US Stocks Rise, but Chinese Indexes Plunge to 2-Year Low
On Tuesday, the three major U.S. stock indices closed higher, with large-cap technology stocks leading the gains. According to Reuters, investors re-entered technology stocks, shifting their focus to upcoming inflation data and the soon-to-begin third-quarter earnings season.
At 4:00 PM Eastern Time on October 8th (4:00 AM Beijing Time on October 9th), the Dow Jones Industrial Average (DJIA) rose by 126.13 points to close at 42,080.37, a gain of 0.30%; the Nasdaq Composite (IXIC) jumped by 259.02 points to close at 18,182.92, a gain of 1.45%; the S&P 500 Index (SPX) increased by 55.19 points to close at 5,751.13, a gain of 0.97%.
U.S. large-cap technology stocks saw across-the-board gains, with Nvidia (NVDA) surging by over 4%, Netflix (NFLX) rising by more than 2%, and Apple (AAPL), Amazon (AMZN), Meta Platforms (META), and Microsoft (MSFT) all increasing by more than 1%, while Alphabet (GOOGL) edged higher.
U.S. bank stocks experienced mixed movements, with Citigroup (C) up by over 1%, Goldman Sachs (GS) and Wells Fargo (WFC) slightly higher, while JPMorgan Chase (JPM), Morgan Stanley (MS), and Bank of America (BAC) saw minor declines.
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Energy stocks in the U.S. market fell across the board, with ConocoPhillips (COP) and Schlumberger (SLB) dropping by more than 3%, Exxon Mobil (XOM) and Occidental Petroleum (OXY) falling by over 2%, and Chevron (CVX) down by more than 1%.
Chinese concept stocks widely declined, with the Nasdaq Golden Dragon China Index falling by 6.85%, marking the largest single-day drop since October 2022. Jinko Energy (JKS) plummeted by over 20%, Daqo New Energy (DQ) dropped by approximately 20%, EHang (EH) and Dada Nexus (DADA) fell by more than 16%, Tiger Brokers (TIGR) declined by about 16%, and金山云 (KC), Gaotu Techedu (GOTU), and Lufax Holding (LU) all fell by over 14%. Bilibili (BILI) and Weibo (WB) dropped by more than 12%, while Array Technologies (ARRY) and Trip.com Group (TCOM) fell by about 10%.贝壳 (BEKE), Li Auto (LI), and NIO (NIO) fell by about 8%, and JD.com (JD), Baidu (BIDU), and XPeng (XPEV) all declined by over 7%. On the positive side, Amer Sports (AMER) rose by over 6%.
In terms of news, CNBC reported that Boston Fed President Collins stated on the 8th that further rate cuts are anticipated as inflation eases and the labor market cools.
European stock markets: The three major European stock indices all declined on the 8th. The Financial Times Stock Exchange 100 (FTSE 100) in London closed at 8,190.61, down 113.01 points from the previous trading day, a decrease of 1.36%. The CAC 40 in Paris closed at 7,521.32, down 54.70 points from the previous trading day, a decrease of 0.72%. The DAX in Frankfurt closed at 19,066.47, down 37.63 points from the previous trading day, a decrease of 0.20%.
International oil prices: International oil prices saw a significant drop on the 8th. By the close of the day, the November delivery of light sweet crude oil futures at the New York Mercantile Exchange fell by $3.57 to close at $73.57 per barrel, a decrease of 4.63%. The December delivery of Brent crude oil futures in London fell by $3.75 to close at $77.18 per barrel, a decrease of 4.63%.
U.S. Dollar Index: The U.S. Dollar Index rose on the 8th. The index, which measures the value of the U.S. dollar against six major currencies, increased by 0.01% on the day, closing at 102.549. By the end of the New York foreign exchange market, 1 euro was exchanged for $1.0972, higher than the previous trading day's $1.0969; 1 British pound was exchanged for $1.3092, higher than the previous trading day's $1.3071; 1 U.S. dollar was exchanged for 148.36 Japanese yen, higher than the previous trading day's 148.11 yen; 1 U.S. dollar was exchanged for 0.8579 Swiss francs, higher than the previous trading day's 0.8539 Swiss francs; 1 U.S. dollar was exchanged for 1.3656 Canadian dollars, higher than the previous trading day's 1.3638 Canadian dollars; 1 U.S. dollar was exchanged for 10.3520 Swedish kronor, lower than the previous trading day's 10.3674 Swedish kronor.
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