U.S. Treasury yields, which had surged recently, stabilized, allowing New York stocks to rebound after three consecutive days of decline. The rise in demand for artificial intelligence (AI) servers boosted Dell's stock, while semiconductor stocks like NVIDIA also contributed to improved investor sentiment. Attention is now on whether the domestic market can recover on September 3, following the easing of U.S. interest rates and the influx of bargain buying in semiconductor stocks.
On September 2 (local time), the three major indices on the New York Stock Exchange, which had been on a downward trend for three days, all rebounded. The Dow Jones Industrial Average rose by 0.56%, while the S&P 500 and the tech-heavy Nasdaq Composite increased by 0.46% and 0.45%, respectively.
The U.S. 10-year Treasury yield, which had sharply risen recently, peaked at 4.821% during the day, marking its highest level since November 2023. However, it later reduced its gains, trading at 4.793%, down 0.2 basis points (1 basis point = 0.01 percentage points) as of 3 p.m. local time. The yield on the 30-year Treasury remained unchanged at 5.266%, while the 2-year yield fell by 0.8 basis points to 4.383%.
Bargain buying in semiconductor stocks also supported the rise in indices. Dell, which raised its annual revenue and profit forecasts based on increased demand for AI servers, surged by 15.81%, leading the market's upward momentum.
Major semiconductor stocks also saw gains, with NVIDIA up 3.21%, Micron rising 2.43%, and Qualcomm increasing by 2.01%. SK Hynix's American Depositary Receipts (ADRs) rose by 2.61%, and the Philadelphia Semiconductor Index closed up 0.45%. Broadcom, however, fell by 0.66% despite reporting better-than-expected earnings after the market closed.
In this context, there is interest in whether the domestic market can continue its rebound after a sharp decline the previous day. According to NextTrade, as of 8:18 a.m. on September 3, Samsung Electronics was trading at 254,000 won, up 1.40% (3,500 won) from the previous trading day, while SK Hynix rose by 1.67% (27,000 won) to 1,640,000 won.
Han Ji-young, a researcher at Kiwoom Securities, stated, "The domestic market is expected to rebound due to the influx of bargain buying following a more than 4% drop the previous day, the stabilization of U.S. 10-year Treasury yields, and the positive impact of Broadcom's earnings surprise."
* This article has been translated by AI.
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