Wall Street remained close to its record highs but ended the day with minimal changes compared to Tuesday. In contrast, China’s stock market experienced a decline due to a disappointing housing stimulus announcement, while Japan’s market was impacted by weak export data. Despite this, Taiwan’s TSMC continued to perform well, along with companies like Nvidia which saw significant gains.
S&P 500 Futures: 5,887.25 ⬆️ up 0.0042%
S&P 500: 5,841.47 ⬇️ down 0.017%
Nasdaq Composite: 18,373.61 ⬆️ up 0.036%
Dow Jones Industrial Average: 43,239.05 ⬆️ up 0.37%
STOXX Europe 600: 523.91 ⬆️ up 0.83%
CSI 300: 3,788.22 ⬇️ down 1.13%
Nikkei 225: 38,911.19 ⬇️ down 0.69%
Bitcoin: $67,261.98 ⬇️ down 0.53%
U.S.: Stocks hold steady near record highs, led by chipmakers
The S&P 500 flirted with its all-time high but ended nearly flat on Thursday, closing down 0.017%. Nvidia led the index with a 0.9% gain following strong results from Taiwan Semiconductor Manufacturing Co. (TSMC), whose U.S.-traded shares surged 9.8% on the back of better-than-expected earnings. Alphabet saw a 1.3% decline and Elevance Health experienced a 10.6% drop, which limited broader market growth. The Dow closed up 0.37% and the Nasdaq closed up 0.036%.
Europe: Stocks climb on ECB rate cut hopes
The STOXX Europe 600 rose 0.83% on Thursday, as investors anticipate a European Central Bank rate cut. French and German indexes experienced significant gains, with the CAC 40 up 1.2% and Germany’s DAX increasing by 0.8%, reversing losses from earlier in the day influenced by Asian markets.
China: Stocks fall after disappointing housing stimulus announcement
Chinese stocks initially rose but later declined following an underwhelming briefing by the housing minister regarding new measures to support the struggling property sector. The announcement, which centered on accelerating bank lending for unfinished housing projects, did not meet traders’ expectations for more substantial stimulus. Consequently, China’s CSI 300 Real Estate Index dropped by 7.85%, leading to a 1.13% decrease in the broader CSI 300. Hong Kong’s Hang Seng index also fell by 1.02%. Investors are now awaiting China’s GDP data for the April-September quarter, scheduled for release on Friday.
Japan: Falling exports weigh on stocks
Japan’s Nikkei 225 declined by 0.69% on Thursday after the government reported a 1.7% year-over-year decrease in exports for September, marking the first drop in 10 months. The weak export figures, attributed to reduced demand from China and the U.S., had a negative impact on market sentiment. However, there was a positive note in the financial sector, with strong earnings from Morgan Stanley boosting the industry. Additionally, Softbank, the majority stakeholder in semiconductor giant Arm Holdings, saw a 1.19% increase, defying a general tech sector decline.