(New York) The New York Stock Exchange was trading in disarray shortly after opening on Thursday, a sign of the contrast between technology stocks still doing well and a market generally in a consolidation phase.
Around 10:05 a.m. ET, the Dow Jones edged down 0.02%, the NASDAQ index gained 0.67% and the broader S index
“A well-known driver is at work this morning, namely the firmness of giant capitalizations”, all from the technology sector, underlined, in a note, Patrick O’Hare, of Briefing.com.
Alphabet (5.07%) continued to ride the launch on Wednesday of Google’s new artificial intelligence (AI) platform, Gemini, seen as a serious competitor to OpenAI. A JPMorgan analyst calls this a “significant innovation.”
Google’s parent company was accompanied by semiconductor manufacturer AMD (3.66%), which stood out the day after the presentation of its new MI300 chip, positioned as a competitor to Nvidia in the intelligence market. generative artificial.
Amazon was also at the party (1.12%), as was Apple (1.07%), which once again crossed the symbolic threshold of $3,000 billion in market capitalization on Thursday.
However, “the lethargy of many other stocks is limiting the market’s progress,” noted Patrick O’Hare.
“The indices are testing the year’s highs, but hesitating,” commented LBBW’s Karl Haeling. “Investors are trying to digest recent developments as rates have fallen tremendously. »
Bond rates moved in a dispersed order on Thursday. The yield on 10-year US government bonds rose to 4.14%, compared to 4.10% the day before at the close.
The New York market did not react to the publication of the Ministry of Labor, which reported 220,000 new unemployment registrations last week, a figure in line with expectations.
Wall Street is already looking ahead to the monthly US employment report, due Friday.
“Until now, stocks have risen when macroeconomic data showed a slowdown,” recalls Karl Haeling, “because this lowers bond yields and reinforces hopes that the Fed (American central bank) will lower its rates. »
“But the market must now ask itself the question of whether too marked a weakening of the economy is not bad news in itself,” explains the analyst, “because it would mean a forced landing and not a soft one. »
On the stock market, in counterpoint to Alphabet, OpenAI’s major partner, Microsoft, fell (-0.36%), while the Redmond (Washington State) giant held its investor day on Thursday.
The airline JetBlue was in demand (12.92%), after raising its forecasts for the fourth quarter and its entire 2023 financial year. The New York group recorded higher reservations than expected and is also benefiting from the decline in kerosene prices.
The publisher of artificial intelligence software for businesses C3.ai faded (-10.22%). The group published a quarterly turnover that was worse than expected on Wednesday after the market and its projections for the current period were disappointing.
Nike fell (-0.65%), while an American media reported that the sports equipment manufacturer could end its partnership with golfer Tiger Woods, after nearly three decades of sponsorship.
NASDAQ