Inflow of Bargain Hunting in Tech Stocks... Nasdaq Rebounds (Comprehensive)

Recovery Rise After Over 2% Drop
Bitcoin Also Recovers to $41,000 Range

[Asia Economy New York=Correspondent Baek Jong-min] The Nasdaq index, which had plummeted due to the rise in U.S. interest rates, has made a 'miraculous recovery.'

On the 10th (local time) at the close of the New York stock market, the Nasdaq index closed at 14,942.83, up 0.046 percentage points from the previous day.

The Nasdaq index fell 2.5% in the morning as U.S. Treasury yields surged above 1.8%, but it narrowed the losses in the afternoon and succeeded in turning positive just before the close.

The Nasdaq also avoided entering a correction market, which is defined as a drop of more than 10% from its peak.

The Nasdaq rebound is interpreted as being due to somewhat stabilized investor sentiment as Treasury yields fell back to the 1.7% range in the afternoon.

Tesla shares, which had fallen to $980 during the day, rose 3% to close at $1,058. Apple also escaped the downward trend and closed with a slight gain. Semiconductor stocks such as AMD and Nvidia also rebounded.

However, some analyses suggest it is too early to be reassured by the Nasdaq rebound. RBC Securities said, "The rotation between value stocks and growth stocks is not completely over," emphasizing the possibility of further adjustments in the Nasdaq index.

Although the Nasdaq succeeded in rebounding, the S&P 500 index closed down 0.14%. Among the companies included in the S&P 500, 70% fell simultaneously. The Dow Jones Industrial Average also closed down 0.45%.

The cryptocurrency Bitcoin also fell below the $40,000 level during the day but later saw buying interest, trading at $41,787 at 4:20 p.m., down 1.64%.

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