Chinese Stocks Pull Back to End Stimulus Holiday, Oil Falls | Moovin Stonks
Good morning, traders. Happy Tuesday, October 8th. Chinese stocks are finally pulling back, alongside Crude Oil Futures. Stimulus jumps can only go so far, and analysts like George Pavel from Capex.com told Wall Street Journal the energy market is no longer expecting an all-out Israeli attack on Iran.
My name is Kevin Travers; here stonks and stories you have to hear about from Wall Street Today.
$Marathon Petroleum (MPC.US)$ fell 8%, the lowest reaching stock on the S&P 500 following the drop in oil prices. The Ohio-based refinery and oil seller is one of many energy firms hit by the pullback.
$PDD Holdings (PDD.US)$ was the lowest decliner on the Nasdaq 100, falling 6% with the rest of the Chinese stock world.
$Palo Alto Networks (PANW.US)$ climbed 4%, the highest on the S&P 500 after Goldman Sachs analyst Gabriela Borges raised the firm's price target from $376 to $425 and maintained the firm with a buy. $Alibaba (BABA.US)$ fell 6%, $JD.com (JD.US)$ fell 6%, and $Bilibili (BILI.US)$ fell 12% as stocks opened for trading after the Chiense holiday.
$PepsiCo (PEP.US)$ reported a drop in sales Tuesday, but not enough to move the stock much.
Investors are watching for $Delta Air Lines (DAL.US)$, and $JPMorgan (JPM.US)$ earnings this week, Tuesday, Thursday, and finally Friday, to start Q3 earnings properly.
Within industries tracked by moomoo, meme stocks from Wall Street Bets were one of the highest-gaining groups of stocks.
$Bitcoin (BTC.CC)$ hovered at $62k. Gold fell, and Silver fell even more, down about 4%. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market overall fell Tuesday, but not by much, as indexes were climbing.
Just past 10:50 am ET the $S&P 500 Index (.SPX.US)$ traded +0.78%, the $Dow Jones Industrial Average (.DJI.US)$ climbed just 0.04%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.27%.
This week, investors are awaiting CPI inflation numbers on Thursday. In macro, the market was still digesting Friday's labor numbers, which came in hot- 254k vs. estimates of 147k. The market will also see the release of the FOMC meeting minutes after the rate cut decision.
CPI numbers will arrive Thursday, forecasted to be at 2.3% growth year over year in consumer prices, a three-year record low. Last month, consumer prices grew by just 2.5% year over year, the lowest rate since 2021
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Yesterday, users were watching and waiting for their favorite stocks to climb this earnings season.
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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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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EZ_money :
Bird007 : Wrong! The mainland stock market continued to soar after the holiday season! The Hong Kong stock market absorbed profits and declined after the market. This was a normal adjustment, and the upward trend remained unchanged.
活力的羅傑 Bird007 :
y f ii : How to make money without short positions![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Kevin Travers OP Bird007 : I’m just saying what I see when I post the story, and it looked like those stocks were falling— do you believe these stocks are still going to climb
netbrave Kevin Travers OP : will up I feel
101550592 :
Kevin Travers OP netbrave : That is good news for people holding them!!![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Bird007 Kevin Travers OP : 我说过趋势没变，中国股市这波起来还会延续，中间调整是因为前期涨幅巨大，需要消化，所以这些股票必然会起来！Why not?
Alen Kok : o
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