Wall Street up moderately after record highs, Nasdaq lagging behind

August 13, 2021
Wall Street opens at half mast after disappointing recovery figures in China
August 16, 2021

Wall Street up moderately after record highs, Nasdaq lagging behind

The New York Stock Exchange continued its small march above its records on Friday, driven by good corporate results, the Nasdaq remaining a little behind.

At 2:00 p.m. GMT, the Dow Jones index was up 0.19% to 35,567.10 points, and the S&P 500 by 0.13% to 4,466.50 points.

The Nasdaq, with strong technological coloring, oscillated around the equilibrium at 14,810.61 points (-0.04%).

Thursday, the Dow Jones (+ 0.04%) and the S&P 500 (+ 0.30%) had narrowly registered their third records of the week. The Nasdaq had advanced 0.35%.

Despite concerns about the impact of the Delta variant on the global economy, the extended S&P 500 index, the most representative of the American market, has risen during five of the last six sessions and on Thursday aligned its 47th record for the year 2021 .

The week was carried by the adoption by the Senate of Joe Biden’s 1.2 trillion infrastructure plan and by mixed indicators regarding inflation.

“I expect a positive, but mixed session that could end like the day before,” with records and a Nasdaq in the green, said Peter Cardillo of Spartan Capital Securities.

He highlighted the favorable import price index for July, published by the Ministry of Labor before the opening, which was less strong than expected (+ 0.3% instead of + 1.1%) .

This is the smallest increase in import prices since November. “This is a sign that inflation may be on a hiatus when it comes to importing inflation from abroad,” said the analyst.

Bond rates eased a bit, the yield on the 10-year Treasury bill stood at 1.3320% against 1.3590% the day before.

In a weak market on a Friday in August, corporate results continued to dominate the trend.

Disney, which reported Q2 results that thrilled investors, climbed 3.80% to $ 186.08 after closing 5.36% the day before. “This will help the S&P 500 and the Dow,” noted Peter Cardillo.

Disney seduced beyond expectations from April to June, both on the side of “streaming” platforms and in theme parks. Its Disney + platform now has 116 million subscribers, more than expected.

The DoorDash meal delivery boy dropped 4.28%. Despite an almost doubling of its sales in the second quarter over one year, the group recorded a larger loss than expected.