
On Thursday, US stocks closed slightly lower. Both the month-over-month and year-over-year increases in the September CPI exceeded expectations, and initial jobless claims reached a one-year high, signaling persistent inflation and a weakening labor market, which weighed on stock indexes.
Data released on Thursday showed that US inflation in September surpassed market expectations across the board. Overall, the CPI rose 2.4% year-over-year and 0.2% month-over-month, both higher than expected. Core CPI increased by 3.3% year-over-year and 0.3% month-over-month, also above forecasts.
Noted financial journalist Nick Timiraos, often referred to as the “New Fed Whisperer,” commented that the September inflation report was a mixed bag, signaling a bumpy road ahead for cooling inflation.
Additionally, initial jobless claims for last week reached their highest level in over a year, reflecting weakness in the labor market. This was partly due to a surge in claims in Michigan and the impact of Hurricane Helen on several states.
The economic data has heightened expectations for a 25-basis-point rate cut by the Federal Reserve in November. However, several senior Fed officials downplayed concerns over the higher-than-expected September CPI data. Atlanta Fed President Raphael Bostic, a 2024 FOMC voting member, stated that he remains open to pausing rate cuts in November.
On the corporate front, Warren Buffett’s Berkshire Hathaway continued trimming its holdings in Bank of America. After Thursday’s sell-off, Berkshire’s stake in the bank fell below 10%, a key threshold that eliminates the need to promptly report further transactions.
US Stocks
Fundamental Analysis:
Tech giants saw mixed results: Nvidia rose over 1%, while AMD dropped 4%, Meta fell more than 1%, and Apple and Tesla slipped less than 1%.
The precious metals, mining, and oil and gas sectors led gains: Gold Resources surged over 8%, Pan American Silver rose more than 5%, and Coeur Mining, Newmont, and Century Aluminum gained over 3%. Energy stocks, including BP, Occidental Petroleum, and Imperial Oil, rose by more than 1%.
On the downside, solar and cryptocurrency stocks lagged, with First Solar dropping over 9%, Sunrun falling more than 6%, Canaan losing more than 3%, and Coinbase shedding over 1%.
Chinese ADRs posted mixed performance, with the Nasdaq Golden Dragon China Index up 0.30%. Trip.com gained more than 2%, while Weibo, Tencent Music, and Alibaba rose over 1%. Xpeng Motors, JD.com, Baidu, and Pinduoduo posted small gains.
On the downside, iQIYI fell more than 4%, Li Auto and Futu Holdings dropped over 3%, and Bilibili, Manbang, NetEase, and Nio slipped over 1%.
Technical Analysis:

Market Trends:
- Dow Jones: Down 57.88 points, or 0.14%, at 42,454.12
- Nasdaq: Down 9.57 points, or 0.05%, at 18,282.05
- S&P 500: Down 11.99 points, or 0.21%, at 5,780.05
Hong Kong Stock Market
Hong Kong markets were closed on Thursday for the Chung Yeung Festival holiday and will resume normal trading on Monday, October 14.
FTSE China A50 Index
Fundamental Analysis:
Mainland Chinese markets saw a volatile session, with all three major indexes down as of midday. The total market turnover was ¥990.7 billion, a decrease of ¥475.9 billion from the previous session. More than 4,500 stocks were in the red.
Sector-wise, wind power equipment, semiconductors, medical services, AI applications, military equipment, and solar energy stocks led the declines. Cross-border payment, gold, and food and beverage sectors posted gains.
In the semiconductor sector, early-session losses continued, with Huahai Chengke down over 10%, and several stocks, including Nationz Technologies, Beijing Jingzheng, Giantec Semiconductor, and SMIC, posting significant losses.
However, cross-border payment stocks rallied against the trend, with several names, including Sifang Jingchuang, Kingsoft, Yiwu China Commodity City, and CNPC Capital, hitting limit-up.
Gold stocks were also strong, with stocks such as Xiao Cheng Technology, Western Gold, Chifeng Gold, and China Gold International all climbing. Newly listed stock N Qiangbang soared, triggering two trading halts, with gains reaching as high as 2,400% before settling around a 1,700% increase.
Technical Analysis:

Market Trends:
- Shanghai Composite: Down 1.60%, at 3,249.21
- Shenzhen Component: Down 2.62%, at 10,196.76
- ChiNext: Down 3.57%, at 2,133.99
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