• What was the inflation rate in September?
• How has Nvidia's stock performed ahead of earnings?
• Why did China's stock rally face a speed bump?
MARKET MOVEMENTS
Dow Jones
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Opening price as of 10/10/2024 compared to last close
IN THE HEADLINES
Inflation Rate at 2.4% in September, Topping Expectations
In September, U.S. inflation exceeded expectations, with the CPI increasing by 0.2% for the month and 2.4% year-over-year. This rise was driven by higher costs for food and shelter. Meanwhile, core inflation, which excludes food and energy, rose by 0.3% monthly and 3.3% annually. Food prices surged by 0.4%, offsetting a 1.9% drop in energy costs. Additionally, jobless claims unexpectedly increased to 258,000 following Hurricane Helene, marking the highest level since August. Despite the uptick in inflation, traders are anticipating another rate cut from the Federal Reserve as officials closely monitor labor market risks and inflation trends. Read more
Nvidia Shares Surge 25% Ahead of Tech Earnings
Nvidia's stock surged nearly 1% early Wednesday, approaching its June record high at around $133. This increase briefly boosted its market capitalization to $3.26 trillion, surpassing Microsoft, although both companies still trail behind Apple, which holds a valuation of $3.44 trillion. Nvidia, the first semiconductor firm to reach a $2 trillion valuation, has seen its stock rise 173% this year and 192% over the past year. Meanwhile, its supplier, Taiwan Semiconductor Manufacturing Company (TSMC), reported better-than-expected quarterly revenue of $23.6 billion. Read more
China's Stock Rally Hits a Speed Bump as Investors Await More Stimulus
Chinese stocks experienced a sharp rally following significant financial stimulus measures announced in late September. However, this momentum quickly reversed, resulting in a 7.1% drop in the CSI 300 index on October 9. Investors are now focused on upcoming policy announcements from the Beijing government, hoping for further support to boost consumer confidence and spending. Analysts emphasize the need for the government to prioritize consumer initiatives to stabilize the market and encourage economic growth, as uncertainty looms over the future of Chinese equities. Read more
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