Major US Stock Indexes Open Higher, Chinese Concept Stocks Rise
On August 17, the three major US stock indexes opened higher, signaling a positive start to the trading day. The Dow Jones Industrial Average began 0.18% higher, up 63.87 points at 34,829.61. The Nasdaq Composite Index also saw gains, rising 0.39% or 52.67 points to 13,527.30. Meanwhile, the S&P 500 opened 0.27% higher, up 11.99 points at 4,416.32.
Chinese concept stocks, or companies with strong Chinese connections, also experienced a surge in their stock prices. Xiaopeng Motors saw an impressive 6% increase, while NIO, Li Auto, and Bilibili all rose more than 4%. Other notable gainers included Alibaba, Pinduoduo, New Oriental, and JD.com, with gains ranging from 2% to over 3%.
Among individual stocks, Cisco saw a notable rise of 2.3% following better-than-expected Q4 performance. However, Hawaiian Electric faced a decline of over 25% as the company faced scrutiny over the Maui fire incident.
On the economic data front, the US Department of Labor reported that the number of Americans filing for unemployment benefits for the first time last week stood at 239,000. This figure was slightly lower than the expected 240,000 and the previous value of 248,000.
In terms of news, the minutes from the Federal Reserve’s July meeting revealed that participants expressed concerns regarding the pace of inflation. They highlighted that further rate hikes might be necessary unless conditions change.
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