The floor of the New York Stock Exchange (GETTY IMAGES NORTH AMERICA/AFP/SPENCER PLATT)
The New York Stock Exchange ended higher on Thursday, making up for the losses recorded at the start of the week while nevertheless remaining behind records in a still hesitant market.
The Dow Jones rose 0.54%, the Nasdaq index rose 1.35% and the broader S&P 500 index gained 0.88%.
Seized by the rise in bond rates on Tuesday and Wednesday, the New York market regained confidence, benefiting from bargain hunting, albeit without enthusiasm.
As has often been the case over the past year, it is the giant capitalizations of the technology sector that have given momentum to the rest of the market.
Much less dashing than its big rivals in recent months, Apple has, this time, done well (+3.26%), thanks to a note from Bank of America, which now recommends buying the title , highlighting, among other assets, Apple’s potential in online services.
Furthermore, the Apple company announced that it would remove the blood oxygen level detection function from two of its connected watches, which will allow it to continue to sell them, despite a court decision. unfavorable, Wednesday.
Another ray of sunshine on the technology sector, the results above expectations from Taiwanese TSMC (+9.79%), listed on Wall Street, whose general director, CC Wei, said he was optimistic for the current year, evoking the appetite for so-called generative artificial intelligence (AI).
In the wake of TSMC, Marvell Technology (+4.36%), Qualcomm (+4.29%) and Broadcom (+3.65%) were at the party.
Despite this warming, the S&P 500 came back to stumble on its absolute record, whether during the session or at the close, with operators lacking the conviction to go further.
“It is too early to conclude” that the market has digested the prospect of a decline in rates from the American central bank (Fed) less quickly and later than expected, estimated Maris Ogg, of Tower Bridge Associates.
The yield on 10-year US government bonds stood at 4.14%, compared to 4.10%, the highest in a month.
“There is no trend” on Wall Street, where stocks have been stalling for a month, the analyst stressed. “As long as the market has not experienced at least two sessions in a row with convincing movements, we will not be able to learn anything.”
“The market weakens a bit as it approaches peaks, because investors wonder if the companies that make up the indices deserve to go higher,” commented Liz Young of SoFi in a note.
“A good part of the increase that we expected for this year has, in reality, already occurred in November and December,” according to Jack Ablin, of Cresset Capital, for whom a correction would be welcome, because “expectations have become unrealistic” .
Wall Street remains supported by the firmness of the American economy, further illustrated on Thursday by new weekly unemployment claims, the lowest since September 2022.
Elsewhere on the stock market, Boeing was pushed (+4.21%) in the back by the announcement of an order, by the Indian company Akasa Air, for 150 Boeing 737 MAXs, while the investigation continues into the causes of a door stalling in mid-flight on a 737 MAX 9, at the beginning of January.
Birkenstock fell (-7.72%), punished for its quarterly net profit lower than analysts’ projections, but also for its comments on the current year, which should be marked by a contraction in its margins, due to significant investments.
Pulled down by the collapse of bitcoin, which is approaching the symbolic threshold of $40,000, the cryptocurrency exchange platform Coinbase lost 7.11%.
© 2024 AFP
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