[New York Market Briefing](21st)

November 20 (local time)

• New York Stock Exchange: Dow Jones down 0.84%, S&P 500 down 1.56%, Nasdaq down 2.15%
• US 10-year Treasury yield: Fell 2.70bp to 4.1050% from previous session's 3 p.m. close
• US Dollar: Strengthened against both the yen and the euro. The dollar index rose 0.061 points (0.061%) to 100.251 from the previous close of 100.186
• WTI crude: Down $0.30 (0.50%) to $59.14 per barrel

Market Overview

All three major US equity indices closed lower in New York financial markets. Renewed concerns over an "artificial intelligence (AI) bubble" and warnings from senior Federal Reserve officials about the risk of a sharp correction in financial assets triggered a broad sell-off in technology stocks.
By sector, only consumer staples (+1.11%) finished higher, with most others declining.
Nvidia, which had surged more than 5% intraday, ended down 3.15%. Semiconductor stocks saw steep losses, with Intel down 4.24%, Micron Technology down 10.87%, and AMD down 7.87%.

US Treasury prices rose, led by short-term maturities. The US unemployment rate in September climbed to its highest level in nearly four years, reviving expectations for Fed rate cuts. The sharp intraday decline in US equities also contributed to the rally in Treasuries.

The US dollar posted a modest gain, extending its winning streak to five sessions. Although the greenback faced downward pressure after the September employment report raised concerns about a cooling labor market, risk-off sentiment following the sharp equity sell-off pushed the dollar higher.

New York oil prices fell for a second consecutive session amid hopes for an end to the war in Ukraine. Ukraine announced it had received a draft peace proposal from the US for talks with Russia and was ready to negotiate, exerting downward pressure on crude prices.

Daily Focus

• US September Nonfarm Payrolls: Up 119,000, beating expectations; unemployment rate at 4.4% (comprehensive)
• Fed Governor Cook: "Asset prices are historically high... risk of a sharp correction has increased"
• New York Stock Exchange: Even Nvidia CEO Jensen Huang couldn't stem the tech sell-off, with all major indices closing lower

Key Asian Indicators (Time in JST)

• 08:30 – Japan October Consumer Price Index (CPI)
• 08:50 – Japan October Export/Import and Trade Balance
• 09:30 – Japan November S&P Global Manufacturing and Services PMI

US Indicators / Corporate Earnings (Time in EST)

• 21:30 – Speech by John Williams, President of the Federal Reserve Bank of New York
• 22:30 – Speech by Michael Barr, Federal Reserve Governor
• 22:45 – Speech by Philip Jefferson, Vice Chair of the Federal Reserve
• 23:00 – Speech by Lorie Logan, President of the Dallas Fed
• 23:45 – US November S&P Global Manufacturing and Services PMI
• 00:00 (22nd) – US November University of Michigan Consumer Sentiment Index and Expected Inflation

jykim@yna.co.kr

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