(New York) The New York Stock Exchange opened lower on Tuesday for its first session of the year, winded by nine consecutive weeks of gains, in a market lacking fresh news.
Around 9:50 a.m. ET, the Dow Jones was down 0.15%, the NASDAQ index was down 1.54% and the broader S index was down 1.54%.
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“We start the year and investors are taking some profits,” explained Adam Sarhan of 50 Park Investments. “A lot of people wait until the beginning of the year to sell, for tax reasons. »
“The market is ripe for a decline,” after a long winning streak, according to the manager. “It’s normal and it’s healthy. »
“The key, for me, will be the scale of the movement,” he continued. “Either a moderate and limited-time decline, […] or a violent correction. »
The stars of the technology sector were particularly affected by this selling trend, notably Apple (-3.25%) and semiconductor manufacturers Nvidia (-3.72%), AMD (-4.44%) or Intel (- 3.32%).
Conversely, many so-called defensive values, that is to say theoretically less sensitive to the economic situation, were sought after and thus made a catch-up after a lackluster 2023 vintage.
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The slight downturn that Wall Street was experiencing was also due to the release of a holiday weekend and the lack of publications or indicators.
For Adam Sahran, operators are already waiting for the monthly report on American employment on Friday, but also the CPI consumer price index next week, and the results season, which will begin in mid-January.
Consolidation was also taking place on the bond market, which has also just experienced a prosperous period.
The yield on 10-year US government bonds stood at 3.92%, compared to 3.87% at Friday’s close.
On the stock market, Tesla fell slightly (-0.10%) after reporting deliveries up 38% year-on-year in the fourth quarter of 2023, but lower than that of its Chinese competitor BYD, which thus becomes, in fact, the world’s leading manufacturer of electric vehicles.
BYD’s Chinese rivals listed on Wall Street, NIO (-6.12%) and XPeng (-4.15%), also suffered the blow, as did the American Rivian (-8.70%).
Chevron benefited from the acceleration in oil prices (0.63%), which offset the announcement of an exceptional charge linked to the depreciation of certain American assets, to the tune of $3.5 to $4 billion after tax in fourth trimester.
Bitcoin started the year as it ended 2023, with a bang, still stimulated by the possible regulatory green light this month for the launch of a new digital currency investment product, an ETF. (exchange traded fund), supposed to popularize this asset.
In its wake, “miners” (companies dedicated to creating digital currency) Marathon Digital Holdings (4.24%) and Riot Platforms (3.36%), were all celebrating.
The biotech Voyager Therapeutics (32.52%) was riding high on the announcement of an agreement with the Swiss laboratory Novartis, which could bring it up to $1.2 billion.
Under the agreement, Novartis will have access to Voyager’s technology and plans to use it to develop treatments for Hungtington disease and spinal muscular atrophy (SMA).
