(New York) The New York Stock Exchange was trading in positive territory on Friday, driven by multiple announcements of favorable quarterly results for banks.
After the first trades, the Dow Jones index advanced 0.75%, the NASDAQ, with its strong technological coloring, advanced 0.19% and the S
On Thursday, Wall Street interrupted a series of four sessions in the green after the publication of inflation in the United States (CPI index) a little higher than expected over one year, in September, at 3.7%.
The Dow Jones lost 0.51% to 33,631.14 points, the NASDAQ lost 0.63% to 13,574.22 points and the S
Yields on Treasury bills reacted to this stubborn inflation by climbing again on Thursday after having fallen all week.
On Friday, JPMorgan, Wells Fargo, Citigroup and Blackrock revealed their quarterly results. These figures will be scrutinized to assess whether banks are prepared to endure higher interest rates for longer.
The American bank JPMorgan Chase announced a sharp increase in net profit in the third quarter and said it expected inflation to remain high for some time. The largest US bank by assets reported a profit of $13.15 billion (35%). JPMorgan stock was up 4.40% as of 9:40 a.m. ET.
The Wells Fargo group, the country’s fourth-largest bank, also beat analysts’ forecasts, posting a profit above expectations and raising its annual forecast for income from interest payments. The stock was up almost 4%.
“The big banks are in focus and JPMorgan and Wells Fargo set an encouraging tone by reporting better-than-expected earnings per share,” said Sam Stovall, investment strategist for CFRA.
Citigroup also reported solid growth in revenue of 9% and profit of 2% in the third quarter compared to last year. The stock rose 3.21%.
As for the American asset manager BlackRock, it also exceeded analysts’ expectations in the third quarter, benefiting from the high levels invested by its long-term clients.
The manager’s revenue was $4.52 billion (up 5% year-on-year) and net profit jumped 14% to $1.60 billion. The stock nevertheless lost 1.94%.
In terms of indicators, the import price index in September in the United States provided a pleasant surprise by only increasing by 0.1% compared to 0.6% in August and 0.5% expected.
The strength of the dollar is compressing import prices. U.S. export prices, on the other hand, rose 0.7% last month.
“The strengthening of the dollar which makes imported goods relatively cheaper, and the slowdown in demand should keep prices excluding fuel on a downward slope,” welcomed Matthew Martin of Oxford Economics who sees a decline in prices at the consumption in general in the coming months.
Elsewhere on the stock market, Microsoft (0.29% to $332) announced that it had finalized the takeover of video game publisher Activision Blizzard which was pending a potential British veto.
The listing of the title of the publisher of the Call of Duty game did not resume on Friday on the NASDAQ.
Ultimately, the British Competition Authority (CMA) gave the green light to this operation worth some $69 billion.
This acquisition will make Microsoft the third global player in video games in terms of turnover, behind Tencent and Sony, thus passing Apple.
In aeronautics, Boeing fell 3.11% as a trade news outlet, The Air Current, reported that additional inspections were planned on production of its flagship 737 MAX aircraft, which could further weigh on production rates. The action of its supplier Spirit AeroSystems fell more than 2%.
The Toronto Stock Exchange benchmark index was stable late Friday morning, while the major American stock indices moved in scattered order.
The composite index S
In the currency market, the Canadian dollar was trading at 73.20 US cents, down from its average price of 73.22 US cents on Thursday.
On the New York Mercantile Exchange, the price of crude oil rose by US$2.89 to US$85.80 per barrel, while that of natural gas depreciated by 12 US cents to US$3.23 per barrel. million BTUs.
The price of gold jumped by US$48.90 to US$1,931.90 per ounce and that of copper depreciated by US$2 cents to US$3.57 per pound.
