MARKET REVIEW: NYSE Rebounds, Investors Await US Inflation Figures | Stock Market Indices, Oil, Gold, Bitcoin

MARKET REVIEW: NYSE Rebounds, Investors Await US Inflation Figures | Stock Market Indices, Oil, Gold, Bitcoin

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MARKET REVIEW. The New York Stock Exchange started the week with a rebound on Monday after a weekly loss in early August, as investors focused on the latest salvo in corporate earnings while awaiting the US inflation figure on Thursday.

To (re)consult market news

Stock market indices at closing

In New York, the S&P 500 collected +40.41 points (+0.90%) to 4,518.44 points.

The Nasdaq increased by +85.16 points (+0.61%) to 13,994.40 points.

The DOW rose by +407.51 points (+1.16%) to 35,473.13 points.

The oil fell -0.30$US (-0.36%) to 82.52$US.

L’or fell -5.10$US (-0.26%) to 1971.00$US.

The bitcoin took US$87.99 (+0.30%) to US$29,128.91.

The context

“We got off to a good start. Investors are once again focused on corporate results,” commented Peter Cardillo of Spartan Capital Securities.

Weighed down by Fitch’s downgrade of US debt last week and the announcement of a flood of upcoming bond issues from the US Treasury, the bond market had tensed sharply last week, leading to a decline in stock market indices.

Over the week, the Dow Jones dropped 1.1% after three positive weeks. The broader S&P index lost 2.3% and the Nasdaq fell 2.8%.

“The fact that we had this decline was healthy for the market,” said Peter Cardillo.

Investors will mainly focus on inflation as the CPI consumer price index for July will be released on Thursday. Analysts expect prices to have continued to rise 0.2% last month. Over one year, they expect inflation to rise to 3.3%, more than in June (+3%).

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A governor of the American central bank (Fed), Michelle Bowman, repeated Monday that inflation “remains well above the target of 2% annual” of the Fed. She also stressed that “the labor market remained tight with more job offers than available workers”.

“In these conditions, I was in favor of a rate hike in July and I expect that further hikes will be necessary to bring inflation down towards the target of the Monetary Committee”, added this voting member of the Committee. . The Fed’s next monetary decision is scheduled for September 20.

The President of the New York Fed, John Williams, believes that the level of Fed rates “is very close to the peak”. “The question is how long to keep this restrictive level of rates,” he wondered in an interview Monday at New York Times.

On the bond market, yields on ten-year Treasury bills rose to 4.09% from 4.03% on Friday. They had stretched to 4.20% last week.

The dollar was stable.

À la cote, the electronic payments company Paypal was sought after (PYPL, +2.66% to US$64.42) after announcing the launch of its own “stablecoin”, a so-called stablecoin because it will be backed by the dollar and short US Treasuries term. This token called PYUSD can be used to buy products or be converted into other currencies.

The electric vehicle manufacturer Lucid (LCID), which reported worse-than-expected results after the close but confirmed its full-year guidance, fell 3.17% to US$6.41, but gained 3.56% in electronic exchanges. It has also just lowered the price of some of its models.

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Son concurrent Rivian (RIVN) fell 3.88% to US$24.28. Tesla (TSLA) closed down 0.95% at US$251.45.

The intelligence firm Palantir (PLTR, -1.15% to close at US$17.99) fell 3.50% after the market closed, although it raised its revenue projection for the full year to $2.21 billion thanks to strong demand for services using artificial intelligence.

Paramount (PARA)which on Monday announced the sale of publishing house Simon and Schuster to KKR investment group for $1.62 billion, was up 5.53% in electronic trading after the close after already finishing up 2 .94% at US$16.09.

2023-08-07 22:30:01

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