(New York) The New York Stock Exchange concluded the last session of November in a disorganized manner on Thursday, the best month of the year so far for the indices.
The Dow Jones index gained 1.47% to 35,950.89 points, the tech-heavy NASDAQ lost 0.23% to 14,226.22 points and the broader S index
The Toronto Stock Exchange gained more than 100 points, led by strength in financial, industrial and telecommunications stocks.
The composite index S
On the currency market, the Canadian dollar traded at an average rate of 73.63 US cents, up from 73.58 US cents on Wednesday.
On the New York Mercantile Exchange, the price of crude oil lost US$1.90 to US$75.96 per barrel, while natural gas fell less than 1 US cent to $2.80 per barrel. million BTUs.
Gold prices fell US$9.90 to US$2,057.20 per ounce and copper prices rose US$3 cents to US$3.85 per pound.
Over the month, the Dow Jones and the broader index, the most representative of the American market, both advanced more than 8% while the NASDAQ climbed around 10%.
November proves best month since July 2022 for S
On Thursday, however, the tech sector failed to follow the Dow’s momentum, appearing a little disappointed with U.S. inflation numbers.
Certainly price increases continued to slow down in October in the United States, falling to 3.0% year-on-year, compared to 3.4% in September, according to the PCE index, the gauge favored by the Fed. Over a month, prices remained stable in November (0.0%), after increasing by 0.4% the previous month.
But underlying inflation, excluding food and energy costs, to which the Fed pays close attention, is still alive and well. It shows an increase of 0.2% over the month and 3.5% over the year, “which is still well above the Fed’s 2% target”, underlined Patrick O’Hare of Briefing.com.
Inflation is “moving in the right direction fortunately, but not in a way that suggests the Fed is going to cut rates anytime soon,” he added. However, technology companies are very sensitive to interest rates, the rise of which makes their investments more expensive and slows down their profit projections.
“I think we were slightly disappointed with the inflation figures. Bond rates rose and that was enough to dampen the enthusiasm of the technology sector,” Jack Ablin, from Cresset, told AFP.
The sharp rise in Treasury bonds that we experienced in November “is starting to tire,” added the analyst, stressing that this rebound in bonds (which goes hand in hand with a decline in their yields) “was one of the strongest Since twenty years “.
Bond rates rose to 4.35% for ten-year bonds, compared to 4.25% the day before, which was a two-and-a-half month low.
On the value side, Salesforce, the customer relations software giant which is part of the Dow Jones, significantly raised its profit forecasts for the fourth quarter, which boosted the stock (9.35%) and dragged down the index. star values.
The same goes for cloud storage firm Snowflake, whose shares jumped 6.96% after publishing strong quarterly figures.
Automaker Ford shed 2.93% after admitting that the six-week strike cost it $1.7 billion, more than its rival GM (0.25%).
Shares of biotech ImmunoGen soared 82.75% to $29.35 as the company specializing in cancer treatment will be bought by AbbVie Laboratories for $10.1 billion, or more than $31 l ‘action. AbbVie stock rose 2.78%.
The title of the hydrocarbon delivery company Phillips 66 was again sought after for the second session in a row (5.44%).
The investment group Elliott Investment Management has taken a stake worth a billion dollars in this energy firm.
Tesla lost 1.66% to $240. Elon Musk’s group presented its first electric van, the Cybertruck, on Thursday.