Sunday, October 1, 2023

Stock market: Wall Street holds its breath at the Federal Reserve

(Photo: Getty Images)

MARKET REVIEW. The New York Stock Exchange closed slightly higher on Monday, very close to equilibrium, unable to find direction on the eve of the start of the US central bank (FED) meeting.

The Toronto Stock Exchange closed with losses of more than 150 points, dragged down by losses in the technology and base metals sectors.

To (re)consult market news

Stock market indices at closing

In Toronto, the S&P/TSX It fell 129.51 points (-0.63%) to 20,492.83 points.

In New York, the S&P 500 it gained 3.21 points (+0.07%) to 4,453.53 points.

He Nasdaq increased 1.90 points (+0.01%) to 13,710.24 points.

He D.O.W. It rose 6.06 points (+0.02%) to 34,624.30 points.

He loon increased by US$0.0017 (+0.24%) to US$0.7424.

He oil gained $1.48 (+1.63%) to $92.25.

Ieither increased US$ 9.00 (+0.46%) to US$ 1,955.20.

He bitcoin gained $312.65 (+1.18%) to $26,799.84.

The context

“Nothing happened today except a handful of stocks reacting to specific news,” said Kim Forrest of Bokeh Capital Partners. “The market is waiting to see what the Federal Reserve will do.”

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Operators have a status quo on Wednesday, after the meeting of the institution’s monetary policy committee. However, they do not rule out a final increase in the reference rate in November or December.

For the manager, signs of a slowdown in the US economy could offset the rise in inflation, mainly attributable to oil, and push the Federal Reserve to leave its rate unchanged until the end of the year.

After approaching a 15-year high, the yield on 10-year US government bonds fell to 4.30% on Monday, down from 4.33% at Friday’s close.

On the coast, Apple was the big winner of the day (AAPL, +1.69% to $177.97), helped by data on delivery times for the iPhone 15 Pro Max, the most expensive model of Apple’s new generation of smartphones.

Morgan Stanley analysts noted they were the longest in seven years, indicating strong demand. Pre-orders are up 10% to 12% from last year, when the iPhone 14 launched, with unexpected appetite in China, according to analysts at Wedbush Securities.

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The historic strike in the automobile sector penalized General Motors (GM, -1.80% to $33.34US), Ford (F, -2.14% to US$ 12.34) and Stellar (STLA, -1.61% to $18.94). Discussions continue, but without major progress.

These advances have not benefited tesla (TSLA, -3.32% to $265.28), but considered one of the big winners of this social conflict, especially because the manufacturer does not have a union within it.

After a euphoric first day of trading (ARM, +24.69%), on Thursday, microprocessor designer Arm struggling to find a second wind. With a sharp drop on Friday (-4.47%), she lost another 4.53% to $58.00 on Monday. In electronic trading after the Wall Street close, it still fell almost 5% to $57.54.

According Sunday Telegraphanother British specialist in semiconductor architecture, Technologies of the imaginationIt confidentially filed its IPO file in New York, inflicting a new setback on the London market.

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Another crucial week is coming up on the IPO front, with the expected arrival of the grocery delivery platform. instacartTuesday and the online marketing specialist klaviyolater.

The irresistible rise in crude oil prices, to their highest level in ten months, has worked for the oil companies,ExxonMobil (XOM, +0.81% to $117.64) Chevron (CVX, +0.43% to $167.22).

Pfizer was sanctioned (PFE, -1.26% to $33.64), after its financial director, David Denton, revealed that the laboratory had a vaccination rate of 24% for the new anti-Covid version in the United States , a forecast considered disappointing.

Modernwhose new vaccine was also approved by the US Food and Drug Administration (FDA), suffered even more (ARNM, -9.12% to $104.14).

The manufacturer of electric trucks. Nicholas was boosted (NKLA, +33.61% to US$1.59) by the announcement of the arrival of a new financial director, known in the sector because she moved to General Motors.

Times of National
Times of National
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