[New York Stock Exchange] Oil Prices Down, Tech Stocks Up... S&P 500, Nasdaq Rise Over 1%

Nvidia, Amazon, and Microsoft Lead Gains
International Oil Prices Decline by Around 2%

With international oil prices reversing into a downward trend and investor sentiment improving, especially in technology stocks, all three major indexes on the New York Stock Exchange rose on September 17 (local time).

As of 10:30 a.m. on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average was trading at 51,771.84, up 309.94 points (0.60%) from the previous session. The S&P 500 Index, which focuses on large-cap stocks, was up 75.72 points (1.00%) at 7,627.53. Meanwhile, the tech-heavy Nasdaq Index was at 26,400.20, up 421.77 points (1.62%).

On this day, technology stocks are leading the rally. Among the 'Magnificent 7', Nvidia rose by 2.76%, Amazon by 2.54%, and Microsoft by 1.58%. AI-related stocks such as Qualcomm rose 3.56%, and Intel surged 8.31%. Within the industrial sector, Caterpillar also climbed by more than 2%.

The decline in U.S. Treasury yields supported investor sentiment. The yield on the benchmark 10-year U.S. Treasury note fell more than 5 basis points (1bp=0.01 percentage point) from the previous day to 4.949%, slipping back below 5%. The 10-year yield had surpassed 5% the day before, after the U.S. Federal Reserve raised its benchmark interest rate.

International oil prices also declined. On the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for October delivery fell 1.83% from the previous session to $100.56 per barrel. On the ICE Futures Exchange, Brent crude for November delivery plunged 2.69% from the previous session to $102.98 per barrel.

This came after reports that Saudi Arabia had decided to supply more oil to Asian refiners via ship-to-ship transfers near the port of Sohar in Oman, easing concerns about supply disruptions.

The previous day, the Federal Reserve raised its federal funds rate target range by 0.25 percentage points from 3.50%–3.75% to 3.75%–4.00% at the September Federal Open Market Committee (FOMC). In a press conference, Fed Chair Kevin Warsh explained the background of the rate hike, stating that "inflation is too high and has remained at elevated levels for too long."

The day before, all three major indexes closed lower, as Chair Warsh's comment that "some accommodative policy has been withdrawn" sparked expectations that the Fed could continue its tightening stance.

On this day, the number of new U.S. unemployment insurance claims declined unexpectedly, indicating that the labor market remained stable.

According to the U.S. Department of Labor, for the week of September 6–12, new unemployment insurance claims totaled 196,000, down 10,000 from the previous week, as announced on September 17 (local time). This is the lowest level since July 12–18 (188,000 cases), and it is below the Dow Jones expert consensus forecast of 207,000.

Mark Haefele, Chief Investment Officer (CIO) at UBS Global Wealth Management, commented, "If monetary tightening proceeds gradually, credit spreads remain stable, and corporate profits continue to rise, there is potential for the stock market's gains to broaden across various sectors and regions."

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