2023-06-26 20:51:07
(Photo: Catherine Charron)
MARKET REVIEW. The New York Stock Exchange ended lower on Monday, weighed down by technology, as the Dow Jones tried to stabilize in a sluggish market, after several sessions of decline.
The strength of the energy sector allowed the benchmark index of the Toronto Stock Exchange to close Monday up more than 100 points, while the major American indices ended the session in the red.
To (re)consult market news
Stock market indices at closing
In Toronto, the S&P/TSX a took 169.09 points (+0.87%) to 19,587.32 points.
In New York, the S&P 500 fell 19.51 points (-0.45%) to 4,328.82 points.
The Nasdaq fell 185.50 points (-1.23%) to 14,872.75 points.
The DOW fell 12.72 points (-0.04%) to 33,714.71 points.
The loon gained 0.0020 (+0.2691%) to US$0.7600
The oil rose US$0.37 (+0.53%) to US$69.53
L’or gained US$3.30 (+0.17%) to US$1932.90
The bitcoin fell by US$237.21 (-0.78%) to US$30,192.82.
The context
For Spartan Capital Securities analyst Peter Cardillo, “the rebellion in Russia had very little impact on the market because it didn’t last long.” “Nevertheless, it is a geopolitical factor that will remain in abeyance for some time,” he added.
The leader of the Russian paramilitary group Wagner, Evguéni Prigojine, author of an abortive mutiny which lasted 24 hours from Friday evening, had promised to “liberate the Russian people” by targeting in particular the Russian Minister of Defense Sergei Shoigu and the Russian Chief of Staff Valéri Guérassimov, whom he accuses of having sacrificed thousands of men in Ukraine.
Mr. Prigojine put an end to his rebellion on Saturday evening, in exchange for immunity for himself and his men.
According to Schaeffer’s Laura McCandless, this brief rebellion in Russia “remained on the minds of investors” on Monday.
The trading volume was low, in the absence of important indicators.
On the other hand, on Wednesday, investors will watch for the words of the president of the American central bank (Fed), Jerome Powell, who will speak at the forum organized by the European Central Bank (ECB) in Sintra, Portugal. Mr. Powell will also speak in Spain on Thursday.
On the macro news side, U.S. consumer confidence will be gauged on Tuesday for the month of June, ahead of the release of the Fed’s preferred measure of inflation, the PCE index, which will be unveiled on Friday. for the month of May.
The markets will also have an indication of the momentum of the consumer, the engine of American growth, with the evolution of income and especially household spending for May.
In terms of values, a large half of the eleven sectors concluded in the green, starting with the real estate sector (+2.21%) and energy (+1.71%), while oil prices ended slightly in the green attentive to the geopolitical situation with Russia.
L’action Tesla (TSLA) clouded the mood of the Nasdaq. Degraded by Goldman Sachs, the title fell 6.06% to 241.05 US dollars (US).
Most of the big names in the tech sector followed lower,Alphabet (GOOG, -3,19%) also badly rated by a bank, Meta (Facebook) (META, -3,55%). Microsoft (MSFT) et Netflix (NFLX) dropped almost 2%.
Nvidia (NVDA)the darling of the artificial intelligence (AI) sector, also ended in sharp decline (-3.74% to 406.32 $US).
IBM on the other hand gained 1.48% to 131.34 $US, after announcing its intention to buy the software company Apptio specialized in the cloud (remote computing) and IA for 4.6 billion $US.
The vaccine maker Modern (MRNA) climbed 1.61% to US$120.41, benefiting from a better appreciation of the group’s valuation potential by UBS bank.
The laboratory Pfizer (PFE) on the other hand fell by 3.68%, while the group announced the end of the development of an experimental drug against obesity, lotiglipron, which seems to have a bad effect on the liver.
Regional banks held up well, led by PacWest (PACW, +4.01% to 7.52%)wanted after selling a $3.5 billion loan portfolio to Ares Management. Western alliance (WAL) gained 2.14% and Zions (ZION) 1,80%.
On the bond market, yields on ten-year Treasury bills were very slightly down at 3.72% against 3.73% the day before.
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