New York Stock Exchange“/>
New York Stock Exchange
(AFP = Yonhap News file photo)
(New York = Yonhap News) Kim Hyun, Yonhap Infomax Correspondent = The New York stock market started on an upward trend with large technology stocks showing strength while trading volume was lower than usual in celebration of Columbus Day (second Monday in October), a U.S. federal holiday.
Columbus Day was first designated as a public holiday in 1937 to commemorate the arrival of European explorer Christopher Columbus on the North American continent. However, in the wake of reevaluation of indigenous peoples’ history and political controversy, an increasing number of organizations stopped commemorating the event, and President Joe Biden declared this day as ‘Indigenous Peoples Day’ in 2021.
The U.S. bond market was closed on this day, but the stock market was operating normally.
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As of 10:40 a.m. on the New York Stock Exchange (NYSE) on the 14th (local time), the Dow Jones Industrial Average, a blue-chip stock group, is recording 42,905.26, up 41.40 points (0.20%) from the previous day.
The large-cap benchmark Standard & Poor’s (S&P) 500 index rose 41.11 points (0.71%) from the previous day to 5,856.14, and the NASDAQ composite index centered on technology stocks rose 182.92 points (1.00%) to 18,525.86.
The Dow and S&P 500 indices are on a high, setting new all-time records for two consecutive trading days. The Nasdaq index is also expanding its stride and heading toward a record-breaking pace.
The Russell 2000 index, which consists of small and mid-cap stocks, also showed strong performance.
The three major indices all closed higher on the 11th, the previous trading day. In September, the U.S. Producer Price Index (PPI) allayed concerns about a stagnant inflation slowdown, and large banking stocks such as JP Morgan and Wells Fargo, which are considered ‘windvanes of the corporate earnings announcement season,’ announced good earnings, leading to the Dow and S&P 500 indices. It broke all-time highs one after another during the day and even set a new record for the highest closing.
On this day, with a holiday atmosphere and no special ingredients, the market is showing a steady upward trend. Market participants appear to be looking forward to the third quarter performance of major companies, which began last week with large bank stocks.
According to Bank of America, about 30 S&P 500 companies have announced their third quarter results so far, and their performance has exceeded market expectations by an average of 5%. This figure is better than the record of ‘above 3%’ at the same time last quarter.
Economic media outlet CNBC reported that the stock market is rising, breaking new highs, but investors are concerned about the U.S. presidential election that is just three weeks away, the surge in government bond yields, uncertainty about the direction of the Federal Reserve’s interest rate cut, and heightened geopolitical risks in the Middle East. He said he was still anxious.
However, Adam Crisafulli, an analyst at investment information company Vital Knowledge, said the U.S. stock market has so far endured high valuations and geopolitical risks, and is experiencing ‘four major macroeconomic tailwinds’ including economic stimulus, resilient economic growth, disinflation, and sound corporate performance. He predicted that “the stock market will maintain its upward trajectory.”
The U.S. stock market has maintained a strong market for the past two years, and the S&P 500 index has risen more than 23% so far this year. The rise rate after the crash in October 2022 reaches 63%.
On this day, Boeing, the world’s largest aviation company, announced that it plans to lay off 10% of its global workforce, or about 17,000 people, and its stock price fell by more than 2%.
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Caterpillar, a large heavy equipment manufacturer that is a symbol of the U.S. manufacturing industry, lost more than 2% in its stock price after Morgan Stanley lowered its investment opinion to ‘underweight’ and lowered its target stock price from $349 to $332, expressing concerns over changes in performance.
Tesla, a leader in electric vehicles, held a Robotaxi Day event after the market closed on the 10th and its stock price plunged 8.78% the next day, but is showing a rebound on this day.
NVIDIA is maintained as a ‘top pick’ by investment bank TD Cowen, emphasizing its status as a leader in artificial intelligence (AI), and its stock price is trading at the $139 level, up 3% from the previous trading day.
Nvidia, Microsoft, Apple, Alphabet (Google’s parent company), Tesla, Amazon, and Meta (Facebook’s parent company), which belong to the large technology stock group ‘Magnificent 7’, all opened with an upward trend.
European stock markets are also showing an upward trend.
The German DAX index rose 0.60%, the British FTSE index rose 0.31%, and the pan-European index STOXX600 rose 0.45%.
International oil prices fell sharply.
The price of West Texas Intermediate (WTI) for November delivery, which is a nearby contract, is trading at $73.94 per barrel, down 2.14% from the previous session, and the global benchmark Brent crude oil price for December delivery is trading at $77.41 per barrel, down 2.06% from the previous session.
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2024/10/14 23:58 Sent
