(New York) The New York Stock Exchange ended on a mixed note on Monday, the capitalizations of technology giants masking a gloomy market which is helplessly watching the rise in bond rates.
The Dow Jones lost 0.22%, the NASDAQ gained 0.67% and the broader S
The trajectory of the NASDAQ “is a little misleading,” said Patrick O’Hare. “It is due to the strength of giant capitalizations” in the technology sector.
Apple (1.48%), Microsoft (1.92%), Amazon (1.84%), Nvidia (2.95%), Meta (2.20%) and Alphabet (2.52%), which weigh approximately 40% of the index, thus pulling the 94 other NASDAQ stocks behind them and allowing the whole to close in the green.
Long considered risky securities, these technological flagships now play the role of safe haven when volatility increases and uncertainty dominates.
Among them, Nvidia had received a helping hand from Goldman Sachs, whose analysts included the big winner of the AI (artificial intelligence) revolution on their list of stocks recommended for purchase.
But the weather remained overcast on Wall Street, obsessed with the bond market, which showed no sign of calming down after weeks of overheating.
“The yield on 10-year US government bonds is the most followed indicator on the markets in the world” at the moment, summarized Convera analysts in a note.
This reference rate was propelled to 4.70% on Monday, a first in almost 16 years.
“A lot of people think the market has fallen too much,” explained Patrick O’Hare, “but it can stay like that for a while. People are waiting for the signal for a rebound, which will be a decline in bond rates. »
On the stock market, Tesla fell behind the NASDAQ ogres (0.55%) after reporting lower than expected deliveries in the third quarter, following shutdowns on certain production lines to carry out updates , in Shanghai and Austin (Texas).
“Even taking these shutdowns into account, […] Tesla clearly missed the target,” reacted analysts at Wedbush Securities in a note.
The Kellogg group (-5.98%) made the split on Monday between cereals in North America, now united under the WK Kellogg banner (-9.06%), and the rest of its portfolio, now called Kellanova.
The entities are now two separate listed groups, a strategy which aims to capitalize on the growth potential of Kellanova, considered more promising than cereals, which made Kellogg famous, but is now marking time.
Recently listed on the stock market, the grocery delivery platform Instacart fell (-9.20%), weighed down by an article from the site The Information mentioning cautious forecasts from several analysts, who see its growth slowing.
Representatives of the cryptocurrency sector rode the wave of bitcoin (2.83%), the highest in a month and a half. “Beneath the surface, there are signs that cryptoassets could be starting a new bull cycle,” said Matthew Weller of Forex.com.
On Monday, the cryptocurrency exchange platform Coinbase advanced (0.31%), as did digital currency “mining” specialists Marathon Digital (0.35%) and Riot Platforms (5.89%).
The Toronto Stock Exchange closed Monday’s session down more than 300 points, dragged down by the utilities and energy sectors, while the major U.S. indexes ended the day mixed.
The composite index S
In New York, the Dow Jones industrial average returned 74.15 points to 33,433.35 points, or 0.22 percent, while the broader S
On the currency market, the Canadian dollar ended the day at 73.66 US cents, according to the specialist site XE.com, down from its average price of 73.96 US cents on Friday.
On the New York Mercantile Exchange, crude oil prices fell US$1.97 to US$88.82 per barrel, while natural gas prices fell 9 US cents to US$2.84. US per million BTUs.
Gold prices fell US$18.90 to US$1,847.20 per ounce and copper prices depreciated US$10 cents to US$3.64 per pound.
