Wall Street ends slightly lower, the market runs out of steam after a month of gains

The floor of the New York Stock Exchange (GETTY IMAGES NORTH AMERICA/AFP/SPENCER PLATT)

The New York Stock Exchange ended slightly lower on Monday, in a market which is running out of steam after several weeks of gains but refuses to bend, which encourages investors to be optimistic.

The Dow Jones lost 0.16%, the Nasdaq index lost 0.07% and the broader S&P 500 index lost 0.20%.

“The market has been rising for four weeks and today it looked tired,” commented Patrick O’Hare of Briefing.com. “There wasn’t a lot of conviction.”

“That’s not necessarily a bad thing,” he said, “because there wasn’t a lot of conviction in the sale either.”

“The longer the market maintains this resilient posture,” he says, “the more people become convinced that there may still be room for upside and that provides support.”

The torpor of the New York market was also explained by the fact that certain operators were still absent after a long Thanksgiving holiday weekend in the United States.

In addition, no important news, whether on the macro or microeconomic level, came to liven up the session.

Announced as a milestone, the debt issue carried out by the US Treasury at midday did not provoke a marked reaction.

Although investor appetite for this operation was less than during the last auctions, the government nevertheless succeeded in placing $109 billion in Treasury bills at rates much lower than those granted during the last issue. on these maturities (5 and 7 years), in October.

A sign of some strength in the bond market, the yield on 10-year US government bonds stood at 4.39%, compared to 4.46%. Bond rates move in the opposite direction to their prices.

Wall Street is awaiting new data relating to “Black Friday”, peak consumption in the United States which followed the Thanksgiving holiday on Friday.

According to software publisher Adobe, online purchases on Friday reached $9.8 billion, a record, which represents an increase of 7.5% compared to the 2022 edition.

The online commerce platform Shopify was sought after (+4.89%) after announcing that some $4.1 billion worth of items had been sold by professional users of the site on Friday, an increase of 22% on a year.

Another stock in good shape, the deferred payment specialist Affirm (+11.97%), which rode on initial indications of a strong use of installment payments during “Black Friday”.

The distribution sector extended the Thanksgiving streak with “Cyber ​​Monday”, a day of online promotions, on Monday, during which Adobe anticipates a turnover of between 12 and 12.4 billion dollars.

Amazon thus gained momentum (+0.67%), while the annual AWS re:Invent conference was taking place in Las Vegas, during which new products relating to its remote computing subsidiary were presented. (cloud) Amazon Web Services (AWS).

The days follow one another and are similar for Argentinian stocks listed on Wall Street, which have been plunging since the election of ultraliberal candidate Javier Milei.

The operator Telecom Argentina (+11.63%), the airport manager CAAP (+11.51%) and the financial institution Banco Macro (+9.18%) thus had another prosperous day.

The sporting goods brand Foot Locker (-0.90%) received the lowering of recommendation from Citigroup analysts, who see the company suffering from a deterioration in the economy and excessively high stocks.

© 2023 AFP

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