On the first day of the week, the New York stock market saw an increase in sell orders due to expectations that the start of interest rate cuts in the United States would be delayed, and the Dow Jones Industrial Average at one point fell by more than $300.
In addition, on the New York Mercantile Exchange, capital continued to flow into gold, which is considered less susceptible to interest rate cuts, and gold futures prices hit a new all-time high.
The New York stock market traded after the holidays on the 1st, in addition to Federal Reserve Chairman Jerome Powell's statement last week that there was no need to rush to cut interest rates, the announcement on the day of US manufacturing As indicators of business confidence exceeded market expectations, there was a widespread view that the timing of interest rate cuts would be delayed.
As a result, the number of sell orders increased, and the Dow Jones Industrial Average at one point fell by more than 300 points, closing at $39,566.85, which was $240.52 lower than on the 28th, before the holiday.
``There is a strong sense of caution among investors that if it takes time for inflation to subside in the United States and the timing of interest rate cuts is delayed, monetary tightening will be prolonged,'' a market source said.
In addition, on the New York Mercantile Exchange, funds continued to flow into gold, which is said to be less susceptible to interest rate cuts, and on the 1st, the gold futures price, which is a trading indicator, temporarily rose to $2,286 per ounce, a record high. The highest value has been updated.