Financial Associated Press, October 5 (Editor Zhao Hao) U.S. stocks opened higher on Tuesday (October 4), and the three major indexes closed sharply higher.
As of the close, the tech-heavy Nasdaq rose 3.34% to 11,176.41 points; the Dow Jones index rose 2.80% to 30,316.32 points.
The S&P 500 rose 3.06% to 3,790.93, having gained more than 5.7% this week, its biggest two-day gain since March 2020.
Mark Haefele, chief investment officer of UBS Global Wealth Management, said, “After the sharp drop in September, we think the S&P 500 has been oversold. Last week’s sell-off may be over.” Haefele believes that subject to inflation and monetary policy, The stock market is likely to remain volatile in the short term.
The Financial Associated Press’s previous article mentioned that data showed that some traders bet that the Federal Reserve would exit the interest rate hike cycle earlier than expected, making the “anchor of global asset pricing” – US bond yields and the US dollar to fall together during the day.
Yesterday, Raymond James equity strategist Tavis McCourt mentioned that the market is very simple, the 10-year Treasury yield rises, the stock market may be under pressure; but as long as the US bond yield falls, the stock market rises.
However, Holly Newman Kroft, senior wealth advisor at Neuberger Berman, believes that the current market trend is no different from the bear market rally in the summer. “People always like to seize the good news, but as long as the Fed does not send a signal to stop raising interest rates, we do not think the stock market does not. A substantial recovery.”
Top stock performance
Large technology stocks rose collectively, with Apple up 2.56%, Microsoft up 3.38%, Google up 3.13%, Amazon up 4.50%, and Meta up 1.20%.
New energy vehicle stocks rose collectively, with Tesla up 2.90% and Lucid up 9.30%. Rivian rose 13.83%, and the output in the first three quarters announced after the market yesterday exceeded 14,300 units.
Chinese stocks rose significantly, with the Nasdaq China Golden Dragon Index up 5.50% to 6,571.77 points.
Popular Chinese concept stocks rose collectively, Manbang rose 14.81%, TAL rose 8.30%, Weilai rose 8.01%, Tencent Music rose 7.69%, Pinduoduo rose 6.10%, JD.com rose 5.09%, Li Auto rose 4.86%, Alibaba Up 4.55%, New Oriental rose 4.43%, Baidu rose 3.20%, and Xiaopeng Motors rose 2.13%.
Company news
[Musk confirms plans to advance Twitter deal at $54.20 per share]
Tesla CEO Elon Musk confirmed that he sent a letter to Twitter to move forward with the acquisition of Twitter at a price of $54.20 per share. He said he intends to go ahead and close the deal. In the letter, Musk said the proposal would be contingent on the trial being adjourned.
[EU will unify the charging interface for portable smart devices]
The European Parliament passed a new regulation on October 4, requiring that from the end of 2024, all new portable smart devices such as mobile phones and tablet computers use the USB Type-C charging interface.
[Amazon confirmed: it has frozen the recruitment of the company’s retail business]
Amazon confirmed on Tuesday that the company has directed recruiters to close all retail jobs for the next few days, and advised personnel to cancel some hiring events.
[Credit Suisse Hong Kong Private Banking further loses five executives]
The turmoil at Credit Suisse comes as more staff leave its private banking business in Hong Kong in recent days. Credit Suisse managing director and head of China markets Luke Chiu has resigned from the bank, people familiar with the matter said. Credit Suisse director and China team leader Nelson Hui has also resigned, along with two client relationship managers, people familiar with the matter said.