---
title: "Breakfast | U.S. stock market reverses, \"Tech Seven Sisters\" all rise, Chinese assets experience significant pullback, NVIDIA summit promotes Blackwell chip with high energy efficiency"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/216255743.md"
description: "The US stock market is up across the board, with the seven tech giants rebounding strongly. NVIDIA rose more than 4%, up 28% from its low point in early September. Direxion FTSE China Bull 3X ETF (YINN) fell by 30.41%, while Direxion FTSE China Bear 3X ETF (YANG) rose by 35.98%. Roblox was shorted by a well-known short-selling institution. Media reports suggest that NVIDIA's competitor, Cerebras Systems, may delay its IPO. Apple has put its smart ring on hold. WeChat now allows direct access to Taobao within the app, supporting dual-platform account binding. Hong Kong stock buybacks have doubled year-on-year, with Tencent Holdings leading as the \"buyback king,\" accounting for over 40%. PepsiCo's quarterly revenue fell below expectations"
datetime: "2024-10-08T23:30:25.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/216255743.md)
  - [en](https://longbridge.com/en/news/216255743.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/216255743.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/216255743.md) | [繁體中文](https://longbridge.com/zh-HK/news/216255743.md)


# Breakfast | U.S. stock market reverses, "Tech Seven Sisters" all rise, Chinese assets experience significant pullback, NVIDIA summit promotes Blackwell chip with high energy efficiency

Good morning! A great day starts with making money.

### US stocks rebound, investors buy US tech stocks and sell Chinese concept stocks

Federal Reserve officials took turns speaking, with "Fed's third in command" New York Fed President Williams stating that the US economy is ready for a "soft landing," supporting a 25 basis point rate cut in November. Market focus shifts to Wednesday's FOMC meeting minutes, Thursday's US CPI, and Friday's PPI inflation data.

Investors bought US tech stocks and sold Chinese concept stocks, with US bonds rebounding after four consecutive days of decline. The three major US indexes all rose and closed near daily highs. The S&P 500 rose by 0.97%, the Dow closed up by 0.30%, and the Nasdaq rose by 1.45%.

Most sectors saw gains. The seven tech giants rebounded across the board, with NVIDIA rising over 4% to a three-month high. Apple rose by 1.84%, Tesla by 1.52%, "metaverse" Meta by 1.39%, Microsoft by 1.26%, Amazon by 1.05%, and Google A by 0.86%.

AI concept stocks saw mixed performance. SMCI fell by 5.01%, Serve Robotics by 1.43%, Oracle closed up by 2.59%, Palantir rose by 6.58%. Roblox fell by over 2%, with short-selling institution Hindenburg Research stating that they have shorted the stock.

Chinese concept stocks saw significant pullbacks. The Nasdaq Golden Dragon China Index fell by 6.85%, Invesco China Tech ETF (CQQQ) by 11.21%, KraneShares CSI China Internet ETF (KWEB) by 9.96%, Direxion FTSE China Bull 3X ETF (YINN) by 30.41%, Direxion FTSE China Bear 3X ETF (YANG) rose by 35.98%, Roundhill China Dragons ETF (DRAG) fell by 8.97%, Xtrackers Harvest CSI 500 China A-Shares ETF (ASHS) closed down by 16.72%, Deutsche Bank Xtrackers CSI 300 China A-Shares ETF (ASHR) closed down by 14.25%. The FTSE China A50 futures continued to rise by 2.69% in overnight trading.

Fangdd Network fell by 23.5%, China Mengniu Dairy ADR by 18.55%, Tiger Brokers by 16.06%, Meituan ADR by 15.17%, Bilibili by 12.93%, Li Auto by 8.1%, ZEEKR by 3.49%, XPeng by 7.26%, Nio by 8.1%, Baidu by 7.39%, Alibaba ADR by 6.67%, Tencent Holdings ADR by 8.04%, JD.com by 7.52%, NetEase by 5.14%, New Oriental by 4.75%, Pinduoduo by 5.38%.

### NVIDIA Summit promotes high energy efficiency of Blackwell chips

NVIDIA executives expect that artificial intelligence will have a $20 trillion impact across all industries that utilize the technology. Some analysts believe that NVIDIA hopes to prove that it is not just a chip company, and that software can not only retain customers but also bring in recurring revenue sources beyond hardware sales. Since its low point on September 6th, the stock has rebounded by 28%, surpassing Microsoft to become the world's second largest market cap.

### Media: NVIDIA's competitor and AI chip maker Cerebras Systems may delay IPO

### "Metaverse's Top Stock" Roblox Targeted by Well-Known Short-Selling Institution, Accused of Exaggerating Key Data

Short-selling institution Hindenburg accuses Roblox of exaggerating key data and lacking sufficient security measures to prevent pedophiles from using the platform.

### Taobao Can Now Be Directly Accessed Within WeChat, Supporting Dual-Platform Account Binding

Opening a Taobao link within the WeChat app can directly invoke the Taobao H5 interface for placing orders and making payments without the need to switch back to the Taobao app. Users can bind their Taobao account within the WeChat app to browse, add items to the shopping cart, and make payments seamlessly. Once the Taobao account is linked to WeChat, there is no need to log in repeatedly. WeChat's Taobao website can only use WeChat Pay.

### PepsiCo's Quarterly Revenue Falls Below Expectations

In the third quarter, revenue decreased by 0.6% year-on-year to $23.32 billion, below the market's expectation of $23.76 billion. Adjusted earnings per share increased by 5% year-on-year to $2.31, exceeding the market's expectation of $2.29. Net profit attributable to shareholders was $2.93 billion, lower than the $3.09 billion in the same period last year.

### Airbus Struggles to Meet Downgraded Annual Delivery Target

According to sources, Airbus may have delivered 50 aircraft in September. This delivery pace indicates that Airbus may deliver around 500 aircraft for the year, falling short of its target of 770 aircraft.

### Honeywell Plans to Spin Off Advanced Materials Business for Independent U.S. Listing

### Stellantis Files Federal Lawsuit Against United Auto Workers (UAW)

Stellantis alleges that the union threatened a strike due to Stellantis delaying investment plans, violating contract terms agreed upon last fall.

### Media: Apple Puts Smart Ring Project on Hold

According to CCS Insight, Apple may have been planning to launch a smart ring competing with Samsung before 2026. However, renowned leaker Mark Gurman revealed that Apple has shelved the development of the smart ring.

### Chinese Premier Li Keqiang Chairs Economic Situation Expert and Entrepreneur Symposium

Li Keqiang emphasized the need to accurately grasp the focus of macroeconomic policy consistency. It is crucial to promptly implement a package of incremental policies, accelerate the implementation of policies already introduced to ensure early results, and promptly present specific plans for policies under study. Track and evaluate the effects of policy transmission, optimize where necessary, and strengthen where needed. At the same time, in conjunction with planning for next year's economic work, research and prepare a set of stable economic development policies and measures, and introduce them in a timely manner according to changes in the economic situation.

### Multiple Federal Reserve Officials Discuss Interest Rates

Williams: It would be a very good baseline scenario to have two more 25 basis point rate cuts this year.

Kudlow: If the downside risks to employment intensify, faster rate cuts may be necessary.

Bostic: If the monthly addition of new jobs falls below 100,000, there may be doubts about the need for faster rate cuts.

Collins: Expects to achieve the 2% inflation target by around the end of next year.

### Bridgewater Associates Founder Dalio Does Not Believe the Fed Will "Significantly" Cut Rates

Ray Dalio does not believe that the Federal Reserve will make a big rate cut after cutting rates by 0.5 percentage points last month, stating that "the economy is currently in a relatively good balance." The Federal Reserve made its first rate cut in four years last month, but the strong employment report that followed provided room for the decision-makers to slow down their actions.

### Hong Kong stocks' total buyback amount exceeds HKD 215.2 billion this year, with frequent large-scale buybacks

As of October 8th, a total of 246 listed companies in Hong Kong have implemented buybacks this year, a 55% increase year-on-year. The total buyback amount reached HKD 215.32 billion, a 138% increase year-on-year, surpassing last year's total buyback amount of HKD 126.901 billion. The main players in Hong Kong stock buybacks are still leading companies in industries such as the internet, finance, and biopharmaceuticals. Tencent Holdings is the "buyback king," with its buyback amount accounting for over 40% of the total buyback amount of Hong Kong-listed companies this year.

### Horizon Robotics conducts listing hearing on the Hong Kong Stock Exchange

Mainland intelligent driving solution provider Horizon Robotics conducted a listing hearing on the Hong Kong Stock Exchange, with Goldman Sachs, Morgan Stanley, and China International Capital Corporation acting as joint sponsors

### Related Stocks

- [TENCENT-R (80700.HK)](https://longbridge.com/en/quote/80700.HK.md)
- [Tencent Holdings Limited (TCTZF.US)](https://longbridge.com/en/quote/TCTZF.US.md)
- [Tencent Holdings Limited (TCEHY.US)](https://longbridge.com/en/quote/TCEHY.US.md)
- [TENCENT (00700.HK)](https://longbridge.com/en/quote/00700.HK.md)
- [Direxion Daily FTSE China Bull 3X ETF (YINN.US)](https://longbridge.com/en/quote/YINN.US.md)
- [Direxion Daily FTSE China Bear 3X ETF (YANG.US)](https://longbridge.com/en/quote/YANG.US.md)
- [Invesco China Technology ETF (CQQQ.US)](https://longbridge.com/en/quote/CQQQ.US.md)
- [KraneShares CSI China Internet ETF (KWEB.US)](https://longbridge.com/en/quote/KWEB.US.md)
- [Roundhill China Magnificent Seven ETF (DRAG.US)](https://longbridge.com/en/quote/DRAG.US.md)
- [Xtrackers Harvest CSI 500 CHN A SmCp ETF (ASHS.US)](https://longbridge.com/en/quote/ASHS.US.md)
- [Xtrackers Harvest CSI 300 China A ETF (ASHR.US)](https://longbridge.com/en/quote/ASHR.US.md)
- [Roblox Corporation (RBLX.US)](https://longbridge.com/en/quote/RBLX.US.md)
- [NVIDIA Corporation (NVDA.US)](https://longbridge.com/en/quote/NVDA.US.md)
- [Apple Inc. (AAPL.US)](https://longbridge.com/en/quote/AAPL.US.md)
- [PepsiCo, Inc. (PEP.US)](https://longbridge.com/en/quote/PEP.US.md)
- [Roundhill China Magnificent Seven ETF (MAGC.US)](https://longbridge.com/en/quote/MAGC.US.md)

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