[서울=뉴스핌] Reporter Go In-won = Before the opening of the New York stock market on the 15th (local time), major stock index futures remained flat. As the New York stock market continues its bull market, with the Dow index hitting an all-time high the day before, the market is taking a breather ahead of today’s opening.
As of 7 a.m. Eastern time, on the Chicago Mercantile Exchange (CME), E-mini S&P 500 futures rose 1.50 points (0.03%) from the previous day to 5,905.89, and E-mini Nasdaq 100 futures rose 1.75 points (0.01%) to 20,621.00. indicated. On the other hand, E-mini Dow futures pointed to 43,337.00, down 26.00 points (0.06%).
The day before, the New York stock market’s S&P 500 index and Dow Jones index broke new intraday highs and closed at an all-time high. In particular, the Dow rose more than 200 points, exceeding the 43,000 mark for the first time.
The stock price of NVIDIA, a major semiconductor leader in the New York Stock Exchange, broke its previous high at $138.07, and the information technology sector among the S&P 500 industries showed strength, driving the index’s rise due to the rise in the stock prices of artificial intelligence (AI)-related companies. Nvidia’s stock price has risen more than 178% this year alone, closely following Apple, which ranks first in market capitalization.
Scott Kronert, a U.S. stock strategist at Citigroup, a large U.S. bank, said in an interview with CNBC, “The S&P 500 appears to be significantly overvalued, but (the rise) could continue if supporting news continues to emerge.”
Major indexes have reached record highs, but the market is highly volatile this week due to the valuation burden caused by the continued rise in stock prices, the US presidential election that is three weeks away, a sudden rise in US Treasury yields, uncertainty surrounding the Federal Reserve’s monetary policy, and a sense of crisis in the Middle East. It is expected that the market will continue.
In particular, the market is paying attention to companies’ earnings announcements that will be released on this day. Following JPMorgan Chase and Wells Fargo last week, Goldman Sachs, Citigroup, and Bank of America will release their quarterly earnings today. In addition, Johnson & Johnson (J&J), Walgreens Boots Alliance, United Health Group, and Charles Schwab are scheduled to release their earnings on this day.
In addition to corporate performance, the market is expected to gauge whether the US economy will have a soft landing by looking at economic indicators such as US September retail sales, which will be announced on the 17th. Experts expect retail sales, which account for 70% of the U.S. economy, to rise 0.3% in September. If retail sales fall below expectations, economic concerns could arise again.
While the bond market, which had been closed the previous day for Columbus Day, reopened today, long-term U.S. Treasury yields are trending down slightly. In the New York bond market, the 10-year maturity US Treasury bond interest rate was 4.067%, down 0.06bp (1bp = 0.01% point) from the previous day. The 2-year bond, which is sensitive to policy interest rates, rose 1.1bp to 3.952. Bond yields move in the opposite direction to prices.
The stock price of Bank of America (stock name: BAC) is rising by more than 1%. The bank announced before the opening of the day that its net profit per share was 81 cents and sales were $25.49 billion, both exceeding Wall Street forecasts (77 cents, $25.3 billion). JP Morgan Chase and Wells Fargo, which had previously reported performance, also reported better-than-expected performance, raising expectations for a soft landing in the U.S. economy.
On the other hand, global beauty company ▲COTY’s stock price is falling nearly 5% before market opening. This is because the sales growth rate for the first quarter of its fiscal year announced by the company on this day was lower than originally expected. The company’s stock price has fallen more than 26% this year alone.
▲Nvidia (NVDA), which hit an all-time high during the day the previous day, is also falling by more than 1% before the market opens.
The stock prices of Chinese companies listed on the New York Stock Exchange are falling all at once as China’s September import and export figures announced on this day were confirmed to fall short of expectations. The stock prices of Chinese e-commerce companies ▲JD.com (JD), ▲Pinduoduo Holdings (PDD), and ▲Alibaba (BABA) are falling 4-7% before market opening.
