New York Stock Exchange, Investors’ Sentiment Swayed by Nvidia… Mixed Closing

◀ Anchor ▶

This time, we will connect to Shinyoung Securities to find out about the New York Stock Exchange news overnight.

Caster Ahn Ye-eun, please tell us.

◀ Ahn Ye-eun/Shinyoung Securities ▶

This is Shinyoung Securities.

The New York stock market closed mixed.

The Dow Jones Industrial Average rose 0.5% to hit another record high.

The S&P 500 index ended trading flat, while the Nasdaq index fell 0.2%.

The major indexes on the New York Stock Exchange continued to rise throughout the session, buoyed by the announcement of ‘favorable GDP growth rate’ in the second quarter and ‘new unemployment benefit claims’ that fell short of expectations.

But as Nvidia’s decline widened towards the end of the session, the Nasdaq turned bearish.

Nvidia, which announced its earnings after the market closed the previous day, saw its stock price plunge 6.3% on concerns about slowing long-term growth.

Other AI-related stocks, including Broadcom and AMD, also fell 0.7% and 0.5%, respectively.

Meanwhile, Best Buy, an electronics retailer that reported quarterly results that beat market expectations, ended trading up 14.1%.

These days, stocks of large technology companies are underperforming in the U.S. stock market.

‘Nvidia’ would be a representative example.

I think it’s because stock prices have already sufficiently reflected various expectations about the future during the long-term rise.

As the stock market adage goes, “The higher the mountain, the deeper the valley,” caution is needed when investing in “rapidly rising stocks” that carry a high price burden.

This was Shinyoung Securities.

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