NY Stock Market Hits Another Record High on Big Tech Earnings Expectations (Comprehensive)

[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York Stock Exchange continued to hit record highs once again. Attention is focused on whether this week's scheduled Federal Open Market Committee (FOMC) regular meeting and earnings reports from major tech companies will drive further gains.

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On the 26th (local time), the Dow Jones Industrial Average rose 82.76 points (0.24%) to close at 35,144.31, the S&P 500 index increased by 10.51 points (0.24%) to 4,422.30, and the Nasdaq index ended trading up 3.72 points (0.03%) at 14,840.71.

The plunge in the Chinese stock market did not affect the U.S. stock market that day. Although the stocks of Chinese companies listed in the U.S. also plunged sharply, the major indices on the New York Stock Exchange continued their upward momentum without hesitation.

Following the Chinese government's announcement banning the listing of private education-related companies, stocks of companies such as New Oriental Education, TAL Education, and Gaotu fell by over 20%.

Major Chinese companies including Alibaba, Weibo, and Baidu also declined by about 5-7%.

Bitcoin recovered above $40,000, leading to a broad rise in Bitcoin-related stocks such as MicroStrategy, Marathon Digital, Riot Blockchain, and Square. The Bitcoin exchange Coinbase also showed strength.

With Tesla reporting better-than-expected earnings that day, attention is also focused on the 'Big Tech' companies including Apple, Microsoft, Alphabet, Facebook, and Amazon, which are scheduled to release earnings this week.

Tesla announced that its second-quarter net profit exceeded $1 billion for the first time ever, recording $1.14 billion, and showed strength in after-hours trading following a 2% rise during regular trading.

According to FactSet, 88% of S&P 500 companies that reported second-quarter earnings exceeded expectations.

The results of the Federal Reserve's Federal Open Market Committee (FOMC) regular meeting, starting on the 27th, are also a key event that will influence the stock market this week.

The market expects the Fed to officially begin discussions on tapering asset purchases at this meeting. While there is a high possibility that tapering and interest rate hikes will be mentioned, the prevailing opinion is that no final decision will be made at this meeting.

Investment bank Wells Fargo stated, "Rising inflation and the Fed's tapering may cause short-term market volatility, but the stock market is expected to remain strong."

On the day, the U.S. 10-year Treasury yield remained steady at 1.295%. September West Texas Intermediate (WTI) crude oil closed down 16 cents (0.2%) at $71.91 per barrel.