Breakfast | Energy stocks become the most eye-catching sector in the US stock market in the third quarter, and Nvidia's French office is subject to a surprise regulatory inspection.
Tesla rose 2.4%, AMD rose nearly 5%, and NIO's stock surged over 5%. There were rumors that Microsoft had discussed selling its Bing business to Apple around 2020. Ant Group announced another round of capital increase and share expansion. Both NIO and Mercedes-Benz denied rumors of preliminary talks on investment and technology cooperation. JD.com denied selling Tesla cars. Xu Jiayin, Chairman of China Evergrande Group, has been taken into custody on suspicion of illegal activities. The installation and debugging of Intel 4 technology production equipment at Intel's factory in Ireland have been completed.
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Today, the Hong Kong Stock Exchange is closed for the Mid-Autumn Festival, and there is no southbound or northbound trading through the Stock Connect.
Market: Overnight and this morning
The final reading of US Q2 GDP and initial jobless claims last week were both below expectations, but the market remained resilient, awaiting the PCE inflation indicator. US stocks closed slightly higher, with the S&P 500 up 0.59%, the Dow up 0.35%, and the Nasdaq up 0.83%.
The Dow fell nearly 1% this week, down more than 3% this month, and over 2% this quarter; the S&P 500 fell 0.5% this week, down 4.8% this month, and over 3% this quarter; the Nasdaq fell slightly this week, down nearly 6% this month, and over 4% this quarter. Energy was the best-performing sector in the third quarter, with an accumulated increase of about 13%, while US WTI crude oil rose more than 30% during the same period, achieving its best performance in six quarters.
Tech stocks had mixed performance. Meta rose 2%, Tesla rose 2.4%, Google Class A rose 1.4%, Apple rose 0.2%, Microsoft rose 0.3%, Netflix fell 0.3%, and Amazon remained flat. Intel rose 1.7%, AMD rose nearly 5% to a two-week high, and Nvidia rose 1.5%; Arm rose nearly 5%, while Micron Technology fell 4.4%.
The decline in popular Chinese concept stocks narrowed significantly in the closing session. JD.com fell 1.4%, Baidu rose 0.7%, and Pinduoduo rose 0.6%. Alibaba fell 0.8%, Bilibili fell 0.2%, Tencent ADR fell nearly 1%, NIO rose over 5%, Li Auto fell over 1%, and XPeng rose over 3%. Faraday Future fell over 5%, hitting a new low since its listing.
What happened to blue-chip and hot stocks
Ant Group receives additional capital injection
Chuanhua Zhilian, Sunway Optics, and others have subscribed for a total of 4.5 billion yuan in additional registered capital for Ant Group.
Xu Jiayin placed under coercive measures in accordance with the law
China Evergrande: Xu Jiayin has been placed under coercive measures on suspicion of illegal activities. According to insiders, other core members of Evergrande who were taken away around the same time include Xu Jiayin's second son, Xu Tenghe (Peter Xu).
SenseTime's Chief Intellectual Property Enforcement Officer under investigation for alleged bribery
The former Chief Intellectual Property Enforcement Officer of SenseTime, Mr. Gao, has been taken into custody by the police due to economic issues. As he is suspected of criminal offenses, the police are currently investigating, and all information will be disclosed by the police.
Media: NIO and Mercedes-Benz have had preliminary discussions on investment and technical cooperation
The media also reported that there is internal resistance to the cooperation between NIO and Mercedes-Benz. In response, NIO denied having any negotiations with Mercedes-Benz regarding cooperation. Mercedes-Benz stated that there are currently no plans for any cooperation with NIO. JD starts selling Tesla cars? Company responds: The news is not true.
Analysts say Apple A17Pro is just a transitional design, and it is expected that all models of the iPhone 16 series will adopt the A18 series chips.
Media: Nvidia's French office raided by competition regulatory authorities, inspection involves the graphics card department.
Market news: Microsoft once discussed selling Bing business to Apple around 2020.
The negotiations between the two parties regarding Bing were exploratory and did not make progress. If the negotiations are successful, Bing will replace Google as Apple's main search engine, but Apple ultimately insists on keeping Google as the default search engine. A Microsoft vice president said that Microsoft considered investing billions of dollars in Apple in 2016.
X company CEO Yaccarino to present a new plan to 7 banks
Media reports that X company (formerly Twitter) CEO Yaccarino plans to meet with seven banks next week to develop her plan to revive this troubled social media company, which had provided funding for Musk's acquisition of X.
Installation and debugging of Intel 4 technology production equipment at Intel's Ireland factory completed
The first EUV lithography scanner has been successfully started up and chip production is about to begin.
Macro: Take you to see the world
US consumer spending is cooling rapidly, with the Fed's favorite inflation indicator, the core PCE price index excluding food and energy, at an annualized quarterly rate of 3.7%, unchanged from the previous value and in line with expectations.
Richmond Fed President: It is too early to judge whether a rate hike is still needed
Thomas Barkin said that the adverse factors brought about by the government shutdown may bring more uncertainty to the economy.
Powell said that one goal of Fed officials announcing interest rates and economic expectations is to influence spending and investment decisions in the current and coming months. This impact will only occur when people understand what the Fed is saying and what it means for their own finances.
The US House Oversight and Reform Committee holds its first impeachment inquiry hearing on Biden
On September 28th local time, according to CNN, the US House Oversight and Reform Committee, led by Republicans, held its first hearing on the impeachment inquiry against President Biden. It is reported that the core focus of the impeachment inquiry is the business transactions of President Biden's son, Hunter Biden. UAW and automakers' wage negotiation target adjusted to a 30% increase
Sources revealed that the United Auto Workers (UAW) is seeking at least a 30% wage increase to end the strike against the Detroit Big Three automakers. This level is lower than the initial proposal of around a 40% wage increase.
Bridgewater's Dalio: The United States will face a debt crisis, and the economy is expected to substantially slow down
The United States will face a debt crisis, and the speed at which the debt crisis occurs will depend on supply and demand issues.
Lan Fo'an appointed as the Party Secretary of the Chinese Ministry of Finance, relieving Liu Kun of his position as the Party Secretary of the Ministry of Finance.