Nvidia 8.15%, AMD 4.91% surge… Semiconductor index up 4.90%
The New York Stock Exchange opened mixed on the 11th (local time), but closed higher as buying pressure flowed in, centered on technology stocks.
On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 48,617.11, up 124.75 points, or 0.31%, from the previous day.
The Standard & Poor’s (S&P) 500 index closed at 5,554.13, up 58.61 points, or 1.07%, from the previous day.
The tech-heavy Nasdaq Composite Index closed at 17,395.53, up 369.65 points, or 2.17%, from the previous day.
The Philadelphia Semiconductor Index, which consists of semiconductor-related stocks, soared 4.90% as artificial intelligence (AI) semiconductor stock Nvidia, which had been sluggish, surged 8.15%.
The core index, excluding energy and food in the CPI, rose 0.3% from the previous month, exceeding market expectations of 0.2%. It rose 3.2% from the same month last year, in line with July and market expectations.
As it is almost certain that the U.S. Federal Reserve (Fed) will cut its benchmark interest rate at the Federal Open Market Committee (FOMC) meeting next week, speculation is growing that the cut will start at 0.25% rather than 0.5%.
As a result, the stock market showed a downward trend. However, after a period of selling, the decline was reduced and turned upward again as buying came in for high-tech stocks.
Although there was a sell-off on the CPI, there was a backlash buying in technology stocks that had shown a short-term plunge.
Semiconductor stocks Intel rose 3.48%, AMD 4.91%, credit card stock American Express 3.57%, and e-commerce stocks Amazon.com 2.77%, Microsoft 2.13%, and IBM 2.23%.
Machinery stock Honeywell rose 1.54%, customer information management stock Salesforce rose 1.39%, smartphone stock Apple rose 1.16%, large investment bank stocks Goldman Sachs rose 0.86%, JPMorgan Chase rose 0.81%, aircraft stock Boeing rose 0.79%, Cisco Systems rose 0.66%, sporting goods stock Nike rose 0.40%, telecommunications stock Verizon Communications rose 0.34%, biotech stock Amzone rose 0.32%, and construction equipment stock Caterpillar rose 0.25%.
Meanwhile, insurance stock Travelers plunged 3.16%, P&G 2.18%, healthcare stock UnitedHealth 1.55%, Johnson & Johnson 1.53%, Coca-Cola 0.66%, pharmaceutical stock Merck 0.54%, credit card stock Visa 0.48%, McDonald’s 0.36%, oil major Chevron 0.25%, and chemical stock Dow 0.18%.
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2024-09-12 01:10:20