2023-09-13 01:17:30
(Photo: Getty Images)
MARKET REVIEW. The New York Stock Exchange ended lower on Tuesday, weighed down by two technological giants, Oracle and Apple, whose new iPhone was received without enthusiasm, the market remaining wait-and-see before a series of American indicators.
Strength in energy stocks, supported by a rise in crude oil prices, helped the Toronto Stock Exchange’s benchmark index close higher.
To (re)consult market news
Stock market indices at closing
In Toronto, the S&P/TSX gained 40.32 points (+0.20%) to 20,223.08 points.
In New York, the S&P 500 fell by 25.56 points (-0.57%) to 4461.90 points.
The Nasdaq lost 144.28 points (-1.04%) to 13,773.61 points.
The DOW decreased by 17.73 points (-0.05%) to 34,645.99 points.
The loon rose by US$0.0013 (+0.17%) to US$0.7376.
The oil gained US$1.60 (+1.83%) to US$88.89.
L’or fell by US$11.50 (-0.59%) to US$1935.70.
The bitcoin gained US$1,005.92 (+4.01%) to US$26,105.28.
Context
“It was a dull session from the start,” commented Patrick O’Hare of Briefing.com. “We started with the failed Oracle, […] and we confirmed with Apple, which folded before and following its product launch.”
The software publisher and remote (cloud) computing provider Oracle (ORCL, -13.50% to US$109.61) thus published, Monday following market trading, a turnover slightly lower than expected and forecasts considered disappointing.
As for Apple (AAPL, -1.71% at US$176.30), its new iPhone 15 did not impress investors, the main change compared to the previous version being the integration of a so-called “USB-C” port » to meet the specifications set by the European Union.
“Apart from the price of the iPhone 15 Pro, which was expected to increase (compared to its 14 version) but which remained unchanged, the presentation resembled what the specialists expected,” commented Yory Wurmser, d ‘Insider Intelligence.
Since the publication of press information, never officially confirmed, according to which the Chinese authorities had banned the iPhone in certain government agencies, the world’s largest capitalization has lost more than 7%, erasing, in the process, more than 200 billion dollars of stock market value.
In the absence of macroeconomic indicators, the place has also given way under the effect of technical elements.
The S&P 500 index thus briefly managed to rise above the average of the last 50 trading days, a major threshold, before falling once more.
“Once it failed to maintain this level, sales picked up once more,” noted Patrick O’Hare.
The ten main capitalizations of the Nasdaq all dropped more than 1% on Tuesday with, in the lead, Tesla (TSLA, -2.23% to US$267.48), Meta (META, -1.92% to US$301.66) and Microsoft (MSFT, -1,83% à 331,77$US).
On the other hand, the Dow Jones did rather well, thanks in particular to the banks, Goldman Sachs (GS, +1.93% to US$330.90) and JPMorgan (JPM, +1.30% to US$146.34), as well as values considered defensive, that is to say less sensitive to the economic situation, such as McDonald’s (MCD, +0,34% à 280,71$US), Honeywell (HON, +1.61% to US$189.21) or Walgreens (WBA, +1.34% to US$21.72).
Disney remained well oriented (DIS, +1.41% to US$83.68) following the agreement on Monday with the cable operator Charter Communications (CHTR, +0.18% to US$436.61), which will allow around 15 million American cable television subscribers to access the group’s flagship channels, mainly ABC and ESPN (sport).
The aeronautics and defense group RTX (formerly Raytheon) continued its slide (RTX, -1.74% to US$75.56), the day following a profit warning linked to a problem on the engines of its subsidiary Pratt & Whitney, which notably equips the ‘Airbus A320neo.
The bond market was not very lively, on the eve of a new set of indicators. The yield on American government bonds stood at 4.27%, compared to 4.28% at Monday’s close.
The New York market is already awaiting the publication, on Wednesday, of the CPI price index for August, which should record a rebound in inflation, according to economists’ forecasts.
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