Rain was falling on Wall Street Thursday, but the market was climbing overall: the S&P 500 opened at a new trading high, but breaking news this morning was stirring things up. The Chinese Golden Dragon index $NASDAQ Golden Dragon China (.HXC.US)$ climbed nearly 11% for the day, the most since 2022.
Just past 4 pm ET, the $S&P 500 Index (.SPX.US)$ traded +40 bps, an all time closing high, the $Dow Jones Industrial Average (.DJI.US)$ climbed 60 bps, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 66.
According to a Benzinga report, the Chinese government announced further stimulus on Thursday. $Bilibili (BILI.US)$ climbed 15% $Jabil (JBL.US)$ posted earnings Thursday, impressing investors into an 11% stock climb.
$Singles' Day Sales (LIST2998.US)$, a list created by moomoo that tracks companies that sell during the 'Singles Day' November 11th sale event in China, shot up 4%.
$PDD Holdings (PDD.US)$ climbed 14%, growing alongside $Alibaba (BABA.US)$ climbing 10%, and $JD.com (JD.US)$ led the pack up a whopping 14%. The stocks jumped after Alibaba said it would pour $5.7B into its holiday sale plans. The stocks followed climbs earlier this week after the Chinese Central Bank lowered reserve requirements, a type of economic stimulus.
In Macro, investors sorted through Q2 GDP updates, showing the economy grew at a rate of 3% in Q2. Initial jobless claims came in at 218k, in line with estimates.
Investors also heard from Fed Speakers Bowman and Powell, but neither spoke directly about rates or policy.
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What is the herd following? Let me know in the comments below!
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