(CercleFinance.com) – Wall Street appears a little more hesitant on the eve of the weekend but the bias remains generally positive: the 3 indices which broke new records intraday or at close, align a 17th week of increase with only one weekly consolidation at the end of the first week of January.
The S&P500 (+0.03%) achieved the double intraday record/closing record at 5,111 and 5,089 points respectively, the Dow Jones (+0.16%) also at 39,282 and 39,131.
The Nasdaq-100 is content with the intraday record (18,091) but gives up 0.37% closing at 17,937, in the wake of Apple -1%, Lam Research -1.7%, On Semiconductor -2.8%, AMD -2.9%, Marvell -3.3% and Booking -10%.
The decline was slowed by the technical rebound of Palo +5.3%, and the increases of Zscaler +4%, Adobe +3%, Paypal +1.4%… and Nvidia which shattered a record at $824 (+4.5%) ultimately only retains a symbolic advantage of +0.4%, at $788 (i.e. +13.5% ‘weekly’).
Over the past week, the Dow Jones gained +1.3%, the Nasdaq +1.4% and the ‘S&P’ +1.7%.
No ‘stats’ on the agenda this Friday 23 ‘market movers’ but T-Bonds seem to benefit from technical buybacks, with a gap which seemed modeled on Bunds and OATs, i.e. -8Pts towards 4.245%.
But the figures published the day before had no impact while their absence did not prevent the T-Bonds from finishing the week well.
According to Christopher Dembik, economist at Pictet, ‘Nvidia’s excellent results are certainly much more important for the short-term trajectory of the stock market than any statistics or central bank decisions.’
Note that at $824, the capitalization of the stock crossed the $2,000 billion mark (i.e. more than the GDP of Canada, South Korea or Russia).
The title also shattered on Thursday the record for the largest capital gain in history in 24 hours with +$277 billion (this is more than the GDP of Portugal or New Zealand), far ahead of Meta and its +$200 billion 3 weeks ago and Apple’s +$190 billion in December 2022.
Nvidia also breaks the historical record for the highest capitalization contribution to the S&P500 in 7 weeks with +$800 billion (i.e. the equivalent of the GDP of Switzerland or Turkey) and the strongest activity on derivatives (a tsunami of purchases of ‘calls’, a profitable strategy, which is rare when everyone is ‘in the same direction’).
And the record for the largest turnover on 1 stock in 1 session the day before ($60 billion) was broken this Friday with $64 billion (i.e. 1 month of transactions for the CAC40, with an average of 22 sessions).
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