[New York Stock Market Briefing] Major Indices 'Step Back' Due to Profit-Taking... Apple Hits Another All-Time High

In the New York stock market, major indices closed lower as profit-taking continued on tech stocks that had risen despite favorable economic indicators.

On the 9th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 240.59 points (0.54%) to 44,401.93, and the Standard & Poor's 500 Index declined 37.42 points (0.61%) to close at 6,052.85. The Nasdaq Composite Index dropped 123.08 points (0.62%) to finish at 19,736.69.

The major indices are showing a downward trend after recently hitting record highs.

On this day, NVIDIA fell by 2.55%. This was due to news that Chinese regulatory authorities are investigating it for violating antitrust laws. According to Chinese state media, the State Administration for Market Regulation of China has launched an investigation after finding that NVIDIA violated China's antitrust laws during its acquisition of Israeli semiconductor company Mellanox.

Advanced Micro Devices (AMD), a traditional semiconductor design company mentioned as a rival to NVIDIA, also fell by 5.57%. Bank of America (BofA) downgraded its investment rating from 'buy' to 'neutral' and lowered its target price from $180 to $155, citing that it is lagging behind in competition with NVIDIA.

AI defense stock Palantir Technologies announced that it had signed a contract to develop an AI mission management system with the United States Special Operations Command (USSOCOM), causing its stock to rise by 5.99% in early trading, but it reversed to close down 5.08% due to profit-taking.

Apple, the company with the largest market capitalization, rose by 1.61%. During the day, it climbed to $247.24, hitting another all-time high.

The price of Bitcoin, a representative cryptocurrency, also fell by over 5% compared to the previous session, indicating a weakened preference for risky assets.

On the other hand, gold, considered a safe asset, rose by more than 1%.

By sector, only two of the 11 sectors that make up the S&P 500, healthcare (0.22%) and real estate (0.09%), rose, while all others fell.

In particular, the financial, communication services, and utilities sectors showed a decline of over 1%.

According to the FedWatch tool of the CME Group, the probability that the Federal Reserve (Fed) will cut the benchmark interest rate by 25 basis points (1bp=0.01%) at the December Federal Open Market Committee (FOMC) is reflected at 85.8%, and the probability of maintaining the current level (4.50~4.75%) is 14.2%.

The Volatility Index (VIX), compiled by the Chicago Board Options Exchange (CBOE), was 14.19, up 1.42 points (11.12%) from the previous session.

Hankyung.com Reporter Han Kyung-woo case@hankyung.com