(New York) The New York Stock Exchange opened slightly lower on Monday, consolidating its significant gains as the end of the month approaches, in a market awaiting the results of “Black Friday”, the high point of consumption in the UNITED STATES.
Around 10 a.m. ET, the Dow Jones was down 0.15%, the NASDAQ index was down 0.08% and the broader S index was down 0.08%.
“Stores, e-commerce sites and airports were humming during the Thanksgiving long weekend (Thursday to Sunday), but that did not carry over to the market on Monday,” Patrick commented in a note. O’Hare, from Briefing.com.
“But even if there is not much momentum for buying, the most striking fact is that there is not much for selling either,” the analyst underlined, “if We recall that the major indices recorded comfortable gains this month. »
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For Karl Haeling, of LBBW, on the strength of this sequence, the New York market is consolidating as the end of November approaches.
On the macroeconomic level, “you don’t have much before the PCE (price index favored by the American central bank), Thursday, and the ISM manufacturing (activity index), Friday”, noted the analyst.
The bond market was a little livelier, with investors awaiting, with little nervousness, the outcome of a massive new issuance of 2-year and 5-year Treasury bills to the tune of $109 billion.
For several weeks, bond and stock markets have reacted more clearly than usual to the results of these auctions, in a context of a sharp increase in the deficit and the American public debt, recalls Karl Haeling.
The yield on 10-year US government bonds stood at 4.44%, compared to 4.46% at Friday’s close.
Wall Street was awaiting new data relating to “Black Friday”, peak consumption in the United States which followed the Thanksgiving holiday on Friday.
Online purchases on Friday reached a record $9.8 billion, up 7.5% from 2022, according to software company Adobe.
The online commerce platform Shopify was sought after (4.74%) after announcing that some $4.1 billion worth of items had been sold by professional users of the site on Friday, an increase of 22% year-on-year.
Another stock in good shape, the deferred payment specialist Affirm (13.05%), which was riding on early indications of a strong use of installment payments during “Black Friday”.
The distribution sector extends the Thanksgiving streak with “Cyber Monday”, a day of online promotions, on Monday, during which Adobe anticipates a turnover of between 12 and 12.4 billion dollars.
Elsewhere on the stock market, Amazon was gaining momentum (1.51%), while the annual AWS re: Invent conference was taking place in Las Vegas, during which new products relating to its IT subsidiary were presented. remotely Amazon Web Services (AWS).
The sporting goods brand Foot Locker (-3.60%) received the lowering of recommendations from Citigroup analysts, who see the company suffering from a deterioration in the economy and excessively high inventories.
The telecommunications infrastructure specialist Crown Castle (4.52%), present in optical fiber and relay antennas, was supported by an open letter from the alternative fund Elliott Investment Management. A shareholder of almost 5%, the latter is demanding a renewal of the board of directors and a strategic review.