Wall Street traded in mixed order on Monday, with Nvidia's surge enabling the Nasdaq to set a new record, while the decline in financial stocks penalized the Dow Jones.

At the end of the morning, the Dow dropped 0.7% to 39,386.4 points, while the Nasdaq Composite gained 0.5% to 16,879.6 points.879.6 points, after having reached an all-time high of 16,996.4 points at the opening.

Nvidia has been a real driving force on the markets this year, generating 11% of the S&P 500's performance over the last twelve months, and is shining once again today after reporting better-than-expected quarterly results.

The Californian group's stock, already up 91% since the start of the year, climbed more than 10%, further increasing its market valuation by more than $250 billion, to over $2,500 billion.

The share thus passed the symbolic $1,000 mark, prompting many analysts to revise upwards their price target for the stock, now in the $1,200 zone.

Weighing on the Dow, several major banking stocks fell victim to profit-taking after their recent performances, including Goldman Sachs (-0.4%) and JPMorgan (-0.5%).

The start of the session on Wall Street was also enlivened by economic indicators that did not dissipate investors focused on the performance of the manufacturer of processors dedicated to AI.

The Labor Department thus counted 215,000 new registrations for unemployment benefits in the United States during the week of May 13, a figure down by 8.000 on the previous week.

S&P Global's composite PMI index, which measures growth in the US private sector, accelerated sharply in May, to a flash estimate of 54.4, compared with a final figure of 51.3 for the previous month.

In view of this still solid macroeconomic context and the uncertainty surrounding the evolution of rates, the yield on ten-year Treasuries is trending above the 4.45% mark.

Copyright (c) 2024 CercleFinance.com. All rights reserved.