(CercleFinance.com) – Wall Street continues to ignore the tension in rates (the optimistic version sees this as proof of the robustness of the US economy) and to pile up records: another double for the S&P500 (+0.06% ) with an ‘intraday’ zenith (5,001) and closing (4,998), new closing record for the Dow Jones (+0.13% to 38,726, thanks to +11.5% from Disney) and double annual record for the Nasdaq (closing at 15,793 and 15,813 intraday).
The Nasdaq (+0.24%) was kept in the green by NXP +2.9%, Doordash and Booking +3.5%, ON Semiconductors +4.9%. The US indices are thus on track to achieve a 14th week of increases in a series of 15 (the longest bullish series in 52 years).
The publication of registrations for unemployment benefits in the United States confirmed the hypothesis of a ‘soft landing’ of the economy with a further drop last week, from 9,000 to 218,000. The number of people regularly receiving compensation fell by 23,000 to 1,871,000 during the week of January 22.
T-Bonds continue their decline symmetrically with yields tending towards 4.163% for the ’10 year’ (+6.5 basis points) and towards 4.365% for the ’30 year’ (+6 basis points).
Yields at their highest for 2024, stock market indices also at their highest… investors still seem convinced of the materialization of a ‘Goldilocks’ type scenario, which encourages them to continue to turn to the markets of actions.
The ‘GAFAM’ results literally carried the ‘S&P’ and the Nasdaq, but the results published after the close this Thursday were heavily punished: after Snap’s -35%, Pinterest fell by -20% and Expedia by -14 % shortly after 10:00 p.m. after slightly missing their revenue targets. PayPal fell -11.2% during the session.
Note that WTI soared +3.3% to $76.5 per barrel, while the greenback remained stable against the euro at $1.0775.
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