Chinese Stocks Rocket, Market Falls | Moovin Stonks

Kevin Travers joined discussion · Sep 30 23:03

Chinese Stocks Rocket, Market Falls | Moovin Stonks

Good morning, traders. Happy Monday, September 30. The market pulled back, with just three out of 11 S&P 500 sectors in the green. Over the weekend, the world was affected by a major hurricane in the American south, ground raids in Lebanon, and yet another stimulus effort for Chinese stocks.

My name is Kevin Travers; here stonks and stories mooving the U.S. stock market today.

$Stellantis NV (STLA.US)$ shares on the New York Stock Exchange fell more than 13% after the automaker slashed its full-year adjusted operating income margin and free cash flow projections amid deteriorating global industry trends.

$FedEx (FDX.US)$ shares climbed after news a port strike was looming, according to Barrons. 25,000 dockworkers represented by the Longshoremen's Association are bargaining and may strike if their contract expires Monday after a year and a half of negotiation. Analysts at Stifel said international air shipping companies like FedEx and $United Parcel Service (UPS.US)$ may benefit.

$Carnival (CCL.US)$ shares fell slightly after the firm reported record revenue Monday morning. Despite the estimated beat, the cruise ship operator said it expected Q4 yields to climb 5%, compared to estimates of 5.8%. International firms use 'constant currency' to describe revenue growth when dealing with exchange rates between multiple countries, or in Carnival's case, multiple ports. Currency fluctuation is usually out of the company's hands.

$AT&T (T.US)$ stock did not move despite a TV buyout deal for its subsidiary DirtectTV to purchase Dish and Sling for $1 in cash, and $9.75B in debt announced Monday.

$NIO Inc (NIO.US)$ stock soared 11% after the Chinese electric vehicle manufacturer announced a significant $2 billion cash boost from existing shareholders.

$CVS Health (CVS.US)$ stock climbed 3% following reports from the Wall Street Journal that Glenview Capital, jor shareholder, is set to discuss potential business improvements with CVS's management.

Within industries tracked by moomoo, Chinese stocks were again climbing at record paces after China's central bank on Sunday directed commercial banks to lower mortgage rates for existing home loans by at least 30 basis points before Oct. 31. Last week, the People's Bank of China lowered the reserve requirement ratio for banks and cut the interest rates.

$Alibaba (BABA.US)$, $PDD Holdings (PDD.US)$ and $JD.com (JD.US)$ were all climbing, and the $CSI 1000 Index (000852.SH)$ was climbing 11% Monday morning, up 27% in six days.

UBS analyst Zuzanna Pusz said Chinese stocks still trade at 30% price-to-book discount to emerging markets peers, with profitability only 2% lower.

$Crude Oil Futures(FEB5) (CLmain.US)$ climbed a bit to 68%.

$Bitcoin (BTC.CC)$ fell to $63k Gold and silver pulled back. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.

The market was falling Monday, despite industries climbing.

Just past 11:24 am ET the $S&P 500 Index (.SPX.US)$ traded down just 1 basis points, the $Dow Jones Industrial Average (.DJI.US)$ fell 19 basis points, and the $Nasdaq Composite Index (.IXIC.US)$ fell 3 basis points.

This week, investors can await nonfarm payrolls and the unemployment rate to check progress on the labor market. Last week, the PCE came in at 2.2%, the lowest year-over-year inflation number since 2021.

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This weekend, users said they were looking forward to the end of September today. Many users said they could not wait for tech earnings and the Tesla Robotaxi event this month, October 10.

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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