Tech stocks lead gains on Wall Street; Rose Merval m…

Good evening! OsoToro brings you the daily summary of the markets closing

🇺🇸 On the streets of Wall Street:

Tech stocks posted their best day in two weeks on Monday, prompting Wall Street to close in positive territory as investors weigh the possibility of a soft landing for the economy.

The S&P 500 closed up 0.57%, while the Nasdaq Composite (CCMPDL) ended the day up by 1.05%. AI darling Nvidia Corp. (NVDA), among other corporate giants, advanced today after the technology index posted its biggest weekly losing streak of the year last Friday, dropping 3.5%.

“Some significant market pullback since July 31 suggests to us that a refreshing stop, rather than an end to the bull market, has likely occurred,” John Stoltzfus, chief investment analyst at Oppenheimer & Co., wrote in a note. “We continue to believe, based on improving economic and trade fundamentals, that the US economy can indeed avoid a recession in this cycle,” he said.

In contrast, Lisa Shalit, chief investment officer at Morgan Stanley Wealth Management, believes that the US economy is already in a recession. Which will then affect the service sector. “Consumption, profit margins and corporate pricing power still have to be restored, and the delayed impact of tighter policy should eventually put pressure on nominal earnings,” he wrote.

Later this week, traders’ attention will be on the minutes of the Federal Reserve’s latest policy meeting, looking for clues about the central bank’s next move. Investors betting on a shift to looser policy this year may have to adjust their bets if officials signal they will keep interest rates higher for longer to appease inflation, which remains stagnant.

🌎 In the region:

In Latin America, stock markets closed mixed with Brazil’s Ibovespa (IBOV) leading the biggest losses among regional peers and Argentina’s Merval (Merval) leading the gains amid a very volatile day after the PASO elections held on Sunday, August 13th.

Merval closed 3.30% higher after an election surprise that made markets tremble after the victory of economist Javier Melly. Modified advantage in the race for the presidency of the country. Milly won first place in 16 of the country’s 24 constituencies.

At the beginning of the day, the stock index fell, but eventually the prices recovered and adjusted their values, mostly due to the impact of the devaluation.

Cresud arrow (CRES), YPF SA (YPFD) and Argentine stock exchanges and markets (BYMAGet the best returns from the trading session. He reviewed a report from the 1816 Consulting Firm: “Yesterday is a black swan.” “It was not anyone’s baseline scenario and it forces us to recalculate investments,” he added.

Ibovespa ended the day with a loss of -1.06% weighed by the behavior of Consumer Non-Essential Products, Health and Materials sectors. A drop in Vale (VALE3) drove the index lower. Mining, which has the largest weighting in the index calculation, fell -3.10% amid expectations of a slowdown in China. On the other hand, the stock that fell the most during the day was YDUQS (YDUQ3), which lost -14.46%.

On Monday evening, the government is expected to release data on economic activity, such as industrial production. Experts predicted that the numbers confirm a slowing economy.

🍝 Dinner info:

A new report from the British company Online Mortgage Advisor shows that buying or renting a property in Latin America is more difficult, given that salaries are more serious to cover all needs amid high food inflation in the region.

Santo Domingo in the Dominican Republic is the city where it is difficult to rent a property due to the high price increase compared to what their average salary can cover, Research has revealed that they now need 88% more of their salary.

The Dominican capital records the largest change in terms of rental economic power in the region. In 2018, those earning an average salary in Santo Domingo had to spend 110% ($392.99) of their income renting an apartment in the center. In the past four years this figure has risen to 198% ($915.04 USD).

In second place came Guatemala City, where the monthly rental income increased by 143.92%; Then Cancun, Mexico with a 102.62% variance in the last four years. The top 10 in the ranking is completed by the Brazilian cities of São Paulo, Goiânia and Brasilia, as well as Buenos Aires, Belo Horizonte, Medellin and Monterrey.

➡️ Worst cities in Latin America to buy and rent a home