All three major US indices fell on the 23rd. Interest rates rose on strong economic data, and selling prevailed as investors took profits following the recent rally.
All three major US indices, the Dow, Nasdaq and S&P 500, fell in US trading on the 23rd. Long-term interest rates rose against a backdrop of economic data indicating resilience in the US economy and progress in containing inflation, with selling by investors cited as the main factor behind the decline.
The Dow Jones Industrial Average ended at $51,511.59, down $352.10 from the previous day. The decline widened after the open, and the index fell further during the later hours of Japan time. The Nasdaq Composite reversed its recent advance, falling 308.24 to 26,936.04. The S&P 500 extended its decline, falling 58 points to 7,706.
The long-term interest rate ended at 5.11%, up 0.15 percentage points from the previous day, while USD/JPY traded in the low 158s. As expectations about the future direction of monetary policy strengthened, market participants focused on whether the decline in US markets would ease.
Following the day's movements in US markets, Nikkei 225 futures traded overnight remained at elevated levels, and were expected to potentially influence the direction of the Japanese market the following day.