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November 5, 2024
Linea Mercati Interview 11/5/24
November 6, 2024The New York Stock Exchange opened higher on Friday, reassured by Amazon’s results published Thursday evening that exceeded analysts’ expectations, with investors keeping an eye on job creation in the United States, which had fallen sharply in October.
Around 14:15 GMT, the Dow Jones gained 0.99%, the Nasdaq index gained 1.19% and the broader S&P 500 index 0.97%.
The American market reacted Friday to the “results of the tech giants that were published the day before”, commented to AFP Peter Cardillo, of Spartan Capital Securities, in particular to those of Amazon (+6.66%), which largely exceeded market expectations in the third quarter.
Driven by the cloud, the group made a net profit of 15.3 billion dollars, reassuring investors about its profitability despite the announcement of increasing spending on artificial intelligence (AI).
After finishing in the doldrums the day before, weighed down by the results of Meta (-0.20%) and Microsoft (+1.22%), part of the technology sector was thus invigorated by the performance of Amazon: Nvidia (+1.98%), Salesforce (+0.35%), Cisco Systems (+0.82%), Adobe (+0.32%), all came out in the green.
Apple, which also published quarterly results on Thursday, lost ground (-2.19%).
Despite slightly better results than expected, thanks in particular to a rebound in iPhone sales, Wall Street was not enthusiastic about the group’s speech on artificial intelligence.
The net profit for the quarter (from July to September) of the American group came to 14.7 billion dollars. It is down sharply (-36%) over a year due to the impact of a conviction in Europe for illegal state aid, according to a press release relating to the fourth quarter (from July to September) of the staggered financial year.
The New York Stock Exchange also kept an eye on job creation in the United States, which slowed sharply in October.
Only 12,000 jobs were created in the month, the Labor Department announced Friday. This is much less than expected by analysts who were counting on 110,000, according to the consensus of Market Watch.
“Several factors must be taken into account” to explain this slowdown, in particular “the strike that has affected Boeing” since September 13, as well as the consequences of the passage of “hurricanes Helene and Milton”, underlined Mr. Cardillo.
The unemployment rate remained stable, at 4.1%, as expected by analysts.
“The main takeaway from the report is that it has reinvigorated the market’s view that the American central bank (Fed) will remain on a path of steady rate reduction,” said Patrick O’Hare, of Briefing.com, in a note.
The Fed cut its key rates by half a percentage point in September, and two additional cuts of a quarter of a point are expected by the end of 2024, or an additional half-point less in total.
On the bond market, the yield on 10-year US government bonds stood at 4.27%, compared to 4.28% the previous day at the close.
On the stock market, Chevron (+4.41%) and ExxonMobil (+0.63%) were in demand, supported by results that were generally better than expected.
Semiconductor giant Intel shone (+5.51%) after giving a revenue forecast that was higher than expected for the fourth quarter.
