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MARKET REVIEW. The New York Stock Exchange, which started higher the first session in June, ended hesitant as bond yields strengthened slightly and oil prices rose sharply on Tuesday.
For its part, the Toronto Stock Exchange advanced to record highs, grabbing more than 200 points thanks to gains in the energy, base metals and technology sectors. The index touched the symbolic mark of 20,000 points for the first time in its history in the morning.
In Toronto, the S&P/TSX ended the day up 245 points, or 1.24%, to 19,976 points. The Toronto index hit an intra-session high of 20,022 points.
In New York, the S&P 500 yielded 2 points, or 0.05%, to 4,202 points.
The Dow Jones advanced 45 points, or 0.13%, to 34,575 points.
The Nasdaq fell 12 points, or 0.09%, to 13,736 points.
In May, during a volatile month, the stock index Dow Jones had advanced by 1.93%, the expanded index S&P 500 had gleaned 0.55%, but the Nasdaq, with a high technological concentration, had fallen by 1.53%.
“Strong global economic data, coupled with robust manufacturing activity in the United States, has preserved optimism about the recovery and boosted the energy sectors,” Schwab analysts noted, “but it has been done. to the detriment of so-called growth stocks or the technology sector ”.
For Peter Cardillo of Spartan Capital Securities, the rise in yields on 10-year Treasuries “has taken the wind out of the veils of the technology sector a little.”
US 10-year debt rates edged up to 1.6079% from 1.5943% the day before.
More importantly, fears for inflation were reflected in the sharp rise in crude prices, Cardillo said. “Oil has risen sharply as OPEC seemed to signal to the market that it did not expect Iranian oil to enter the market immediately and that the situation was no longer one of oversupply,” he said. added the analyst.
Stocks in the energy sector climbed almost 4%, followed by real estate (+ 1.69%) and materials (+ 1.39%).
Among the indicators, the ISM manufacturing activity index for May in the United States stood up 0.5 points to 61.2%, better than expected, opening a busy week in macroeconomic news. The Fed’s Beige Book, which is due to give the pulse of the activity of the world’s largest economy before the next central bank monetary meeting, is due on Wednesday.
After the job creation in the private sector on Thursday, investors will have their eyes riveted on the official labor market figures for May on Friday. Analysts expect the unemployment rate to drop to 5.9% with job creation accelerating to 650,000, according to Briefing.com’s median forecast.
AMC and GameStop get attention
Among the titles of the day, the action AMC, favorite of online stock marketers, climbed 22.13% to 31.90 dollars, after the cinema chain raised 230.5 million dollars: it sold 8.5 million titles to the investment group Mudrick , at a price higher than that of Friday’s closing when the title had already been on the rise all week.
That of the video game distributor GameStop, also the object of individual speculators, also climbed sharply (+ 12.14% to 248.96 dollars).
Video conferencing software Zoom concluded down 1.15% to $ 327.72, and slackened more in electronic trading after the close (-1.75%), although it announced a quarterly turnover above expectations after the closing of the session.