Caixin on October 9th (Editor Shi Zhengcheng) last night and this morning, following the vanguard Nvidia leading the forefront of production, the US technology sector regained its upward momentum. With the support of tech giants, the S&P 500 index once again approached the edge of a new all-time high. On the other hand, although Chinese tech stocks performed slightly better overall than the Hong Kong stock market, they still couldn't avoid a collective drop.

As of the close on Tuesday, the S&P 500 index rose by 0.97% to 5751.13 points; whether it's the historical high of 5767.37 points or the previous closing high of 5762.48 points, it's just a stone's throw away. The Nasdaq index rose by 1.45% to 18182.92 points; the Dow Jones Industrial Index rose by 0.3% to 42080.37 points.

(S&P 500 index daily chart, source: TradingView)

At the same time, the global market continues to play the game of guessing the direction of the Federal Reserve's policy. Tomorrow midday (2 a.m. Beijing time on Thursday), the Federal Reserve will release the minutes of the 50 basis point rate cut in September, and prior to Thursday's market opening, the market will also face the test of September CPI data.

Mohamed El-Erian, the Dean of Queen's College, Cambridge University and a well-known economist, lamented on Tuesday that the market's expected volatility is very high now. In the past 15 days, the probability of the Federal Reserve cutting rates by 50 basis points next month has dropped from 60% to 0.

Of course, for Chinese investors, they are perhaps more concerned about the performance of Chinese assets now than whether Nvidia and the S&P can reach new highs.

Under the impact of a giant 12.82% long black candlestick on the Hang Seng Tech Index on Tuesday, Chinese concept stocks in the US market also suffered. The Nasdaq Chinese Golden Dragon Index, which fell by nearly 8% at most during the day, ultimately closed down by 6.85%. Stocks like Alibaba, JD.com, and Baidu, which are dual-listed, experienced single-day drops of 6%-7%, but their prices generally carried a 2%-3% premium compared to the closing prices in Hong Kong stocks on Tuesday.

Popular stocks performance

US technology giants collectively strengthened, with Apple up 1.84%, Microsoft up 1.26%, Amazon up 1.06%, Meta up 1.39%, Google-A up 0.86%, Tesla up 1.52%, Nvidia up 4.05%, Intel up 4.2%.

Regarding popular China concept stocks, Alibaba fell 6.67%, Tencent ADR fell 8.04%, Baidu fell 7.39%, PDD Holdings fell 5.38%, JD.com fell 7.52%, NetEase fell 5.14%, Nio Inc. fell 8.10%, Li Auto Inc. fell 8.1%, Xpeng fell 7.26%, JinkoSolar fell 20.69%, Bilibili fell 12.93%.

Other news

Microsoft and OpenAI showcase the receipt of Nvidia B200 chip servers.

On Tuesday, Microsoft Azure disclosed that the company has received servers equipped with the GB200 chip, becoming the first company in the world of cloud computing services to use the Blackwell system.

OpenAI also announced the delivery from NVIDIA, with developers already using the first batch of DGX B200 engineering machines.

Hindenburg Research shorted the 'number one stock in the metaverse'.

On Tuesday local time, well-known American short-selling institution Hindenburg Research released a report stating that Roblox, known as the first stock of the metaverse, exaggerated key financial indicators such as user numbers and engagement, and has therefore shorted the company's stock. Roblox completely denies the allegations in the Hindenburg report, stating that these financial accusations are misleading. As a result of this event, Roblox fell more than 9% intraday on Tuesday, ultimately narrowing its decline to 2.13%.

Research firms predict: Apple may launch a smart ring.

Research company CCS Insight wrote in its annual forecast report that due to Apple's focus on the health sector, the company may launch a smart ring in 2026 to compete with Samsung's Galaxy Ring.

Last year, the 'father of deep learning' who left Google was awarded the Nobel Prize.

The Royal Swedish Academy of Sciences announced on Tuesday that for his achievements in the physical training of artificial neural networks, Jeffrey Hinton was awarded the Nobel Prize in Physics, which he will share this year with John Hopfield, a professor at Princeton University. As the inventor of the backpropagation algorithm and the contrastive divergence algorithm, Hinton is highly esteemed in the artificial intelligence industry and is known as the 'father of deep learning.'

In 2013, after Google acquired his company, Hinton joined the Google research team. He left Google last year because he 'can now warn about the risks of AI freely' and stated that he regrets everything he has researched in his life.

General Motors: Electric vehicle department expected to turn a profit in the fourth quarter.

General Motors CEO Mary Barra stated at an Investor Day event on Tuesday that the company's electric vehicle department is expected to be profitable in the fourth quarter of this year. Barra said the company will announce its 2025 fiscal year guidance in January, but overall performance is expected to be similar to the range set for 2024.

Pfizer has halted the development of RSV candidate drugs.

According to the clinical trial information disclosed in the Federal Gazette, Pfizer has discontinued the multiple experiments of RSV oral drug sisunatovir. A Pfizer spokesperson stated that there have been ongoing challenges in the clinical development plan of sisunatovir, and despite efforts to address these challenges, the company has decided to discontinue the drug's development.