2023-09-06 21:32:24
(Photo: 123RF)
MARKET REVIEW. The New York Stock Exchange ended lower on Wednesday in a lackluster market marked by profit-taking in the absence of new major economic indicators, against the backdrop of the specter of inflation.
The Toronto Stock Exchange closed down nearly 200 points, victim of a generalized decline.
Also read: Are the Bank of Canada rate hikes over?
To (re)consult market news
Stock market indices at closing
In Toronto, the S&P/TSX lost 186.80 points (-0.92%) to 20,226.96 points.
In New York, the S&P 500 fell by 31.35 points (-0.70%) to 4465.48 points.
The Nasdaq lost 148.48 points (-1.06%) to 13,872.47 points.
The DOW decreased by 198.78 points (-0.57%) to 34,443.19 points.
The loon rose from US$0.0002 (+0.03%) to US$0.7335.
The oil took US$0.89 (+1.03%) to US$87.58.
L’or fell by US$10.80 (-0.55%) to US$1,941.80.
The bitcoin lost US$9.86 (-0.04%) to US$25,730.50.
The context
“There is a kind of unease today,” reacted Steve Sosnick of Interactive Brokers.
Added to concerns about rising rates and the oil boom on Tuesday was the feeling that “China is not stimulating its economy as much as the market had hoped”, added the analyst, s relying on targeted measures and not a major recovery plan, as has been the case in the past.
Still on China, “the fact that they are going after Apple weighed on the market, because it is the largest capitalization”.
According to Wall Street Journal, the authorities have prohibited employees of government agencies from professional use of the iPhone, or even, for holders of the Apple smartphone, from taking it to their place of work. The directive would also affect other non-Chinese phone models.
The Cupertino company lost more than $100 billion in market capitalization in Wednesday’s session alone (-3.58%).
Besides Apple, “we saw profit taking on all the big players in tech,” noted Steve Sosnick.
The darling of Wall Street this year, Nvidia (NVDA)fell 3.05% to US$470.61, followed by Amazon (AMZN, -1.39% to US$135.36) and Alphabet (GOOG, -0.98% to US$135.37).
These four stocks weighing a quarter of the Nasdaq, they alone dragged the index down.
Overall, the variations nevertheless remained moderate, in a New York square that was not very lively.
“I didn’t see any nervousness or fear today,” said Steve Sosnick. “It’s more of a general sentiment that there aren’t a lot of positives to pull the market, which is entering a traditionally tough time,” which is September, the worst month of the year for equities. .
The VIX volatility index, which measures the possible feverishness of investors, has certainly risen in recent days, but remains at a very low level.
Elsewhere on the value board, the shared office specialist WeWork took a shine (WE, -3.38% to US$3.42) after the publication of a letter from managing director David Tolley, according to which the amount of rent the group must discharge each month “remains too pupil”.
The New York company, which had recognized last month that its survival was at stake, has thus begun the renegotiation of “almost all” of its leases to reduce its charges.
Canada’s pipeline giant Enbridge was mistreated (ENB, -5.89% to US$33.21) after the announcement, Tuesday after the market, of the purchase of assets from the American energy company Dominion Energy (D, -1.80% to US$45.95), for $14 billion in total including debt.
Comcast rose (CMCSA, +0.83% to US$44.93), as a deadline for the sale to Disney (DIS, -0.26% to US$80.98) by the cable operator of its stake in the Hulu streaming platform, in which it holds a third of the capital. Managing Director Brian Roberts felt that the value of the platform had increased and justified a higher price than originally set.
cinema operator AMC (AMC, -36.80% to US$8.62), whose share price is extremely volatile, paid for the announcement of a program to issue 40 million new shares, the proceeds of which will be used , according to the group, to deleverage and strengthen its cash position.
Manchester United rebounded (MANU, +2.17% to US$19.77) after its slide the day before (-18.22%), amid doubts about the sale of the club by the Glazer family, majority shareholder.
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