[New York Stock Market] Nasdaq Only Index to Rebound Amid Mixed Trading; SOXL Surges More Than 30% in September

[Financial News]  

The New York stock market ended September 30 (local time) on a strong-to-weak note.
The market opened higher after the U.S. personal consumption expenditures (PCE) price index for August came in below expectations. However, momentum gradually faded, leaving only the NASDAQ Composite with a modest gain.
For September, only the NASDAQ Composite rose by nearly 2%, while the Dow Jones Industrial Average and the Standard & Poor's 500 Index (S&P 500 Index) both declined.
Meanwhile, semiconductor stocks continued their upward trend.

The three major indexes appeared poised to rebound for the first time in three sessions, but turned lower in the afternoon as Treasury yields rose again.
The Dow Jones Industrial Average fell 443.87 points, or 0.86%, from the previous session to close at 50,906.05. The S&P 500 Index dropped 19.30 points, or 0.25%, to finish at 7,651.54.
The NASDAQ Composite was the only major index to gain, rising 63.52 points, or 0.24%, to close at 26,861.06.
On a monthly basis, the Dow Jones Industrial Average plunged 4.28%, while the S&P 500 Index fell 0.45%. In contrast, the NASDAQ Composite jumped 1.86%.
The Nasdaq-100 Index, which consists of 100 large-cap technology stocks, rose 69.17 points, or 0.23%, to close at 30,408.50. TQQQ, a leveraged ETF that tracks three times the index's daily movement, gained $0.57, or 0.74%, to finish at $78.03.

The semiconductor sector, a leading equipment industry, continued its upward trend despite pressure from rising Treasury yields.
NVIDIA, the sector's leading stock, gained $1.17, or 0.51%, to close at $228.38. Micron Technology rose $0.03, or 0.00%, to finish at $1,065.11.
SK hynix's American Depositary Receipt (ADR) slipped $2.53, or 1.36%, to $184.15, while AMD finished trading up $4.19, or 0.69%, at $611.76.
The Philadelphia Semiconductor Index (SOX) fell 0.54 points, or 0.00%, to close at 13,628.62. However, SOXL, a leveraged ETF that tracks three times the index's daily movement, climbed $0.86, or 0.59%, to $147.86.
SOXL surged more than 31% over September.

Big Tech stocks were generally higher.
Alphabet gained $3.16, or 0.93%, to close at $344.08, while Apple rose $3.62, or 1.10%, to finish at $333.02.
Tesla also rebounded. After a run of losses, it ended trading up $1.97, or 0.56%, at $345.81.
Palantir Technologies edged up $0.08, or 0.04%, to close at $187.05, while Microsoft (MS) gained $3.94, or 0.77%, to finish at $512.90.

[email protected] Song Kyung-jae Reporter