The New York stock market started an upward trend on the 22nd (local time) thanks to the good performance of major corporations and inflows of bargain buying.
According to the New York Stock Exchange (NYSE), as of 10:30 a.m., the Dow Jones Industrial Average was up 679.51 points (1.78%) from the previous trading day, reaching 38,849.92. The Standard & Poor's (S&P) 500 index rose by 86.98 points (1.69%) to 5,245.18, while the technology-focused Nasdaq Composite index climbed by 299.53 points (1.89%) to 16,170.43.
The previous day, the three major stock indices of the New York market had closed down more than 2% due to U.S. President Donald Trump's tariff war and attacks on Jerome Powell, the Chair of the Federal Reserve. The recent fluctuations in the stock market, which have been shaky for four consecutive trading days, have contributed to bargain buying.
The market focused on the first-quarter performances of major corporations. Aviation engine manufacturer GE Aerospace announced a first-quarter performance that exceeded market expectations, reporting a post-adjustment earnings per share (EPS) of $1.49, leading to a rise of over 4% in its stock price. Manufacturing corporation 3M saw its stock price jump by more than 7%, buoyed by strong first-quarter performance indicating revenue growth and margin improvement.
Tesla's stock price, which is set to announce its first-quarter performance after the market close, is showing an increase in the range of 4%. The previous day, its stock price had dropped by 5.75%, falling out of the top 10 in market capitalization for the first time since June 11 of last year, but it rebounded to reclaim the 10th position on that day. Nvidia, which had fallen an additional 4.51% the previous day due to strengthened export regulations from the U.S. government on artificial intelligence (AI) semiconductor chips, is showing a rebound of nearly 2% on that day.
The market is paying attention to the upcoming remarks from officials of the U.S. Federal Reserve (Fed). Philip Jefferson, Vice Chair of the Fed, Neel Kashkari, President of the Minneapolis Federal Reserve Bank, and Adriana Kugler, Fed Director, are scheduled to speak.