2023-10-05 21:55:34
(Photo: Getty Images)
MARKET REVIEW. The New York Stock Exchange ended slightly lower on Thursday, cautiously before the publication on Friday of a monthly report on employment in the United States, but the market managed to limit its losses thanks to the consolidation of bond rates.
The strength of stocks in the utilities and telecommunications sectors allowed the Toronto Stock Exchange to close higher.
To (re)consult market news
Stock market indices at closing
In Toronto, the S&P/TSX rose 103.00 points (+0.54%) to 19,137.81 points.
In New York, the S&P 500 lost 5.56 points (-0.13%) to 4258.19 points.
The Nasdaq a fell 16.18 points (-0.12%) to 13,219.83 points.
The DOW fell 9.98 points (-0.03%) to 33,119.57 points.
The loon rose by US$0.0024 (+0.32%) to US$0.7304.
The oil fell US$1.66 (-1.97%) to US$82.56.
L’or lost US$0.50 (-0.03%) to US$1,834.30.
The bitcoin a fell by US$239.35 (-0.863%) to US$27,496.28.
Context
“The market has recouped its losses thanks to the decline in bond rates and the dollar,” commented Peter Cardillo of Spartan Capital.
The yield on 10-year US government bonds stood at 4.71%, compared to 4.73% the day before at the close.
The greenback, for its part, crumbled a little for the second day in a row against most of the major world currencies.
The poor start to the session was, in part, due to an indicator, according to which the United States recorded 207,000 new jobless claims, less than the 210,000 expected by economists.
“Despite the offensive policy of the Fed (American central bank) to cool the labor market, companies are not laying off workers,” concluded Rubeela Farooqi.
Overall, operators played it safe on Thursday, awaiting the publication of the American employment report for September on Friday.
After the figure from the ADP firm, which reported on Wednesday 89,000 job creations in the private sector, much less than the 150,000 anticipated, investors are preparing for a decline. “If it showed signs of weakening of the labor market, it would be positive and could support stocks,” announces Peter Cardillo.
At the odds, the title Rivian plunged (RIVN, -22.88% to US$18.27), the day after the announcement, after market trading, of an issue of bonds convertible into shares for a total of $1.5 billion.
“Rivian continues to gobble up cash at an alarming rate and is still very far from profitability,” CFRA analyst Garrett Nelson wrote in a note.
ExxonMobil (XOM, -2.25% to US$108.99) paid for the further decline in crude prices on Thursday, although it had announced the day before that its profit would be up in the third quarter compared to three previous months.
Ali Baba fell (BABA, -0.49% to US$83.67), after the publication of information from Financial Times according to which the Belgian authorities are investigating possible acts of espionage linked to the logistics entity of the Chinese group.
Coca Cola (KO, -4.83% to 52.38$US), McDonald’s (MCD, -1.40% to US$252.23) and PepsiCo (PEP, -5.22% to US$160.10) suffered, while investors worried about the effect of new treatments against obesity, in particular the star drugs Ozempic and Wegovy from the Novo Nordisk laboratory, which reduce the appetite for sweet or fatty foods.
The group of cleaning products Clorox (CLX, -5.23% to US$124.93) lost its footing after warning that its quarterly revenue would be down 23% to 28%, mainly due to a cyberattack that disrupted its device production since August.
Investors welcomed the new forecast published Thursday by Dell (DELL, -1.50% to US$66.19), the computer manufacturer counting on 3 to 4% annual growth in the long term.
BlackBerry plunged (BB, -11.24% to US$3.79) after reporting on Wednesday a possible split of its data collection activity via connected objects.
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