(Photo: Catherine Charron)
REVIEW OF THE MARKETS. The Toronto Stock Exchange was trading lower on Friday morning, as the price of crude oil remained below $70 US per barrel, and losses in the base metals and battery metals sectors weighed on the market.
The New York Stock Exchange is trading lower on Friday, risking ending the week with its first weekly loss in five weeks for the S&P 500 and in eight weeks for the Nasdaq.
To (re)read the market news
The stock market indices at noon
In Toronto, the S&P/TSX is down 145.57 points (-0.74%) at 19,453.33 points.
In New York, the S&P 500 is down 27.05 points (-0.62%) at 4,354.84 points.
The Nasdaq is down 122.57 points (-0.90%) at 13,508.10 points.
The DOW is down 156.16 points (-0.46%) at 33,790.55 points.
The Canadian dollar is down 0.0025 (-0.3290%) at $0.7573 US
The price of oil is down $0.67 US (-0.96%) at $68.84 US
The gold is up $7.90 US (+0.41%) at $1,931.60 US
The Bitcoin is up $1228.16 US (+4.11%) at $31,111.72 US.
The context
The week was marked by Jerome Powell’s statements to Congress, warning that further rate hikes are expected this year to curb inflation, which has cooled investor enthusiasm a bit.
Concerns also arose in Europe, where several central banks tightened their policy, notably the Bank of England, which surprised the markets by raising rates by half a percentage point to counter the most persistent inflation among G7 countries (8.7% annually).
“There has been a constant concern about a potential recession in the United States just around the corner for the past 18 months. But it seems that there is more to fear in Europe,” summed up Art Hogan of B. Riley Wealth Management.
“Inflation remains too high, prompting central banks to tighten their monetary policies further and potentially for longer. This, in turn, clouds the economic prospects for the continent,” added the analyst.
In addition, several PMI activity indices published on Friday weakened significantly in June, whether in Great Britain, France, the eurozone, or even in Japan.
“These indices do not cause the markets to move in themselves, but they overshadow the interpretation of the prospects for the global economy,” stressed Patrick O’Hare of Briefing.com.
In the bond market, recession fears pushed yields lower. Yields on 10-year Treasury bonds eased to 3.70% from 3.79% the previous day. Yields on two-year bonds stood at 4.71% versus 4.79%.
The euro weakened against the dollar, while the price of oil fell as investors worried about demand.
In terms of stocks, shares of 3M were up 1.65%. The industrial conglomerate agreed to pay between 10.3 billion and 12.5 billion dollars to settle lawsuits in the United States over the contamination of drinking water networks by forever chemicals (PFAS).
Apple (AAPL), whose stock reached a new all-time high the day before, was down almost 1%.
Ford (FORD) fell 1.16%, with press reports suggesting a new wave of layoffs and massive cost reductions being prepared at the automaker.
Used car seller Carmax (KMX) jumped 9.13% to over $85 US, a nine-month high, after better-than-expected first-quarter results. Profit and revenue declined, but less than expected.
Electric vehicle manufacturers Tesla (TSLA) and Rivien (RIVN) lost 3.70% and 2.76% respectively.
Aircraft manufacturer Boeing (BA), a heavyweight on the Dow Jones, was down 0.77% as employees of one of its suppliers, Spirit Aerosystems (SPR), voted for a strike on Thursday.
Space tourism company Virgin Galactic (SPCE) plunged 19% to $4.30 US, as investors worried about the California-based company’s intention to raise more funds by issuing shares, which will dilute the value of existing shares.
Starbucks (SBUX) dropped more than 2%. One of the coffee chain’s employee unions is planning a strike next week at more than 150 locations.
dans un article qui peut se classer haut dans Google.
#Bourse #les #marchés #boursiers #nordaméricains #retraitaient #fin #matinée
publish_date]
