[New York Stock Exchange] Nasdaq Hits Record High... Tesla Surges Over 7%

Technology stocks continued to show strong performance in the New York stock market, with Tesla shares surging more than 7%. Although investment sentiment in the industrial and consumer goods sectors weakened due to a decline in the consumer sentiment index, the technology sector remained strong as expectations for interest rate cuts persisted.

New York Stock Exchange, USA. Yonhap News

On September 12 (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell by 273.78 points (0.59%) to close at 45,834.22, and the Standard & Poor's (S&P) 500 Index declined by 3.18 points (0.05%) to finish at 6,584.29. In contrast, the Nasdaq Composite Index rose by 98.03 points (0.44%) to close at 20,141.10.

The Nasdaq Index set a new all-time closing high on this day. Most technology stocks, except for Amazon, showed gains. In particular, shares of Tesla, the electric vehicle company led by Elon Musk, jumped more than 7%, reaching their highest level in about seven months. Optimism surrounding robotaxis, humanoid robots, and the energy business contributed to this surge.

Warner Bros. Discovery, a U.S. content producer, soared more than 16% after a 29% surge the previous day. News that Paramount Skydance is preparing to acquire Warner Bros. fueled buying sentiment. Paramount Skydance shares also rose by 7.62%.

Micron Technology climbed over 4% on optimism about the artificial intelligence industry, hitting a record high.

Due to worsening consumer sentiment, most components of the Dow Jones Index fell. Visa Card, IBM, Salesforce, American Express, Merck, and Amgen all declined by around 2%.

As the consumer sentiment index fell short of market expectations, investor sentiment was shaken, particularly for cyclical stocks sensitive to economic changes. According to the University of Michigan, the preliminary consumer sentiment index for September was 55.4, down 2.8 points (4.8%) from the previous month's 58.2, and below the market forecast of 58. The consumer sentiment index reflects the economic confidence of U.S. consumers.