(New York) The New York Stock Exchange ended slightly higher on Friday, still cautious ahead of a streak that will see the tech giants report results next week and the U.S. central bank (Fed) meeting immediately after.
The Dow Jones added 0.07%, the NASDAQ index gained 0.11% and the broader index S
“The market is in a waiting position for the results of the technology, next week, and the monetary decision of the Fed, in two weeks,” commented Angelo Kourkafas. “Those will be the next two catalysts. »
Microsoft and Alphabet are thus expected on Tuesday, Meta on Wednesday and Amazon on Thursday, whose prices have all resisted, since the beginning of the year, the continuation of the monetary tightening in progress as well as the banking crisis.
“It’s a tight group (of tech giant caps) that’s been driving the market” so far in 2023, increasing their importance in indexes and Wall Street movements beyond even their giant valuations , according to Angelo Kourkafas.
“So we can’t say, as for banks, that expectations are quite low” in terms of results, explains the analyst. “There is a bit of nervousness about their ability to meet expectations. »
Over the week, the S
“Although market sentiment is clearly better than six months ago, it remains cautious,” notes Angelo Kourkafas. “There is always a lot of uninvested cash. »
After having started in disorganized order, the New York market went resolutely into the green at the end of the session, helped in particular by the PMI activity indices for April, published by S
The NASDAQ took advantage of Amazon’s jump (3.03%) to pull out of the game. The group from Seattle (Washington State) benefited from an enthusiastic rating from JP Morgan analysts, encouraged in particular by the measures to savings made by management.
Another NASDAQ locomotive, Tesla (1.28%), which recovered after a disastrous session on Thursday.
On Friday, the electric vehicle maker raised prices on the Model S and X in the United States, the first increase after six consecutive declines since the start of the year to face competition and a slowdown in sales.
Still in the technology department, the passenger vehicle reservation platform with drivers (VTC) Lyft soared (6.10%) after announcing a new wave of layoffs, which the Wall Street Journal estimates at 30% of the workforce.
The news cost its big rival, Uber, which dropped 2.13%.
Elsewhere on the stock exchange, the New York market hailed the results, which exceeded expectations, of the giant of care and hygiene products Procter and Gamble (4.02%), which raised its sales forecasts on its entire staggered fiscal year (which will end at the end of June).
The Cincinnati (Ohio) group managed to raise its prices in all segments of its business, which compensated for a stagnation or even a drop in sales volume.
As it prepares to publish its results Monday after the stock market, the American bank First Republic gained 2.74%. Its quarterly data is eagerly awaited, as it was once considered the next weak link in the banking crisis.
After falling by almost 20% on Thursday following the announcement of the closure of the BuzzFeed News information site, BuzzFeed continued its tumble (-10.68%).
The oil services group SLB, formerly Schlumberger (-4.18%), fell despite results above expectations and optimistic comments from CEO Olivier Le Peuch for the second half of 2023.
Like equities, the bond market had a calm day, despite a slight tension on rates. The yield on 10-year US government bonds was 3.56%, down from 3.53% at the close Thursday.
The strength of the information technology and industrials sectors allowed the Toronto Stock Exchange to close higher on Friday, as did the major American indices in this last session of the week.
The composite index S
In the currency market, the Canadian dollar traded at an average rate of 73.86 US cents, down from 72.24 US cents on Thursday.
On the New York Commodities Exchange, crude oil prices rose 50 cents US to US$77.87 per barrel, while natural gas fell 2 cents US to US$2.41 per million. BTUs.
The price of gold plunged US$28.60 to US$1990.50 an ounce and that of copper depreciated 5 cents US to US$3.98 a pound.