Wall Street catches its breath but remains in the green

(New York) The New York Stock Exchange caught its breath on Tuesday, remaining narrowly in the green, while investors weighed the mixed results of Disney in particular.

The Dow Jones index gained 0.25% and the S&P 500 0.15% while the technology-dominated NASDAQ was stable (+0.04%) around 10:10 a.m. (Eastern time).

The day before, the indices had continued the momentum given at the end of the week by lower-than-expected employment figures in the United States, seen by the Fed as a sign that its strict monetary policy is effective against overheating and inflation.

The Dow Jones gained 0.46% to 38,852.27 points, the NASDAQ jumped 1.19% to 16,349.25 points and the S&P 500 advanced 1.03% to 5180.74 points, posting its best series – three consecutive sessions of increases – since November.

Bond rates fell sharply on Tuesday, with the ten-year rate sliding to 4.43% compared to 4.48% on Monday, the lowest in a month.

The fall in Disney’s stock (-8.39%) weighed on the mood as the entertainment group, a good barometer of the health of the American consumer, saw its profit largely cut in the second quarter of its staggered financial year (January to March) due to depreciation.

Net profit fell to just $216 million, compared to $1.5 billion in the same period last year. The turnover was 1% better than the same period the year before.

On a positive note, the streaming activities of the Burbank (California) group were profitable for the first time during this quarter after several years of losses.

Another sanctioned action was that of Palantir, which tumbled 12.50% despite better-than-expected quarterly results and prospects.

Shares of the intelligence services software firm have soared 33% since the start of the year on the grounds that it will benefit from AI technologies. On Monday, before the publication of the results, the stock had gained more than 8%.

Palantir posted a profit of 106 million compared to 17 million a year before on a turnover of 634 million dollars compared to 525 million. Over the year, the firm forecasts a profit of at least 868 million.

Shares of Peloton Interactive, the manufacturer of connected fitness devices, which has been struggling since the end of COVID-19, had their best day since January, climbing 15.82%.

Private investors are reportedly in the running to buy the company which is trying to refinance its debt after three years of losses, according to CNBC.

Boeing subcontractor Spirit AeroSystems, cited in connection with certain quality control problems experienced by Boeing, fell 2.73%.

The aeronautical supplier widened its quarterly loss to 617 million dollars compared to 281 million the year before.

The electric vehicle manufacturer Rivian climbed 2.18% while information in a Taiwanese press outlet reported that the group would be in discussions with Apple for a partnership.

Rivian will announce its results after the close.

Apple (+1.06%) for its part will have “the attention of investors as the Apple firm organizes a special event to present new iPad products and accessories,” noted Art Hogan of B. Riley Wealth Management.

reference: www.lapresse.ca

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