The New York Stock Exchange closed mixed on a surge in Treasury bond yields.
At the New York Stock Exchange (NYSE) on the 23rd (Eastern Time), the Dow Jones Industrial Average closed at 35,813.80, up 194.55 points (0.55%) from the previous day.
The Standard & Poor’s (S&P) 500 index rose 7.76 points (0.17%) to 4,690.70, and the Nasdaq index, centered on technology stocks, finished trading at 15,775.14, down 79.62 points (0.50%) from the battlefield.
Investors have been paying attention to the possibility of a response to inflation, interest rates on government bonds, and corporate earnings as Federal Reserve Chairman Jerome Powell’s second term in office.
In particular, technology stocks were hit hard by rising government bond yields. This is because an increase in interest rates has the effect of discounting the future profits of relatively overvalued technology companies. The 10-year Treasury bond yield stood at 1.65%, up more than 2bp from the previous day.
By sector, energy-related stocks rose more than 3%, and financial stocks rose more than 1%. On the other hand, tech stocks, telecommunications and consumer discretionary stocks declined.
International oil prices rose sharply. It rose even though the U.S. had a super strong push to release its strategic oil reserves (SPR) through international cooperation. On this day, West Texas Intermediate (WTI) for delivery in January next year on the New York Mercantile Exchange (NTMEX) finished trading at $78.50 per barrel, up 2.3% ($1.75) from the previous day.
This is because there was a report the day before that the Organization of Petroleum Exporting Countries (OPEC) Plus (+) Council could adjust its plan to increase production if the US releases oil reserves despite the release of oil reserves.
Experts predicted that trading volume could significantly decrease ahead of the Thanksgiving Day (25th) holiday in the United States, which corresponds to Chuseok in Korea.
LPL Financial chief financial strategist Lian Detrick told CNBC: “It’s Thanksgiving week, so the trading volume will be extremely low over the next few days, so there probably won’t be a lot of fireworks.”
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