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With a range of positive corporate results and signs that inflationary pressures could ease in the United States, The stock markets extended their rallies on Tuesday.
At the closing of the Santiago Stock Exchange, the S&P IPSA jumped 1.5% to 6,469.76 pointswith the titles of Banco de Chile (3.46%), Vapores (3.44%) and Cencoshopp (3.21%) at the head of the performances, and Santander (0.23%) scoring a massive flow of more than $34.5 billion
The local selective “joined the rest of the world stock exchanges that continue to trade in risk-on“wrote in a note the portfolio manager of Chilean Shares of Zurich AGF, José Agustín Cristi. He highlighted the leadership of Vapores “in the face of better economic expectations worldwide”, and the drive of CMPC (2.93%) and Copec (1.19%) due to “the rise in the price of pulp during the last week.”
The dollar moderates its fall and returns to above $950, but remains pressured by surprising data on business weakness in the US
The best of two worlds?
The tailwind came from the US, where The Nasdaq Composite advanced 1.59%, the S&P 500 rose 1.2% and the Dow Jones grew 0.69%while market rates eased towards the shortest tranches of debt.
Signatures like General Motors (4.37%), Kimberly-Clark (5.48%) and United Parcel Service (2.43%) rose after their strong quarterly reports. And actions of the influential group of the “Magnificent Seven” headed by Nvidia (3.65%) gave a boost to the technology sector, awaiting the results of exponents that will be reported this week.
“Amazon (1.29%), Meta (2.92%) and Microsoft (1.52%) are making new highs. Prices tell you how investors are betting in terms of companies’ execution, wrote Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research. Tesla (1.8%) will publish its balance sheet today, with the market doors already closed.
Furthermore, credit conditions were eased early on, when The Purchasing Managers’ Indices (PMI) prepared by S&P Global gave a surprising sign of weakness in the US economic outlookstrengthening hopes of soon seeing an interest rate cut in the world’s leading economy.
