(New York) The New York Stock Exchange ended Friday on a mixed note, after a consolidation session that nevertheless saw the Dow Jones post its tenth consecutive positive session, for the first time in nearly six years.
New York’s flagship index rallied 0.01%, the NASDAQ dropped 0.22% and the broader S
The Dow Jones’ all-time daily earnings record of 14 in a row dates back to 1896, according to figures provided by Howard Silverblatt of S
After initiating a rebound at the start of the session, the day after a correction, technology stocks finally registered a further sharp decline to end the week.
Meta (-2.73%), Nvidia (-2.66%) or data analysis specialist Palantir (-4.09%) led the retreat.
It’s profit-taking time for these new-economy companies, which have been levitating since the start of the year, thanks in part to the vogue for artificial intelligence.
Reaction to Netflix and Tesla’s results, which were broadly positive but slightly below expectations, showed that the market is “expecting perfection” from these flagships of the US economy or it bristles, commented Art Hogan of B. Riley Wealth Management.
“It’s not surprising to see periods of consolidation,” Angelos Kourkafas of Edward Jones said, “because the market has gone up a lot. »
However, the venerable Dow Jones narrowly escaped this break, to finish, once again, in the green.
He owes it to values like Johnson
These big names had been treading water since the beginning of the year before starting to attract investors looking for bargains in recent weeks.
Also shunned so far, banks have joined the party, like Goldman Sachs (0.31%) and Bank of America (0.92%).
“We see a broadening of the values that carry” the market, notes Angelo Kourkafas.
The Dow Jones could even have done better on Friday without the slippage of American Express (-3.89%), down sharply despite a quarterly net profit above expectations.
Investors lingered on the jump in provisions for bad debts, which almost tripled compared to the same period last year, a sign that the specialist in credit cards expects a deterioration in the economy.
SLB, formerly Schlumberger, was penalized (-2.18%) for quarterly revenue falling short of analysts’ forecasts. The oil services group, listed in New York, however said it was optimistic for the second half, observing an acceleration in oil exploration.
The small value DWAC (Digital World Acquisition Corp), supposed to merge with Donald Trump’s media group and thus open the doors of the Stock Exchange to him, was propelled (50.30%) by the announcement, Thursday, of an amicable agreement with the Market Regulatory Authority, the SEC.
If successful, the deal would see Trump Media and Technology Group (TMTG) receive more than $1 billion in new money.
Railroad company CSX retreated (-3.71%) after reporting revenue below expectations, affected by a slowdown in multimodal transport (which includes several modes of transport).
The total absence of macroeconomic indicators helped keep New York in a sort of summer torpor on Friday.
The stagnation of the equity market was also observed on the bond side, a breather after the brutal movements since the beginning of July.
The yield on 10-year US government bonds eased slightly, to 3.83% from 3.85% at the close on Thursday.
