 |
The three major stock indices of the New York stock market closed higher. However, as the desire to realize profits grew stronger toward the end of the quarter, the increase was limited to a flat level.
On the 27th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed trading at 39,164.06, up 36.26 points (0.09%) from the previous day.
The Standard & Poor's (S&P) 500 index closed at 5,482.87, up 4.97 points (0.09%) from the previous day, and the Nasdaq index closed at 17,858.68, up 53.53 points (0.30%) from the previous day.
The confirmed U.S. first quarter gross domestic product (GDP) growth rate announced on this day appeared to be moderate.
The U.S. Department of Commerce announced that, on a seasonally adjusted basis, GDP in the first quarter of this year increased by an annual rate of 1.4% compared to the previous quarter.
This is 0.1 percentage points higher than the previously announced provisional value of 1.3%. It met market expectations of 1.4%.
Compared to the GDP growth rate of 3.4% in the fourth quarter of last year, the growth rate in the first quarter slowed.
However, a moderate growth rate is the environment pursued by the Federal Reserve System (Fed). The confirmed figures for the first quarter are evaluated as showing that the economy has cooled to some extent, although it is not enough to raise concerns about a recession.
Rapid Bostic, president of the Federal Reserve Bank of Atlanta, said he still expects one interest rate cut this year.
In a new essay posted on his local bank's website today, President Bostic said, "Considering all circumstances, I believe it is likely that a federal funds rate cut will be necessary in the fourth quarter of this year," and suggested that a 25 basis point cut in the fourth quarter would be appropriate.
Meanwhile, the number of new unemployment insurance claims in the United States has decreased, suggesting that the job market is heating up again.
According to the U.S. Department of Labor, the number of new unemployment insurance claims for the week ended on the 22nd was 233,000 on a seasonally adjusted basis. This is a decrease of 6,000 people from the previous week.
Orders for durable goods in the U.S. rose month-on-month for four consecutive months, indicating that the U.S. economy is strong.
On this day, semiconductor stocks were weak in the market.
Micron plunged more than 7% that day, having its worst day in about two years. Although the performance announced after the market closed the previous day exceeded market expectations, the fact that future sales guidance was only in line with market expectations was cited as a weak factor.
Nvidia also fell 1.9%. Recently, there has been repeated sharp declines and rapid rebounds, leading to growing concerns and caution about the peak.
After surpassing $2 trillion in market capitalization for the first time the previous day, Amazon continued its strong performance by rising more than 2% today. With today's rise, Amazon's market capitalization reached $2.0589 trillion.
U.S. pharmacy chain Walgreens' stock price plunged more than 22% in the wake of lower-than-expected quarterly performance and lowered annual forecasts.
American clothing company Levi's fell more than 15% after reporting quarterly results that fell below expectations.
The market's attention is turned to the May personal consumption expenditure (PCE) price index, which will be released the next day. If the core PCE price index favored by the Federal Reserve comes out moderately, expectations of an interest rate cut are expected to gain further momentum.
“If the PCE disappoints, there will be stagflation headlines,” said Quincy Crosby, chief global strategist at LPL Financial. “The market is currently overbought and based on a few large companies, so a rebalancing may be necessary.”
By industry, no industry fluctuated more than 1% that day. The real estate industry rose 0.93% and the communications industry rose 0.77%.
According to the FedWatch tool of the Chicago Mercantile Exchange (CME), the probability that the Federal Reserve will cut the benchmark interest rate in September at the end of the day was reflected at 64.1%. The probability of a freeze in September was 35.9%.
The Chicago Board Options Exchange (CBOE) volatility index (VIX) pointed to 12.24, down 0.31 points (2.47%) from the previous day.
The price of cryptocurrency leader Bitcoin (BTC) rose by about 1% over the past 24 hours.
According to CoinMarketCap, as of 7:26 am on the 28th Korean time, the price of 1 Bitcoin was $61,543, up 1.03% from 24 hours ago.
The Bitcoin market is on the rise today after increased inflows into the spot BTC ETF and a technical rebound that lured bullish investors back to the trading floor.
According to data from Farside Investors, Bitcoin spot ETF fund flows, which had been outflowing for seven consecutive days, turned positive over the past two days, recording net inflows of $31 million and $21.3 million on June 25 and June 26, respectively. did.
