A New York Stock Exchange operator (GETTY IMAGES NORTH AMERICA/AFP/SPENCER PLATT)
The New York Stock Exchange concluded in disarray on Monday, catching its breath after a record in the Dow Jones, while technology narrowly caused the Nasdaq to reach a new high.
After a record Friday, the Dow Jones index fell by 0.49%, falling below the 40,000 point mark to 39,806.77 points. The broader S&P 500 index remained stable (+0.09%) at 5,308.13 points on the verge of a new record (5,308.15).
The predominantly technological Nasdaq recorded a new peak (+0.65%) at 16,794.88 points.
“We had a mixed session, with the Nasdaq rising to a new record due to technology stocks,” noted Peter Cardillo of Spartan Capital.
Microsoft, the largest capitalization on the market, gained 1.22% while the Redmond group presented its first PCs augmented with artificial intelligence. The American IT giant estimates that more than 50 million “AI PCs” will be sold in the next twelve months, given the appetite of developers and the public for these digital assistants which anticipate their needs.
The spotlight has already been focused on Nvidia (+2.49% to $947.80), the designer of microprocessors dedicated to artificial intelligence.
Investors are eagerly awaiting its first quarter results scheduled for Wednesday. The group has repeatedly released 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 more than $2.3 trillion, just ahead of Alphabet (Google).
In the sector, AMD was also sought after (+1.13%) as well as Taiwan Semiconductor Manufacturing (+1.23%).
The Dow Jones, for its part, came under pressure from banking and energy stocks to fall back below the symbolic bar of 40,000 points, which the index had crossed for the first time at the close on Friday.
“It’s somewhat normal for the Dow Jones to fall back after reaching a new milestone,” reassured Peter Cardillo.
No macroeconomic news punctuated the session and the week should be rather calm on this front apart from the publication of the report (the “minutes”) of the last monetary meeting of the Federal Reserve (Fed).
Several Fed officials spoke Monday warning, like Vice Presidents Michael Barr and Philip Jefferson, that interest rates will remain high for longer.
Bond rates remained tight at 4.45% for ten-year bonds compared to 4.41% at the last close.
Elsewhere on the stock market, the stock of JP Morgan bank suddenly collapsed in the middle of the session to $195.66 (-4.46%).
His boss Jamie Dimon, 68, suggested during a meeting of analysts that his retirement was not far away: in any case “the timetable is no longer five years,” warned the financier.
Tesla lost 1.41% to $174.95 after further price reductions on its models in Europe.
Investors have positioned themselves in the distribution sector before several results from major brands this week, such as Target (-2.14%), which announced major promotions on Monday to liquidate stocks and attract traffic, Macy’s (-2 %), Lowe’s (-0.84%) or Ralph Lauren (-0.56%).
Cruise line Norwegian Cruise accelerated 7.56% after raising its outlook for the full year. Royal Caribbean (+4.07%) and Carnival (+7.27%) followed suit.
© 2024 AFP
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