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(CercleFinance.com) – The week began with cheap buybacks on Wall Street, which had just suffered its worst week in almost a year for the S&P and 2 years for the Nasdaq, with weekly losses of almost 6%, including -12% for the ‘SOXX’ index.
The gaps are not really spectacular this Monday with +1.2% for the Dow Jones, +1.15% for the S&P500 and the Nasdaq Composite.
The VIX, on the other hand, eased by -13% towards 19.45, which erases the +12% of Friday.
Apple’s stock was closely watched with the presentation of its ‘keynote’ (and its first AI-boosted smartphone) but the price seemed frozen during the session ($220.9) then in the ‘after hour’ (+0.1%): a real non-event, at least on the stock market front.
The Nasdaq-100 is ahead of the other indices thanks to Marvell Techno +4.1%, Nvidia +3.5%, Fastenal +3.3%, AMD and Broadcom +2.8%, Microchip +1.8%.
The ‘SOXX’ index recovered by +1.6%, almost on a par with the financial sector (+2.1% on JP-Morgan, +1.8% on Goldman Sachs or Bank of America).
On the ‘macro’ front, investors are now waiting for the latest data on US inflation, which should be reassuring (energy prices continued to fall in August with the slowdown in Chinese purchases), then the decision of the ECB, which should reduce its key rate by -25Pts on Thursday.
But the prospect of a marked slowdown in the American economy (confirmed by the latest contrasting figures on employment in the United States) is worrying, beyond the upcoming rate cuts.
In terms of figures, US business inventories rebounded slightly in July (+0.2%) after remaining stable in June, according to data published Monday by the Commerce Department: the consensus among economists was for 0.3%, after perfect stability the previous month.
The statistic was mainly driven by a 1% increase in automobile inventories while computer equipment inventories increased by 1.4%.
Business sales increased by 1.1% in July, which means that at the current rate it takes them 1.35 months to sell off their stocks compared to 1.38 months in July 2023.
Another element likely to influence the trend on Wednesday is that the first televised debate between Kamala Harris and Donald Trump in the run-up to the November 5 presidential election in the United States will be held this evening.
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