(New York) The New York Stock Exchange ended up on Monday, bathed in a lighter atmosphere, marked by a return of appetite for risk, which benefited volatile stocks.
The Dow Jones gained 0.25%, the NASDAQ index gained 1.14% and the broader S index
The session was put on the right track by a note from Morgan Stanley on Tesla.
The bank’s analysts estimate that the Dojo supercomputer, developed by the automaker to improve its autonomous driving software, could add more than $500 billion to the company’s value, and have raised their price target by 60% .
Tesla CEO Elon Musk announced in June that the firm planned to invest $1 billion in the project by next year.
The manufacturer’s shares, whose value has already doubled since the start of the year, gained 10.09% on Monday.
The recommendation increase “certainly” helped the indices, according to Jack Ablin of Cresset Capital, who also noted the rebound of the Shanghai Stock Exchange, which had been suffering for several days.
For the analyst, operators “have taken a fresh look at China”, after weeks of worrying about a sluggish economy, far from the expected recovery after the pandemic. The market “feels that [the Chinese government] is trying to stimulate growth and investment.”
More generally, “it was a day favorable to risk and investors went to tap into the most speculative corners of the market”, according to Jack Ablin, partly also motivated by the prospect of a few good deals.
Several giant technological capitalizations, such as Amazon (3.52%) or Meta (3.25%), rode the wave, as did much more volatile stocks, such as BlackBerry (14.47%) or Rivian (1. 34%).
The New York market also praised Qualcomm (3.90%), supported by a new contract to supply Apple, for three years, with its new modems intended to optimize the performance of the 5G network, which will be integrated into iPhones.
RTX (formerly Raytheon) was among a few stocks to finish sharply in the red (-7.88%) after reporting a $3 billion third-quarter one-time charge related to an engine component defect of its Pratt subsidiary
Disney ( 1.15%) was sought after announcing a broadcast deal with cable operator Charter Communications, which claims nearly 15 million U.S. cable subscribers. The entertainment giant had suspended the broadcast of its group’s channels, in particular ESPN (sport), for ten days.
Pfizer (-0.91%) and Moderna (-1.71%) did not take advantage of the green light from American health authorities to market an updated version of the anti-COVID-19 vaccines, which better protects against the most virulent variants in circulation.
The bond market saw little activity after a turbulent week. The yield on 10-year US government bonds edged up to 4.29%, compared to 4.26% at Friday’s close.
The general strength of the Toronto Stock Exchange, fueled by the base metals, financial and information technology sectors, allowed it to close higher on Monday, while the major American indices also advanced.
The composite index S
On the foreign exchange market, the Canadian dollar traded at an average rate of 73.63 US cents, up from 73.36 US cents on Friday.
On the New York Mercantile Exchange, crude oil prices fell 22 US cents to US$87.29 per barrel, while natural gas prices fell less than 1 US cent to US$2.61 per million. of BTUs.
The price of gold gained US$4.50 to US$1,947.20 per ounce and copper rose 9 US cents to US$3.81 per pound.