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November 20, 2024
Linea Mercati Interview 11/20/24
November 21, 2024Washington (awp/afp) – The New York Stock Exchange opened down on Tuesday, weighed down by a risk of further escalation between Russia and Ukraine, with new quarterly corporate results having been relegated to the background.
Around 15:15 GMT, the Dow Jones lost 0.85%, the Nasdaq index dropped 0.12% and the broader S&P 500 index lost 0.40%.
“Early in the morning, futures were up, then (Vladimir) Putin’s comments on his nuclear doctrine reversed the positive trend,” Spartan Capital analyst Peter Cardillo told AFP.
Russian President Vladimir Putin signed the decree expanding the possibilities of using nuclear weapons on Tuesday, on the 1,000th day of his offensive against Ukraine, just after the United States authorized kyiv to strike Russian soil with its long-range missiles.
Russian Foreign Minister Sergei Lavrov also promised an “appropriate” response Tuesday to the Ukrainian launches of American ATACMS missiles against Russia, denouncing the involvement of the United States in these strikes and seeing them as a “new phase” in the conflict.
In this context, government bonds – considered safer – were sought after: the yield on 10-year US government bonds stood at 4.37%, compared to 4.41% the day before.
Furthermore, the VIX index – known as the “fear index” – which measures investor nervousness, rose by 9.31%.
In addition, the American market reacted to a lesser extent to a new series of quarterly results.
The American hypermarket chain Walmart rose (+3.21%) after having again raised its forecasts for its entire staggered financial year, its third quarter having been better than expected thanks to growth in demand in the United States and the surge in online sales.
The giant announced Tuesday a quarterly turnover of 169.59 billion dollars (+5.5% year-on-year) and a net profit of 4.58 billion, against 453 million a year earlier.
Despite better-than-expected results for the third quarter, the weather was getting dark for the DIY store chain Lowe’s (-4.16%), while the group forecasts an annual turnover lower than that of last year.
Investors are now waiting for the publication of the results of the semiconductor giant Nvidia (+1.34%), Wednesday, after the close of Wall Street.
Nvidia “is a reference in artificial intelligence (AI), and (the company) has been one of the main contributors to the market’s rise,” commented Mr. Cardillo.
Elsewhere on the stock market, the American equipment manufacturer Spirit AeroSystems, a strategic supplier to Boeing, particularly for fuselages, gained ground (+1.12%). The company announced Tuesday in a press release “an agreement to sell the activities” of Fiber Materials to the manufacturer of specialized textiles Tex-Tech Industries “for an amount of 165 million dollars”.
The stock market listing of low-cost airline Spirit Airlines was still suspended on Tuesday. In financial difficulties for several months, the group announced Monday that it was filing for bankruptcy as part of a restructuring agreement with its creditors.
Shares in Donald Trump’s media group – Trump Media and Technology Group (TMTG) – plunged (-7.71%) after soaring the day before. At the end of trading on Monday, the stock had been catapulted by information from the Financial Times on the possible acquisition of a cryptocurrency exchange platform.
In terms of indicators, investors kept an eye on construction starts in the United States in October, which fell “for the second consecutive month”, with manufacturers preferring to wait for the outcome of the presidential election before “beginning their project”, Jeffrey Roach, an analyst at LPL Financial, pointed out in a note.
