The Three Major Indices Fall Together, Unable to Find Material 'Taking a Breather' [New York Stock Market Briefing]

Korea Economic Daily

Summary

The three major indices of the New York Stock Exchange fell together for the first time in 14 days due to the absence of material for a rebound.
There was no progress in tariff negotiations between the U.S. and major countries, leading the stock market to take a breather with profit-taking sales.
Specific stocks such as D-Wave Quantum and Amer Sports recorded sharp stock price increases due to the launch of a quantum computer system and announcement of good results, respectively.

The three major indices of the New York Stock Exchange fell together. It is the first time in 14 days that all three indices have fallen together. In the absence of material to give a rebound to the market, there was a mood of taking a breather as fatigue accumulated from the continuous upward trend.

On the 20th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 42,677.24, down 114.83 points (0.27%) from the previous session. The Standard & Poor's (S&P) 500 index fell 23.14 points (0.39%) to 5,940.46, and the Nasdaq Composite Index closed at 19,142.71, down 72.75 points (0.38%).

The three major indices fell together for the first time since the 6th. In the absence of key indicators or materials, there was no significant progress in tariff negotiations between the U.S. and major countries. As a result, the stock market took a breather without a clear direction, absorbing profit-taking sales.

Tariff negotiations between the U.S. and major countries have not been concluded except for the UK. The Trump administration has promoted that negotiations with major Asian trading partners such as South Korea, Japan, and India will be concluded quickly, but there has been no progress yet.

As the recent stock price rise has been steep, caution is also spreading. Carson Group's Chief Market Strategist Ryan Detrick said, "Concerns about the market are realistic," adding, "The important thing is the movement of the market." He diagnosed, "The S&P 500 index has risen about 20% over the past 27 trading days," adding, "This is neither a rebound in a bear market nor a technical rebound due to the resolution of short-selling positions."

By stock, the 'Magnificent 7', which refers to seven giant tech companies, all fell except for Tesla.

Tesla's stock rebounded as CEO Elon Musk announced he would remain in the top position for the next five years.

By stock, global quantum computing company D-Wave Quantum's stock soared 26% as it officially launched its next-generation quantum computer system 'Advantage2'.

Amer Sports announced that it recorded better-than-expected results in the first quarter of this year and raised its sales forecast for the year, causing its stock to jump 19%.

Reporter Min-kyung Shin, Hankyung.com radio@hankyung.com