2023-06-30 21:48:26
(Photo: Catherine Charron)
MARKET REVIEW. The New York Stock Exchange ended the session, month and half strong on Friday, cheering on a slowdown in inflation in the United States while Apple closed above the bar for the first time. $3 trillion capitalization.
The flagship index of the Toronto Stock Exchange ended the first half of the year on a solid performance, registering a gain of more than 200 points, while the major American indices also advanced.
To (re)consult market news
Stock market indices at closing
In Toronto, the S&P/TSX gained 242.12 points (+1.22%) to 20,155.29 points.
In New York, the S&P 500 rose 53.94 points (+1.23%) to 4,450.38 points.
The Nasdaq rose 196.59 points (+1.45%) to 13,787.92 points.
The DOW took 285.18 points (+0.84%) to 34,407.60 points.
The loon gained 0.0004 (+0.06%) to US$0.7552
The oil rose US$0.59 (+0.84%) to US$70.45
L’or a took US$9.90 (+0.52%) to US$1927.80
The bitcoin gained US$0.91 (+0.00%) to US$30,424.81.
The context
“The past two years have been difficult and it feels good to end this semester on a positive note. I suspect this is not the end of it,” said Tom Cahill of Ventura Wealth Management.
Inflation in May in the United States, measured by the PCE index, the favorite barometer of the American central bank (Fed), slowed to 3.8% year on year once morest 4.3% the month before, according to new data from the Commerce Department released Friday. Over one month, it fell to +0.1%.
Another positive indicator in the eyes of the Fed, household spending slowed its growth to +0.1% over the month once morest +0.6% in April. By raising rates, the central bank seeks to slow down demand, and therefore consumer prices.
“Inflation came out in line with forecasts, but the trend continues to be positively downward,” commented Tom Cahill. “Granted it’s not slowing down as fast as the central bank (Fed) would like, but there will be a lot of other data before the next monetary meeting,” the analyst told AFP.
In addition to the good news on the inflation front, consumer confidence in June improved markedly, reaching its highest level in four months. The index measuring this confidence rose 8.8% from May more than expected, according to the barometer of the University of Michigan.
These data provide grist to the mill “of the doves of the Fed”, that is to say to those who are less favorable to the continuation of the increase in key rates, said Andrew Hunter of Capital Economics. According to him, during the monetary meeting at the end of July, the Fed will raise the cost of credit once more, but that it will be “the last time”.
Taking advantage of the enthusiasm of the Nasdaq, Apple – already the most important group on the stock market – for the first time closed above the bar of 3,000 billion in capitalization. The title had to exceed 190 US dollars (US$) to reach this valuation. It ended on a jump of 2.31% to 193.97 $US, representing a market capitalization of 3.051 billion $US.
A strong rating from Citigroup bank helped boost the stock, said Patrick O’Hare of Briefing.com. Since the beginning of the year, the title ofApple (AAPL) climbed more than 50%. “It’s hard to say you’re in a bear market when a symbolic stock like Apple is hitting new highs,” Cahill said.
Elsewhere on the coast, all the big names in technology had the wind in their sails. On the processor side, Nvidia (NVDA) climbed 3.63% and AMD (AMD) of 2.40%. When (WHEN) et Amazon (AMZN) gained almost 2%.
After disappointing results announced the day before following closing, Nike (NIKE) slipped 2.65% to $110.37. The American sports equipment manufacturer Nike recorded a sharp drop in its quarterly net profit, under the effect of markdowns to reduce its inventories and cost increases, despite an increase in turnover.
As the travel season is looking good, the cruise line Carnival (CCL) took off (CCL, +9,73%)followed by Norwegian Cruise (NCLH, +4,16%).
On the bond market, yields on Treasury bills, which had risen the day before, remained stable at 3.83% for ten-year ones.
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