NEW YORK– Wall Street opened higher on Friday as it tries to end the week on a positive note ahead of a holiday weekend and a sharp decline on Thursday.
In early trading, the Dow Jones rose 0.09%, the technology Nasdaq gained 0.30% and the broader S&P 500 index gained 0.30%.
The New York stock market ended lower on Thursday, after a trend reversal following the publication of indicators that showed a rebound in economic activity in the United States.
The data pushed up Treasury bond rates.
The main index, the industrial Dow Jones, lost 1.53%, the technological Nasdaq 0.39% and the expanded S&P 500 index lost 0.74%.
Wall Street The day began positively, after the results of the semiconductor giant Nvidia, which gained 9.32% in a single session this Thursday.
The firm gave forecasts for the year much higher than analysts’ projections.
“It’s just remarkable, but it wasn’t enough” to keep the stock market up, said Steve Sosnick of the consulting firm Interactive Brokers.
The S&P Global composite index that measures economic activity in the United States registered its highest level in 25 months in May.
Both services and manufacturing grew.
“These data told a story that the market did not want to hear, that of a solid economy, which could see price increases,” Sosnick said.
This panorama suggests a contractionary monetary policy (high interest rates) for a longer period of time, something that the stock market is not satisfied with.
“The bond market was the first to react, followed by stocks,” Sosnick noted.
The yield on the 10-year Treasury bond touched 4.50% before falling to 4.47% from 4.42% at the close on Wednesday.
The technology giants Apple (-2.11%), Amazon (-1.14%) and Alphabet (-1.65%) ended clearly negative.
Among the day’s losers, the giant organizer and promoter of concerts and entertainment events Live Nation fell (7.81%) after the Department of Justice sued it in federal court, accusing it of anti-competitive practices. The government wants Live Nation and its ticketing subsidiary Ticketmaster to split up.
Source: With information from AFP.
