2023-08-24 14:20:11
The Dow Jones index advanced by 0.53%, the Nasdaq, which is dominated by technology, grabbed 0.31% and the S&P 500 index +0.42%, around 2:00 p.m. GMT.
“This is the third time in a row that the chipmaker, which is at the heart of the artificial intelligence craze, has exceeded Wall Street estimates for its sales forecast, rekindling the appetite for risk around the world,” summed up Art Hogan of B. Riley Wealth Management.
The group, which published its quarterly accounts following the market closed on Wednesday, forecast sales of 16 billion dollars for the next quarter which ends in October while analysts bet on 12.5 billion.
The action, which has soared 222% since the start of the year, climbed nearly 4% to 488 dollars.
The semiconductor sector followed like Taiwan Semiconductor (+1%), Micron Technology (+1.17%).
“This is a historic moment for the broader tech industry and a taste of what’s to come,” said Dan Ives, technology sector analyst for Wedbush.
“Investors recognize that the demand for artificial intelligence (AI) is as real as any technology trend in the past 30 years, comparable to the internet in 1995 or the launch of Apple’s iPhone in 2007”, ignited the analyst.
Investors will be interested in the meeting of central bankers in Jackson Hole (Wyoming) which gets into the heart of the matter on Friday at 2:00 p.m. GMT with the intervention of Jerome Powell, Chairman of the Federal Reserve (Fed).
“Mr. Powell should underline the progress made in the fight once morest inflation while remaining faithful to his last comments” which call for remaining vigilant, estimated Art Hogan.
Among the indicators, a fall in orders in transport, in particular air transport, weighed down orders for durable goods, which fell by 5.2% in July.
Excluding the transport sector, they advanced by 0.5%. The transport sector fell by 14.3% compared to the previous month, mainly due to a sharp decline of 43.6% in orders for civil aviation, while those for military aircraft fell by 10.9%. .
The aircraft manufacturer Boeing has also announced that it has identified a defect on an element of the 737 MAX which will once more disrupt deliveries of its flagship aircraft.
This incident will affect the deliveries of 737 in the short term, “the time that we carry out inspections to determine the number of planes concerned and that we carry out the necessary repair work”, indicated the aircraft manufacturer.
The fall in Boeing shares (-3.35%) weighed on the Dow Jones.
The titles of car manufacturers were also in the red from Ford (-0.88%) to General Motors (0.91%) via Tesla (-1.44%).
VinFast, the Vietnamese electric vehicle manufacturer, entered Wall Street last week, was highly sought following, its action soaring more than 40% to 53 dollars.
Dollar Tree, the low-cost chain, fell 9.5%, reflecting with disappointing results the worries, mentioned by many retailers, over cautious consumers and an upsurge in theft.
On the bond market, ten-year rates remained stable at 4.19%, following falling from their 16-year highs the day before.
1692893673
#Wall #Street #rise #Nvidias #good #results #reassure
