New York stock market preview, US stock index futures fall amid profit taking…Tesla·Coinbase↓ VS Nvidia↑
[서울=뉴스핌] Reporter Go In-won = Before the New York stock market opens on the 12th (local time), major stock index futures prices are falling all at once.
The U.S. stock market, which had surged over the past few days due to the so-called ‘Trump trade’ following the election of former President Donald Trump, took a breather amid profit-taking moves before the opening of the day. The fact that price indicators such as the US consumer price index (CPI) and producer price index (PPI) are scheduled to be announced this week is also a burden on the market.
As of 7:40 a.m. Eastern time, on the Chicago Mercantile Exchange (CME), E-mini S&P 500 futures were at 6,021.50, down 8.50 points (0.14%) from the previous day, and E-mini Nasdaq 100 futures were down 28.25 points (0.13%), at 21,189.50. are traded respectively. E-mini Dow futures are also trading at 44,406.00, down 35.00 points (0.08%).
New York Stock Exchange (NYSE) trader.[사진=로이터 뉴스핌] 2024.10.03 mj72284@newspim.com
The day before, the major indices of the New York stock market all closed higher. As the Trump rally continued, the Dow ended trading above the 44,000 level for the first time, and the S&P 500 also broke the 6,000 level based on the closing price for the first time. The S&P 500 index rose about 4% after Trump’s election, and the Nasdaq index rose 5% during the same period.
Elon Musk’s Tesla, which has emerged as Trump’s strongest supporter, rallied 9.06% and its market capitalization rose to $1.1 trillion. Banking stocks such as Goldman Sachs and JP Morgan Chase also boosted the Dow.
Bitcoin temporarily broke through $89,000, hitting a new high, and related stocks soared due to expectations that the Trump administration would show a friendly stance toward cryptocurrency.
However, Tesla’s stock price has soared nearly 40% since the 5th, and market fatigue has accumulated due to the non-stop rally, and on this day, ▲Tesla (TSLA) and ▲Trump Media & Technology (DJT) each fell 1% in after-hours trading. , falling 4%. Bitcoin, which is close to $90,000, is also undergoing adjustment and related stocks are plummeting. ▲Coinbase (COIN), a mining company ▲Mara Holdings (MARA) is falling in the 1-2% range.
On the other hand, the stock price of New York semiconductor leader ▲Nvidia (NVDA) rose slightly before the market opened.
tesla store [사진=블룸버그통신]
U.S. Treasury yields, which have risen sharply since Trump was elected, are also on the rise today. The interest rate on 10-year U.S. Treasury bonds is trading at 4.363%, up 5.3bp (1bp = 0.01% point) from the previous level, and the interest rate on 2-year bonds is trading at 4.311%, up 5.7bp.
The market is paying close attention to the U.S. price index that will be released tomorrow and the day after tomorrow, following the National Federation of Independent Business (NFIB)’s October Small Business Optimism Index, which will be released today. October CPI is scheduled to be announced on the 13th, followed by wholesale price PPI on the 14th. Additionally, October retail sales, which can measure consumption, which accounts for two-thirds of the U.S. economy, are scheduled to be announced on the 15th.
The market has partially reduced expectations of an interest rate cut, depending on the impact of Trump’s policies on inflation and strong economic indicators. Nevertheless, the interest rate futures market reflects a 69% probability that the U.S. Federal Reserve will cut interest rates by 0.25% at the December meeting.
In addition, investors are paying close attention to the remarks scheduled for today by Federal Reserve officials such as Federal Reserve Director Christopher Waller, Richmond Federal Reserve President Thomas Barkin, and Minneapolis Federal Reserve President Neel Kashkari.
Meanwhile, investors are also paying attention to the possibility of a red sweep in which the Republican Party takes control of the White House, the U.S. Senate, and even the House of Representatives. Earlier that day, the election site ‘Decision Desk HQ (DDHQ)’ and the election statistics site ‘270Towin’ believed that the Republican Party had taken control of the House of Representatives with a total of 219 seats.
koinwon@newspim.com