(New York) The New York Stock Exchange was in disarray on Tuesday, after a long holiday weekend, awaiting a green light from the US Congress on the debt ceiling agreement as technology pulled the NASDAQ lower. rise.
The Dow Jones Index was down 0.20%, the NASDAQ was up 0.62% and the S
After being closed on Monday for Memorial Day, the market was relatively confident that Congress would approve the agreement to raise the debt ceiling reached between President Joe Biden and Republican leader Kevin McCarthy.
In broad outline, the agreement reached this weekend raises the public debt ceiling of the United States for two years. This is currently set at $31.4 trillion.
It provides for a $10 billion cut in funds allocated to tax services to modernize and imposes new conditions for benefiting from certain social assistance.
The vote in Congress is not certain, however, and the text is the subject of fierce resistance from some elected officials on both sides.
“The House of Representatives is expected to vote Wednesday night and the Senate to approve over the weekend. All of this should happen before the fateful date of June 5 indicated by Treasury Secretary Janet Yellen, “beyond which the United States risked default, summarized Patrick O’Hare of Briefing.com.
The technology-dominated NASDAQ advanced more determinedly, driven among other things by the success of Nvidia.
The American processor giant exceeded the trillion dollar market capitalization mark at the opening of Wall Street, driven by the boom in artificial intelligence (AI).
Around 10 a.m. EST, the title of the Santa Clara (California) group gained 5.37% to $410.36 after rising more than 25% last week.
By reaching 404.86 dollars at the opening, the action pushed the American manufacturer – initially specializing in graphics cards for video games – into the very closed circle of the five groups with more than a trillion valuation.
It thus joins four American technology giants (Apple, Microsoft, Amazon, Alphabet) and the Saudi oil group Saudi Aramco.
Nvidia, which posted optimistic projections, also unveiled new products on Monday at the Computex technology show in Taiwan which, according to its boss Jensen Huan, will explore “the limits of artificial intelligence” and interest the big players in AI that are Google Cloud, Meta and Microsoft in particular.
Chipmaker Marvell Technology, whose stock soared on Friday in the wake of Nvidia, was down 5%.
Broadcom, another semiconductor specialist, continued to ride the wave of enthusiasm enjoyed by AI, gaining 7.49% to 873.60 dollars.
Tesla climbed more than 3.30% to $199 as the electric vehicle maker’s boss traveled to China where he met with China’s foreign minister.
Ford gained 4.09% to $12.59 after a favorable analyst rating.
In the bond market, yields eased to 3.73% from 3.79% on Friday for ten-year Treasury bills.