(New York) The New York Stock Exchange ended higher on Thursday, once again heading towards the peaks after a breather on Wednesday, thanks to a revised growth figure which confirms the slowdown of the American economy.
The Dow Jones gained 0.87%, the NASDAQ index gained 1.26% and the broader S index
“When the market is ripe for a correction, as it is right now, and it doesn’t stall, that’s a very good indication of a strong upward trend,” commented Tom Cahill, analyst at Ventura Wealth Management.
After a slight air gap on Wednesday, the New York indices are back in the right direction with the help of the day’s macroeconomic indicators.
U.S. growth was revised down for the third quarter from 5.2% annualized to 4.9%.
“The most important news was above all the lowering of inflation estimates” in the United States, said Michael Pearce of Oxford Economics in a note.
The Commerce Department’s report showed that prices increased by only 2% in the third quarter, excluding energy and food, at an annualized rate, which is in line with the US central bank’s long-term objective ( Fed).
“This is in line with the Fed’s softer message and, if confirmed, opens the door to an anticipated rate cut,” the economist continued.
Tom Cahill does not expect any surprises from the publication on Friday of the PCE price development index, the most followed by the Fed.
Wall Street also benefited Thursday from better than expected results from microprocessor manufacturer Micron (8.63%), published Wednesday after the stock market.
Micron CEO Sanjay Mehrotra said he is confident the group’s business will improve in fiscal year 2024 (ending August) and forecasts record demand in 2025.
Its competitors AMD (3.28%), Intel (2.88%) and Broadcom (1.52%) benefited from the aspiration.
After having weakened on Wednesday, the technology stars shone again, in particular Nvidia (1.83%) and Alphabet (1.53%).
Elsewhere on the stock market, Boeing rose (0.68%) to its highest level since March 2021, driven by a first delivery of a passenger plane to a Chinese company in four years.
Juneyao Airlines took delivery of a 787-9 Dreamliner in Everett (Washington State).
The cryptocurrency exchange Coinbase had the wind at its back (3.81%).
According to CNBC, the latter obtained the green light from the French market regulator, the AMF, for its registration in France.
Coinbase also benefited from anticipations of an upcoming authorization to market a new bitcoin investment product, an ETF, likely to broaden the base of digital currency investors.
The cruise line Carnival took off (6.20%), after announcing results above expectations and saying it expected a record 2024, with two thirds of places already reserved.
New York-listed Manchester United rose 1.13%. The English professional football club has indicated that it will continue to participate in UEFA competitions despite the disallowance of the Court of Justice of the European Union (CJEU).
The latter considered that UEFA had violated the law by obstructing the creation of the Super League, a project of which Manchester United was initially part.
The biotech Cytokinetics, specializing in pathologies of the muscular system, jumped (25.48%), after the specialized site Dealreporter reported the interest of Novartis and AstraZeneca in the San Francisco company.
Ford (4.58%), Tesla (2.98%) and GM (2.20%) benefited from information from the Wall Street Journal that the US government is considering raising tariffs on Chinese electric vehicles.
Requested by AFP, the services of the Trade Representative (USTR), Katherine Tai, did not respond.