The Paris Stock Exchange stable before Nvidia – 02/21/2024 at 10:01

The control room of Euronext, the company that manages the Paris Stock Exchange (AFP / ERIC PIERMONT)

The Paris Stock Exchange is moving close to equilibrium (-0.04%) on Wednesday morning, in the absence of a catalyst and awaiting the publication of the results of the American chip giant Nvidia, scheduled after the close of Wall Street .

Around 9:35 a.m., the flagship CAC 40 index fell by 2.89 points, to 7,792.33 points. Earlier, it reached a new session high at 7,809.47 points. On Tuesday, it gained 0.34% and reached new records both at the close (7,795.22 points) and during the session.

The Wall Street indices ended in decline on Tuesday, especially the technology sector, weighed down by a drop of more than 4% in the darling of the market Nvidia, which will publish its fourth quarter 2023 results on Wednesday after the close of the stock market. from New York.

The action of the designer of processors for artificial intelligence (AI) has already climbed 40% since the start of the year. It has more than tripled its value on the stock market over the past year, thanks to the wave of euphoria around developments in AI.

“The market views Nvidia’s results as a barometer of artificial intelligence,” commented Stephen Innes, partner at SPI Asset Management. A surprise in his results could have effects throughout the stock market, he said.

“The company cannot disappoint,” warned Christopher Dembik, investment advisor at Pictet. Over the last eight years, Nvidia has exceeded consensus expectations (of analysts, editor’s note) seven times, he recalled.

Bets taken by investors “suggest the post-results move is valued at 10.5% in either direction, so expect potential market fireworks in either direction,” analysts reported of Deutsche Bank.

Apart from Nvidia, which occupies the minds of all analysts, the markets will learn on Wednesday the minutes of the last meeting of the monetary policy committee of the American central bank (Fed).

These minutes from this meeting held in January “will shed new light on the discussions within the Fed” and could modify market expectations regarding the expected rate cuts, according to analysts at Natixis CIB Research.

Carrefour pampers its shareholders

The action of the Carrefour distribution group gained 4.01% to 16.34 euros.

The group’s net profit increased by more than 23% in 2023, to 1.66 billion euros, thanks to the sale of its activities in Taiwan and sales inflated by “high inflation” in Europe and Argentina, to 94.1 billion euros (+3.6%).

Carrefour plans to buy back 700 million euros of its shares in 2024 and increase the dividend paid to its shareholders by 55%.

Euronext CAC40

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