2023-08-14 21:02:59
Photo of traders in New York
by Amruta Khandekar et Saeed Azhar
(Archyde.com) – The New York Stock Exchange ended higher on Monday, benefiting from Nvidia’s jump following an upbeat rating from Morgan Stanley that benefited the wider tech sector and high-growth stocks, starting of a week marked in particular by the results of major American distributors.
The Dow Jones index gained 0.07% to 35,307.63 points.
The broader S&P-500 gained 0.58% to 4,489.72 points.
The Nasdaq Composite advanced for its part by 1.05% to 13,788.33 points.
The Nasdaq and S&P-500 fell last week as the release of US inflation data fueled speculation that the Federal Reserve (Fed) is keeping interest rates high for longer than expected.
The vast majority of traders currently anticipate that the Fed will keep rates unchanged at its next monetary policy meeting in September.
Nvidia, which will report quarterly results next week, is one of the big tech names making gains on Wall Street since the start of the year, driven by growing investor interest in artificial intelligence. (IA).
In a note released today, analysts at Morgan Stanley said they still consider Nvidia their “first choice”, citing the massive shift in spending towards AI and an “exceptional imbalance” between supply and demand that is expected. “persist over the next few quarters”.
“This is the first time in a while that ‘tech’ has outperformed in a truly meaningful way,” commented Jay Hatfield, managing director of Infrastructure Capital Advisors, New York, noting the role of Nvidia whose results should be strong. .
Among the results expected by investors this week include Walmart and Target. Economic indicators, such as monthly retail sales in the United States, are also provided.
Nvidia’s 7.1% jump on Monday benefited the information technology sector, up 1.85%, the best performer of the major sectors of the S&P-500.
While Micron Technology was up 6.1%, the giants Alphabet and Amazon rose around 1.5%.
Tesla followed an opposite trajectory, falling almost 1.2% after the announcement of a price cut for some Model Ys in China.
(French version Jean Terzian)
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