Last night and this morning, with the leading productivity company NVIDIA sounding the horn of upward momentum, the technology sector in the US stock market regained its upward momentum. Driven by tech giants, the S&P 500 index has once again reached the edge of a historic high. On the other hand, although the overall performance of Chinese concept technology stocks is better than that of the Hong Kong stock market, they still cannot escape the situation of collective decline.
As of Tuesday's close, the S&P 500 index rose 0.97% to 5751.13 points; Whether it's the historical high of 5767.37 points or the historical high of 5762.48 points before the close, it's just a distance that can be crossed with just one foot. The Nasdaq index rose 1.45% to 18182.92 points; The Dow Jones Industrial Average rose 0.3% to 42080.37 points.
(S&P 500 daily chart, source: TradingView)
Meanwhile, the game of guessing the direction of the Federal Reserve's policies in the global market is still ongoing. Tomorrow at 2:00 am Beijing time on Thursday, the Federal Reserve will release the minutes of its meeting when it cut interest rates by 50 basis points in September, and the market will still receive the baptism of September CPI data before Thursday's trading session.
Mohamed El Erian, Dean of Queen's College, Cambridge and a renowned economist, lamented on Tuesday that the market's expectations are now very volatile. In the past 15 days, the probability of the Federal Reserve cutting interest rates by 50 basis points at next month's meeting has dropped directly from 60% to 0.
Of course, for Chinese investors, they may be more concerned about the performance of Chinese assets than whether Nvidia and S&P can reach new highs.
Under the impact of a 12.82% long bearish candlestick in the Hang Seng Technology Index on Tuesday, Chinese concept stocks in the US stock market are also unable to escape the shock. The Nasdaq China Golden Dragon Index ultimately closed down 6.85%, despite dropping as much as nearly 8% during the day. Although dual listed stocks such as Alibaba, JD.com, and Baidu also experienced a daily drop of 6% -7%, their stock prices generally have a premium of 2% -3% compared to the closing price of Hong Kong stocks on Tuesday.
Performance of popular stocks
US tech 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%, and Intel up 4.2%.
In terms of popular Chinese concept stocks, Alibaba fell 6.67%, Tencent ADR fell 8.04%, Baidu fell 7.39%, Pinduoduo fell 5.38%, JD.com fell 7.52%, NetEase fell 5.14%, NIO fell 8.10%, Ideal Auto fell 8.1%, Xiaopeng Motors fell 7.26%, Jinko Solar fell 20.69%, Futu Holdings fell 13.07%, and Bilibili fell 12.93%.
Other news
Microsoft and OpenAI boast about receiving Nvidia B200 chip servers
On Tuesday, Microsoft Azure announced that the company has obtained servers equipped with GB200 chips, becoming the first cloud service provider in the world to use the Blackwell system.
OpenAI also announced that it has received a package from Nvidia, and the developers have already used the first batch of DGX B200 engineering machines.
Hindenburg shorted the first stock in the metaverse
On Tuesday local time, the well-known American short selling firm Hindenburg Research released a report stating that Roblox, known as the first stock in the metaverse, exaggerated key financial indicators such as user numbers and engagement, and has therefore shorted the company's stock. Roblox completely rejects the allegations in the Hindenburg report and states that these financial accusations are misleading. Affected by this event, Roblox fell more than 9% during trading on Tuesday, and ultimately narrowed its decline to 2.13%.
Research firm predicts that Apple may launch a smart ring
CCS Insight, a research firm, wrote in its annual forecast report that given Apple's focus on the health sector, the company may launch a smart ring in 2026 to compete with Samsung's Galaxy Ring.
The 'Godfather of Deep Learning' who left Google last year won the Nobel Prize
The Royal Swedish Academy of Sciences announced on Tuesday that Jeffrey Hinton has been awarded the Nobel Prize in Physics for his achievements in using physics to train artificial neural networks. He will share this year's award with Princeton University professor John Hopfield. As the inventor of backpropagation algorithm and contrastive divergence algorithm, Sinton has a high reputation in the artificial intelligence industry and is known as the "godfather of deep learning".
In 2013, Sinton joined the Google research team after Google acquired the company he founded. He left Google last year because he was "free to warn about the risks of AI" and expressed regret for what he had researched throughout his life.
General Motors: Electric Vehicle Division Expected to Turn Losses Around in the Fourth Quarter
General Motors CEO Mary Barra stated at an investor day event on Tuesday that the company expects its electric vehicle division to achieve profitability in the fourth quarter of this year. Bala stated that the company will release guidance for the 2025 fiscal year in January, but expects overall performance to be similar to the range set for 2024.
Pfizer has stopped the development of RSV candidate drugs
According to clinical trials disclosed in the Federal Register, Pfizer has halted multiple trials of the RSV oral drug sisunatovir. A Pfizer spokesperson stated that there have been ongoing challenges in the clinical development plan for sisunatovir, and despite efforts to address these challenges, the company has decided to halt the development of this drug.