[한국강사신문 한상형 기자] According to Yonhap News, the New York stock market opened lower on sluggish economic indicators.
As of 10:30 a.m. on the New York Stock Exchange (NYSE) on the 4th (US eastern time), the Dow Jones 30 Industrial Average is recording 33,503.90, down 97.25 points (0.29%) from the battlefield.
The Standard & Poor’s (S&P) 500 Index recorded 4,119.18, down 5.33 points (0.13%) from the battlefield, and the Nasdaq Index showed 12,177.38, down 12.07 points (0.1%) from the battlefield.
On this day, the New York stock market declined following an upward start.
It is interpreted that the stock price was pulled down as the US economic indicators came out at a level that was sluggish than expected.
The number of job postings in the US in February was 9.9 million, down by regarding 630,000 from the previous month’s revised figure of 10.56 million. It is the first time since May 2021 that job openings have fallen below 10 million in nearly two years.
The decrease in job postings is interpreted as meaning that the overheated US labor market is slowing down.
Massive layoffs are already taking place in the United States, centering on large technology companies such as Facebook’s parent company Meta Platforms and Amazon.
Factory orders in the US in February fell 0.7% from the previous month. This is a larger decline than Wall Street expected.
Declining corporate employment and sluggish manufacturing indicators have summoned fears of a recession.
According to GDP Now, a gross domestic product (GDP) estimation model of the Federal Reserve Bank of Atlanta (Federation Bank), the growth rate in the first quarter of this year is expected to be around 1.7% per year. The growth rate forecast, which was 3.5% just two weeks ago, has been revised down rapidly.
The value of the US dollar also weakened sharply amid sluggish economic indicators.
Industrial, energy, materials and financial sectors in the S&P 500 index fell.
Technology, telecommunications, health, real estate, consumer goods and utilities sectors rose.
By stock, Tesla’s share price fell slightly. According to the China Passenger Car Association (CPCA), Tesla said it delivered 88,869 Tesla vehicles produced in China in March. This is a 35% increase compared to the same period last year. Tesla’s share price showed an upward trend in the early hours of the trading session, but then declined.
Shares of online marketplace company Etsy rose 3%. Wall Street investment firm Piper Sandler raised Etsy’s stock price by raising its investment rating.
In contrast, Boeing shares fell more than 2%. It is interpreted as the influence of North Coast Research’s ‘sell’ opinion on Boeing.
New York stock market experts feared that the financial market might take a long-term hit due to the economic downturn and banking crisis.
Julien Emmanuel, senior director of Evercore ISI, a Wall Street investment advisory firm, told CNBC that he predicted a recession this year.
“We’ve been through tightening over the past year, and now we’re only feeling the initial effects of tightening,” he said.
The head of JP Morgan Chase, America’s largest bank, said the crisis triggered by the Silicon Valley Bank (SVB) crisis is ongoing.
“The current crisis is not over yet,” JP Morgan chairman and chief executive officer Jamie Dimon said in a letter to shareholders on the same day. However, CEO Dimon emphasized that the current situation is completely different from the 2008 financial crisis.
European stock markets were mixed.
Germany’s DAX index rose 0.64%, while the UK’s FTSE index fell 0.04%. France’s CAC index is up 0.48%, while the pan-European STOXX600 index is up 0.21%.
Meanwhile, international oil prices, which had soared due to concerns over production cuts, moved above $80 per barrel.
The price of West Texas Intermediate (WTI) in May fell 0.07% from the battlefield to $80.45 per barrel, and the price of Brent crude in June fell 0.14% from the battlefield to $84.81 per barrel.