bonds rose to 4.54%, a first in almost 16 years, compared to 4.43% at Friday’s close.
Although they favor the hypothesis of a monetary status quo until the end of the year, operators have not ruled out the idea of a final rate increase, a scenario to which they grant a probability of ‘around 40%.
For Peter Cardillo of Spartan Capital, the market finally rebounded to a technical threshold of the S&P 500, or 4,325 points, which triggered a wave of buying. From then on, the New York market “ignored bond rates and the acceleration of the dollar,” according to him.
The move benefited semiconductor makers AMD (AMD, +1.23% to US$97.38) and Qualcomm (QCOM, +2.55% to US$110.43), battered last week. The latter had lost nearly 10% since mid-September.
Another winner of the day, the microprocessor designer Arm (ARM, +6.08% to US$54.44), introduced to the Stock Exchange in mid-September, which remained for six negative sessions in a row.
Wall Street ignored two poor American indicators, which showed a slowdown in activity in the Chicago (in August) and Dallas (in September) regions.
Investors are already focused on the publication later this week of major data, in particular, on Thursday, the PCE consumer price index, the most followed by the American central bank (Fed).
Is popular, Amazon was praised (AMZN, +1.67% to US$131.27), following unveiling a major investment in the so-called generative artificial intelligence (AI) start-up Anthropic.
According to Wall Street Journalthe Seattle group will immediately inject $1.25 billion and might increase its stake to $4 billion depending on certain criteria.
Netflix (NFLX, +1.31% to US$384.80) and Paramount Global (PARA, +0.16% to US$12.66) took advantage of the agreement in principle between the Hollywood screenwriters’ union and the studios, which should put an end to a strike that began almost five months ago. Disney (DIS, -0.30% to US$81.01) and Warner Bros Discovery (WBD, -3.96% to US$10.66), on the other hand, finished in the red.
HP was sanctioned (HPQ, -1.76% at US$26.30) following the sale, by Berkshire Hathaway, Warren Buffett’s holding company, of 4.8 million shares of the computer manufacturer last week, according to a document published Friday by the stock market regulator, the SEC.
Boeing (BA, +0.54% to US$198.78) benefited from the order placed by Air Canada, which purchased 18 787-10 Dreamliner aircraft, the first of which must be delivered at the end of 2025. At the price catalog, the order represents approximately six billion dollars.
The pharmacy chain Rite Aid plunged (RAD, -33.89% to US$0.39) following the Wall Street Journal reported discussions between the group and its creditors with a view to filing for bankruptcy. According to the daily, the Philadelphia company has proposed closing 400 to 500 branches as part of a backup plan.
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