(News Bulletin 247) – And 8! All the indices – without exception – ended in the green, and for the 3 main ones, it was the 8th session of increases in a row: 2 more, and the session of the ‘3 witches’ will come to conclude in beauty a 5th month of consecutive increase, in funicular mode since the air hole ‘SVB/Credit Suisse’ in mid-March (quickly filled thanks to the resolute action of the FED, we remember).

As indicated, all the US indices ended in the green: the Dow Jones gained +0.3%, the S&P500 +0.25% (to 4,566), the Nasdaq less than +0.05%, the Russel-2000 +0.4%… and the Dow Transport, a precursor to growth, ended at +0.8%.
Despite these gains and the apparent optimism, the VIX ‘CBOE Volatility’ is up +3.3% at 13.75, which is quite counter-intuitive.

The Nasdaq-100 ended unchanged, split between the rises of Zscaler +3.5%, Lucid, Salesforce and Crowdstrike +3% and the declines of Align Techno -5%, ASML -5.5%, KLA -2.8%, Microchip -1.7%, Alphabet -1.4% and Microsoft -1.2%.

The most anticipated publication was that of Netflix, which announced after the closing a profit per title higher than expected ($3.29 against $2.86), but a turnover below the consensus at $8.19 billion against $8.3 billion expected (despite recruiting 5.9 million subscribers).
The title lost -3% after this mixed publication (Netflix hopes for an acceleration of its subscriptions in the second half of 2023 and raised its forecasts for the 3rd quarter to $3.52 against $3.23).

Tesla reacts shortly after the publication – also after the close – of its quarterly reports: turnover climbs to $24.93 billion against an estimated $24.48 billion, and net profit per share stands at $0.91 against $0.82 expected (the margin is announced at 18.2%).

Another post-market publication, IBM misses the activity consensus with $15.48 billion against $15.58 billion, but its earnings per share are better than expected at $2.18 against $2.01 (the price remains unchanged).

In terms of figures, the Commerce Department reported an 8% drop in housing starts in the United States in June, to 1,434,000 at an annualized rate, a level generally lower than economists’ expectations.
For their part, building permits fell by 3.7% to 1,440,000 at an annualized rate last month, a level also below the market consensus.

T-Bonds eased slightly at the end of the run towards 3.748%, or -4Pts (one week before what should be the last rate hike of the cycle that began in March 2022, with the cost of money raised to 5.25/5.50%).

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