Editor's PiCK
Major Indexes Up on Iran's Ceasefire Negotiation Signals... International Oil Prices Down [New York Stock Market Briefing]
Summary
- The New York stock market's major indexes all rose in response to signals of renewed ceasefire negotiations between Israel and Iran.
- Major tech stocks and key semiconductor stocks showed robust gains, with AMD and NVIDIA in particular recording notable increases.
- International oil prices turned downward amid hopes for easing tensions between Israel and Iran.
"Iran Shows Willingness to Resume Nuclear Negotiations with Israel"
The New York stock market rose as optimism emerged regarding easing tensions between Israel and Iran. International oil prices, which had surged, reversed and fell.
On the 16th (local time), the Dow Jones Industrial Average closed at 42,515.09, up 317.30 points (0.75%) from the previous session at the New York Stock Exchange.
The Standard & Poor's (S&P) 500 Index jumped 56.14 points (0.94%) to close at 6,033.11, while the tech-heavy Nasdaq Composite finished at 19,701.21, up 294.39 points (1.52%).
Reuters reported that Iran conveyed to U.S. President Donald Trump its desire for a ceasefire with Israel and the resumption of nuclear negotiations.
The Wall Street Journal, a U.S. daily newspaper, also reported that Iran told officials from Arab countries that it is open to returning to the nuclear negotiating table with the U.S., as long as the U.S. does not participate in Israel's attacks against Iran.
By stock, major tech companies such as Tesla (1.17%) and Google (1.17%) showed strong performance. In particular, Meta Platforms, the parent company of Facebook, rose 2.9% on news of WhatsApp introducing ads to its messenger service.
NVIDIA closed up 1.92% at $144.69. This is close to its all-time high. NVIDIA's highest price was $149, recorded on January 6.
AMD soared 8.81% due to positive reviews from stock market analysts. In addition, other key semiconductor stocks such as Intel (2.98%), Micron (3.67%), and TSMC (2.17%) also rose across the board. The semiconductor index also surged more than 3% by the close.
U.S. Steel jumped 5.1% as the Trump Administration approved Nippon Steel's acquisition of U.S. Steel.
International oil prices fell. On this day at the New York Mercantile Exchange, West Texas Intermediate (WTI) for July delivery closed at $71.77 per barrel, down $1.21 (1.66%).
At the London ICE Futures Exchange, Brent crude for August delivery also closed at $73.23 per barrel, down 1.35% from the previous session. Brent crude prices had previously surged 7% on the 13th due to armed conflict between Israel and Iran.
Noh, Jeongdong, Hankyung.com reporter dong2@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
