Market Review: New York Stock Exchange Regains Momentum Driven by Tech Sector and Nasdaq

2023-06-08 21:35:47

(Photo: Catherine Charron)

MARKET REVIEW. The New York Stock Exchange, which started the day gloomily, regained momentum on Thursday, driven by the Nasdaq, after a week of breathing.

The Toronto Stock Exchange’s flagship index ended Thursday’s session lower on broad-based weakness, while major U.S. stock indexes advanced, buoyed by the tech sector.

To (re)consult market news

Stock market indices at closing

In Toronto, the S&P/TSX a fell 71.91 points (-0.36%) to 19,989.69 points.

In New York, the S&P 500 fell by 16.33 points (-0.38%) to 4,267.52 points.

The Nasdaq fell 171.52 points (-1.29%) to 13,104.89 points.

The DOW gained 91.74 points (+0.27%) to 33,665.02 points.

The hooray gained 0.0017 (+0.2280%) to US$0.7474

The Oil rose US$0.80 (+1.12%) to US$72.54

L’or fell US$25.10 (-1.27%) to US$1,956.40

The bitcoin rose by US$274.93 (+1.04%) to US$26,636.29.

The context

The Dow Jones index advanced 0.50% to 33,833.61 points and the tech-tinged Nasdaq climbed 1.02% to 13,238.52 points.

The broader S&P 500 index is back in the “bull market” (bull market), that is to say 20% above its recent lows, at 4,293.93 points (+0.62%) .

“There is a healthy rotation” of investor investments “towards other industrial sectors and this reflects the feeling that the Fed is almost done with raising rates,” commented Art Hogan of B. Riley Wealth Management to AFP. .

“You can see the upward rally in the stock market widening,” he added.

Same story at LBBW, where Karl Haeling points out that small caps are participating in the march forward, “having had a very good week”.

The Russell 2000 (RTY=F)which includes small caps, stabilized on Thursday (-0.41%) but gained 4.44% since the start of the week.

“The bull market is broadening its base,” commented the LBBW bank analyst. “And of course, there is also this enthusiasm around artificial intelligence”.

Amazon (AMZN) rose 2.49% after an analyst note indicating that Amazon’s web and cloud services (AWS) will soon catch up, compared to Microsoft (MSFT) or Alphabet (GOOG)in the service offer with artificial intelligence.

Tesla (TSLA) soared nearly 5% and was still advancing nearly 3% after the close after General Motors announced — after Ford two weeks ago — that it would use Tesla’s network of electric vehicle charging stations.

With a US Federal Reserve (Fed) meeting due next week, with a break in rates in the cards, “the market perceives that the cycle of rate hikes is coming to an end,” Haeling adds. .

“Even though there will still be a few more, in 9 to 12 months the Fed will be lowering rates, they predict that themselves and that may be what the market is aiming for,” he said. concluded.

On the stock side, the software group Adobe (ADBE) climbed almost 5% after announcing that it was offering access to its artificial intelligence tool Firefly, image creator, to its biggest customers.

online car seller Caravana (CVNA)which has had a difficult month, put on the turbo (+56.02%), surprising analysts with more optimistic projections for its second quarter results.

Regional banks continued to be supported as First Republic (FRCB) (+1,98%), Zions (ZION(+1,64%).

amusement park operator Six Flags Entertainment (SIX) suffered the cloud of smoke which descended on all the east of the country since the multiple fires of Canada. Fear that Six Flags parks will be deserted over the weekend or more frequently over the summer weighed on the stock (-3.09%).

On the bond market, rates eased slightly. The yield on 10-year Treasury bills came in at 3.71% from 3.79%

#Stock #market #Wall #Street #recovers #driven #Nasdaq #bull #market

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.