The Nikkei Stock Average continued to fall sharply on the Tokyo Stock Exchange on the 2nd. The decline from the previous day at one point exceeded 2,000 yen, falling below 37,000 yen. This was the lowest intraday trading level since early February. Following the sharp fall in U.S. stocks due to concerns about a slowdown in the U.S. economy, the Tokyo market also saw an across-the-board decline. Tokyo Electron, a major semiconductor manufacturing equipment manufacturer, fell by more than 10%. There was also strong selling of major large stocks such as Mitsubishi UFJ Financial Group and Hitachi. Japanese stocks are also weighed down by the trend of a stronger yen and a weaker dollar in the foreign exchange market, raising concerns that this will put pressure on the profits of exporting companies. In the United States, concerns about an economic slowdown are growing, with the number of new weekly unemployment insurance claims increasing more than market expectations. The Dow Jones Industrial Average closed down 1.2% from the previous day, with selling mainly in economy-sensitive stocks such as banks. The Nasdaq Composite Index, which has a higher proportion of technology stocks and is more closely correlated with the Nikkei average, fell 2.3%, while the Philadelphia Semiconductor Index (SOX), which is composed of major U.S. semiconductor-related stocks, fell sharply by 7%. Nikkei Newspaper August 2, 2024 9:05 (Updated August 2, 2024 9:59) * Previous thread [Update] Nikkei average plummets, temporarily dropping by over 2,000 yen, concerns over US economic recession [Flea Market★] 2024/08/02 (Fri) 10:22:46.47 Nikkei average plummets, temporarily dropping by over 1,700 yen, concerns over US economic recession [Flea Market★] 2024/08/02 (Fri) 09:29:52.78.
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