(New York) The New York Stock Exchange saw its enthusiasm melt away on Tuesday, carried the day before by the technology sector, the indices ending in mixed fashion while bond rates remain high.
The Dow Jones index fell 0.51% to 34,288.83 points, the tech-heavy NASDAQ edged 0.06% to 13,505.87 points while the broader S index
Monday’s session, when bond yields had climbed to highs since 2007 without preventing a sharp rise in the technology sector, was an unusual combination.
“What happened was that we saw a rebound when the market was oversold,” explained Steve Sosnick of Interactive Brokers. “And as so often in these bullish sessions, brokers found themselves overexposed because the enthusiasm is contagious,” he continued, adding that today’s session was “more restrained.”
Risk appetite waned ahead of “two events that have the potential to move markets: Nvidia’s earnings on Wednesday and Fed Chairman Jerome Powell’s speech on Friday,” he said. the expert.
Nvidia, maker of highly sought-after graphics processors for the development of artificial intelligence, will announce its quarterly results on Wednesday after the close.
The title of the fourth market capitalization fell 2.77% on Tuesday to 456.68 dollars after having soared the day before by more than 8%.
Bond yields remained firm after solidly hitting their highest since 2007. Ten-year yields thus stood at 4.32% against 4.33% at the close on Monday and two-year yields now exceeded 5% at 5 .0395% around 4:20 p.m. EST.
On the indicator front, sales of existing homes, which represent the bulk of the real estate market in the United States in volume, fell again in July, more than expected by the markets. They fell by 2.2% at an annualized rate but prices remained on the rise.
Listed sports equipment chain Dick’s Sporting Goods slumped 24.15% after warning that profits would be lower than expected for the full year, citing more cautious consumer as well as the abundance of flights.
Another retailer, department store chain Macy’s, also plunged (-14.05%).
The brand saw its profits decline and its quarterly sales melt by 8%, even if they exceeded analysts’ expectations. “The consumer is cutting back on discretionary spending which is clearly affecting Macy’s,” GlobalData noted, as these department stores primarily sell apparel, home furnishings, and beauty products.
Regional banks have had another bout of weakness after a series of downgrades by Standard
The trend has rubbed off on the big banks. JPMorgan, Bank of America, Citigroup and Wells Fargo all lost more than 2%.
Witnessing the volatility of new stocks on the stock market, Vietnamese electric vehicle maker VinFast, listed on Wall Street last week via a SPAC, doubled in value on Tuesday. The stock soared 108% to $36.72 after being listed at $22 and on a rollercoaster ride.
Losses in the financial sector dragged Canada’s main stock index down on Tuesday as U.S. markets were mixed.
The composite index S
In the currency market, the Canadian dollar traded at 73.81 US cents, down from its average price of 73.84 US cents on Monday.
