Wall Street: In scattered order, but record for the Nasdaq

(CercleFinance.com) – Wall Street is moving in mixed order on Monday, with Nvidia’s jump allowing the Nasdaq to set a new record while the decline in financial stocks penalizes the Dow Jones.

At the end of the morning, the Dow index dropped 0.7% to 39,386.4 points, where the Nasdaq Composite increased by 0.5% to 16,879.6 points after having reached 16,996.4 points at the opening, a level unprecedented.

A real locomotive of the markets this year, since the stock generated 11% of the performance of the S&P 500 over the last twelve months, Nvidia shines once again today after quarterly quarters that were much better than expected.

The title of the Californian group, already up 91% since the start of the year, climbs by more than 10%, which further increases its market valuation by more than 250 billion dollars, to more than 2,500 billion dollars.

The stock thus crosses the symbolic milestone of 1000 dollars, which leads many analysts to revise upwards their price target on the stock, now located in the 1200 dollar zone.

Weighing on the Dow, several major banking stocks are victims of profit-taking after their recent performances, including Goldman Sachs (-0.4%) and JPMorgan (-0.5%).

The start of the session on Wall Street was also driven by economic indicators which did not dissipate investors focused on the performance of the manufacturer of processors dedicated to AI.

The Department of Labor thus recorded 215,000 new registrations for unemployment benefits in the United States during the week of May 13, a figure down by 8,000 compared to the previous week.

The S&P Global composite PMI index, which measures growth in the American private sector, accelerated sharply in May, to 54.4 in a ‘flash’ estimate compared to 51.3 in final data for the previous month.

In view of this still solid macroeconomic context and the uncertainty surrounding the evolution of rates, the yield on ten-year Treasuries tends above the 4.45% mark.

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