PARIS (Reuters) – The New York Stock Exchange moved in mixed order at the start of trading on Monday after the long Easter weekend, the rise in oil prices, which favored stocks in the energy sector and results above the Bank of America expectations offsetting the adverse impact of a further rise in bond yields.
A few minutes after the start of trading, the Dow Jones index gained 127.64 points, or 0.37%, to 34,578.87 and the Standard & Poor’s 500 rose 0.15% to 4,399.29 while the Nasdaq Composite lost 0.29% to 13,312.79.
US financial markets remained closed Friday, a day off on most Western stock markets.
The yield on ten-year Treasury bills is up to 2.8277% after reaching 2.884%, its highest level since December 2018, and the two-year, even more sensitive to expectations of changes in interest rates, is also progressing, to 2.4583%.
This generally unfavorable development for equities is overshadowed by the rise of more than 1% in oil prices, to 108.33 dollars per barrel for American light crude (West Texas Intermediate, WTI).
In addition, Bank of America, the second largest bank in the United States by assets, gained 1.94% after announcing a less marked decline than expected in its profits in the first quarter.
The coming week will be animated by publications from Netflix, Tesla, Johnson & Johnson and IBM, among others. Financial analysts are currently expecting S&P 500 earnings growth of 6.3% over January-March, weaker than the 7.5% expected in early January, according to Refinitiv data.
Tesla loses 0.53%. The electric car manufacturer is preparing to restart production at its Shanghai factory, interrupted by health restrictions linked to the resumption of the COVID-19 epidemic in the region.
Twitter drops 0.69% after news of ‘poison pill’ to counter Elon Musk’s takeover bid last week and reports that private equity group Thoma Bravo is also considering a bid .
The Chinese VTC giant Didi Global fell by 21.34% after the convening of an extraordinary general meeting which will be called upon to decide on a withdrawal from the group’s listing on the American markets.
(Written by Marc Angrand)
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