Stock market: Wall Street ends without direction, wait and see before a major indicator on Tuesday

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MARKET REVIEW. The New York Stock Exchange ended slightly lower on Monday, not maintaining its initial momentum in a quiet session ahead of a most anticipated retail sales indicator on Tuesday.

The clues

In Toronto, the S & P/TSX lost 85.45 points (-0.39%) to 21,683.08 points.

In New York, the S & P500 dropped 0.05 points (-0.00%) to 4,682.80 points.

ang Nasdaq dropped 7.11 points (-0.04%) to 15,853.85 points.

ang DOW dropped 12.86 points (-0.04%) to 36,087.45 points.

ang loon reached US $ 0.0018 (+0.23%) to US $ 0.7992.

ang oil increased by US $ 0.16 (+0.20%) to US $ 80.95.

L ‘gold fell US $ 3.80 (-0.20%) to US $ 1,864.70.

ang bitcoin fell from US $ 992.50 (-1.54%) to US $ 63,553.96.

The context

Wall Street has already begun, treading the path of the third consecutive positive day, well focused on a better -than -expected indicator.

The “Empire State” index that measures manufacturing activity in the New York region came out at 30.9 points, against 20.3 expectations. But the indices stuck at the end of the morning and went red.

“When you see that utilities are the most prominent sector today, it shows that investors don’t want to take any risks,” said Jack Ablin, head of investment at management company Cresset Capital.

Conversely, the bond market has shown some signs of nervousness. The average 10-year U.S. government bond rate jumped 10 basis points (0.1 percentage points), before falling slightly. It stands at 1.62%, against 1.56%.

Investors are set on Tuesday’s headline indicator, U.S. retail sales for October, which will provide new information on U.S. consumer health.

A figure lower than the consensus (+1.5% over a month) could testify to an unfavorable delay before the holidays.

But, Jack Ablin warns, “a high indicator could bring inflation back” into the minds of investors and authorities and “encourage the (US Central Bank) to act sooner than expected”, which would be unfavorable to equity markets.

Meanwhile, some stocks stood on the stock exchange on Monday, such as Boeing (BA) (+5.49%), which benefited from several orders for cargo planes announced at the Dubai Air Show.

The American aircraft manufacturer is benefiting from the acceleration of air freight, which exceeded its levels in 2019, before the pandemic began, unlike passenger traffic, which is still recovering.

Good day to you too WeWork (WE) (+3.38%), which reported a decrease in its losses in the third quarter and a slight increase in the occupancy rate of its premises.

New euphoric session for dear investors, Rivian (RIVN), which continued to rise (+ 14.94%), after its IPO on Wednesday. The electric vehicle manufacturer, which has just delivered its first cars, is now valued at more than US $ 130 billion in the stock market.

Its competitor Tesla (TSLA), which has long benefited from the same enthusiasm, slipped again (-1.94%), after last week’s extreme turmoil. On Sunday, CEO Elon Musk again mentioned, during the exchange of Democratic Senator Bernie Sanders, the possibility of selling more of his shares. It already offloaded approximately $ 6.9 billion of Tesla stock last week.

The oat milk specialist Oatly (OTLY) slipped (-20.81%), depressed with the publication of lower-than-expected quarterly turnover and a warning on results, associated with supply difficulties.

The American producer of iron ore pellets Cleveland Cliffs (CLF) fell (-2.60%), after the announcement that the U.S. government was ready to discuss with Japan a reduction in customs duties on steel and aluminum imposed under the Trump presidency.

Same effect on the iron group US Steel (USSX34.SA) (-2.54%), also avoided by investors.

The cheap supermarket chain Full Dollar (DLTR) jump (+ 14.28%), after the Wall Street Journal announced on Friday that activist fund Mantle Ridge had taken a stake of more than 5% in the capital and was requesting a change of strategy.

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