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MARKET REVIEW. The New York Stock Exchange ended slightly higher on Friday, signing a small technical rebound without enthusiasm, to conclude a truncated week, poor in fresh news, before a new round of indicators to come.
The Toronto Stock Exchange closed lower on Friday, dragged down by widespread weakness fueled by the metals and technology sectors, while major US indices posted gains.
To (re)consult market news
Stock market indices at closing
In Toronto, the S&P/TSX lost 57.43 points (-0.29%) to 20,074.64 points.
In New York, the S&P 500 rose 6.35 points (+0.14%) to 4457.49 points.
THE Nasdaq increased by 12.69 points (+0.09%) to 13,761.53 points.
THE DOW gained 75.86 points (+0.22%) to 34,576.59 points.
THE loon took US$0.0019 (+0.2600%) to US$0.7326.
THE oil increased by US$0.36 (+0.41%) to US$87.23.
L’gold rose by US$0.10 (+0.01%) to US$1,942.60.
THE bitcoin lost US$447.81 (-1.70%) to US$25,889.35.
Context
After three negative sessions for the S&P 500, “we started on a bargain hunt,” explained Steve Sosnick of Interactive Brokers, citing Apple in particular.
After two difficult sessions, which saw Wall Street wipe out nearly 200 billion US dollars of the Apple group’s capitalization, Apple rebounded (+0.35%), in a limited way, however.
“People have digested the news from China,” whose authorities have banned employees of certain government agencies from professional use of the iPhone, according to several media, “and are now thinking about the next iPhone,” the fifteenth of the name, whose launch is scheduled for Tuesday.
Other titles, such as Disney (DIS, +1.25%) Or Amgen (AMGN, +1.98%)the first entangled in a dispute with a cable operator, the other shunned after the announcement of the green light for its acquisition of Horizon Therapeutics, took advantage of these cheap purchases.
For the rest, nothing managed to liven up the session, due to a lack of macroeconomic indicators or company results.
“We have not managed to record significant gains,” noted Steve Sosnick. “There were really few catalysts.”
Same calm on the bond market, turbulent in recent days. The yield on 10-year US government bonds stood at 4.25%, almost unchanged from 4.24% the day before at closing.
Investors are already looking ahead to next week, which will be marked in the United States by the publication of the CPI price index for August on Wednesday, then retail sales on Thursday, and the University of Michigan on consumer sentiment, Friday.
Elsewhere on the coast, the gunsmith Smith & Wesson (SWBI) fired (SWBI, +10.85%), after having reported, Thursday after the market, better than expected results, including a turnover up 35% over one year. Its margins were nevertheless eroded by an increase in costs and inventory reduction measures.
Supported by the escalation of black gold prices, oil tankers were sought after, likeExxonMobil (XOM, +1.46%)at its highest in more than four months, or ConocoPhillips (COP, +0.83%).
The gaming and sports betting platform DraftKings (DKNG) was moving forward (DKNG, +2.18%)the day after the start of the NFL American football league season, a highlight for bettors in the United States.
Boeing (BA) remained poorly oriented (BA, -2.21%) after statements from the group’s financial director on Thursday indicating a slowdown in 737 deliveries due to a technical problem.
Same trend for the shared office specialist WeWork (WE, -16.13%)on the verge of filing for bankruptcy and which announced on Wednesday that it was trying to renegotiate almost all of its leases to try to reduce its costs.
