What an incredible day at the inaugural Spartan Capital Securities, LLC Investor Conference 2024!
December 5, 2024
Linea Mercati Interview 12/6/24
December 6, 2024The New York Stock Exchange was trading at a level close to equilibrium on Thursday in early trading, idling after a new wave of records and before a highly anticipated report on American employment on Friday.
Around 1505 GMT, the Dow Jones gained 0.03%, the Nasdaq index 0.01% and the broader S&P 500 index 0.04%.
On Wednesday, the three major indices on the New York stock market all ended at record highs.
The S&P 500, which has gained nearly 28% year-to-date, has broken its all-time high 56 times in 2024, including in the last four sessions.
“After the record highs, I think the market is likely to hover around equilibrium, ahead of the jobs data on Friday,” warned Peter Cardillo of Spartan Capital.
The Labor Department’s jobs report is expected to mark a rebound in job creation, according to economists, who expect 200,000 new jobs in November, compared with just 12,000 in October, a month hit by hurricanes Helene and Milton.
“This report is important, but I don’t think it’s going to reduce the appetite for stocks right now,” Cardillo said.
Even if Wall Street calmed on Thursday, “there doesn’t seem to be any intention to reverse course,” according to Patrick O’Hare of Briefing.com.
Investors did not react to the increase in new jobless claims, which exceeded economists’ expectations.
These data “do not signal a major change in the trends of the labor market, which shows signs of cooling but not breaking,” observed Patrick O’Hare.
On the bond market, rates were tightening. The yield on 10-year U.S. government bonds was at 4.21%, compared to 4.18% the previous day at the close.
On the stock market, stocks associated with cryptocurrencies celebrated the passage of bitcoin above the symbolic threshold of 100,000 dollars, a first.
The exchange platforms Coinbase (+5.08%) and Robinhood (+1.55%) climbed, as did the “miners” (creators of digital currency) Riot Platforms (+3.39%) and Marathon Digital Holdings (+5.51%).
American Airlines gained altitude (+10.01%) after raising its profit forecasts for the current quarter, based on a firming of prices, itself linked to sustained demand.
Encouraged by the same trend, the low-cost airline Southwest Airlines (+1.23%), for its part, revised its turnover target upwards.
The supermarket chain Kroger gained 0.37%, despite publishing results below analysts’ projections. The group nevertheless raised its forecast range for turnover and profit for the entire financial year.
It said it was confident in the completion of the acquisition of its competitor Albertsons, pending the decision of a court in Portland (Oregon), seized by the American Competition Authority, the FTC, which believes that this merger could penalize consumers.
The ready-to-wear holding company PVH suffered (-0.70%), despite better-than-expected activity figures. Investors paid more attention to the forecasts for the full year, which disappointed.
The group that controls the Tommy Hilfiger and Calvin Klein brands, notably revised downwards its margin estimate, for which it had already forecast a contraction over one year.
Intel continued its slide (3.23%), with participants questioning the strategy of the semiconductor manufacturer after the surprise departure of CEO Pat Gelsinger. The stock has dropped more than 56% since the beginning of the year.
