(New York) The New York Stock Exchange moved in mixed order on Friday shortly after the open, helped by a rebound in technology stocks after a correction on Thursday, while the Dow Jones’ long winning streak hung in the balance.
Around 9:50 a.m., the star index of the New York place yielded 0.07%, the NASDAQ index nibbled 0.31% and the broader index S
Currently at nine daily gains in a row, the Dow Jones has not chained ten consecutive sessions in the green for six years. The all-time high of 14 straight wins dates back to 1896, according to figures provided by Howard Silverblatt of S
Heckled Thursday by profit-taking, technology stocks recovered, like semiconductor manufacturers Broadcom (2.03%) and Texas Instruments (1.85%).
Another banner of the new economy, Alphabet was sought after (0.56%). According to several American media, one of the two co-founders of Google, Sergey Brin, has decided to get involved again in the operational activity of the group, in particular in projects related to artificial intelligence.
Meanwhile, investors are “rotating into undervalued areas of the market, which haven’t matched the momentum” in the tech sector since the start of the year, says Adam Sarhan of 50 Park Investments.
Within the Dow Jones, this bargain-hunting benefited Procter in particular.
The progression of the Dow Jones was nevertheless limited by American Express (-5.10%), which was down sharply despite a quarterly net profit above expectations.
Investors dwelt on the jump in provisions for bad debts, which almost tripled compared to the same period last year, a sign that the specialist in credit cards expects a deterioration in the economy.
Up or down, Wall Street’s flagship indices moved within tight margins. “The market is looking for a catalyst”, summarized Adam Sarhan, after a sequence rich in results and before a new salvo next week.
SLB, formerly Schlumberger, was penalized (-3.52%) for quarterly revenue below analysts’ forecasts. The oil services group, listed in New York, however said it was optimistic for the second half, observing an acceleration in oil exploration.
For a time in the eye of the storm of the banking crisis, the regional establishment Comerica (-1.92%), headquartered in Dallas (Texas), paid a contraction in its net interest margin (interest received deducted from interest paid) and a further drop in its deposits.
The small value DWAC (Digital World Acquisition Corp), supposed to merge with Donald Trump’s media group and thus open the doors of the Stock Exchange to him, pranced (69.09%), after the announcement on Thursday of an amicable agreement with the regulator.
If successful, the deal would see Trump Media and Technology Group (TMTG) receive more than $1 billion in new money.
The CSX railway company fell back (-4.88%) after publishing a turnover below expectations, affected by a slowdown in multimodal transport (which includes several modes of transport).
“There are no US indicators on the agenda, so the market will have nothing to push it one way or the other,” Patrick O’Hare of Briefing.com warned in a note.
This absence of macroeconomic data led to a stagnation in the bond market, which has experienced brutal movements since the beginning of July.
The yield on 10-year US government bonds eased slightly, to 3.81% from 3.85% at the close on Thursday.