(CercleFinance.com) – Wall Street posted contrasting scores on Monday, in a market that visibly needs a breather after the recent bull run by the Nasdaq.
At the end of the morning, the Dow Jones index of the 30 main American stocks lost 0.2% to 33,699.6 points, while the Nasdaq Composite gained 0.3% to 13,277.5 points.
This break comes as the Nasdaq has just chained six consecutive weeks of progress, an unprecedented bullish series since the beginning of 2020.
This latest upward movement was triggered by the great enthusiasm aroused by the stocks most exposed to artificial intelligence, namely Apple, Microsoft, Google, Amazon, Nvidia, Meta and Tesla.
These seven stocks alone – the ‘Magnificent Seven’ as Bank of America strategists call them – have soared 61% since the start of the year, helping the Nasdaq gain almost 27% in the same time.
With a capitalization now approaching $3 trillion, Apple (+1.9%) is setting new stock market records a few hours before the highly anticipated presentation of its mixed reality headset.
On the economic level, the indicators of the day were welcomed in the most total anonymity, or almost.
Bad news for activity, the growth of the service sector slowed against all expectations in May, according to the monthly survey of the ISM institute.
Its PMI for the sector stood at 50.3 last month, down from 51.9 in April, just above the 50-point threshold that marks the boundary between expansion and contraction in activity. .
But the PMI index compiled by S&P Global came out on the rise last month, to 54.9 against 53.6 in April, thanks to the dynamism of sectors such as travel, tourism, entertainment and leisure.
In industry, orders increased by 0.4% in April, after having already increased by 0.6% in March.
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