(Boursier.com) — Wall Street offered an ample rebound at the start of the session. The Nasdaq bucked the trend in the wake of major Asian tech stocks after Beijing loosened control over the video game industry. that S&P500 climbed 1.60% to 3,844 points, while Dow Jones progress of 0.92% to 33,179 points. that Nasdaq gains 2.40% at 10,458 points. China’s industry regulator on Wednesday granted marketing licenses to 45 foreign games, including Nintendo’s “Pokémon Unite,” published by Tencent, after an 18-month freeze. The slight relaxation in bond yields also supports the indices.
Investors are thus making purchases on the cheap after a particularly delicate 2022 financial year for the US market. In addition to questions about the impact of the rapid rise in interest rates by the major central banks, the cause of much of the decline in the indices in 2022, there are now fears of the outbreak of the epidemic in China, as Beijing appears to have abandoned its “zero Covid” policy. Several countries, including Italy and the United States, now require air passengers arriving from China to present a negative Covid-19 test before entering their territory. Bad news for the airline industry.
While business news is winding down, today’s macro program is hardly more extensive. Weekly jobless claims rose slightly in the US last week. The US Department of Labor has just announced that for the week ending December 24, the number of jobless claims reached 225,000, an increase of 9,000 over the previous week. A development in line with market expectations.
In the foreign exchange market, the dollar fell with a dollar index of 103.7 pts (-0.4%), while the euro extended its gains (+0.55%), above $1.066 interbank. Bitcoin is trading below $16,650. Finally, in the oil market, the barrel of Brent fell 1.5% to 82 dollars, punished as yesterday by the resurgence of the coronavirus epidemic in China, the world’s largest consumer of crude oil.
* You are here confirms its rebound with a title that climbs more than 7%. The stock, which ended a seven-session bearish streak yesterday, lost nearly 70% in 2022, logically recording the worst fiscal year in the manufacturer’s stock market history. Elon Musk, the group’s chief executive, told his employees not to worry about the current “stock market frenzy”, believing that Tesla would be the most valuable company in the world in the long term. “When we show continued excellent performance, the market will recognize that,” the executive said in an email obtained by Reuters. In the same note, the billionaire asked his employees to work twice as hard: “Please do everything for the next few days and volunteer to help deliver if possible. This will make a real difference”. Statements that come because the manufacturer could miss its delivery target in the fourth quarter, especially due to the increase in coronavirus contamination in China.
* Southwest up 3.5% after falling 11% over the past two days. The stock remains under scrutiny as the airline struggles to get back on track after canceling thousands of flights over the past week following the winter storm that swept through the US.
* General Motors (+2.6%), Amazon (+2.3%) and fedex (+2%) wins. From January 1, the US administration will introduce a tax credit to encourage delivery and logistics companies to switch to electric cars.
* Goldman Sachs (+0.6%) is preparing to cut the workforce. Rumors of the loss of several thousand jobs in the investment bank have circulated for several weeks in the trading rooms. But David Solomon, the head of the Wall Street establishment, himself indicated that the group would take action in his traditional end-of-year message sent to staff. “We are conducting a careful review and although discussions are still ongoing, we expect our downsizing to take place in the first half of January,” the executive said. “Various factors are affecting the business landscape, including tighter monetary conditions slowing economic activity. For our management team, the focus is on preparing the business for these headwinds. We must proceed with caution and manage our resources wisely.”
The company may seek to cut up to 8% of its workforce, or up to 4,000 jobs, to cope with falling profits, people close to the bank recently told Bloomberg, although the final figure may be lower. Senior managers were asked to identify potential cost-cutting targets, agency sources said. While GS is on track to generate about $48 billion in revenue by 2022, the second-best performance after last year’s record, the group has seen its costs rise in a markedly less favorable environment.