Chinese Stocks Tank on Lack of Stimulus, Market Climbs | Moovin Stonks
Happy Wednesday, October 9th. The market climbed following a sudden drop in Chinese stocks after no new stimulus was announced Tuesday morning. Four of eleven S&P 500 sectors fell. A second massive hurricane was hurtling toward the American South, due to hit Tampa Bay, Florida, Thursday. Here are Wednesday's mooving stonks.
$Norwegian Cruise (NCLH.US)$ was climbing after a Citi bank analyst upgraded to Buy, and a high earnings growth prediction was released late Tuesday. It was up 7% Wednesday, the highest gainer on the S&P 500.
$Alphabet-C (GOOG.US)$ shares fell slightly, down 2% Wednesday after news that the U.S. Department of Justice is considering whether to demand a breakup of Google after the search giant was ruled an illegal monopoly. It could be the biggest antitrust action in decades.
$Arcadium Lithium (ALTM.US)$ climbed 30%, the highest on the Russell 2000, a deal from copper and aluminum miner Rio Tinto to buy out the firm for $6.7 B, or $5.85/share.
Investors are still awaiting $Delta Air Lines (DAL.US)$ and $JPMorgan (JPM.US)$ earnings this week to really kick start the Q3 season.
Within industries tracked by moomoo, cruise lines, leisure, and WallStreetBets stocks climbed following the Norwegian Cruise upgrade and related stock climbs. WallStreetBets stocks also climbed following the drop in Chinese stocks.
The $CSI 1000 Index (000852.SH)$ fell 7%, after a 23% climb since the government annouced stimulus. The $CSI 300 (LIST20861.HK)$ fell the most in one session since 2020. Midday trading for Chinese stocks, the Chinese Ministry of Finance that it would hold a news conference this upcoming Saturday.
$Crude Oil Futures(FEB5) (CLmain.US)$ fell again, while the Wall Street Journal ran a story that the U.S. was 'frustrated' that Israel would not share its plans on Iran retaliation.
$Bitcoin (BTC.CC)$ fell to $61k. Gold and silver both fell. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both climbed.
If you were not looking at Chinese stocks, the market climbed Wednesday.
Just past 11:54 am ET the $S&P 500 Index (.SPX.US)$ traded +66 basis points, the $Dow Jones Industrial Average (.DJI.US)$ climbed 95 basis points, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 58 basis points.
Atlanta Fed President Raphael Bostic was upbeat speaking about the economy overall Tuesday night, but he said Tuesday that he is monitoring high storms in his district that could harm economic activity.
"Just in my district, in the last two weeks, we've had...these massive weather events, first Hurricane Helene, now we've got Milton that's bearing down on Florida," Bostic said.
This week, investors are awaiting CPI inflation numbers on Thursday. In macro, the market is waiting for the afternoon 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 saying that the sudden pullback in Chinese stocks was not a sign they would fall.
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 : Chinese stock stanks!!! they are playing head games with the stimulus it's coming
EZ_money : thanks for the update
72486283 : Yes
SPICYDOC辣刀客 : Chinese stocks had a healthy correction. when China had the national day golden week holiday Heng Seng and the Chinese concept stocks in US Market had one more week of growth and had a correction, along with Chinese stocks in US market. the pullback was also because of the good news in US non-farm, that stimulates the climbing of US stocks along with good news with stocks like Nvidia, which attracts funds to sell profits in Hong Kong market and come back to US market. then the next day which is yesterday the A shares was brought down following the Hong Kong and the US market (Chinese stocks) sharp drop. now these factors are gone, these markets with Chinese stocks are going to return to a healthier climbing back to the uptrend, which did not change because of the pullback. the Chinese stocks are still in an uptrend. This time the market will be more sensible, so the growth will be hopefully slower and look more into the fundamentals. however there are many new traders that just signed up for accounts during the national Day Holiday, and could only start trading since yesterday, so it could still be faster going up.
STEVEN CHEE 328 : HI
DreamyLucid : It is not even a proper stimulus. Let’s face it.
102181510 : o.k
Kevin Travers OP SPICYDOC辣刀客 : Do you feel traders returning from holiday contributed to the falling prices?
章允量 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Yani3167 : nice
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