[New York Stock Market] All Three Major Indices Fall... Taking a Breather After Five Days of Trump Rally

The New York stock market fell across the board. After five trading days, it took a breather, wrapping up the rally associated with the inauguration of U.S. President Donald Trump.

On the 24th (local time), the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) closed at 44,424.25, down 140.82 points (0.32%) from the previous session.

The Standard & Poor's 500 Index (S&P 500) fell 17.47 points (0.29%) to 6,101.24, and the Nasdaq Composite dropped 99.38 points (0.50%) to close at 19,954.30.

The S&P 500 index hit an all-time high during the day before closing slightly lower.

Profit-taking in AI and semiconductor-related stocks led to a decline in tech stocks, widening the losses.

The Philadelphia Semiconductor Index plunged 1.89%. Among the 30 stocks that make up the Philadelphia index, all fell except for Broadcom and GlobalFoundries.

NVIDIA fell 3.12%, and Tesla dropped 1.41%. Arm and Applied Materials also fell more than 2%. TSMC and ASML showed a decline of around 1%. Apple, Microsoft, and Amazon recorded slight declines.

As Trump showed a more conciliatory stance towards China than expected, Chinese-related stocks continued to rise. Based on the ADR (American Depositary Receipt) of Chinese stocks listed on the New York Stock Exchange, JD.com jumped 5.22%, Pinduoduo soared 7.05%, and Trip.com rose 5.18%.

Although the U.S. stock market fell across the board on this day, it rose on a weekly basis. On a weekly basis, the Dow rose 1.7%, the S&P 500 also rose 1.7%, and the Nasdaq rose 2.2%.

Kim Sooyoung Hankyung.com reporter swimmingk@hankyung.com