Wall Street opened this Monday in mixed territory and the Dow Jones Industrial Average rose 0.25%, while the shares of the technology company Nvidia, “the pretty girl” of the stock market thanks to artificial intelligence (AI), fell again.
Ten minutes after the opening of the trading floor, the Dow Jones It stood at 39,248 points; The selective S&P 500 fell 0.04%, to 5,461 units, and the technological Nasdaq fell 0.25%, to 17,644 units.
The New York stock market is coming off a week of gains, boosted by the chip manufacturer’s shares Nvidiawhich reached $3.34 trillion in market capitalization and briefly surpassed Microsoft on Tuesday as the most valuable company in the United States.
However, according to analysts, there are signs of exhaustion in the market, especially with Nvidia’s consecutive asset sales: the company opened this morning with a drop of 4% and thus prolonged its losses of recent sessions. The AI boom has boosted the stock market this year, although some investors fear that the euphoria around this technology is part of a bubble that will burst sooner or later.
“Despite concerns about an AI bubble, earnings growth is largely in line with expectations. The benefits around AI companies remain extremely strong”analyst Tom Essaye notes this Monday in his daily Sevens Report.
Beyond AI, Bitcoin, the most used cryptocurrency on the market, fell briefly before the stock market opened and stood at $60,666, its lowest level in more than a month. According to analysts, the possibility that the US Federal Reserve (Fed) will lower interest rates in September could encourage investors and stabilize the price of bitcoin.
In this sense, operators await the publication this Friday of the personal consumption expenditure price index, one of the central bank’s key indicators. By sector, almost all of them opened in green, and the gains in energy (1.33%) and raw materials (0.58%) stood out, while the only sector that fell was technology (-0.96%). .
Among the 30 values of the Dow Jones International Business Machines (2.06%) and Chevron (1.42%) led the advances, and the biggest losses were for Salesforce (-1.55%) and Microsoft (-0.52%). In other markets, Texas oil (WTI) opened this Monday with a drop of 0.14%, to $80.62 per barrel, with the market awaiting a possible strengthening of gasoline demand in the United States.
Source: Elcomercio
I am John Casanova. I am an author at 24 news recorder and mostly cover economy news. I have a great interest in the stock market and have been writing about it for many years. I am also interested in real estate and have written several articles on the subject. I am a very experienced investor and have a lot of knowledge to share with others.
