A New York Stock Exchange operator (GETTY IMAGES NORTH AMERICA/AFP/SPENCER PLATT)
The New York Stock Exchange continued in the green on Monday, after the Dow Jones crossed the 40,000 point mark for the first time in its history at the close on Friday.
Monday around 2:15 p.m. GMT, the Dow Jones index gained 0.03%, while the Nasdaq – predominantly technological -, which eagerly awaits Nvidia’s results on Wednesday, rose 0.61%. The S&P 500 gained 0.31%.
On Friday the Dow Jones gained 0.34%, barely managing to reach a new peak at 40,003.59 points. The Nasdaq lost 0.07% and the S&P 500 gained 0.12%.
“It’s been a record week thanks to the latest inflation data,” commented Art Hogan of B. Riley Wealth Management, recalling that the rise in the CPI price index has slowed.
“We also had solid profits for Walmart”, the number one retailer, “which was a sufficient catalyst to push the Dow Jones beyond 40,000 points,” he added.
Over the week, the S&P 500 increased by 1.5%, the Dow Jones by 1.2% and the Nasdaq by 2.1%.
Few macroeconomic indices, except in real estate, are expected this week.
On the other hand, a parade of representatives of the Fed, the American central bank, will speak, such as Governor Christopher Waller, the vice-president in charge of financial supervision Michael Barr and the presidents of the Atlanta and Cleveland Feds. , Raphael Bostic and Loretta Mester.
“For now, the market thinks the consensus is that the Fed will probably have to keep interest rates at current levels for ‘some time to come’,” comments Art Hogan.
The minutes of the Fed’s latest monetary meeting will be released on Wednesday.
On the value front, the spotlight is already on Nvidia (+2.19%), the designer of microprocessors dedicated to artificial intelligence.
Investors are feverishly watching its first quarter results as the group has repeatedly published stellar quarterly reports showing massive demand for its AI-related chips.
The stock has gained 91% since the start of the year and more than 200% over twelve months. Nvidia’s capitalization is the third largest in the S&P 500 at $2.3 trillion, just ahead of Alphabet (Google).
In the sector, AMD was also sought after (+1.43%) as well as Taiwan Semiconductor Manufacturing (+1.33%).
Also on the menu this week are the quarterly results of several retail brands including the department stores Macy’s (+0.31%), the Target chain (-0.95%), Ralph Lauren (+0.33%) and the high-end DIY chain Lowe’s (-0.35%).
These figures will echo the University of Michigan’s consumer confidence barometer which will be released on Friday for the month of May.
Elsewhere on the stock market, Microsoft gained 1.34% while the Redmond group must make announcements related to new AI functionalities on some of its products.
The cruise line Norwegian Cruise accelerated by 6.54% after raising its outlook for the whole year. Royal Caribbean (+4.42%) and Carnival (+4.19%) followed suit.
On the bond market, ten-year rates increased slightly to 4.43% compared to 4.41% on Friday.
© 2024 AFP
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