Wall street has closed mixed (Dow Jones: -0.80%; S&P 500: -0.56%; Nasdaq: + 0.03%) and the Nasdaq has once again stayed at the gates of 10,000 points. The technology sector concentrates the preferences of investors after the pandemic because it is considered the main winner in the current scenario of economic uncertainty, but the indexes have not been able to maintain the initial gains, after the store closings announced by Apple in some American states.
One of the main references this Friday has been the 'quadruple hour witch', the quarterly maturity of derivatives. A time when the 'strong hands' of the market adjust their positions for the next three months.
The first reaction of the market has been bullish and has brought the Nasdaq until near the historical maximum that marked a few days ago in 10,086 points. For his part, the S&P 500 it has traded above 3,100 points, less than 10% from its previous record.
However, in the final part both indexes have reduced their progress. In any case, the week has been bullish, with increases of 1% for the Dow Jones, 1.9% for the S&P 500 and 3.7% for the Nasdaq.
In addition, another positive factor has been the announcement that China will increase its purchases of American agricultural products to comply with the first phase of the trade agreement. This has reduced fear of an economic clash between the two powers.
During the last days, the promise of the Fed that will buy corporate bonds directly on the market, and the good retail sales data for May, have contributed to the good tone on the New York Stock Exchange.
At the moment, the bags do not show excessive fear about the coronavirus expansion in US territory. So far, almost 2.2 million Americans have been infected and have died more than 118,000, according to data from Johns Hopkins University. The southern states are now the most affected, but there is no longer talk of confining the population, but of coexisting with the pandemic.
At the business level, Apple has turned downward after setting record highs after announcing the closure of its stores in the states most affected by the Covid-19 outbreak.
TECHNICAL ANALYSIS AND OTHER MARKETS
"How much more can the Nasdaq go up? No one knows, let's not kid ourselves," he says. José María Rodríguez, analyst at Bolsamanía. "The really important thing is not that. The important thing is that the trend is still impeccably bullish, building increasing minimums and maximums for more than ten years. Once again it has been shown that the strength remains on wall street and in technology, mainly ", concludes this expert.
In this sense, Goldman Sachs will continue betting on him technology sector considering that it meets the main positive conditions to lead the world stock markets in the short and medium term, as it has done during the last decade.
During the March crash and the subsequent recovery that global markets have registered, the sector has been supported by its quality, which Goldman summarizes in three reasons to buy these types of companies: "solid balance sheets, high profit margins and income resilience", has explained David Kostin, chief equity strategist at the US bank.
In other markets, the West Texas oil It is up 2% to $ 39.53, following a stronger OPEC commitment to cut output. Besides, the ounce of gold It has rebounded 1.2%, to $ 1,752, while the euro it has depreciated 0.17% and changes to $ 1,1182. Finally, the profitability of 10-year American bond it has dropped to 0.69%.
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