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(New York = Yonhap News) Correspondent Oh Jin-woo of Yonhap Infomax = In the New York stock market, major indexes showed mixed trend as expectations for accelerating economic recovery due to US stimulus measures and rising government bond interest rates.
On the 8th (US time) on the New York Stock Exchange (NYSE), the Dow Jones 30 Industrial Average ended at 31,802.44, up 306.14 points (0.97%) from the battlefield.
The Standard & Poor’s (S&P) 500 index fell 20.59 points (0.54%) from the battlefield to 3,821.35, while the technology stocks Nasdaq index fell 310.99 points (2.41%) to 12,609.16.
The market watched the impact of US stimulus measures, government bond interest rates, and news related to the novel coronavirus infection (Corona 19). The movement of funds from high-value technology stocks to economic cycle stocks was even more pronounced.
The US Senate passed a $1.9 trillion stimulus package over the weekend. The bill is passed this week in the House of Representatives, and when President Joe Biden signs it, the stimulus package goes into effect.
The House of Representatives is due to vote on the bill the next day as soon as possible. President Biden said he would sign the stimulus package as soon as possible if it passed the House of Representatives.
Expectations that a super-sized stimulus package will add momentum to economic recovery fueled economically sensitive stocks.
The Dow Index, which is centered on economically sensitive large-cap stocks, rose more than 2% compared to the battlefield at one time during the week, breaking an all-time high.
The US Centers for Disease Control and Prevention (CDC) recommended that people who have completed vaccination may meet healthy families belonging to low-risk groups without wearing a mask, which also contributed to the economic cycle.
It strengthened confidence that the economy would normalize with increased vaccination. In the United States, an increasing number of states are easing regulatory measures related to COVID-19.
In particular, Disney’s stock price surged more than 6.2% thanks to California’s decision to allow limited reopening of theme parks from April.
On the other hand, stimulus measures also raised interest rates on US Treasury bonds. The 10-year US Treasury bond rate rose to around 1.6% on the same day.
The rise in international oil prices, such as Brent crude once exceeded $70 per barrel, is also a factor in the interest rate hike. The rise in oil prices is attributable to raising concerns about inflation.
Accordingly, the Nasdaq is showing a sharp decline, and there is still anxiety about technology stocks.
Rising interest rates increase the cost of borrowing, while at the same time reducing the relative attractiveness of stocks. This is the reason why it is evaluated that the rise in interest rates will be particularly negative for technology stocks that have grown aggressively based on low interest rates and have experienced a steep rise in share prices.
Apple’s share price slipped by 4.2% on the day, and Tesla’s share price fell by more than 5.8%.
By industry on this day, technology stocks fell 2.46%, and communications fell 1.46%. On the other hand, industrial stocks rose 1.05% and financial stocks rose 1.29%.
The economic indicators released on that day were good.
The U.S. Department of Commerce announced in January that wholesale inventory increased 1.3% from the previous month. It exceeded the 0.9% increase in the market forecast compiled by the Wall Street Journal.
The conference board announced in February that the employment trend index (ETI) rose to 101.01. In January, the figure was revised up to 99.69.
New York stock market experts predicted that the stock market’s funding movement will continue as interest rates rise.
“A key element of the market is what is happening in the bond market,” said Sami Tsar, chief economist at Lombard Odie. “US tech stocks are struggling with normalizing the cost of capital.”
“The market is now aware that we are recovering,” he added. “The flow of money is being readjusted to better reflect this economic cycle.”
According to the Chicago Merchandise Exchange (CME) Fed Watch, the FF interest rate futures market was 25bp in September.
We reflected the possibility of an interest rate hike by 4.1%.
On the Chicago Options Exchange (CBOE), the volatility index (VIX) was 25.47, up 3.28% from the previous trading day.
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2021/03/09 06:42 sent