Despite Rebounds in Apple and Tesla, Nasdaq Closes Down 1.2%

[Image source=EPA Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market experienced significant volatility as tech stocks continued to fluctuate sharply despite strong employment data.

On the 4th (local time), the Dow Jones Industrial Average fell 159.42 points (0.56%) to close at 28,133.31, the S&P 500 dropped 28.10 points (0.81%) to 3,426.96, and the Nasdaq fell 144.97 points (1.27%) to close at 11,313.13.

The weekly change rates were Dow -1.82%, S&P 500 -2.31%, and Nasdaq -3.27%.

The Nasdaq continued to experience sharp intraday declines of more than 5% following the previous day. Leading stocks such as Apple and Tesla again showed weakness, falling nearly 8%, before reducing losses in the afternoon session.

Apple closed up 0.07%, showing extreme volatility. Tesla’s stock also rose 2.8%. Meanwhile, Facebook’s stock fell 2.9%, Microsoft declined about 1.4%, and Amazon dropped approximately 2.2%.

News that Japan’s SoftBank had recently purchased call options worth billions of dollars on key technology company stocks attracted attention as a possible explanation for the Nasdaq market turmoil. This was interpreted as a factor causing the rapid rise and sudden correction in tech stock prices.

Despite the announcement that U.S. August employment data was better than market expectations, the Nasdaq index experienced a sharp decline and turmoil. This indicates that the employment data had a limited impact on the market.

The U.S. Department of Labor announced that the August unemployment rate fell from 10.2% in the previous month to 8.4%. This was significantly lower than the 9.8% forecast by experts compiled by Dow Jones. The unemployment rate dropped to single digits for the first time in four months after soaring to 14.7% in April.

This content was produced with the assistance of AI translation services.