Economy Wall Street: bullish momentum halted, negative short US rates

Wall Street: bullish momentum halted, negative short US rates


( – Wall Street is still gaining ground, but the last half hour was the pretext for a wave of precautionary cuts, after the Dow Jones (+ 2.4% to 21.200) gained up to + 6% and met the 22,000 points (i.e. + 17.5% in a straight line).

A zenith was entered for a few seconds at 22.019, or + 21% taken up on its floor, very exactly like the CAC40 at 4.4400Pts.

The S & P500 gained + 1.15% to 2.475Pts, or 100Pts below its zenith of the day.

The Nasdaq finishes in the red, at -0.45%, the exception which confirms the rule since the Russel-2000 wins + 1.25% at 1.110Pts.

The Dow Jones was boosted by the rebound in the industrial sector and the S & P500 by real estate and tourism (cruise lines with Norwegian + 23.3%, Royal Carribean + 23%, Carnival + 18.3% …), airlines with Delta + 15.7%, American Airlines and United + 10.7%.

Note: the downgrading of the manufacturer’s Ford rating to ‘junk bond’, the title had closed up + 8.9%.

The Nasdaq was weighed down by the communication, laboratory (Gilead and Vertex -5.8%, Amgen -4.6%, Regeneron -4.4%) and drug distribution (Walgreen -8.4) sectors. %).

It also suffered from the decline of Intel -2.2% and Cisco -2.4%, AMD -3.4%, and Facebook -3%, Netflix -4.2%, Electronic Arts -5, 9%.

Note that Tim Cook, the CEO of Apple announces offering 10 million masks to the American medical community, which seems to demonstrate that there are still suppliers who can deliver in large numbers.

The figures of the day seem ‘fitting’ with the rise in industrial values ​​(in particular Boeing with + 24%) but this is mainly a coincidence because what goes back to February already belongs to another era, completely over: the US Department of Commerce reports a 1.2% jump in durable goods orders in the United States in February 2020, where consensus expected a 0.8% decline, after increasing 0.1% the previous month (- 0.2% initial estimate for January).

Excluding transportation, a particularly volatile category, the level of orders for durable goods fell 0.6% from one month to the next, while economists expected an average decline of 0.3% .t oil stocks.

The most surprising figure of the day concerns the commercial stocks of oil in the United States: despite a marked decline in activity, they only increased by around +1.6 million barrels (to 455.4 million barrels) the last week, according to data released by the EIA (Energy Information Administration).

The oil sector ended mixed with Occidental + 11.9% and Valero + 14.2% but Range Resource plunged by -17.4%, Devon fell by -3.3%.

But if there is one area that makes this day of March 25th historic, it is at the bond level: the yield on 3-month T-Bills becomes negative (-0.036%) for the first time in l he history of the USA, 1-month T-Bills posted -0.015%: it is the mark of a search for security at all costs.

On the other hand, a calm session for T-Bonds which end up little changed towards 0.84%.




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