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(New York = Yonhap News) Haram Lim, Correspondent for Yonhap Infomax = The New York stock market closed lower as the sell-off of technology stocks continued.
At the New York Stock Exchange (NYSE) on the 20th (Eastern Time), the Dow Jones Industrial Average closed at 34,715.39, down 313.26 points (0.89%) from the previous day.
The Standard & Poor’s (S&P) 500 index closed at 4,482.73, down 50.03 points (1.1%) from the previous day. The tech stock-focused Nasdaq Index closed at 14,154.02, down 186.23 points (1.3%) from the previous day.
On this day, the three major indices started rising in the early morning, indicating an attempt to rebound from the previous day’s sharp decline.
At one point during the day, the Nasdaq Composite rose more than 2%, but showed a downturn towards the close of the market.
On the same day, a sell-off led by technology stocks sharply cooled the market sentiment, and low-priced buying did not gain strength.
Fears of early austerity by the US Federal Reserve (Fed) have recently weighed on investor sentiment in the New York Stock Exchange.
While the Nasdaq Composite Index fell more than 10% from its previous high the previous day and entered a technical correction zone, the Dow Jones Industrial Average also closed below its 200-day moving average.
It is the first time since December of last year that the Dow Jones Industrial Average fell below the 200-day moving average based on the closing price.
Some experts and institutions commented that the stock has not yet hit a bottom.
JP Morgan Asset Management has warned that tech stocks could take further damage if the Fed tightens more than the market expects.
HSBC also downgraded its investment opinion on US stocks from ‘overweight’ to ‘neutral’ in a report released on the same day. HSBC has maintained a buy recommendation for US stocks since the inauguration of US President Joe Biden.
In a letter to investors on the afternoon of the same day, Bespoke Investment Group said, “The stock price showed an upward trend until lunchtime, but there was a strong sell-off in the afternoon.”
LPL Financial’s Ryan Detrick said, “Investors should know that the market is going to be even tougher this year.” There may be,” he said.
American insurance companies Travelers and American Airlines reported favorable earnings on the same day, but failed to improve market sentiment.
Meanwhile, after the market close, Netflix announced earnings that fell short of market expectations. Netflix added 8.28 million subscribers in the fourth quarter of last year. This is lower than the Wall Street estimate of 8.39 million.
By stock, Nvidia and Amazon.com fell 3.66% and 2.96%, respectively. Apple also fell 1.03%.
The share price of Peloton, an American home training and exercise equipment company, plummeted by more than 23% due to the possibility of temporarily halting production of some products.
Unemployment data released today suggested that the spread of the micron mutation could have a more negative impact on the US economy.
According to the U.S. Department of Labor, the number of claims for unemployment insurance in the week ending March 15 stood at 286,000, up 55,000 on a seasonally adjusted basis from the previous week.
The number of claimants for unemployment insurance was the highest in three months since October last year.
On the other hand, the Philadelphia Federal Reserve (Fed) index recorded 23.2 in January, showing an improvement from the previous month.
Meanwhile, the People’s Bank of China announced on the previous day that it lowered the loan preferential rate (LPR), which serves as the de facto base rate, by 0.1 percentage point to 3.7%. Interest rates fell for the second month in a row.
The volatility index, called Wall Street’s fear index, continued to soar. The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) rose 1.74 points, or 7.3%, to 25.59.
hrlim@yna.co.kr
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2022/01/21 06:39 Send
