(New York) The New York Stock Exchange opened in dispersed order on Thursday, NASDAQ and S
Around 9:55 a.m. EST, the Dow Jones gained 0.54%, the NASDAQ index returned 0.48%, and the broader S
After seven positive sessions in eight days, the NASDAQ, the engine of the market since the start of the year, fell into the red, handicapped by the dropout of Tesla (-4.87%) and Netflix (-7.61%), two of its stars.
Tesla exceeded expectations in the second quarter, whether for its bottom line or its turnover, but the manufacturer of Austin (Texas) saw its margins contract under the effect of price reductions to gain market share.
JPMorgan analysts lowered their price target, believing that the deceleration in margins, which could be accentuated by further price cuts, mentioned on Wednesday by boss Elon Musk, no longer justified its current valuation.
As for Netflix, it is paying for the disappointment linked to its turnover, which is below expectations, even if the platform surprised by gaining 5.89 million net users over three months.
The group from Los Gatos (California) is also suffering profit taking, logical after the stock has risen by more than 62% in four months.
As for Tesla, its capitalization has more than doubled (136%) since the start of the year.
Therefore, “when reading the results, we focus more on the bad elements than on the good ones”, explained, in a note, Patrick O’Hare, of Briefing.com.
Netflix and Tesla “really are at the center of everything in the equity market” in early trading, LBBW’s Karl Haeling commented. “The NASDAQ stalled” due to the bad luck of these two heavyweights, “resulting in the S
“The market has gone too high ‘in too little time’ and is ripe for a correction,” O’Hare explained.
Another value at half mast, the Taiwanese semiconductor giant TSMC (-3.90%), listed in New York, which forecasts a significant slowdown in its turnover due to lower consumer demand for electronic products.
On the other hand, investors welcome the publication of IBM (3.80%), which improved its margins in the second quarter and displays ambition in artificial intelligence.
The Dow Jones resisted, in particular thanks to so-called defensive stocks, that is to say less sensitive to the economic situation, such as the group of chemicals and materials for industrialists Dow (0.42%) or Johnson
The star index of the New York market is thus moving towards a ninth consecutive session of increases, which would be the first since September 2017.
Elsewhere on the stock exchange, United Airlines (3.10%) advanced after seeing its profit triple in the second quarter, thanks to the increase in revenue per passenger, but also to a drop in fuel prices compared to the same period last year.
As for American Airlines, it moved in the opposite direction (-5.75%), although it did better than expected and raised its forecast for the full year.
Like several other regional banks since the start of the week, the establishment of Salt Lake City (Utah) Zions (9.61%), heckled during the spring banking crisis, reported a stabilization of its activity, as well as a growth in its deposits.
The bond market is gloomy, in a consolidation phase before the meeting of the American central bank (Fed) next week, according to Karl Haeling.
The yield on 10-year US government bonds rose to 3.82%, from 3.74% at the close the previous day.
NASDAQ
