2023-10-03 18:18:05
(Photo: Getty Images)
MARKET REVIEW. The Toronto Stock Exchange fell by almost 200 points late Tuesday morning, getting closer to its low level since October last year, while the major American indices also lost ground.
The New York Stock Exchange opened lower on Tuesday, affected by the rise in bond rates, in particular the ten-year US government bond rate which reached a sixteen-year high.
To (re)consult market news
Stock market indices at noon
In Toronto, the S&P/TSX lost 163.26 points (-0.85%) to 19,015.35 points.
In New York, the S&P 500 fell by 56.32 points (-1.31%) to 4232.07 points.
The Nasdaq lost 212.66 points (-1.60%) to 13,095.94 points.
The DOW decreased by 368.54 points (-1.10%) to 33,064.81 points.
The loon fell by US$0.0015 (-0.2107%) to US$0.7294.
The oil gained US$1.17 (+1.32%) to US$89.99.
L’or fell by US$7.7999 (-0.4223%) to US$1839.40.
The bitcoin lost US$548.1934 (-1.9622%) to US$27,389.10.
Context
The markets were closely monitoring the rise in bond rates, which raised fears of suffocation of the economy, under the effect of monetary tightening by the American central bank (Fed).
The ten-year yield exceeded 4.70%, a level it had not reached since August 2007. It stood at 4.705% on Tuesday shortly following the opening, following having closed the session on Monday at 4.678%. .
“There was no particular news to explain this jump in yields, and it is for this very reason that this jump in yields added to investors’ anxiety,” noted Patrick O’Hare, from Briefing.com, in a note.
“One of the most worrying theories” involves fears regarding the deficit and the consequences of weakening consumer demand.
On the value side, the title of the American pharmaceutical group Eli Lilly (LLY) fell 1.11% to 532.73 US dollars ($US). He plans to buy the biotech Point Biopharma (PNT, +83.92% to US$12.30) for around 1.4 billion US dollars, in order to strengthen its position in cancer therapies, according to a joint press release.
With this operation, Eli Lilly – one of the largest producers of insulin in the world – will acquire a targeted therapy for prostate cancer, using radioligand therapy.
Several stocks benefited from favorable analyst ratings like the record company Warner Music Group (WMG, +2.49% to US$31.94)and the computer manufacturer HP (HPE, +3,19% à 26,50 $US). Conversely, the title of the real estate rental platform Airbnb (ABNB, -3.90% to US$131.30) suffered from an unfavorable evaluation.
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