US Stock Weekly Report (US 9/29-10/5)

The Dow average continued to fall for 3 weeks in the US stock market until 10/5, and the S&P 500 continued to fall for 5 weeks. The NASDAQ continued to grow slightly while remaining flat. Assuming that the number of job offers for the US August (JOLTS US Employment Dynamics Survey) announced on the 3rd was 9.61 million, which greatly exceeded market expectations (8.8 million cases), and a tightening of US labor supply and demand was shown, observations of prolonged financial tightening by the Fed intensified. The 10-year US bond yield hit a high level of 4.81% every day for the first time in about 16 years, and the Dow average showed a decline of over 500 dollars at one point, and continued to fall drastically for 3 days. The US IT sector, which has a high PER, was sold, and the NASDAQ fell for the first time in 5 business days. Market sentiment also worsened due to a succession of hawkish statements by US Fed members, such as support for additional interest rate hikes at the November meeting and maintaining high level FF rates for a long period of time. The number of US ADP employed people in September, which was announced on the 4th, fell far short of market expectations, and the ISM non-manufacturing business confidence index in September showed a deceleration, so buyback was entered into US bonds, the rise in long-term US interest rates came to a stop, and the three major indices all rebounded. Ahead of the announcement of US employment statistics for September on the 6th, there was almost no change from the day before, even though there was a slight decline in the 3 major US indices on the 5th. The 11 major S&P 500 sectors were sold overall compared to last week. The resource sector was at the top with a price drop of 5.78%, followed by a 4.21% depreciation and a 2.67% decline in the consumption stability sector. Meanwhile, the telecommunications sector was 1.21% higher and the IT sector was 0.98% higher. Individual stocks were added to GS's “Conviction List” $NVIDIA(NVDA.US)$The price has risen 7.4% in the last 2 weeks, and it was 7 wins and 2 losses out of 9 business days. On the other hand, on the 5th $Coca-Cola(KO.US)$fell 4.83%, and at one point it hit a low for the first time in about two and a half years. In the face of rapid interest rate growth, the fact that the company's appeal as a defensive stock faded was viewed as bad news.