Wall Street Drops After S&P 500 and Nasdaq Hit Highs
The three major Wall Street indices traded lower on Tuesday morning, pulling back after the S&P 500 and Nasdaq closed the week’s first session at record highs.
The Dow Jones Industrial Average, which tracks 30 blue-chip stocks, fell 0.27% to 44,661.58 points. The broader SPX 500 slipped 0.17% to 6,037.04 points, while the tech-heavy Nasdaq Composite edged down 0.10% to 19,385.27 points.
Nippon Steel and Trump
Among individual movers, United States Steel Corp dropped sharply, losing 8%, after U.S. President-elect Donald Trump stated his intention to block the company’s acquisition by Japan’s Nippon Steel.
Investors are closely monitoring labor market reports this week, with particular attention on Friday’s employment data. On Tuesday, the JOLTS job openings report exceeded expectations, adding to market speculation.
These figures come ahead of the Federal Reserve’s meeting on December 17-18, where a 25 basis point rate cut to a range of 4.25%-4.50% is widely anticipated, with a 74% probability according to CME Group’s FedWatch tool.
Shares of Tesla fell 2% as the electric vehicle maker reported a decline in November sales in China, impacted by intensifying competition from local rivals like BYD.
South Korea Martial Law
In significant international news, the South Korean won plummeted by 1.99% against the U.S. dollar on Tuesday, while the U.S. dollar strengthened by 2.32% against the won, reaching 1,436.56 units.
This market movement follows the announcement by South Korean President Yoon Suk Yeol of martial law, aimed at “eradicating pro-North Korean forces” and ensuring “freedom and happiness” for the southern population. However, the martial law was quickly lifted shortly after its implementation, turning the situation into an international scandal.
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