MARKET OVERVIEW. The New York Stock Exchange closed not far from equilibrium on Monday during a session with no macro news in scattered order while awaiting crucial statistics on Wednesday’s inflation.
Canada’s main stock index edged up slightly on a fairly quiet trading day.
Consult market news (again).
Stock market indices at close of trading
In Toronto, the S&P/TSX rose by 49.04 points (+0.25%) to 19,669.17 points.
In New York, the S&P500 closed up 5.13 points (-0.12%) at 4,140.06 points.
the Nasdaq fell 13.10 points (-0.10%) to 12,644.46 points.
the DOW rose by 29.07 points (+0.09%) to 32,832.54 points.
the loons up $0.0043 (+0.5553%) to $0.7777.
the oil rose $1.28 (+1.44%) to $90.29.
L’gold ended at $13.80 (+0.77%) at $1,805.00.
the Bitcoin brought in $729.07 (+3.14%) to $23,972.49.
“It was a mixed session as Nasdaq divergence was fueled by disappointing results from the microprocessor maker NVIDIAsaid Peter Cardillo of Spartan Capital.
In the absence of macro news, markets reacted to several corporate earnings releases.
On the Nasdaq, the graphics card manufacturer, NVIDIA (NVDA)fell 6.30% to $177.93 and said it was “surprised” by the drop in video game revenue.
The group announced preliminary results for the second quarter showing a “significant slowdown in video games.”
Also on Nasdaq, the American data analysis company Palantir (PLTR) fell 14.24% to $9.82 after higher-than-expected losses in the second quarter, which were particularly impacted by unfavorable foreign exchange rates.
The American pharmaceutical company Pfizer (PFE) up 0.61% to $49.57 after announcing the acquisition for around $5.4 billion (B$). Global Blood Therapeutics (GBT)Manufacturer of a recently approved drug for a genetic disease called sickle cell disease.
While the purchase price of GBT pegged at $68.50 per share, the stock rose 4.32% to $66.60.
Markets were watching CPI inflation indices on Wednesday and expecting producer prices on Thursday as they could set the tone for the Federal Reserve’s (Fed) stance going forward.
Forecasts are for inflation to slow to +0.2% over the month versus +1.3% in June and 9.1% over the year, which may eventually indicate inflation has peaked.
Bond yields seemed to think so, falling to 2.74% from 2.82% on Friday for the 10-year Treasury.
“Bond yields are falling. Wednesday we have the CPI index if we have a little break on this side the market could go up predicted Peter Cardillo.
The expected green light from the airline regulator for Boeing (BA) deliveries of its 787 Dreamliner has hardly moved the aircraft manufacturer (+0.52% to $165.89).
The speculative action of the ailing household goods chain, Bed Bath And Beyond (BBBY)rose 39.83% to $11.41.