The DOW JONES rose 0.26% to 43,982 points, while the S&P 500 added 0.07%, to 5,953 points. The NASDAQ 100 fell 0.15% to 20,708 points.
The major indices enter today’s session after a positive close on Thursday. The best performer was the Dow Jones, which rose 462 points, or 1.06%, while the S&P 500 added 0.53%. The tech-heavy Nasdaq Composite closed little changed, up slightly 0.03%.
The day was largely marked by the fluctuations in the price of NVIDIA, which went from registering considerable losses in a first reading of its quarterly results to finally closing the session with an increase of 0.53%.
Despite today’s doubts, The three New York indices are on track to end the week with a positive balancerecovering from the declines of the previous one. Leading the gains is the Nasdaq Composite, which has risen 1.56% until Thursday’s close. The S&P 500 has accumulated a gain of 1.33% and the Dow Jones has risen 0.97% in the last four days.
“I think the markets are finally finding their footing for two reasons: one is the recovery from that post-election hangover after the first week, and [dos es] the reaction to NVIDIA earnings,” says Saira Malik, CIO of Nuveen, in statements to CNBC.
The macroeconomic agenda is not without interest either, with the publication of the PMI figures, after the opening, as well as consumer confidence.
Markets also follow closely missile exchange between Ukraine and Russia after the latter country lowered its threshold for nuclear retaliation earlier in the week.
Meanwhile, speculation continues about some of the key positions in Donald Trump’s next administration. Among the positions that remain to be appointed, one of the most anticipated is that of Secretary of the Treasury. Some media suggest that the lucky one could be Kevin Warshwith the idea that he would later jump to the presidency of the Federal Reserve.
Among the protagonists of the day is Gap, which soared 14% at the opening of the session. The retailer shattered market estimates with its earnings report and also raised its sales guidance for the year.
The company behind Old Navy, Banana Republic or Athleta now expects fiscal 2024 sales to increase between 1.5% and 2%, compared to previous forecasts of “a slight increase”. Analysts had forecast an increase of 0.4%. As for its last quarter, it posted earnings of 72 cents per share, compared to the expected 58 cents. Revenues amounted to 8,830 million, also above the 3,810 million expected by analysts.
Intuit’s quarterly report has a worse reception, which drops 2% after the bell rings. The company earned an adjusted $2.50 per share on sales of $3.28 billion in the quarter ended Oct. 31. Analysts had expected it to post earnings of $2.36 per share and revenue of $3.14 billion.
However, the company disappoints with its forecasts for the second fiscal quarter. For the three months ended Jan. 31, it forecasts (at the midpoint of its guidance) adjusted earnings of $2.58 per share on sales of $3.83 billion. Wall Street had estimated earnings of $3.25 per share on sales of $3.88 billion.
Among the great heavyweights of the New York stock market, Alphabet drops 2% and Amazon remains flat. Yesterday, Google’s parent company already fell after prosecutors argued that it was monopolizing online searches, while today it became known that Europe will begin an investigation next year to determine whether Amazon favors its own brand products on its platform.
Also note that Texas Pacific Land will join the S&P 500 next week, replacing Marathon Oil, which will be purchased by ConocoPhillips. The measure, announced by S&P Dow Jones Indices, will take effect from November 26. Texas Pacific Land, based in West Texas, has a market capitalization of about $35 billion.
In commodity markets, US West Texas futures are paying at $70.14 per barrel, while European benchmark Brent is paying at $74.19. Nevertheless. Both contracts are on track to rise almost 5% this week, the largest increase since September, given the escalation of the war between Russia and Ukraine.
Investors are also keeping an eye on Bitcoin, which is trading just below the expected $100,000 milestone. The popular cryptocurrency has not stopped rising since Trump won the presidential election.
In fixed income, the ten-year US debt bond offers a return of 4.397%, while the two-year bond pays 4.332%.