(New York) The New York Stock Exchange opened lower on Monday after a strong month of November, lifting the broader S index
The Dow Jones index lost 0.25%, the technology-dominated NASDAQ lost 0.98% and the S
Friday, thanks to a decline in bond rates – with markets anticipating a first rate cut from the Fed in the spring – the Dow Jones and the S
The Dow Jones rose 0.82% to 36,245.50 points, the NASDAQ gained 0.55% to 14,304.03 points and the broader S index
At Monday’s open, yields on the 10-year Treasury note, which had fallen to 4.21% on Friday, were trending slightly higher at 4.25%.
“Fed Chairman Jerome Powell’s final appearance on Friday before the week of silence preceding the Central Bank Monetary Committee (FOMC) meeting reinforced expectations that the Fed will leave rates unchanged at the meeting. December 13,” judged Will Compernolle of FHN Financial.
“His insistence that it is “premature” to rule out future rate hikes fell on deaf ears,” the analyst adds, noting that markets continued to “anticipate rate cuts.” rate for 2024”.
On the menu for the week is one of the most important indicators for monetary policy, that of job creation and unemployment, scheduled for Friday.
Analysts still expect a relatively solid job market with 175,000 job creations compared to 150,000 in October. The unemployment rate is expected to remain stable at 3.9%.
Investors are watching for the ISM activity index in the services sector this Monday.
On the stock market, Spotify, the world’s number one music platform, based in Stockholm but listed in New York, soared by more than 10% after announcing it would reduce its workforce by 17%.
The company, which had posted a good third quarter, will cut 1,500 jobs to reduce its costs and become sustainably profitable, a strategy clearly appreciated by investors.
This is the third wave of workforce reductions since the Swedish group had already announced 600 job cuts in January and 200 in June in its podcasts division. The stock was approaching its highest level in two years at the open.
The airline Alaska Air fell 17% as the company wants to buy its rival Hawaiian Airlines for $1.9 billion. Hawaiian’s stock soared 183% to $13.73 while the price offered by Alaska Air was $18 per share.
Space tourism company Virgin Galactic fell 12.6% to $2.04. Its main shareholder, British billionaire Richard Branson, said in an interview with the Financial Times on Sunday that he no longer had the means to invest further in this company “whose funds are sufficient”.
The cryptocurrency exchange Coinbase gained 8.50% in the wake of bitcoin soaring to more than $41,600 (4.83%) around 10:50 a.m. (Eastern time).
The cryptocurrency star is being pushed to its highest since April 2022 on hopes that the United States will soon approve a new consumer offering (ETF) that could further normalize the asset.
Digital asset “miner” Marathon Digital Holdings also gained 10.66%.
The stocks of the big technology companies, on the other hand, weighed down indices such as Alphabet (-2%), Apple (-1%) and Meta (-3%).
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