Wall Street up slightly ahead of tech giants’ results

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Wall Street up slightly ahead of tech giants’ results

The New York Stock Exchange ended in the green Monday, preparing for the release of the quarterly results of several tech giants (Facebook, Google, Amazon) later in the week.

Its flagship index, the Dow Jones Industrial Average, gained 0.07% to 27,171.90 points.

The Nasdaq index, with strong technological coloration, appreciated by 0.71% to 8,204.14 points.

The broad S & P 500 index rose 0.28% to 2,985.03 points.

Investors were cautious about the prospect of quarterly earnings from several Silicon Valley giants, including Facebook (Wednesday) Alphabet, Google’s parent company (Thursday), and Amazon (Thursday).

These three companies alone account for 8% of the S & P 500 and account for more than entire sectors of the coast.

Wall Street will also look forward to Boeing’s second quarter results.

This promises to be disastrous for the aircraft manufacturer, which should reveal a record loss of $ 5.6 billion related to the setbacks of the 737 MAX, his star plane grounded for more than 4 months.

The rating agency Fitch on Monday changed its outlook on Boeing’s rating, making it go from “stable” to “negative”. The aircraft manufacturer’s action lost 1.04% Monday.

“It’s going to be a busy week,” said Peter Cardillo of Spartan Capital. “Markets are encouraged by the good results already published by several large companies, but their progress remains limited by geopolitical risks and the prospect of an imminent decline in interest rates by the US Central Bank,” continued the specialist financial.

Speculation around the US Central Bank (Fed) is expected to continue this week, ahead of the next meeting of its Monetary Policy Committee on July 30-31.

The US president has already renewed Monday on Twitter his attacks against the institution, accusing him of curbing the world’s largest economy.

Donald Trump has taken over an argument developed Thursday by John Williams, the head of the New York Fed and number two of the Committee, who estimated that when the key rates are close to zero, it does not necessarily “stay the same. ‘weapon at the foot’.

In the bond market, the interest rate on the ten-year US debt dropped a bit to 2.047% against 2.055% Friday at the close.