2023-08-21 20:10:31
(Photo: Getty Images)
MARKET REVIEW. Losses in the utilities, financials and telecommunications sectors weighed on the Toronto Stock Exchange late Monday morning, as the main Canadian stock index was down and U.S. stock markets were mixed.
The New York Stock Exchange moved in dispersed order on Monday after another week of losses.
To (re)consult market news
Stock market indices at noon
In Toronto, the S&P/TSX fell by 74.88 points (-0.38%) to 19,743.14 points.
In New York, the S&P 500 lost 2.18 points (-0.05%) to 4,367.53 points.
The Nasdaq increased by 74.29 points (+0.56%) to 13,364.65 points.
The DOW fell by 195.30 points (-0.57%) to 34,305.36 points.
The oil rose by US$0.56 (+0.69%) to US$81.81.
L’or rose by US$1.80 (+0.0939%) to US$1,918.30.
The bitcoin lost US$139.45 (-0.53%) to US$25,947.63.
The context
Bond rates continued to be under pressure, with the 10-year rate hovering above 4.30%, close to a 15-year high seen last week. At 10 a.m., it climbed to 4.31%.
“Given the lack of indicators on the agenda this week, investors will focus on the interventions of Fed officials which will culminate Friday with President Jerome Powell’s speech at the economic symposium in Jackson Hole” in Wyoming, a commented Will Compernolle of FNH Financial.
“Markets will look to Mr. Powell for a sense of the Fed’s center of gravity after the late July meeting” where the US central bank raised rates slightly for the 11th time in nearly 18 months.
Briefing.com’s Patrick O’Hare said Monday’s attempted rally “was driven by investors’ inclination to buy stocks on the downside.”
“It can hardly be anything else as bond yields climb, China’s central bank disappointed with a lower-than-expected interest rate cut (…) and the tropical storm invading Southern California,” said the analyst.
On Monday, China cut the one-year interest rate, which serves as a benchmark for business loans, to 3.45% to stimulate the economy, a move that failed to convince the markets.
On the odds, we expect Monday the results of the videoconferencing company Zoom (+ 1.61% at 9:40 a.m.) then those of the manufacturer of highly sought-after chips for artificial intelligence, Nvidia (NVDA) Wednesday (NVDA, +4.25% to 451 US dollars (US$)). Thursday will be the turn of retailers Gap (GPS. +1,06%) et Nordstrom (NDSN, +0,81%).
The cybersecurity software firm Palo Alto Networks (PANW) rose 16% to US$243 after better-than-expected earnings per share.
Even if its quarterly turnover was a little disappointing, it is 26% higher than last year at the same time.
The title of When (WHEN) gained 0.84% while, according to the Wall Street Journal, Mark Zuckerberg’s firm could announce this week a web version of its Threads social network, launched a month and a half ago to compete with Twitter, renamed X by its owner Elon Musk.
The laboratory Regeneron (RAIN) advanced 1.28%, celebrated after a green light from the FDA drug authority for its treatment for macular degeneration.
The electric truck manufacturer Nicholas (NKLA) fell 12% to US$1.72 as it suffered the impact of a costly recall of its batteries after incidents involving fire outbreaks.
The group warned on Monday that it may not meet its vehicle delivery targets this year.
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