(CercleFinance.com) – The New York Stock Exchange opened higher on Thursday for the first session of March, setting new records in the wake of economic indicators pleading for monetary easing.
At the end of the morning, the Dow Jones advanced 0.2% to 39,059.6 points while the Nasdaq Composite gained 0.6% to 16,193 points, after having recorded a new all-time high at 16,209.6 points a few years ago. moments.
After a hesitant start to the session, Wall Street moved upwards at the start of the morning following the publication of an ISM manufacturing index that was well below expectations.
While economists expected it to be at 49.5, the ISM fell to 47.8 in February, compared to 49.1 in January, weighed down by the decline in the new orders sub-index which indicates a decline in request.
‘This ISM report does not correspond to the image of ‘surprisingly positive growth’ that emerged from the earnings reports, which casts doubt on the strength of the manufacturing industry and the cycle that accompanies it, reacts Florian Ielpo, head of macroeconomic research at Lombard Odier Investment Managers.
This worse-than-expected statistic reinforced the scenario of a first rate cut in June, which now holds sway with a probability estimated at 54.6% according to the CME’s FedWatch barometer.
Semiconductor stocks are still at the forefront of the market, boosted by Dell Technologies which boasts an order book of $2.9 billion in servers dedicated to AI.
Micron (+5.5%), Nvidia (+3.5%) and AMD (+3.4%) are among the main catalysts for the S&P 500.
If the results season is now coming to an end, Dell’s better than expected accounts support the rating, the title of the computer manufacturer exploding by 25% following the announcement of sales and profits higher than expectations.
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