Wall Street ends up, small rebound without help from technology giants

(New York) The New York Stock Exchange ended higher on Tuesday, enjoying a small rebound led, for once, by stocks other than the technology giants, which suffered profit-taking.

The Dow Jones rose 0.37%, the NASDAQ index gained 0.07% and the broader S&P 500 index gained 0.23%.

“It’s a bit of a misleading session today,” commented Patrick O’Hare of Briefing.com. “If you look at the leading indices, it seems like the market hasn’t done much. »

But looking more closely, the Russell 2000, which brings together companies of smaller size than the stars of the rating, or the S&P 500 with equal weightings (all values ​​have the same weight in the index) have advanced more significantly, by 0.78% and 0.57% respectively.

“It’s the opposite of Monday, where large caps rose and small caps fell back,” noted Patrick O’Hare.

The meteorite Nvidia, a semiconductor manufacturer which had gained 40% since the start of the year, thus dropped ballast (-1.60%), followed by its competitors AMD (-3.64%) and Broadcom ( -1.65%), all victims of profit taking.

Some tech flagships were spared, saved by bargain hunting, notably Apple (+0.86%) and Tesla (+2.23%), whose recent performances on the stock market have disappointed.

Conversely, many so-called defensive values, that is to say less sensitive to the economic situation, shone, notably Disney (+2.73%) or Nike (+2.94%).

The health sector particularly performed well, stimulated by the results of the Eli Lilly laboratory, which favorably surprised analysts, driven in particular by its new treatment for overweight patients Zepbound, a competitor to the stars Wegovy and Ozempic from Novo Nordisk.

The value itself ended down 0.17%, a slight decline which Patrick O’Hare qualified by recalling that the pharmaceutical group had gained 21% since the start of the year.

In the same sector, Johnson & Johnson (+1.45%), the Walgreens Boots Alliance pharmacy network (+4.25%) or the health insurer UnitedHealth (+1.53%) were noticed.

The decline in bond yields, after several feverish sessions, also gave breath to stocks.

The rate on 2-year US government bonds, supposed to better reflect market expectations in terms of monetary policy, eased to 4.39% compared to 4.47% the day before at close.

On the rating, Spotify jumped (+3.88%), after exceeding its own projections and gaining 10 million paying subscribers during the last quarter of 2023. The Swedish platform now has 602 million subscribers by adding formula paid and free with advertising.

New alert for New York Community Bancorp, which dropped 22.22%. Since the publication of results considered disappointing last week, the establishment has lost 60% of its value and rekindles fears linked to American regional banks, almost a year after the crisis in the sector.

The data analysis specialist Palantir soared (+30.80%) after publishing better than expected results. Chief executive Alex Karp reported “demand for artificial intelligence platforms is exploding across all industries and sectors.”

Boeing gained 0.94%, despite a call on Tuesday from the head of the Civil Aviation Regulatory Authority (FAA) to strengthen supervision of the aircraft manufacturer, as well as a preliminary report from the Agency for transport security (NTSB), which calls into question the responsibility of the group in the incident of the Alaska Airlines flight of January 5.

Spirit AeroSystems, Boeing’s main subcontractor, accelerated further (+13.28%) after returning to profit. Investors did not hold it against him for not having published forecasts for 2024, due to a lack of visibility relating to the 737 MAX.


reference: www.lapresse.ca

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