2023-06-20 16:10:59
(Photo: Getty Images)
MARKET REVIEW. The Toronto Stock Exchange is moving down late Tuesday morning, dragged down by the finance and energy sectors.
The New York Stock Exchange was down on Tuesday, continuing the consolidation that began on Friday following several weeks of gains, even if the technology sector resisted this corrective movement.
To (re)consult market news
Stock market indices at noon
In Toronto, the S&P/TSX lost 158.78 points (-0.80%) to 19,777.12 points.
In New York, the S&P 500 fell 30.08 points (-0.68%) to 4,379.51 points.
The Nasdaq fell by 66.11 points (-0.49%) to 13,623.08 points.
The DOW down 298.86 points (-0.87%) to 34,000.26 points.
The loon was down US$0.0018 (-0.2339%) to US$0.7548.
The oil perd 1,57 $US (-2,19%) à 70,21 $US
L’or fall of US$25.10 (-01.27%) to US$1946.10
The bitcoin advance of US$676.33 (+2.56%) to US$27,088.72.
The context
“We had a series of increases thanks to the hope that the Fed (American central bank) would take a break, which happened, and the appetite for artificial intelligence (AI)”, recalled Adam Sarhan of 50 Park Investments.
“But we went too far, too fast,” said the manager. “It’s not normal to see the Nasdaq go up eight weeks in a row. The market is therefore ripe for a correction. The question is how big and how long.
The corrective movement might be accentuated by the approach of the end of the quarter, which often encourages institutional investors to take profits, reminds Adam Sarhan.
After several days of increases, bond rates eased slightly. The yield on 10-year US government bonds stood at 3.72%, once morest 3.76% on Friday at the close.
For Patrick O’Hare of Briefing.com, many operators are in a waiting position, not ruling out a new rise, fueled by investors who reallocate funds to equities “for fear of missing out on higher returns”. .
Wall Street continues to doubt the very offensive positioning of the Fed, whose members expect, by a large majority, a new series of rate hikes by the end of the year.
The enthusiasm of the New York place is also due to the impression that “the (American) economy can avoid an emergency landing”, according to Patrick O’Hare.
This view was supported by the indicator of the day, namely housing starts, which jumped nearly 22% year on year in May, to their highest level for 13 months, despite the tightening of credit conditions.
On the market, AI stars remained in demand, in particular Nvidia (NVDA, +0.86%), Amazon (AMZN, +0,54%) or the data analysis specialist Palantir (PLTR, +0,74%).
Alibaba (BAB) retreated following the announcement of a reshuffle of the group’s management, with the appointment of two relatives of the co-founder and emblematic personality of the Chinese giant, Jack Ma, to the positions of president and general manager.
The electric vehicle manufacturer Rivian (RIVN) rose (+4.37%) following unveiling an agreement with its competitor Tesla which will allow owners of its cars to access the network of chargers of the company led by Elon Musk.
Another Tesla competitor, Nicholas (NKLA)jumped (+ 7.14%) following revealing a social plan on Friday which will reduce its workforce by almost a quarter and should allow the group from Phoenix (Arizona) to preserve its cash.
Lazard (LAZ) advanced (+1.37%), following several media reported on talks, held earlier this year with the Abu Dhabi sovereign wealth fund, ADQ, with a view to a possible takeover of the investment bank .
Eli Lilly (LLY) progressed (+ 1.40%) following reporting the takeover of the laboratory Dice Therapeutics (DICE, +37,47%)specializing in the treatment of autoimmune diseases, for 2.4 billion US dollars.
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