Market: US indices rise after a turbulent week

(CercleFinance.com) - The New York Stock Exchange ended the session higher after a turbulent start to the week.


At the end of the session, the Dow Jones was up by nearly 0.6%, while the Nasdaq Composite advanced by around 1%, making it the fourth session in a row in which it has risen.

After giving itself a scare yesterday morning, Wall Street finally staged a spectacular turnaround in the second half of Wednesday's trading session, despite slightly worse-than-expected inflation figures.

At the final bell, the Nasdaq climbed 2.2%, buoyed by the surge in Nvidia's share price (+8.1%), which posted its best daily performance since July.

However, this upward movement had been preceded last week by a sharp downturn, resulting in the sharpest weekly consolidation on the US equity markets in over a year.

Today, investors are mostly opting to stay on the sidelines, as the morning's economic indicators painted a mixed picture for the economy as a whole.

The Producer Price Index (PPI) rose by 0.2% last month, after remaining unchanged in July, confirming the trend towards decelerating inflation.

The Labor Department reported 230,000 new jobless claims last week, up by 2,000 on the previous week.

Investors continue to analyze every piece of information to find out where the economy stands and whether it is really doing as well as they hope.

On Friday, Michigan's import price and consumer confidence figures will give a better idea of the economic situation.

Seven of the 11 major S&P sector indices are up, with the best performances coming from communications (+1.2%) and energy (+1%).

Real estate (-0.6%), healthcare (-0.5%) and utilities (-0.2%), on the other hand, are being shunned due to their defensive status.

On the stock front, Nvidia continues to rebound, gaining over 2%, while remaining below the $3.000 billion market capitalization threshold.

'Looking ahead, forecasts suggest that the company could continue its upward trajectory and reach a value of $10,000 billion by 2030', prophesies Thomas Jaquet, head of France at broker Freedom24.

On the foreign exchange market, the euro resumed its ascent against the dollar following announcements by the ECB, which seems to be ruling out further easing in October after its rate cut on Thursday, by climbing back above the $1.1080 mark.

On the bond market, the benchmark 10-year bond climbed back above 3.68%, confirming its recovery of the previous day after six sessions of decline.

Copyright (c) 2024 CercleFinance.com. All rights reserved.