(News Bulletin 247) – The New York Stock Exchange evolved in dispersed order Thursday according to the publication of results, the technological compartment being penalized in particular by the disappointing performances of Netflix and Tesla.

At the end of the morning, the Dow Jones rose 0.7% to 35,320.1 points, thus chaining a ninth consecutive session of increases, while the Nasdaq Composite dropped 1.3% to 14,176.8 points.

At the sector level, the technology compartment suffered from the heavy dropouts of Netflix and Tesla and accused, behind non-essential consumption, the second largest sectoral drop in the S&P 500 with a decline of 1.3%.

The Netflix title dropped more than 8% following the announcement by the video-on-demand specialist of quarterly sales below expectations and worse-than-expected forecasts.

Tesla meanwhile sold 6% after the publication of results showing that the Californian group does not intend to give up its price cuts, which could penalize its future profitability.

These disappointing publications come as the publications of the technological heavyweights will be particularly scrutinized knowing that investors are asking questions about the already tight valuation of the Nasdaq index, which has rebounded 36% this year.

Johnson & Johnson (+6%) takes the lead in the Dow Jones thanks to its better than expected results and the upward revision of its annual objectives.

Within the Dow Jones, the rise of J&J is reinforced by the rises of IBM (+2.5%) and Travelers (+1.5%) which also benefit from their quarterly results.

Seven of the 11 compartments of the S&P 500 are in the green, with the health sector posting the strongest growth (+1.7%) at the start of the day.

Focused on the results, the equity markets reacted little to the series of statistics published in the morning.

Although the decline in jobless claims still does not reflect a weak labor market, the economic picture seems a little less rosy given the deterioration in leading indicators.

This index, which is supposed to predict the general trend of the American economy for the coming months, fell again in June (-0.7% to 106.1) notably under the effect of the deterioration in consumer morale.

After all these figures, the yield on ten-year Treasuries rose by 11 points beyond 3.85%, which supported the dollar, which gained 0.5% against all currencies, the Euro fell by the same amount towards 1.1145 against the greenback.

On the oil front, prices remain on the rise, which does not prevent the Texan WTI from heading towards its first weekly loss after three consecutive weeks of growth.

Copyright (c) 2023 News Bulletin 247. All rights reserved.