(New York) The New York Stock Exchange was trading slightly in the green on Monday, continuing last week’s momentum that was driven by a rebound in technology.
The Dow Jones index gained 0.28%, the tech-heavy NASDAQ rose 0.18% and the S&P 500 index gained 0.28% around 10:10 a.m. ET.
“Last week was a good week for the stock market. In fact, this was the best week for the S&P 500 and NASDAQ since November,” noted Patrick O’Hare of Briefing.com.
The S&P 500 posted a weekly gain of 2.7% ending at 5,099.96 points on Friday. The NASDAQ rose 4.2% to 15,927.90 points and the Dow Jones rose 0.7% for the week to 38,239.66 points.
The driving force behind this progress was the favorable reception given to the results of Tesla, Alphabet and Microsoft in particular.
This week will be dominated by the macro-economy with the monetary meeting of the Federal Reserve (Fed) which will publish a press release on Wednesday. The market does not expect a rate cut given the persistence of inflation last month (+2.7% over twelve months, according to the PCE index).
This press release “will be dissected to discern changes in language when, according to futures products, there is a 97% probability that the Fed will keep rates at this level,” commented Art Hogan of B. Riley Wealth management.
“Chairman Jerome Powell’s press conference will be closely watched for any clues indicating when the Fed will begin its rate cut cycle,” the analyst further indicated.
Investors will also be watching the official employment figures on Friday.
On the bond market, ten-year rates gave up a little ground to 4.64% instead of 4.66%.
The week will also be busy with corporate results, particularly in the technology sector with Amazon (+0.05% at 9:50 a.m. Eastern time) expected Tuesday and Apple (+3.86%) expected Thursday after the closing of the markets.
Tesla soared 10.55% to $185 to its highest level in two months, after the electric car manufacturer’s boss Elon Musk achieved success in China by obtaining a regulatory green light from the Chinese authorities in terms of vehicle safety. data from its vehicles.
During a whirlwind visit to Beijing, Elon Musk notably met Prime Minister Li Qiang, with the ambition of consolidating the popularity of his cars in the country, which must compete with fierce local competition.
Meta shares (Facebook, Instagram) continued to fall (-1.93%) on a downward slope since the announcement of its results on Thursday.
Even though the first quarter accounts exceeded expectations with a 27% jump in turnover, investors were cooled by the volume of investments announced in AI, up to $40 billion.
Among other results, pizza seller Domino’s (+3.43%) was appreciated after announcing sales up 22% for the first three months of the year, stimulated by deliveries to the American market.
reference: www.lapresse.ca