The New York stock market closed slightly lower last night. It is an evaluation that the US central bank (Fed) has entered a breathtaking period ahead of the regular meeting of the Federal Open Market Committee (FOMC) in January. The market expects no change in existing policies. Despite concerns that additional stimulus measures may be postponed, the decline in the three indexes was not significant as individual companies exceeded expectations.
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On the 26th (local time) on the New York Stock Exchange (NYSE), the Dow Index closed at 30,937.04, down 22.96 points (0.07%) from the previous trading day. The Standard & Poor’s (S&P) 500 index fell 5.74 points (0.15%) to 3849.62, while the technology stock-oriented NASDAQ index also fell 9.93 points (0.07%) to 13,626.06.
The stock market started rising on expectations of corporate earnings despite concerns about delays in additional stimulus measures. Depending on the performance, individual stocks showed distinct fluctuations.
Delays in further stimulus prevented the index from rising. The day before, some lawmakers opposed the US President Joe Biden’s $1.900 trillion stimulus plan, and it was predicted that the implementation of the stimulus plan could be delayed by at least two weeks.
Sangyoung Seo Kiwoom Securities(148,000 +2.07%) Investment strategy team leader said, “The sales tend to be withdrawn due to the burden of issues around the stock market, but they are more sensitive to individual issues ahead of the full-scale performance announcement.” “Although the possibility of delay in stimulus measures is emerging, the index is solid. “It is based on the expectation that it will eventually be processed and the changes of individual companies.”
General Electric (GE) and Johnson & Johnson (J&J) reported solid results, up 2.73% and 2.71%, respectively. Eli Lilly rose slightly by 0.17% to the news that the COVID-19 treatment under development has reduced the risk of death by up to 70% in clinical results.
Gamestop, which had plummeted the day before, soared 92.71% on the day, and still showed great volatility. Beyond Meat and PepsiCo announced that they will be making a joint venture to make beverages with vegetable substitutes, which jumped 17.70% and 1.16%, respectively.
Microsoft (MS) jumped 1.22% on expectations for earnings, but is soaring 5% in the after-hours market as the market closes with solid earnings and the fact that cloud business is accelerating. Tesla and Apple closed 0.26% and 0.17%, respectively.
Yoon Jin-woo, reporter at Hankyung.com [email protected]
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