Pre-market US stocks | Chinese internet stocks plummet across the board, JPMorgan raises Tesla's target price, Goldman Sachs bullish on large-cap tech stocks
Alibaba and NIO fell nearly 2%, JD.com, Bilibili, NetEase, and Xiaopeng fell more than 2%, Pinduoduo and Beike fell 1.7%, and Li Auto fell 2.7%. Tesla fell 0.6%, while Nvidia rose 0.4%.
US Stock Market News
According to an internal memo obtained by MacRumors, all first-generation Apple Watches released in 2015 were listed as "obsolete products" on September 30th.
The price of copper on the London Metal Exchange (LME) fell below $8,000 per ton for the first time since May.
According to The Wall Street Journal, Meta Platforms plans to offer ad-free Instagram or Facebook for a monthly fee of $14.
Market news: Boeing plans to increase the production of the 737 model to approximately 42 aircraft per month by December 2023, approximately 47 aircraft per month by June 2024, and approximately 52 aircraft per month by December 2024.
Tesla's official website shows that Tesla has reintroduced the rear-wheel-drive Model Y with a price of $43,990.
Federal Reserve's Mester: The Federal Reserve may have reached or is close to the peak interest rate and is now evaluating the duration of maintaining this level.
Market news: Due to the impact of the strike by the United Auto Workers, Ford Motor Company will temporarily lay off 330 employees in Chicago and Ohio.
JPMorgan Chase: Raised Tesla's target price from $120 to $135.
In pre-market trading, Dow Jones futures, Nasdaq futures, and S&P 500 futures are all trading within a narrow range.
Alibaba and NIO fell nearly 2%, JD.com, Bilibili, NetEase, and XPeng fell over 2%, Pinduoduo and Beike fell 1.7%, and Li Auto fell 2.7%.
Tesla fell 0.6%, while Nvidia rose 0.4%.
- Goldman Sachs: Li Auto's Q3 sales exceeded expectations, rated as "buy," target price $53.
Morgan Stanley's research report stated that although Li Auto's order momentum remains strong, increasing competition may force the company to adopt more aggressive promotional activities, which will limit the upside potential of its automotive gross margin in the second half of the year. In addition, the market is also closely watching the Li Mega, which will be officially launched in December. It will be an important model for investors to evaluate Li Auto's upcoming lineup of pure electric vehicles.
- Goldman Sachs: Valuations of large-cap tech stocks are at their lowest level in six years and are expected to rise by 20%.
Goldman Sachs analysts wrote that not only will large-cap tech stocks reverse their current decline, but they may also continue to outperform the market in the coming years. "If growth expectations remain unchanged and large-cap tech stocks return to their average PEG ratio of the past decade (0.84 times), this group of stocks will appreciate by 20%." This could happen soon, and the upcoming earnings season could serve as a catalyst for further gains in this sector.