Moovin Stonks : China Stocks are on a Tear This Week
Happy Friday traders, it's September 27. The market is climbing after the Fed's favorite way to measure inflation came in with the lowest year-over-year increase since 2021: 2.2%. The FOMC's recent decision to start cutting rates looks prescient in hindsight.
My name is Kevin Travers; here stonks and stories you have to know about on Wall Street today.
Chinese stocks were still rising, after seeing their best day in years the day before. $PDD Holdings (PDD.US)$ climbed 6%, the highest on the Nasdaq 100. Like other Chinese tech stocks, the stock climbed 36% in the past five sessions. Stock moves are not as insane today, but stocks like $JD.com (JD.US)$ and $Alibaba (BABA.US)$ grew to levels not seen in a year.
$Walgreens Boots Alliance (WBA.US)$ climbed 6%, after one of its lowest closing prices for 28 years Thursday.
$Crude Oil Futures(DEC4) (CLmain.US)$ climbed after pulling back 4% this week, despite Chinese stimulus and threats of war in the Middle East.
$Bitcoin (BTC.CC)$ hovered at $66k, Gold and silver pulled back from fresh highs. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell.
The market climbed, but tech was the only sector of the S&P 500 falling Friday, and tech pulled down the Nasdaq. The S&P 500 was on track for a closing high, but hit a trading high Thursday.
Just past 111:22 am ET the $S&P 500 Index (.SPX.US)$ traded +14 the $Dow Jones Industrial Average (.DJI.US)$ +1%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.23%.
In macro, PCE inflation numbers showed that prices were growing at a slower pace. The regular PCE including energy and food prices grew by just 2.2%.
Core PCE grew by 2.7%, and 0.1% year over year.
Michigan consumer sentiment also dropped Friday, and showed respondents thought prices would climb at a rate of 2.7% in one year. Consumer confidence about the economy rose to a five-month high.
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Yesterday, users reacted to a wealth of breaking news, and historic climbs from Chinese stocks. Friday is slower, but moomoo investors will digest the PCE inflation numbers---
Traders, what do you think? 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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Abram Massaquoi : Thanks for reading
73279472 : i
Clement Lemons : okk
Ethan Gary : the market is not climbing
Alen Kok : okay
Kevin Travers OP Ethan Gary : Two hours before you cemented it was, and overall 6,400 equities are climbing to 4,700 in the US, even if the Nasdaq is falling
73955364 : pumper dumpster you mean
Kevin Travers OP 73955364 : hahaha
Laine Ford : good stock
Adrianlim90 : good
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