New York Stock Market Pauses... Tesla Fluctuates Around $150 Target Price (Comprehensive)

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market took a brief pause. The major indices set record highs the previous day, and although the International Monetary Fund (IMF) forecasted a strong U.S. economy, the market remained cautious in the absence of any significant positive or negative news.

On the 6th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 33,430.24, down 96.95 points (0.29%) from the previous session, the S&P 500 fell 3.97 points (0.10%) to 4,073.94, and the Nasdaq dropped 7.21 points (0.05%) to 13,698.38.

On the same day, the IMF raised its global economic growth forecast for this year to 6.0%, an increase of 0.5 percentage points. The forecast for next year was also raised by 0.2 percentage points to 4.4%.

The U.S. growth forecast was revised upward by 1.3 percentage points to 6.4%. The IMF also evaluated that the U.S. would lead the international economic recovery.

Despite growing expectations for economic recovery, the U.S. 10-year Treasury yield showed weakness. The 10-year yield briefly reached the 1.7% range during the session but fell to 1.658%. A decline in Treasury yields indicates a rise in bond prices. Due to the drop in Treasury yields, most bank stocks closed lower.

Airline and cruise line stocks continued to show strength on the day.

Tesla fell at one point due to Ross Capital setting a target price of $150 but closed up 0.08%. Ross Capital dismissed Tesla as merely a 'minor player' in the electric vehicle sector. Tesla again failed to re-enter the $700 range on the day.

International oil prices rose influenced by strong data from China's Caixin Services Purchasing Managers' Index (PMI). The May West Texas Intermediate (WTI) crude oil price closed at $59.33 per barrel, up $0.68 (1.2%).

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