PARIS (Reuters) – The New York Stock Exchange opened higher on Tuesday, driven by an avalanche of corporate results and stability in the bond sector.
In early trading, the Dow Jones index gained 82.37 points, or 0.22%, to 38,322.35 points and the broader Standard & Poor’s 500 rose 0.45% to 5,033.43 points.
The Nasdaq Composite takes 0.55%, or 84.22 points, to 15,535.53.
While waiting for the results this week from technological behemoths like Meta Platforms (+1.90%) and Microsoft (+0.730%), the semiconductor index (+0.75%) and the “tech” index in general (+0.57%) are in the green.
Nvidia, Micron Technology and Advanced Micro Devices rise from 0.57% to 2.08% against a backdrop of a cautious return to securities linked to artificial intelligence and a lull in the bond sector where the yield on ten-year Treasuries is generally stable, at 4.6436% after rising last week to a peak since the beginning of November.
Among the many results of the day, General Motors climbed 4.09% after reporting quarterly accounts better than expected, thanks in particular to stable demand for its thermal vehicles. Its competitor in the electric sector, Tesla, lost 0.52% while the group, which announced that it wanted to cut 400 jobs in Germany, will publish its results after Wall Street closes.
The publications of United Parcel Service (+2.65%), GE Aerospace (+4.20%), Philip Morris (+2.10%) and Spotify (+13.50%) are also welcomed, while those of Pepsico (-1.78%), Halliburton (-0.69%), Jetblue (-12.31%) disappointed.
“Overall, investors are satisfied with the way (the accounts) went because they are mainly surprised that the situation is not worse,” notes Will McDonough, managing director of Corestone Capital.
US corporate profits are expected to increase 6% in the first quarter, according to the latest estimates from LSEG.
The market is also awaiting the publication at the end of the week of the PCE price index, the preferred measure of inflation by the American Federal Reserve (Fed), which meets from April 30 to May 1.
(Written by Claude Chendjou, edited by Blandine Hénault)
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