The New York Stock Exchange ended higher on Friday, rebounding again after a decline the day before, investors being satisfied with bank results and reassuring news of inflation in the United States.
The Dow Jones (+0.97%) and the broader S&P 500 index (+0.61%) each reached a new record, the 45th of the year for the second, while the Nasdaq index recorded 0 .33%.
The New York market was well oriented before the opening by the results of American banks JPMorgan Chase and Wells Fargo, which each exceeded expectations in terms of net profit.
However, both establishments have seen their profits contract and their net interest income (interest received deducted from that paid to customers) is under pressure.
“These bank results were good, but not incredible either”tempered Steve Sosnick, of Interactive Brokers, for whom these figures “were only a pretext to start buying again”.
In addition to JPMorgan Chase (+4.44%) and Wells Fargo (+5.61%), the entire financial sector rose, notably Goldman Sachs (+2.50%) and American Express (+ 2.10%), which set new records during the session.
The positive mood on Wall Street was affirmed with the publication of the PPI producer price index, which remained stable over one month in September, while economists expected a small increase of 0.1%.
For José Torres, of Interactive Brokers, this favorable surprise, associated with a decline in the consumer confidence index published by the University of Michigan, “compensated a little for the tension born from the high CPI index”published the day before.
The New York Stock Exchange was also helped by the stabilization of bond yields and a small decline in oil prices, according to Art Hogan of B. Riley Wealth Management.
The yield on 10-year US government bonds stood at 4.09%. It was higher than its closing level the day before (4.06%) but lower than the two-month peak reached on Thursday (4.11%).
“We have a combination of good growth in the (American) economy and corporate results”summarized the analyst.
On the stock market, Tesla tumbled (-8.78%), some investors showing themselves disappointed with the presentation Thursday evening of the highly anticipated « robotaxi » from Elon Musk’s company.
The distant timetable, with a launch on the market at best at the end of 2026, and the lack of details on the economic model of the « robotaxi » the speakers were heated.
This disappointment benefited the titles Uber (+10.81%) and Lyft (+9.59%), the « robotaxi » and the technological infrastructure that will support it being considered potential competitors to existing VTC (tourist vehicle with driver) platforms.
For its part, the American group BlackRock, the world’s largest asset manager, gained 3.63% after exceeding expectations in the third quarter, which was marked by a record net inflow from its clients of more than 200 billion of dollars.
The session was the occasion for a rotation of investors who, in addition to financials, turned towards cyclical stocks, that is to say more sensitive to the economic situation.
Among them, the industrial conglomerates Honeywell (+1.12%) and 3M (+0.97%) stood out, as did Disney (+1.23%).
Another indicator of the desire of stakeholders to diversify their investments, the Russell 2000 index, which brings together American SMEs, sparked (+2.10%)