The New York Stock Exchange ended in scattered order on Tuesday after a volatile session after a long weekend, even as the Dow Jones hit a new record.
According to final results, the Dow Jones finished up 0.20% to 31,522.75 points, a new high.
The Nasdaq, with a strong technological concentration, fell 0.34%, for the first time in three sessions, to 14,047.50 points. The S&P 500 dropped 0.06% to 3,932.59 points.
In session, all three indices were on their way to new records before weakening as yields on ten-year Treasuries rose sharply, highlighting fears of inflation, noted analysts at Wells Fargo.
Thus, the 10-year yield on Treasury bills accelerated sharply, climbing by almost 8%, to 1.3023% against 1.2082% at the last close, the highest since the end of February 2020.
Among the 11 sectors of the S&P 500, only three were up, notably banks (+ 1.77%) and especially energy (+ 2.26%) with the rise in crude prices and the cold snap that affected seized the center of the United States.
For Schwab analysts, the bottom of the equity market remains optimistic “driven by progress on the deployment of anti-Covid vaccines and on the evolution of cases, as well as by very accommodating budgetary and monetary policies”.
In terms of economic data, the week is off to a good start with February’s unexpected surge in manufacturing activity in the highly industrial New York region. At 12.1 points, this barometer is at its highest level in seven months.
Among stocks, Palantir, the data and intelligence analysis group that floated on the stock exchange in September, tumbled 12.75%. Although the unicorn reported an above-expected first annual profit, investors were skeptical about Palantir’s customer base growth this year.
Liquor and spirits group Constellation Brands saw its stock retreat almost 4% after climbing sharply last week, as beer maker Corona is the subject of an unsolicited restricted takeover bid by TRC Capital.
Apple dropped 1.61% after Nissan denied it was in talks with the tech group to build self-driving electric cars.
The apple-based firm is also facing the project that Facebook (+ 1.28%), according to press information, to manufacture a smartwatch, which would be the rival of the Apple Watch.
The oil groups BP (+ 5.80%) and Chevron (+ 2.05%) were hailed for investment in geothermal energy.