![[뉴욕증시] “There’s a lot of money to spend”… ‘Excellent’ in realizing profits ahead of the holidays](https://pimg.mk.co.kr/news/cms/202411/28/news-p.v1.20241128.0e8b8c3a58594e7d97297882a9964907_R.png "[뉴욕증시] “There’s a lot of money to spend”… ‘Excellent’ in realizing profits ahead of the holidays")
news/cms/202411/28/news-p.v1.20241128.0e8b8c3a58594e7d97297882a9964907_R.png" data-width="550" data-height="366"/> Enlarge photo U.S. President Joe Biden (right) is pardoning turkeys with John Zimmerman, president of the American Turkey Association (left), and his son, Grant Zimmerman, at the turkey pardon ceremony held at the White House in Washington, D.C. on the 25th (local time). . On this day, President Biden presided over the last Thanksgiving turkey pardon ceremony during his term. (Source = EPA Yonhap News)
The New York stock market, which was continuing its upward rally, all major indexes fell due to investment sentiment that began to ‘harvest profits’ ahead of the Thanksgiving holiday.
On the 28th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed trading at 44,722.06, down 138.25 points (0.31%) from the previous day. The Dow stopped hitting record highs in four days. The Standard & Poor’s (S&P) 500 index also closed at 5998.74, down 22.89 points (0.38%) from the previous day, and the Nasdaq Composite Index closed at 19,060.48, down 115.10 points (0.6%).
Major economic indicators were released in the early hours of the day ahead of the holiday season. The U.S. Department of Labor announced that the number of new unemployment insurance claimants last week was 213,000, a decrease of 2,000 from the previous week. The provisional GDP growth rate for the third quarter announced by the Ministry of Commerce also recorded 2.8%. However, the indicators generally met market expectations and did not have a significant impact on the stock market flow.
Rather, the movement to convert this year’s gains into profits ahead of the Thanksgiving holiday, America’s largest holiday, and the end of the year, dragged down the stock market. The New York Stock Exchange will be closed on the 28th, Thanksgiving Day, and will close early on the next day, the 29th, for Black Friday, the year-end shopping period.
As profit-taking centered on technology stocks became prominent, the ‘Magnificent 7’ large technology stock group all fell except for Alphabet, which rose slightly by 0.07%. Meta fell slightly by 0.76%, Microsoft closed by 1.17%, and Amazon closed by 1.02%. Not only Nvidia (-1.15%), but also major semiconductor stocks such as Intel (-1.66%), Micron (-3.54%), and Taiwan’s TSMC (-1.44%) also fell.
On the other hand, electric vehicle stocks excluding Tesla avoided the downward trend. Rivian’s stock price soared nearly 6% with the news that it had received a conditional loan of $6.6 billion (about 9.2 trillion won) from the government. In addition, Lucid finished trading at $2.17, up 1.64%, and Nikola closed at $1.96, up 0.51%.
Meanwhile, international oil prices remained in a flat range as the ceasefire agreement between Israel and the Lebanese armed group Hezbollah went into effect this morning, with an eye on whether the ceasefire was implemented and the results of the OPEC+ meeting, a consultative body between major oil producing countries. On the New York Mercantile Exchange, U.S. West Texas Intermediate (WTI) crude oil for January delivery closed at $68.72 per barrel, down $0.05 (0.07%) from the previous trading day. On the ICE Futures Exchange, Brent oil for January delivery also rose $0.02 (0.03%) to $72.83 per barrel.
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