(CercleFinance.com) – What a turnaround: Wall Street is apparently moving forward and the Nasdaq is up +1.3%.
But clearly, this is not a recovery on a broad front (the Dow Jones falls by -0.75%) since once again, it is ‘Nvidia which did everything’.
The stock market giant Nvidia jumped nearly 6.8% this Tuesday (towards $126), suddenly erasing half of its losses over the past week: the stock added nearly $200 billion in capitalization, emerging from a fall of three sessions which had wiped out around $430 billion since last Tuesday.
Obviously, a stock alone does not create a trend… and remove Nvidia then Tesla (+5.25%): the S&P500 (+0.39%) ends in the red, as does the advance/advance ratio. decline, negative this Tuesday.
Ditto for the Nasdaq Composite which is far from having seen the increases prevail: Sirius drops by -7.8%, Dexcom by -5.3%, Marvell by -5.1%, Broadcom ($740 billion in capi ‘) fall of -4.6%, Microchip loses -1.3%… like ‘SOXX’ with -1.2%.
The S&P500 was also supported by cruise lines which rose by +5% on average (Carnival jumped by +8.7%, Norwegian by +5.1%).
But it is the Nasdaq which conceals the nugget of the day since Rivian which explodes by +63% (+8.6% during the session, +54.4% in the after hour) while Volkswagen is going to invest $1 billion there (one would think a score at ‘Gamestop’).
The fall of -0.76% in the Dow Jones demonstrates that, with the exception of remarkable cases, risk-taking remained limited on Wall Street in view of the Biden/Trump debate on Thursday evening and the publication, scheduled for Friday. , from the PCE price index, a measure of inflation particularly monitored by the Fed.
On the ‘stats’ side, American consumer confidence deteriorated in June (-0.9% towards 100.4) but a little less than expected (consensus 100), according to the employers’ organization index. Conference Board released Tuesday.
The sub-index of consumer sentiment on the current situation rose to 141.5 against 140.8 the previous month, but that on the future situation fell to 73 after 74.9 in May.
According to the ConfBoard, the strength of the labour market is currently enough to offset households’ concerns about the future.
T-Bonds ended almost stable at around 4.25%… and it’s been 6 days since the US bond market seemed frozen.
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