New York Stock Market Reverses Downward After 9 Days Amid Rally Concerns and CPI Caution

[Image source=AP Yonhap News]

[Asia Economy Reporter Park Byung-hee] The New York stock market reversed to a decline after 9 trading days due to concerns over the rally and caution regarding inflation indicators.

On the 9th (local time), the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) closed at 36,319.98, down 112.24 points (0.31%) from the previous trading day.

The S&P 500 index fell 16.45 points (0.35%) to 4,685.25, and the tech-heavy Nasdaq index dropped 95.81 points (0.60%) to close at 15,886.54.

With consecutive record highs, investors' desire to realize profits was heightened, and the simultaneous release of the October Consumer Price Index (CPI) in the US and China on the 10th added to the caution, contributing to the index decline.

The Producer Price Index (PPI), a leading indicator of the CPI, rose sharply, increasing concerns about the CPI. On this day, the US Department of Labor announced that the October PPI rose 0.6% month-over-month and 8.6% year-over-year.

Jerry Brackman, Chief Investment Officer (CIO) of American Trust, said, "This is a natural reaction to the impressive eight consecutive days of gains," and stated that there is no need to be overly concerned about the index decline.

Tesla's stock price, which recorded a double-digit drop, also weighed on the index.

Tesla fell 11.99% amid concerns over CEO Elon Musk's share sales.

General Electric (GE) rose 2.65% following the announcement that it will split into three companies.

Roblox surged 42.23% as its quarterly sales soared.

Bitcoin prices hit a new all-time high again, leading CoinDesk to rise 0.98%.

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