Market Recap
US stocks closed mixed on Wednesday. The Dow slipped slightly, while the Nasdaq and S&P 500 both reached new record highs, with the Nasdaq closing above 25,000 for the first time. The Fed’s September meeting minutes revealed internal divisions over the scale of future rate cuts, as the US government shutdown entered its second week.
The minutes showed that while most Fed officials supported cutting rates to offset a weakening labor market, there was disagreement on how many cuts should follow this year. The meeting marked the first rate cut of 2025, and Wall Street’s reaction remained muted.
NVIDIA climbed 2.2% after CEO Jensen Huang said computing demand had surged “especially over the past six months,” confirming the company’s investment in Elon Musk’s AI startup xAI and expressing strong optimism about its funding plans.
US Stocks
By market cap at the close:
NVIDIA +2.2%, Microsoft +0.17%, Apple +0.62%, Alphabet-C −0.68%, Amazon +1.55%, Meta +0.67%, Broadcom +2.7%, TSMC +3.56%, Tesla +1.29%, Berkshire Hathaway-A −0.52%, JPMorgan −1.19%, Oracle +1.54%.
Chinese ADRs rebounded as the Nasdaq Golden Dragon China Index rose 0.87%.
At the close: Alibaba −0.12%, JD.com +0.26%, Baidu −0.75%, Pinduoduo +0.22%, Bilibili +2.74%, NIO +4.67%, NetEase +2.9%, Futu +4.52%, Li Auto +1.44%, Xpeng +2.2%.
US Stocks Snapshot:
- Dow Jones −1.20 pts to 46,601.78
- Nasdaq +255.02 pts (+1.12%) to 25,043.38
- S&P 500 +39.13 pts (+0.58%) to 6,753.72
Hong Kong Stocks
Hong Kong’s major indices climbed collectively. By midday, tech stocks gained broadly: Lenovo +6%, Bilibili +2%, while shipping and port shares were active (Pacific Basin +2%).
Wind power and railway infrastructure sectors led the rally, with Goldwind +9% and China Railway +9%, while consumer electronics lagged (Man Wah Holdings −11%).
Airline data from Wind showed that between Oct 1–7, domestic air passenger traffic rose 3% YoY, while average ticket prices fell 4%, showing a slowdown compared to the May holiday period.
At the UN Climate Summit, China pledged that by 2035, non-fossil energy will make up over 30% of total consumption, with total wind and solar capacity reaching six times 2020 levels, aiming for 3.6 billion kW.
Market Snapshot:
- Hang Seng Index +0.04% to 26,840.95
- Hang Seng Tech Index +0.63% to 6,555.43
- China Enterprises Index +0.52% to 9,573.13
A50 Index
Mainland A-shares opened higher and extended gains through midday. The Shanghai Composite +1.24%, Shenzhen Component +1.75%, ChiNext +1.77%, Beijing 50 +0.25%, and STAR 50 +5.59%.
Total half-day turnover across Shanghai, Shenzhen, and Beijing exchanges reached 1.73 trillion yuan, up 357.1 billion yuan from the previous session, with 3,200 stocks advancing.
Top-performing sectors: non-ferrous metals, gold, nuclear fusion, semiconductors, wind power, and steel.
Lagging sectors: tourism, film, liquor, real estate, and pork producers.
Market Snapshot:
- Shanghai Composite +1.24% to 3,931.07
- Shenzhen Component +1.75% to 13,763.88
- ChiNext +1.77% to 3,295.58
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