(New York) The New York Stock Exchange ended lower on Tuesday, as the market was reassured by the stabilization of the banking system, but lacked conviction and indicators capable of guiding the trend.
Around 4 p.m. (Eastern time), Wall Street ended lower: Dow Jones -0.12%, NASDAQ -0.45%, S
However, for the first time since the beginning of March, the New York market started a calm session on Tuesday. “The main thing is that there has been no negative development in the banking sector since yesterday,” commented Karl Haeling of LBBW. “ The market is in a waiting position. »
After yo-yoing from one session to the next, the regional banks were evolving within tight margins, like First Citizens (3.57%), in the spotlight on Monday after the announcement of its takeover of Silicon Valley Bank (SVB), or the Californian First Republic (1.54%), often seen as a possible weak link.
Just like on Monday, large-cap tech companies were subject to profit-taking after surfing against all odds on the banking crisis. Alphabet and Meta dropped 2.46% and 1.80% respectively.
Subject to violent turbulence since the bankruptcy of Silicon Valley Bank, the bond market was also enjoying a break.
The yield on 10-year US government bonds was 3.55%, compared to 3.52% the day before closing.
“The operators lack conviction, one way or the other,” explained Patrick O’Hare of Briefing.com in a note.
However, Wall Street remains in recovery, warned Karl Haeling.
“As long as this banking file has not really been resolved, it will remain the dominant subject” and continue to relegate macroeconomic indicators to the background, said the analyst.
The PVH clothing group gained ground (17.56%) after publishing a net profit significantly above expectations for the last quarter of 2022, thanks in particular to the good performance of the Calvin Klein brand.
Pharmacy giant Walgreens was up 2.82% as its higher-than-expected quarterly revenue was offset by lower-than-expected net profit due to higher costs.
The agri-food company McCormick, which controls the Ducros brand in particular, advanced (12.88%) after reporting results slightly above market projections and confirming its objectives for the whole of its staggered 2023 financial year (from December to November ).
The vehicle reservation platform with driver (VTC) Lyft accelerated (6.67%) after the announcement of the arrival of a new general manager, David Risher, former Amazon and Microsoft, who will succeed the co- founder, Logan Green, who will become chairman of the board.
Investors were welcoming the prospect of a spin-off from Chinese e-commerce giant Alibaba (7.78%), listed in New York, which will split into six separate entities, five of which could be listed separately.
After the world’s largest exchange, Binance, was sued on Monday by the US financial derivatives regulator, the CFTC, the cryptocurrency community was gloomy.
The Coinbase exchange platform (-0.54%) and the cryptocurrency “mining” specialists Riot Platforms (-1.68%) and Marathon Digital (-0.54%) were all in the red.
