DayFR Euro

WallStreet brakes and Nvidia corrects

The US stock market retreats after the record, S&P500 -0.4%. Dow Jones -0.6%, on its way to a ninth consecutive session of decline. Nasdaq -0.3%.

Even in November consumption is growing in the United States, the month-on-month increase was 0.7%, from +0.5% in October, revised from the +0.4% communicated. The consensus was +0.6%. Net of fuel and cars, the increase was 0.2%, consensus +0.4%. Consumption in the control group increased by 0.4%, as expected.

Industrial production recorded a drop of 0.1% in November, consensus +0.3%, from -0.4% in October.

The bond market seems to ignore the consumption data, ten-year Treasury Note at 4.39%.

Today the meeting of the Federal Open Market Committee of the Federal Reserve begins, tomorrow, at the end of the work of the body in charge of US monetary policy, the decision on reference interest rates will be announced. For the market it is the most important event of the week, not only for the size of the cut but also what could emerge from chairman Jerome Powell’s press conference.

On what matters most, or at least, should matter, there is very little doubt, investors give 97% the possibility of a quarter point cut.

WTI oil down 1.5% to $69.5. Gas Europe +3.7% to 41.7 euro MWh.
Bitcoin +2% to 107,900 dollars.

Stocks under scrutiny on Wall Street

Tesla +3%, the stock closed the session up 6.1% at $463, an all-time high. The founder of CappThesis, the technical analyst Frank Cappelleri reported yesterday to Barron’s that the shares gained approximately 1,850% between the lows of July 2010 and September 2014, subsequently gaining approximately 3,500% between the lows of June 2019 and November 2021 The stock is up about 350% from its 2023 lows this week. This could still be the case. beginning of the third monstrous leg of the stock’s rise that dates back to 2010″

Nvidia -2.5%. Although there is no news coming from the company or the market context, the stock fell yesterday into what graphic analysis calls correction territory. From the records at the end of November, the drop was 11%. However, if we look at the previous months, the balance changes, +167% since the beginning of the year.

Broadcom -5%. Yesterday it gained 11% to $250, new all-time high after +24% on Friday.

SolarEdge +13%. Goldman Sachs has reversed course by one hundred and eighty degrees, moving to Buy from Sell, the target price moving to 19 dollars, from 10.

-

Related News :