Mixed Trends in NY Stock Market... Apple and Nvidia Show Strong Gains

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed mixed amid strong performances by Apple and semiconductor companies.

On the 18th (local time), the Dow Jones Industrial Average fell 60.10 points (0.17%) to 35,870.95, the S&P 500 index rose 15.87 points (0.34%) to 4,704.54, and the Nasdaq index increased 72.14 points (0.45%) to 15,993.71.

Apple surged 2.85% following reports of a fully autonomous vehicle launch in 2025. Apple has continued its recent upward trend, having shown strength the previous day amid expectations of resolving supply chain issues.

Semiconductor company Nvidia led the sector's gains with an 8.25% increase. Nvidia showed strong growth after its third-quarter earnings and fourth-quarter guidance exceeded expectations. During the session, Nvidia's stock jumped as much as 11%, pushing its market capitalization beyond $800 billion. Some analysts even predict Nvidia could join the $1 trillion market cap club.

Other semiconductor companies also rose, with AMD up 2.4% and Qualcomm increasing by 1.5%.

Semiconductor equipment maker ASML's stock rose 2.29% despite reports that the U.S. government would not allow advanced equipment to be introduced to SK Hynix's China factory.

With President Biden expected to announce the new Federal Reserve chair nominee the following day, the 10-year U.S. Treasury yield fell to the 1.58% range, further encouraging gains in tech stocks.

While the market initially saw a high likelihood of Jerome Powell's reappointment as chair, recent analyses suggest that Lael Brainard, a Fed board member favored by the progressive camp, is emerging as a strong candidate for the next chair.

The market believes that if Brainard assumes the Fed chair position, the timetable for interest rate hikes will be delayed.

Department store chain Macy's surged 21% after announcing its third-quarter earnings.

E-commerce giant Amazon also saw a notable jump, with its stock rising 4.1% to approach an all-time high in a single day.

On the other hand, Chinese company Alibaba plummeted 11% due to earnings falling short of expectations. Concerns that Chinese government regulations on big tech firms are impacting earnings have become a reality.

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