(Morning) The US market yesterday saw all three major indices continue to rise, with technology stocks performing well | Market Overview | Money Creation Monex Securities' investment information and media useful for finance.

【US Stock Market】New York Market

NY Dow: 44,650.64 △192.34 (7/10)

NASDAQ: 20,630.67 △19.33 (7/10)

1. Overview

The US market saw all three major indices continue to rise. The Dow average started lower, down 30 dollars, but quickly reversed and then showed a steady upward trend. Last week's new unemployment insurance claims fell below market expectations, highlighting the resilience of the labor market and leading to earlier buying. Additionally, although not a Dow component, Delta Air Lines [DAL] announced earnings that exceeded market expectations and provided a solid outlook, which prompted buying across a wide range of stocks. The Dow average finished trading up 192 dollars at 44,650 dollars, continuing its rise.

The Nasdaq Composite Index, which has a high ratio of tech stocks, closed 19 points higher at 20,630 points, marking its third consecutive rise. Additionally, the S&P 500 Index also continued its rise, closing 17 points higher at 6,280 points, with both indices reaching new all-time highs.

2. Economic Indicators, etc.

Last week's initial jobless claims amounted to 227,000, falling short of market expectations and the previous results.

3. Industry Trends

In the S&P 500 sectoral stock price index, 9 out of 11 sectors rose. Among them, consumer discretionary and services saw an increase of nearly 1%, while the other 8 sectors also rose but by less than 1%. On the other hand, the two sectors of communication services and information technology both experienced slight declines of less than 1%.

4. Individual Stock Trends

On this day, among the Dow average component stocks, 19 out of 30 stocks rose. American Express [AXP] rose by more than 2% due to an increase in its target stock price, and McDonald's [MCD], which was favored by an upgrade in investment judgment, rose by nearly 2%. Additionally, Goldman Sachs [GS], JPMorgan Chase [JPM], Caterpillar [CAT], Nike [NKE], and Amgen [AMGN] also rose by more than 1%.

On the other hand, Salesforce [CRM] fell by over 2%, and Walmart [WMT] also experienced a decline of more than 2%. Additionally, Verizon Communications [VZ] and UnitedHealth Group [UNH] saw declines of over 1%.

Outside of the Dow average constituent stocks, Tesla [TSLA] saw a 4.7% increase due to positive sentiment surrounding its plans to expand robotaxi services in California and Arizona. Advanced Micro Devices [AMD] rose 4.2% after analysts raised their investment ratings. Moderna [MRNA] increased by 4.5% following the approval from the U.S. Food and Drug Administration (FDA) for COVID-19 vaccinations for children, leading to expectations of increased demand.

5. Exchange rates, interest rates, etc.

The long-term interest rate in the US rose by 0.02% to 4.35% compared to the previous day. On the morning of the 11th, the dollar-yen exchange rate is moving in the lower 146 yen range.

VIEW POINT: Today's Perspective

The US market the previous day saw all three major indices continue to rise. Buying in tech stocks strengthened, with both the S&P 500 and Nasdaq Composite Index reaching new highs, and a strong start is expected in the Japanese market as buying of semiconductor-related stocks is likely to dominate.

In addition, attention is being drawn to Fast Retailing (9983), which announced strong earnings the previous day, and if buying occurs in high-priced stocks like the company, the Nikkei average is likely to gain further momentum.

(Monex Securities Financial Intelligence Department Keita Yamaguchi)