Nasdaq Hits Another Record High... Moderna Plummets on Heart Disease Warning (Comprehensive)

No Significant Impact Despite Hawkish Remarks from Fed Official

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The major indices of the New York stock market closed mixed. While U.S. Treasury yields remained stable, the Nasdaq index once again reached an all-time high.

On the 23rd (local time), the Dow Jones Industrial Average fell 71.34 points (0.21%) to 33,874.24, the S&P 500 index dropped 4.60 points (0.11%) to 4,241.84, and the Nasdaq index rose 18.47 points (0.13%) to close at 14,271.73.

Although the Nasdaq index hit a record high, the S&P 500 reversed to a decline after three trading days, and the Dow continued its downward trend.

One day earlier, Federal Reserve (Fed) Chair Jerome Powell declared that there would be no preemptive rate hikes, but on this day, Raphael Bostic, President of the Atlanta Federal Reserve Bank, expressed an opinion in favor of rate hikes by the end of 2022. President Bostic also anticipated that further progress toward tapering asset purchases would soon be met.

Despite Bostic’s hawkish remarks, the yield on the 10-year U.S. Treasury note remained stable around 1.48%.

Energy-related stocks such as ExxonMobil rose again, supported by the increase in oil prices. Occidental Petroleum surged by 3%.

On this day, West Texas Intermediate (WTI) crude oil closed at $73.08 per barrel, up 23 cents (0.3%). North Sea Brent crude also surpassed $75 per barrel, marking its highest level since October 2018.

Electric vehicle maker Tesla showed strong gains, rising about 5% for the first time in a while. Amazon, despite news of recording $11 billion in sales through its Prime Day sale, closed down 0.046%.

The U.S. Food and Drug Administration (FDA) is reportedly set to issue warnings about the association between mRNA COVID-19 vaccines and rare heart conditions, leading Moderna and Pfizer to fall 4% and 1%, respectively.