New York Stock Market Broadly Adjusts... Tesla and Coinbase Weaken (Comprehensive)

Dogecoin Rises Again

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed lower without any significant positive or negative news. The declines of Tesla and Coinbase, which faced adverse events over the weekend, were notable.

On the 19th (local time), the Dow Jones Industrial Average fell 123.04 points (0.36%) to close at 34,077.63, the S&P 500 index dropped 22.21 points (0.53%) to 4,163.26, and the Nasdaq index declined 137.58 points (0.98%) to finish at 13,914.77.

Among tech stocks, Apple, Netflix, and Alphabet rose, but Facebook and Amazon were weak.

Casino-related stocks, including Caesars Entertainment, showed notable weakness. Coca-Cola closed up 0.6%, supported by strong earnings.

Tesla shares fell 3.4% following news that two men died in an accident involving a Tesla vehicle without a driver. During the session, Tesla’s decline widened to 5%, briefly dipping into the $600 range, but it managed to hold above the $700 level.

Cryptocurrency exchange Coinbase dropped 2.6% due to the sharp decline in cryptocurrency prices over the weekend. Bitcoin was trading slightly higher at around $56,000 on the day. The day before, Bitcoin had plunged 14% in a short period. Despite the cryptocurrency price crash, Dogecoin, which had shown strength, rose 18% on the day, pushing its overall cryptocurrency market capitalization ranking up to 5th place.

GameStop’s stock, heavily traded by individual investors, rose 6% on news of a CEO replacement, which acted as a positive catalyst.

Meanwhile, investment bank UBS projected the S&P 500 index year-end target at 4,400. This implies a 5% increase from the current level.

At the New York Mercantile Exchange, May West Texas Intermediate (WTI) crude oil prices rose 25 cents (0.4%) to close at $63.38 per barrel.

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