2024-10-14 21:54:00
The New York Stock Exchange ended higher on Monday, supported by large caps in the technology sector, as it prepares to publish a new batch of quarterly results.
The Dow Jones (+0.47%) and the broader S&P 500 index (+0.77%) both hit a new record high, while the Nasdaq index rose 0.87%.
Nvidia plane
The day was marked by the closing record of the semiconductor giant Nvidia, the big winner of the generative artificial intelligence (AI) revolution. The stock gained 2.43% to end at $138.07.
Other microprocessor behemoths benefited from the momentum, such as ASML (+3.76%), <a href="https://www.archyde.com/microsoft-celebrates-20-years-of-net-its-development-framework-net-repositories-reportedly-in-top-30-fastest-velocity-open-source-projects-on-github-since-2017/" title="Microsoft celebrates 20 years of .NET, its development framework, .NET repositories reportedly in top 30 fastest-velocity open source projects on GitHub since 2017″>Arm Holdings (+6.84%) and Broadcom (+0.46%).
Microsoft (+0.68%), Apple (+1.65%) and Adobe (+2.87%), large capitalizations in the technology sector, also performed well.
Despite a “good participation”the market however experienced a “low trading volume”according to Mr. O’Hare, Monday being a public holiday in the United States (Columbus Day).
As a result, the bond market was closed.
Few news and indicators will be on the menu this week, with the only notable data being retail sales and the report from the Fed (American central bank) on industrial activity on Thursday.
The American market is mainly expecting new quarterly results this week, with the banks Goldman Sachs, Bank of America and Citigroup on Tuesday.
Netflix and American Airlines will follow on Thursday, before Procter & Gamble and American Express on Friday.
Last Friday, the quarterly results of part of the financial sector, including JP Morgan and Wells Fargo, came out better than expected.
The American group BlackRock, the world’s largest asset manager, also exceeded expectations in the third quarter, which was marked by record net inflows from its clients of more than $200 billion.
“This gave the market hope that the earnings period would be better than expected”stressed M O’Hare.
Chinese stocks lose value
Monday also marked two years of «bull market»a bull market period that began with the indices taking off by more than 20% compared to the slowdown period that preceded it.
“It is undeniable that these two years have been excellent and that they have been favored by the fall in inflation and interest rates, as well as by the continued growth of the American economy”noted Patrick O’Hare.
In the stock market, Chinese stocks listed in New York suffered from the new series of economic measures announced by Beijing on Saturday, considered disappointing by analysts.
The e-commerce giants PDD (-6.03%) and Alibaba (-2.12%) thus closed in the red.
Boeing lost 1.34% after Friday’s announcement of the elimination of around 10% of its global workforce, which should affect around 17,000 jobs.
The aircraft manufacturer also announced a series of measures affecting its aircraft catalog, to try to overcome its financial difficulties.
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