2023-04-19 20:24:11
The Dow Jones index fell 0.23% to 33,897.01 points, the Nasdaq, with strong technological coloring, nibbled 0.03% to 12,157.23 points and the S&P 500 stagnated (-0.01%) at 4,154.52 points.
“In recent sessions, the market has tried to go in one direction or another and never succeeded,” summarized Maris Ogg, portfolio manager at Tower Bridge Advisors.
“It’s a reasonable attitude given that we are only at the start of the earnings season and these, frankly, so far have been particularly mixed,” added the analyst.
Netflix, which announced mixed results following the close on Tuesday, was sanctioned, the action lost 3.17% to 323.12 dollars.
The streaming veteran saw his number of subscribers increase in the first quarter to 232.5 million, but less than expected. In addition, its profit fell by 18% over one year.
Tesla, which fell from 2.02% to 180.59% due to a further drop in the prices of its electric vehicles, was still deteriorating by 1.14% in electronic trading.
After the closing, the group of Elon Musk published a decline in its profit of 24% in the first quarter, even if its turnover rose by as much.
IBM, which also announced its results following the close, ended the session down 1.14% but regained ground in electronic trading (+3%). The computer manufacturer, whose title had already stalled at the start of the week, was therefore on the rise once more despite a quarterly result that was worse than expected, due in particular to the stronger dollar.
Hewlett Packard lost more than 5%, Intel more than 2%.
The action of the American investment bank Morgan Stanley, which had started sharply lower on Wednesday, following a decline in profit but better than expected, finally took 0.62%.
Its net profit slipped 20% in the first quarter as companies made less use of its services for takeover transactions.
Between the uncertainties regarding the direction of the economic situation, the rise in interest rates and the volatility of the markets, the bosses are indeed reluctant to initiate redemptions or to raise money on the markets.
Entertainment park giant Disney lost 2.16% as it engages in a political-economic tug of war with conservative Florida Governor Ron DeSantis.
“Investors are primarily focused on four issues: first-quarter earnings guidance, the Fed’s decision on May 3, when the recession will hit, and whether the S&P 500 will overshoot its current course one way or the other. “said Sam Stovall of CFRA.
“We will really understand in which direction the results of companies are going when we come to the regional banks next week”, assured for his part Marris Ogg, referring to the impact of the mini-banking panic of March.
In its Beige Book, an economic report published Wednesday by the Fed, the Federal Reserve noted that the volume of loans granted and borrowings requested had decreased in March and April, since the banking difficulties caused by the bankruptcy of the SVB bank.
“Several regions noted that banks have tightened lending standards amid heightened uncertainty and liquidity concerns,” the document details.
On the bond market, yields on two-year bills rose to 4.26% once morest 4.19% the previous day, while those on 10 years returned to virtual stability at 3.58% once morest 3.57 %.
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