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[New York stock market briefing] Three major indices weaken on profit-taking in a subdued atmosphere… Gold and silver 'plunge'
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- The New York market reported that the major indices weakened on profit-taking ahead of the year-end holidays.
- It reported that while the S&P 500, Dow, and Nasdaq have risen significantly this year, concerns about highs have increased, lowering the likelihood of a Santa Rally.
- It said that the prices of precious metals, including gold and silver, plunged significantly, acting as a negative for investor sentiment.
- 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.
Major indices closed down on the New York market. With trading volume declining ahead of the year-end holidays, profit-taking selling pressured stock prices.
On the 29th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 249.04 points (0.51%) to 48,461.93, the Standard & Poor's (S&P) 500 index slipped 24.20 points (0.35%) to 6,905.74, and the Nasdaq Composite fell 118.75 points (0.50%) to 23,474.35, respectively closing at those levels.
Market participants leaned toward profit-taking in a quiet atmosphere. Year-to-date through this day, the S&P 500 has risen 17.41%, the Dow has risen 13.91%, and the Nasdaq has surged 21.56%.
In particular, since the major indices have all risen for three consecutive years, investors' concerns about highs have grown. The artificial intelligence (AI) theme that has been leading the market has also repeatedly seen bubble debates resurface whenever it seemed forgotten.
As the profit-taking mood ripened, the possibility that this year-end and New Year's Santa Rally will disappear increased. The term Santa Rally comes from statistics showing that the U.S. market has risen during the last five trading days of the year and the first two trading days of the new year.
The decline in precious metal prices was also a negative for the market that day. CME sharply raised margin requirements for silver futures contracts, dampening the price's upward trend. The spot price of silver briefly surpassed $80 per ounce for the first time in overnight trading, but profit-taking selling poured in and it fell more than 9% intraday that day.
Gold prices were also swept up in this trend and fell more than 4% that day.
By sector in the stock market, energy, utilities, consumer staples, and real estate rose.
By contrast, consumer discretionary and materials fell nearly 1%.
Among large tech companies with market caps over $1 trillion, Tesla fell more than 3%.
AI equipment investment firm DigitalBridge rose about 9% on news that SoftBank would move to acquire it.
According to the CME FedWatch tool, the federal funds rate futures market reflected an 83.9% probability of a rate hold in January. It was 82.3% near the previous day's close.
The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) pointed to 14.20, up 0.60 points (4.41%) from the previous session.
Han Kyung-woo, Hankyung.com reporter case@hankyung.com
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