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Buyback movement due to expectations of a soft landing in the US economy.
The Nikkei Average rebounded, closing at 38,647.75 yen, up 285.22 yen (approx. 2 billion shares traded). Due to the Dow Jones Industrial Average reaching a new high in the previous day's US market, investor sentiment improved and buying focused on leading stocks. However, the decline in shares of US semiconductor giant Nvidia weighed down on semiconductor-related stocks, resulting in selling pressure. The Nikkei Average soon turned negative, falling to 38,316.87 yen. However, being the final trading day of the month, there were buying activities from domestic institutional investors to adjust their holdings.
The Nikkei Average rebounded, gradually rising towards the close of the market, driven by supply and demand.
In the U.S. stock market on the 29th, the Dow Jones Industrial Average closed at 41,335.05, up 243.63 points (+0.59%), while the Nasdaq closed at 17,516.43, down 39.60 points (-0.23%), and the S&P 500 closed with a slight decline of 0.22 points (-0.004%). The revised figures for the GDP and personal consumption for the 4th to 6th quarter exceeded expectations, leading to an increase in the market after opening. The robustness of the domestic economy, labor market, and consumption demonstrated positive prospects for the economy, resulting in a continued rise in the market. Towards the end...
Sumitomo Rubber, Miura Kogyo, etc. (Added) Rating
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Despite the stalemate, the market development is focused on rebounding.
[Stock Opening Comments] The Japanese stock market on the 30th is expected to have a stalemate but conscious of a rebound in market developments. On the 29th, the US market saw the Dow Jones Industrial Average rise 243 points and the Nasdaq fall 39 points. In addition to the revised intermediate GDP for the April-June quarter being revised upwards from the preliminary figures and the number of initial claims for unemployment insurance matching expectations, the US economy was bought in anticipation of a soft landing, and the Dow Jones Industrial Average reached a new high. On the other hand, Nvidia's
Selling pressure dominates the market, especially in high-tech stocks, but there is strong buying interest on dips and a reluctance to decline.
The Nikkei average fell slightly for the third consecutive day. It ended the trading day at 38,362.53 yen, down 9.23 yen (with a volume of approximately 1.6 billion shares). Following the release of the 2024 Q2 earnings by the leading U.S. semiconductor company NVIDIA in extended hours trading, the semiconductor-related stocks and others were sold off. The Nikkei average dropped to 37,970.20 yen at the start of the trading session. However, there was a rebound below the psychological milestone of the 38,000 yen level, and there was also a movement to buy on dips, along with the yen exchange rate at 1.
To determine the market development after the sell-off and its stability
[Stock opening comments] The Japanese stock market on the 29th is likely to be a market development that determines the stability after a round of selling. On the 28th, the US market saw a decline of 159 points for the Dow Jones Industrial Average and 198 points for the Nasdaq. Selling pressure from position adjustments ahead of Nvidia's earnings report was the dominant factor. Defensive shares were bought, and the Dow Jones Industrial Average temporarily turned higher, but selling pressure on high-tech stocks became a burden. The Chicago Nikkei 225 futures settlement value was 230 yen lower than Osaka at 3.