[뉴욕증시]Earnings season begins in earnest… US stock market starts higher

10-year government bond yield stabilizes, oil prices plunge by 6%

Stock prices of all five big tech companies rising ahead of earnings announcements

On the 28th (local time), the first day of the week when the performance of 150 companies was announced, the New York stock market started rising due to expectations for the performance of large technology companies. The cooling geopolitical situation also helped the market mood.

As of 10 a.m. ET, the S&P 500 was up 0.4%. The Dow Jones Industrial Average rose 0.6%. Nasdaq, centered on technology stocks, rose 0.5%.

The 10-year government bond yield, which maintained an upward trend last week, was almost unchanged at 4.24%.

Over the weekend, as it was revealed that Israel had avoided oil or nuclear facilities during its airstrikes on Iran, international oil prices, including Brent crude and West Texas Intermediate (WTI), plunged nearly 6%.

Nvidia, which surpassed Apple last Friday and ranked first in market capitalization during the day, started on the rise, but has been fluctuating around $141.50 as of 10 a.m.

The stock prices of all five big tech companies ahead of their earnings announcements this week rose. Apple is trading at $233, up 0.8%. Microsoft is up 0.3%, and Alphabet is trading up 1.1%. Amazon.com is trading up 0.9% and Meta is trading up 0.6%.

Tesla, whose stock price soared last week when it announced better-than-expected earnings, is trading at $269, up $0.2.

“This week’s big tech earnings and jobs data will provide near-term momentum, but it’s unclear whether investors will sit back and wait until after the U.S. presidential election next week,” said Chris Larkin of Morgan Stanley E-Trade. According to him, the S&P 500 sold off the week before the 2016 and 2020 presidential elections and then surged afterwards.

“The market expects big tech companies to step up their AI commitments in technology spending,” said Ma Young-yu, chief investment officer at BMO Wealth Management, in an interview with CNBC. did it

This Friday (November 1st), the September jobs report that the market is watching will be released. On Thursday the 31st, the personal consumption expenditures (PCE) price index for September will be announced, and on Wednesday the 30th, preliminary figures for the US gross domestic product (GDP) for the third quarter will also be announced.

Guest reporter Kim Jeong-ah kja@hankyung.com