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US Market September Movers & Shakers: China-linked Stocks Surge, Vistra Outshines Nvidia as Top S&P 500 Performer So Far in 2024

Movers and Shakers joined discussion · Sep 30, 2024 17:48

As September draws to a close, $NIO Inc (NIO.US)$ has distinguished itself as the top performer in the US stock market, registering a remarkable 61% increase throughout the month. The significant rise in its stock price, which jumped over 12% on September 27th alone, was supported by substantial financial backing from a consortium led by the government of Hefei, Anhui province. This infusion of $1.9billion into a Nio subsidiary has fueled the Chinese electric vehicle (EV) maker's development of new products and technologies.

Following this capital boost, Nio announced a hefty investment of 10 billion yuan to acquire newly issued shares of Nio China. Although this transaction will decrease its holding from 92.1% to 88.3%, the Shanghai-based company remains positive. Nio's strengthened balance sheet is poised to enhance its technological edge, broaden its multi-brand strategy, and drive the company into a new phase of sustainable growth, as per a statement released on Sunday.

Nio's success is part of a wider surge among US-listed Chinese stocks, which have seen their best week since 2008. This resurgence is largely driven by a 'Fear of Missing Out' (FOMO) among investors, spurred by a series of government stimulus measures aimed at reinvigorating one of the world's most beleaguered markets. The CSI 300 Index, which monitors major Chinese stocks, soared 8.5% in one session, marking its largest gain since 2008. The index has rebounded more than 20%, entering a technical bull market after the biggest weekly rally in 16 years.

This upward momentum followed the relaxation of homebuying rules in China's largest cities and a reduction in mortgage rates by the central bank. These actions are part of a comprehensive stimulus package that also included interest rate cuts and liquidity enhancements to support the stock market.

$XPeng (XPEV.US)$, $JD.com (JD.US)$, $PDD Holdings (PDD.US)$, and $KE Holdings (BEKE.US)$ led the surge among top performers, with impressive gains of 58%, 48%, 41%, and 35% respectively.

$Vistra Energy (VST.US)$ also made significant strides in September. Consider Microsoft's recent deal with $Constellation Energy (CEG.US)$, which aims to restart one reactor at the famous Three Mile Island nuclear power plant. This reactor will exclusively supply power to Microsoft for the next 20 years.

This possibility of similar deals boosted Vistra, with its stock increasing 38% in September alone. Vistra's shares had already been climbing well before this month and are now up 209%, making it the top performer in the S&P 500—yes, even doing better than Nvidia.

See more US market movers & shakers in September:

US Market September Movers & Shakers: China-linked Stocks Surge, Vistra Outshines Nvidia as Top S&P 500 Performer So Far in 2024

Source: Bloomberg

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73492634 : Rise to half the sky, fall into hell.

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