Nasdaq Hits All-Time High on NY Stock Market... Apple and Amazon Plunge Amid Weak Earnings

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The Nasdaq index closed at an all-time high on the New York Stock Exchange. The Dow Jones and S&P 500 indices also continued their upward trend, but Apple’s disappointing earnings report caused a significant drop in after-hours trading, raising concerns about its impact on the indices.

On the 28th (local time), the Dow Jones Industrial Average rose 239.79 points (0.68%) to close at 35,730.48, the S&P 500 increased 44.74 points (0.98%) to 4,596.42, and the Nasdaq jumped 212.28 points (1.39%) to 15,448.12.

Although the announced US third-quarter GDP growth rate was 2.0% annualized, falling short of market expectations, the market did not show significant concern. It is anticipated that the third-quarter growth rate is temporary and that growth will expand in the fourth quarter.

The US Department of Labor reported that the number of unemployment insurance claims for the week ending on the 23rd decreased by 10,000 from the previous week to 281,000 on a seasonally adjusted basis. This is the lowest level since March 14 of last year, when the pandemic began, at 256,000.

Ford, an automaker that posted better-than-expected earnings the previous day, surged 8%, leading the market rally. Pharmaceutical company Merck also soared 6% on improved earnings, but Apple and Amazon, which reported earnings after the market closed, dampened the mood.

Apple’s earnings fell short of market expectations due to supply chain issues, causing its stock to plunge 3.6% in after-hours trading. During regular trading, Apple’s stock rose 2.5% as earnings expectations were factored in. Amazon also rose 1.6% but dropped 4% in after-hours trading following its earnings announcement.

Tesla rose 3.7% to $1,077, moving closer to the $1,100 mark. Facebook announced it would change its company name to Meta, resulting in a 1.51% increase in its stock price.

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