An indecisive session right to the end on Wall Street: the S&P500 finished virtually stable (-0.06% at 4,925) after having hesitated around the equilibrium point for a long time.

No new session record for the S&P, but the Bulls can take ample consolation from the Dow Jones (+0.35%), which set its 4th record close in a row (7th this year) and looks set for a 5th to end January on a high note, at the zenith of the zeniths (at 38.467 this Tuesday).467 on Tuesday).

Profit-taking in the semiconductor sector weighed on the Nasdaq (-0.76% to 15,510), which buckled under the weight of Micron (-3.3%), AMD (-3.2% and -3.5% more after its results), Intel (-2.1%), ASML (-1.7%) and NXP (-1.1%).

One of the highlights of the session was Microsoft's quarterly results, which ended up being a non-event (share price unchanged in the after-hour). Sales were up by 18% to $62 billion (in line with consensus): the good surprise came from the cloud division, and above all the Azure platform, whose sales jumped by 30% to $25.9 billion.

On the other hand, Alphabet lost -4.5% after publishing fourth-quarter sales of $86.3 billion, up by 13%. Net income came to $20.7 billion, or $1.64/share, compared with $1.05 the previous year... but advertising costs were deemed too high.

As for the FED FOMC meeting on Wednesday, the prospect of a "status quo" is hardly in doubt, and market participants will be looking to Jerome Powell's speech for clues as to the timing of future rate cuts.

As for indicators, the publication of the ADP survey on Wednesday and the monthly US employment report on Friday will provide further information on the US economy.

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