Ahead of Jackson Hole, Treasury Yields 'Stir'... NY Stock Market Shows Strength in Bank and Semiconductor Stocks

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[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange rose again. With the Nasdaq index surpassing 15,000, the S&P 500 index is also close to breaking 4,500 at the close.

On the 25th (local time), the Dow Jones Industrial Average rose 39.24 points (0.11%) to 35,405.50, the S&P 500 index increased 9.96 points (0.22%) to 4,496.19, and the Nasdaq index climbed 22.06 points (0.15%) to 15,041.86 at the close.

Ahead of Federal Reserve (Fed) Chair Jerome Powell's speech at the Jackson Hole conference on the 27th, U.S. Treasury yields rose, boosting bank stocks. The financial sector rose 1.2% that day.

The 10-year U.S. Treasury yield rose 0.05 percentage points to 1.349%, marking the highest level since early this month.

The winning bid yield on the 5-year Treasury auction also rose significantly to 0.831%, compared to 0.71% last month.

Wall Street expected Chair Powell to focus on assessing the economic situation amid the spread of the Delta variant rather than making specific remarks about tapering at the Jackson Hole meeting, but Treasury investors remained cautious.

Sports goods retailer Dick's Sporting Goods surged 13% thanks to strong Q2 sales results, but department store chain Nordstrom plunged 18% after disappointing earnings. Apparel company Urban Outfitters also dropped sharply by 9% following its earnings announcement.

Casino companies' stocks also surged for the second consecutive day. Caesars and MGM continued their strong upward momentum.

Semiconductor companies were also strong. Western Digital, which is reportedly close to acquiring Japan's Kioxia, rose 7%. Nvidia, which has been rising for several days, gained another 1.9%. Micron Technology, which had fallen due to concerns over a weak DRAM industry, also rose 2.9%.

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