2024-01-08 22:01:23
(Photo: Getty Images)
MARKET REVIEW. The main Canadian stock index was up late in the morning, despite losses in the energy sector amid falling oil prices.
The New York Stock Exchange started Monday in disorganized order following marking time at the start of the year: the Dow Jones (-0.36%) was weighed down by the fall of Boeing, the Nasdaq started in the green (+0, 47%).
To (re)consult market news
Stock market indices at noon
In Toronto, the S&P/TSX advanced +55.18 points (+0.26%) to 20,992.73 points.
In New York, the S&P 500 rose by +30.10 points (+0.64%) to 4,727.34 points.
The Nasdaq posted an increase of +196.14 points (+1.35%) to 14,720.22 points.
The DOW lost -61.21 points (-0.16%) to 37,404.90 points.
The loon fell by -US$0.0002 (-0.022 5%) to US$0.7483.
The oil posted a decline of -US$3.48 (-4.71%) to US$70.33.
L’or dropped -US$11.30 (-0.55%) to US$2,038.50.
The bitcoin rose by +US$1,054.33 (+2.40%) to US$45,059.29.
The context
The title of the aircraft manufacturer Boeing (BA) fell by 7.92% following the immobilization of dozens of its Boeing 737 MAX 9s following a door torn off in mid-flight.
The Alaska Airlines plane, which had just taken off from Portland (Oregon) with 171 passengers and 6 crew members on board, was at an altitude of nearly 5,000 m.
In response, the American Federal Civil Aviation Agency (FAA) on Saturday requested the immobilization for inspection of 171 planes of this model, notably affecting companies such as United Airlines, Turkish Airlines and Aeromexico.
This follows a long list of recent setbacks and ongoing inspections for the aircraft manufacturer.
Its main supplier, Spirit AeroSystems (SPR)which manufactures fuselages, collapsed by more than 11%.
The company Alaska Airlines (ALK) lost 3.69%.
On Friday the New York Stock Exchange finished almost stable, but over the week, following nine consecutive weeks of increase, the Dow Jones index ended down 1.5% and the S&P 500 -0.6%. The Nasdaq recorded a weekly loss of 3.25%.
Elsewhere on Monday, oil stocks quickly lost ground as crude oil prices fell more than 4% following Saudi Arabia announced a drop in its barrel prices.
Chevron (CVX) dropped 2.33%, Exxon Mobil (XOM) -3,24%, ConocoPhillips (COP) -2,83%.
The American laboratory Johnson & Johnson (JNJ) fell 0.68% following the announcement of its intention to buy the Californian biotech Ambrx for around 2 billion US dollars in order to strengthen its position in the treatment of cancer. Ambrx soared 98% to $27, with J&J offering $28 per share.
The most important indicator of the week will be inflation with the CPI price index for December being released on Thursday.
This “should show a monthly increase of 0.3% in the price index,” estimated Art Hogan of B. Riley Wealth Management.
“The past week has been dominated by fluctuating bets on when” the US central bank, the Federal Reserve (Fed) “will start cutting interest rates. It is likely that this will remain the dominant discourse,” commented the analyst.
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