Apple 0.1%, Nvidia 3.9%, Google’s Alphabet 0.3%, Tesla 1.2%,
Netflix up 1.8%, AMD up 0.8%, ARM up 0.9%.
Microsoft fell 1.0%, Amazon.com 0.5%, and Meta 0.2%.
[소셜밸류=김완묵 기자] The New York Stock Exchange in the United States is showing an upward trend centered on technology and semiconductor stocks, taking advantage of the Chinese government’s large-scale economic stimulus package. However, the increase is not that large as new indicators reflecting concerns among American consumers about an economic slowdown are released.
As of 3:18 p.m. on the 24th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average is recording 42,151, up 27 points (0.06%) from the previous day.
The Standard & Poor’s (S&P) 500 index is up 9 points (0.16%) from the previous day at 5,727, and the Nasdaq Composite Index, which is centered on technology stocks, is up 84 points (0.47%) from the previous day at 18,058. The Philadelphia Semiconductor Index is up 65 points (1.31%) from the previous day at 5,091.
Among the top performers, Apple is up 0.1%, Nvidia is up 3.9%, Google’s Alphabet is up 0.3%, Tesla is up 1.2%, Netflix is up 1.8%, AMD is up 0.8%, and ARM is up 0.9%. In comparison, Microsoft is down 1.0%, Amazon.com is down 0.5%, and Meta is down 0.2%.
On this day, U.S. Treasury yields have been falling since the afternoon. As of 3:09 p.m. local time, the 10-year yield is at 3.734%, down 0.004% points (0.4bp) from the previous day, and the 2-year yield is at 3.542%, down 0.034% points (3.4bp) from the previous day.
As of 10:30 a.m., the Dow Jones Industrial Average was up 29.31 points (0.07%) from the previous day, at 42,153.96. The Standard & Poor’s (S&P) 500 Index was down 13.48 points (0.24%) from the previous day, at 5,705.09, and the Nasdaq Composite Index, which is centered on technology stocks, was down 81.42 points (0.45%) from the previous day, at 17,892.85.
According to foreign news agencies and Yonhap News, the New York Stock Exchange in the United States appeared to be continuing its ‘big cut’ rally in response to the global stock market’s favorable winds at the beginning of the opening. The Dow Jones Industrial Average rose for four consecutive trading days, hitting a new all-time high for two consecutive trading days.
However, it hesitated for a moment due to new indicators that presented a cloudy outlook for the U.S. economy. Afterwards, the index turned upward as the effects of China’s economic stimulus were belatedly reflected. The Conference Board (CB), a private economic research institute, announced that the U.S. consumer confidence index for September was 98.7. It fell significantly from the previous month (105.6) and fell short of Wall Street’s expectations (104).
According to CB, the September reading was the largest decline since August 2021. “Consumers have become more pessimistic about the future labor market situation and have also become more negative in their assessment of corporate performance and earnings,” they said.
As the Chinese government announced a powerful economic stimulus package centered on lowering interest rates and securing loan liquidity, the Chinese stock market posted its highest increase in two years, and the stock prices of Chinese companies listed on U.S. stock markets also showed a sharp rise.
E-commerce giant Alibaba jumped more than 7%, Temu parent company PDD jumped more than 11%, and JD.com jumped more than 13%. China’s largest search engine Baidu jumped more than 7%, and electric car makers Nio and Xpeng jumped more than 11%.
Shares of U.S. credit card company Visa fell more than 5% after news broke that the U.S. Justice Department was preparing to sue over its debit card monopoly. Deere, which owns the world’s largest farm equipment manufacturer John Deere, is showing a strong rally after former Republican presidential candidate Donald Trump threatened to impose a 200% tariff on the company over its plans to move production to Mexico.
Boeing shares fell 0.6% after the company rejected a 30% wage increase proposal from union members, who are on strike for a second week over contract terms.
Tesla, the leader in electric vehicles in the United States, is showing a rise of more than 1% today, following a 4.93% rise in its stock price the previous day. Tesla is building anticipation ahead of its third-quarter vehicle delivery announcement scheduled for the 2nd of next month and its robotaxi unveiling scheduled for the 10th.
“While traders welcomed the big rate cut, markets are likely to experience significant volatility in the coming weeks,” said Quincy Krosby, chief global strategist at LPL Financial. “Markets will be very sensitive to signs that the economy is weakening at a rapid pace.”
As governments around the world continue to cut interest rates, the FedWatch tool from the Chicago Derivatives Exchange Group (CME Group) reflected that there is a 42.4% chance that the Fed will cut rates by an additional 25bp in November, and a 57.6% chance that it will cut rates by an additional 50bp. The possibility of a 50bp cut is higher than the 25bp possibility.
International oil prices also showed an upward trend. The price of West Texas Intermediate (WTI) crude oil for November delivery is trading at $71.66 per barrel, up 1.83% from the previous day, and the price of Brent crude oil for December delivery is trading at $74.55 per barrel, up 1.83% from the previous day.
[저작권자ⓒ 사회가치 공유 언론-소셜밸류. 무단전재-재배포 금지]
