NY Stock Market Weakens Ahead of FOMC Results... Oil Prices Rise, Bitcoin Steady

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The New York stock market closed lower due to the impact of weak retail sales and economic indicators, as well as caution ahead of the Federal Open Market Committee (FOMC) regular meeting. Bitcoin remained steady, while oil prices rose again.

On the 15th (local time), the Dow Jones Industrial Average fell 94.42 points (0.27%) to close at 34,299.33, the S&P 500 index dropped 8.56 points (0.20%) to 4,246.59, and the Nasdaq index declined 101.29 points (0.71%) to 14,072.86.

The S&P 500 and Nasdaq, which hit record highs the previous day, both retreated. The Dow also failed to avoid weakness.

Amid the start of the FOMC meeting that day, evaluations of the released economic indicators were mixed. The Federal Reserve (Fed) is expected to announce the monetary policy decision, revised economic outlook, and dot plot after concluding the FOMC regular meeting tomorrow.

May retail sales decreased by 1.3% compared to the previous month, underperforming the market expectation of a 0.6% decline compiled by Dow Jones.

The U.S. Department of Labor announced that the Producer Price Index (PPI) for May rose 0.8% month-over-month. Experts had expected a 0.5% increase. The PPI increased by 6.6% year-over-year, marking the largest rise since statistics began in November 2010.

On the day, the 10-year U.S. Treasury yield moved around 1.503% without significant direction.

Key tech stocks including Apple, Amazon, Alphabet, Facebook, and Microsoft all declined simultaneously. Tesla's stock also fell nearly 3%.

Oil-related stocks were strong, supported by rising oil prices. ExxonMobil and Occidental Petroleum rose 3%. Boeing increased 0.5% following news of a settlement in the aircraft subsidy dispute between the U.S. and the European Union.

On the day, the July West Texas Intermediate (WTI) crude oil price closed at $72.12 per barrel, up $1.24 (1.8%), marking the highest level since October 2018.

Cryptocurrency Bitcoin remained around $40,040, similar to the previous day. Ethereum fell 1% to $2,500, and Dogecoin dropped 2% to 31 cents.