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[Morning Briefing] Nasdaq Drops 1.19% Due to Profit-Taking... New York Stock Exchange Closed on Nov 9

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Korea Economic Daily
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  • The Nasdaq index fell by 1.19%, highlighting a notable profit-taking sell-off.
  • The New York Stock Exchange will be closed on November 9 for a national day of mourning for former President Jimmy Carter.
  • The average exchange rate in the fourth quarter reached its highest level since the 2009 financial crisis.
STAT AI Notice
  • The article was summarized using an artificial intelligence-based language model.
  • Due to the nature of the technology, key content in the text may be excluded or different from the facts.

◆ Nasdaq Drops 1.19%... Profit-Taking Sell-Off Continues

On the 30th local time, major indices in the New York Stock Exchange fell around 1% due to continued profit-taking sell-offs. The Dow Jones index fell 0.97% to 42,573.73, the S&P 500 index dropped 1.07% to 5,906.94, and the Nasdaq index declined 1.19% to 19,486.78. Typically, a 'Santa Rally' occurs during the last five trading days of the year and the first two trading days of January, but this year, the sharp rise in stock prices in the New York Stock Exchange led to profit-taking sell-offs as investors sold stocks to buy bonds at lower prices, dampening expectations. Despite the decline, the S&P 500 index has risen 23.8% this year. The Nasdaq index has increased by 29.8%, and the Dow Jones index by about 13%.

◆ New York Stock Exchange Closed on Nov 9 for 'National Day of Mourning'

The New York Stock Exchange will be closed on November 9, a national day of mourning to honor former U.S. President Jimmy Carter. The New York Stock Exchange (NYSE) and Nasdaq have announced plans to close on November 9 to mourn former President Carter. Major U.S. stock exchanges have maintained a tradition of closing on the day of the national funeral of a deceased U.S. president since the assassination of President Abraham Lincoln in 1865. Former President Carter passed away on the 29th at the age of 100 at his home in Plains, Georgia. President Joe Biden has designated January 9 as a national day of mourning for former President Carter.

◆ Jeju Air Disaster Enters Third Day... Some Victims' Funerals Begin

Funeral procedures for some of the victims of the Jeju Air disaster are expected to begin. The bodies of all 179 victims have been recovered, and the identities of 164 have been confirmed. Identification procedures for 15 are ongoing. Authorities expect to complete DNA analysis for identification by last night. The results are expected to be delivered to the families by this morning. Among the deceased, 90 victims have completed all necessary procedures and are expected to be handed over to their families to begin funerals. Of the five victims recovered in an intact state, three have already been transported for funeral preparations.

◆ Average Exchange Rate in Q4 Hits 1,400 Won... Highest Since Financial Crisis

The won/dollar exchange rate has recently soared near 1,500 won, pushing the average exchange rate in the fourth quarter to its highest level since the 2009 financial crisis. According to the Bank of Korea's economic statistics system, the average won/dollar exchange rate in the fourth quarter was 1,398.75 won. This is the highest level in 15 years and nine months since the first quarter of 2009, when it was 1,418.3 won. The weekly closing price this year was 1,472.5 won, the highest annual closing price since 1,695 won in 1997, 27 years ago. The impact of the won's weakness is attributed to political instability following the emergency martial law after Donald Trump, the former U.S. president, succeeded in re-election.

◆ Last Day of the Year, Snow and Rain Until Dawn, Then Clear Nationwide

On the last day of 2024, Tuesday the 31st, snow or rain will fall mainly in the inland and mountainous areas of Gangwon until dawn, then it will gradually clear nationwide. Most regions will be able to see the sunset. The morning low temperatures will range from -4 to 5 degrees, and the daytime high temperatures will range from 7 to 13 degrees, higher than normal. Fine dust levels are expected to be 'moderate' in all regions. However, in the early morning, the levels in the metropolitan area, Gangwon Yeongseo, and Chungcheong area are expected to be 'bad', and in the morning, the levels in the Honam, Yeongnam, and Jeju areas are expected to be 'bad'.

Se-Sung Oh, Hankyung.com Reporter sesung@hankyung.com

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