A New York Stock Exchange operator (GETTY IMAGES NORTH AMERICA/AFP/SPENCER PLATT)
The New York Stock Exchange ended on a mixed note on Friday, at the end of a session shortened due to the day after the public holiday (Thanksgiving), with the Nasdaq suffering from a possible setback for Nvidia and a rise in rates bondholders.
The Dow Jones gained 0.33%, the Nasdaq index fell by 0.11% and the broader S&P 500 index finished a hair in the green (+0.06%).
The stock market day was cut by three hours from its traditional hours to take into account the low number of participants generally present in the market between the Thanksgiving holiday, Thursday, and the weekend.
“It was a mixed session,” commented Peter Cardillo of Spartan Capital, mentioning macroeconomic indicators that provided two divergent images of the American economy.
The PMI indices, published by S&P Global, showed a decline in the manufacturing sector in the United States, which stood at 49.4 (any figure below 50 indicates a contraction), against 49.8 expected by economists.
At the same time, they revealed an expansion in the services sector, to 50.8, against 50.4 expected.
The S&P Global survey shows price increases by companies in this part of the economy that exceed the increase in their costs, noted José Torres of Interactive Brokers. An unfavorable signal with regard to the evolution of inflation.
Bond rates tightened, with the yield on American government bonds coming out at 4.47%, compared to 4.41% at Wednesday’s close.
This burst of the last hours after several weeks of sliding has “pushed the technology sector to retreat”, underlined Peter Cardillo.
Tech stocks are generally sensitive to interest rates, with high yields diminishing the attractiveness of these companies and their future profits.
The Nasdaq also suffered from the decline in Nvidia (-1.93%). According to Reuters, the semiconductor manufacturer, popular with artificial intelligence developers, has indicated to Chinese customers the postponement of the launch of a new chip, the H20, mainly intended for this market.
Asked by AFP, Nvidia declined to comment. This new chip was designed to meet US government restrictions, which limit exports of the most efficient American semiconductors to China.
Behind Nvidia, Meta (-0.95%), Alphabet (-1.29%) and Apple (0.70%) have reversed course.
Despite the decline in the Nasdaq on Friday, the three flagship indices of the New York market ended in the green for the week. “This indicates that the momentum should continue until the end of the year,” according to Peter Cardillo.
Elsewhere, on the market, representatives of the bitcoin”>cryptocurrencies sector took advantage of the acceleration of bitcoin, which crossed $38,000 for the first time in 18 months.
Digital currency exchange platform Coinbase (+5.76%) and cryptocurrency “mining” specialists Marathon Digital Holdings (+4.49%) and Riot Platforms (+3.62%) all recorded gains. students.
The Argentine oil company YPF gained another 12.27%, still driven by the election to the presidency on Sunday of ultraliberal candidate Javier Milei, who spoke of the privatization of the group. Since the announcement of the election results, YPF has grown by almost 60%.
Other companies listed on Wall Street were also celebrating, notably the financiers Banco BBVA Argentina (+19.91%) and Banco Macro (+14.08%).
The New York market is awaiting the first echoes of “Black Friday”, a traditional major retail event and synonymous with bargain hunting for consumers.
According to the National Retail Federation, some 130 million people are expected to make purchases this Friday and 182 million counting the weekend and Monday, also called “Cyber Monday” for its online promotions.
Among the big names in the sector, the electronic products brand Best Buy (+2.18%) stood out.
© 2023 AFP
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