Alibaba, Chinese Stocks Fly, Dow Hits Record | Moovin Stonks
Good morning, traders. Happy Tuesday, September 24th. The market is trying to climb and the Dow hit another trading high right after opening. Seven out of 11 sectors of the S&P 500 fell while energy, utilities, and manufacturing materials led the market.
My name is Kevin Travers; here are stonks and stories mooving the U.S. stock market today.
$Visa (V.US)$ was trading 4% lower Tuesday as regulatory concerns weighed on shares of the credit card company. Reports said the U.S. Justice Department's antitrust division could file a lawsuit as soon as Tuesday, accusing Visa of illegally monopolizing the U.S. debit card market. It was the lowest declining stock on the Dow.
Within industries tracked by moomoo, Chinese stocks soared on Tuesday following a reserve requirement cut from the central bank that announced cuts to the reserve requirement ratio for banks and the seven-day repo rate after lowering the 14-day reverse repo rate Monday. 50-basis-point cut to the bank's reserve requirement ratio, reducing it from 10.0% to 9.5% for commercial banks. This cut is set to inject approximately 1 trillion yuan ($140 billion) of liquidity into the banking system.
$Tencent (TCEHY.US)$ climbed 12%. Chinese EV-maker $Li Auto (LI.US)$ surged 7%, while $NIO Inc (NIO.US)$ gained 7%. $JD.com (JD.US)$ rose 8.6%, and $Alibaba (BABA.US)$, China's largest publicly traded company with a market capitalization of $209 billion, climbed 5%. $PDD Holdings (PDD.US)$ climbed 5%.
Manufacturing and industrial materials stocks climbed on the news, with copper company $Freeport-McMoRan (FCX.US)$ climbing 6%, the highest on the S&P 500, and contributing to the overall copper public company group growing 6%.
$Crude Oil Futures(JAN5) (CLmain.US)$ climbed after the news, and a weather report of a tropical storm brewing in the Caribbean. The commodity shot up past $71/barrel. $Bitcoin (BTC.CC)$ stayed at $62k. Gold hit a fresh all-time high at $2,641/ Troy ounce. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell.
Just past 10:50 am ET the $S&P 500 Index (.SPX.US)$ traded fown 5 bps, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.18% to a new high, and the $Nasdaq Composite Index (.IXIC.US)$ fell 18 bps.
Federal Reserve governor Michelle Bowman talked Tuesday speaking at a convention for the Kentucky Bankers Association in Hot Springs, Va., about her decision to dissent from last week's jumbo rate cut. She said a 50 basis point cut worried her; she thought it would signal economic weakness.
"I was concerned that reducing the target range for the federal funds rate by 1/2 percentage point could be interpreted as a signal that the Committee sees some fragility or greater downside risks to the economy," Bowman said.
She also said she was worried a bigger first cut would lead markets to believe the Fed would cut at that pace going forward. Bringing the rate down too quickly also carries the risk of unleashing pent-up demand and "potentially reigniting inflationary pressures," she said.
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Yesterday, users were watching inflation estimates and rate cuts with caution. One user said if inflation 'lowered' doesn't mean consumers have less money to spend, prices are reacting by finally coming down.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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Winning24 : boom
Mayaidle : house25
102188459 : Thank you
Debbielee Thomsen : NEVER BUY FROM CHINA!
Laine Ford : maybe good stock in the future but no comment now
Bullish Law : good time to buy
RDK79 : Isn’t that the point…???
Adrianlim90 : a
LittleSoldier Debbielee Thomsen : That’s, awesome
we live in this throw everything away never fix anything anymore and they keep buying crap that China Makes and is basically Junk that’s meant to break so you buy more! What happened to America and being proud of what we made because when we made it. It last more than a month and didn’t cost a fortune to fix! Talk about an ignorant generation!!!
Aceofsteal :
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