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[New York Stock Exchange Briefing] Market Pauses Ahead of Employment Data Release…Tesla Rises 3.2%
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- The New York Stock Exchange reported that major indices fell slightly, showing a pause ahead of the November non-farm payrolls data release.
- Tesla's stock price rose by 3.23% due to expectations for autonomous driving software.
- It was reported that profit-taking occurred as the price of Bitcoin surpassed $100,000, leading to a decline in related stocks.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
The three major indices of the New York Stock Exchange fell slightly. This is interpreted as a pause ahead of the employment data release.
On the 5th (local time), the Dow Jones Industrial Average closed at 44,765.71, down 248.33 points (0.55%) from the previous session. The Standard & Poor's 500 Index fell 11.38 points (0.19%) to 6,075.11, and the Nasdaq Composite Index dropped 34.86 points (0.18%) to close at 19,700.26.
Ahead of the November U.S. non-farm payrolls data release on the 6th, the indices showed little movement. The non-farm payrolls data is the last official employment data to be released before the December Federal Open Market Committee (FOMC) meeting.
Recently, officials from the Federal Reserve have shown caution, stating that more data needs to be confirmed. Jerome Powell, the Fed Chair, also mentioned in a public statement the day before that the U.S. economy is in very good shape and that there is "a little more room for caution" regarding the interest rate cut stance.
Due to the recent record highs of the three major indices, there are voices warning against overheating. The day before, buoyed by economic optimism and the strength of tech stocks, the three major stock indices recorded all-time highs at the close.
The stock prices of the 'Magnificent 7' tech giants were mixed. Microsoft and Amazon rose more than 1%, and Tesla increased by 3.23%. Tesla's rise is attributed to buying interest driven by expectations for autonomous driving software. Among the 30 stocks that make up the Philadelphia Index, all except TSMC and Cirrus Logic fell. Applied Materials dropped more than 5%.
MicroStrategy, which holds a large amount of Bitcoin, surged nearly 10% during the day but eventually closed down 4.83%. It is interpreted that profit-taking occurred following news that Bitcoin's price surpassed $100,000 per unit.
UnitedHealthcare, the largest health insurer in the U.S., saw its stock price drop more than 5%. CEO Brian Thompson was killed in New York the day before. It was confirmed that the words 'deny', 'defend', and 'depose' were engraved on the bullet fired by the suspect, leading to a sell-off. These expressions are mentioned as strategies used by insurers to avoid paying insurance claims.
According to the Chicago Mercantile Exchange (CME) FedWatch Tool, the probability of the federal funds rate remaining unchanged in December jumped to 30% by the close of the day. The probability of a 25bp (1bp=0.01% point) cut fell from 77.5% the previous day to 70%.
Jin Young-ki, Hankyung.com reporter young71@hankyung.com
