---
title: "Dow Jones and S&P 500 hit new highs, Chinese concept stocks pull back waiting for a major announcement from the Chinese Ministry of Finance"
description: "The Dow and S&P 500 indices both hit new highs, with the market focusing on the upcoming earnings season. Despite the pullback in Chinese concept stocks, investors are eagerly anticipating the details"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/216387514.md"
published_at: "2024-10-10T01:21:10.000Z"
---

# Dow Jones and S&P 500 hit new highs, Chinese concept stocks pull back waiting for a major announcement from the Chinese Ministry of Finance

> The Dow and S&P 500 indices both hit new highs, with the market focusing on the upcoming earnings season. Despite the pullback in Chinese concept stocks, investors are eagerly anticipating the details of the strengthened fiscal policy to be introduced at the press conference by the Chinese Ministry of Finance on October 12. The three major U.S. indices have been rising continuously, with strong performances in the healthcare, technology, and industrial sectors. Chinese concept stocks such as UP Fintech, NetEase, etc., have experienced declines, while XPeng and Nio have seen some gains

Good morning! A great day starts with making money.

### Dow and S&P hit new highs again, Chinese stocks narrow losses significantly, NVIDIA turns lower

The S&P 500 index hit a new high again, and market attention is shifting to earnings season. The third-quarter earnings season will begin on Friday, when several major banks will announce their performance. Investors have been generally optimistic recently, as strong economic data offset escalating tensions in the Middle East and uncertainty surrounding the U.S. election.

The three major U.S. indices rose for two consecutive days, with the Dow rising over 1% leading the gains, and both the Dow and S&P 500 indices hitting historic highs again. Healthcare, technology, and industrial sectors led the gains.

The "Tech Seven Sisters" saw more declines than gains. After the U.S. Department of Justice indicated considering breaking up Google's business, Google Class A shares fell by 1.53%. Apple rose by 1.67%. Amazon rose by 1.34%, NVIDIA fell by 0.18%. Meta fell by 0.40%, Tesla fell by 1.41%.

Chinese stocks continued to pull back, as investors await the press conference by the Chinese Ministry of Finance on October 12th, where details of strengthened fiscal policies will be introduced. The Nasdaq Golden Dragon Index fell by 1.29%, the China Technology Index ETF (CQQQ) fell by 2.75%, the China Internet Index ETF (KWEB) fell by 1.11%, the FTSE China 3x Bull ETF (YINN) fell by 4.83%, the FTSE China 3x Bear ETF (YANG) rose by 3.08%, the "China Dragon" ETF RONDHL CHINA ETF (DRAG) fell by 1.66%. The FTSE A50 futures rose by a maximum of 3.7%.

UP Fintech fell by 13.93%, NetEase fell by 5.67%, Bilibili fell by 0.26%, Li Auto fell by 0.43%, ZEEKR fell by 3.31%, Baidu fell by 1.84%, Alibaba fell by 1.63%, Tencent ADR fell by 1.36%, JD.com fell by 1.61%, New Oriental fell by 1.39%, Pinduoduo fell by 2.43%, XPeng rose by 3.46%, Nio rose by 0.8%, Fangdd rose by 6.02%.

### Important Event: The Chinese Ministry of Finance will introduce details of increasing fiscal policy counter-cyclical adjustment intensity on October 12th.

### People's Bank of China and Ministry of Finance establish joint working group on government bond trading for the first time

### Federal Reserve Meeting Minutes

A significant rate cut is not a sign of concern for the economy, nor is it a signal of rapid rate cuts; some officials believe that a smaller rate cut is reasonable. Delaying or reducing policy restrictions too late or too little may pose risks of excessively weakening economic activity and employment. Gradually reducing policy restrictions is appropriate. Labor market conditions have eased somewhat, and economic activity continues to expand at a moderate pace. Although inflation remains relatively high, its trend is consistent with returning to the target level.

### "Fed Echo Chamber": Fed meeting minutes show divergence in September rate cut

Nick Timiraos stated that the vast majority supported the ultimately approved larger 50 basis point rate cut, but others supported a 25 basis point rate cut Nvidia (NVDA.O) CEO Jensen Huang stated that the future of artificial intelligence will be services that can "reason", but to reach this stage, the cost of computation needs to be reduced. Huang added that Nvidia will increase chip performance by two to three times each year with the same energy and cost, laying the foundation for these advancements.

### Musk Bets Tesla's Future on Robotaxi

Tesla's "WeRobot" event will be held on October 10th in California, USA, which Musk claims will go down in history. Media reports suggest that Musk, in order to get Robotaxi on the road, sacrificed a widely anticipated affordable car, disbanded teams focused on other projects, and downplayed the impact of slowing Tesla sales. Therefore, when Musk eventually unveils the Robotaxi prototype later on Thursday, he will need to prove many things to the audience. He promises to usher in a new era of transportation dominated by autonomous taxi services.

### Insider: Tesla Robotaxi to Feature Butterfly Doors and Two Seats

Tesla CEO Elon Musk is expected to discuss Full Self-Driving (FSD) for electric semi-trucks.

### Ming-Chi Kuo: Tesla Robotaxi Production Expected to Start in Q1 2027

TF International Securities analyst Ming-Chi Kuo stated that the form of Robotaxi services may include autonomous vehicles or utilizing existing Tesla owners' cars, but the key is for the FSD system to meet government requirements to operate autonomous taxi services. The delay in production time may mean that the FSD meeting government requirements will also be postponed to after 2026. In the long term, the trend of autonomous taxi services is promising, but short-term stock price fluctuations may not rise significantly as expected.

### China and Europe to Continue Negotiations on Electric Vehicle Subsidy Disputes

According to sources, China, the US, and the EU have recently engaged in intensive communications on trade issues related to electric vehicles. After EU member representatives voted on October 4th to pass the final ruling draft of the EU electric vehicle subsidy case, the China-Europe working group will continue negotiations.

In addition, preliminary data from the China Passenger Car Association shows that in September, the wholesale sales of new energy passenger vehicles nationwide increased by 48% year-on-year, with Tesla China delivering 88,321 vehicles.

### Meta AI to Launch in 21 New Regions, Including the UK, Brazil, Latin America, and Asia.

### Amazon Deploys Electric Delivery Vans

Amazon plans to deploy 1,000 electric delivery vans from Rivian by early 2025, equipped with a visual-assisted package pickup system.

### Disney Raises Peak Season Ticket Prices by About 6% at Two Southern California Theme Parks, Effective Immediately

Furthermore, Disneyland Resort has also increased the prices of the "Magic Key" annual passes, with the cheapest "Imagine Key" now rising by $100 to $599

### OpenAI expects its losses to reach $14 billion in 2026

According to The Information: OpenAI burned $340 million in the first half of 2024, and the company expects to achieve profitability by 2029, with revenue reaching $100 billion at that time. It is projected that by 2026, losses could soar to $14 billion, nearly three times the expected losses for this year. The total losses from 2023 to 2028 are expected to reach $44 billion.

### Media: OpenAI plans to adopt a public benefit corporation structure to fend off hostile takeovers

According to the Financial Times, OpenAI is pursuing a largely untested corporate structure to protect itself from hostile takeovers and shield CEO Sam Altman from external interference. To this end, it is planning to reorganize as a public benefit corporation. This means that existing investors, such as Microsoft or others, may encounter obstacles if they attempt to acquire OpenAI.

### Boeing and union wage negotiations collapse

Boeing and IAM negotiated a proposal on Monday and Tuesday for a 30% wage increase and improved retirement benefits, but the negotiations collapsed, with Boeing and IAM blaming each other for the deadlock.

### Guotai Junan Securities and Haitong Securities disclose major asset restructuring plans, both to resume trading on Thursday

Guotai Junan Securities and Haitong Securities are planning a major asset restructuring through a stock-for-stock absorption merger and raising matching funds. Guotai Junan will issue Guotai Junan A shares to all A-share shareholders of Haitong Securities, and Guotai Junan H shares to all H-share shareholders of Haitong Securities. The proposed A-share stocks will apply for listing and circulation on the Shanghai Stock Exchange, while the proposed H-share stocks will apply for listing and circulation on the Hong Kong Stock Exchange. The A-share and H-share stocks of Haitong Securities will be correspondingly cancelled, and Haitong Securities will also delist and cancel its legal entity status.

The stock exchange ratio between Haitong Securities and Guotai Junan is 1:0.62, meaning that every 1 share of Haitong Securities A shares can be exchanged for 0.62 shares of Guotai Junan A shares, and every 1 share of Haitong Securities H shares can be exchanged for 0.62 shares of Guotai Junan H shares. The exchange price for Guotai Junan's H shares is HKD 7.73 per share, and the exchange price for Haitong Securities' H shares is HKD 4.79 per share.

### SMIC: Company's current production and operation activities are normal

SMIC issued a price movement announcement stating that the company's current production and operation activities are normal, with no significant adjustments in market environment or industry policies, no significant fluctuations in business operations such as production and sales, and normal internal production and operation order. There are no significant events affecting the company's stock trading price, and no other significant events involving the company that have not been disclosed.

### Hong Kong IPO revival? Fundraising has exceeded the full year of last year! Investment banks: Investor interest is increasing

Since the beginning of this year, the Hong Kong stock IPO market has welcomed a total of 48 new companies, with fundraising reaching HKD 57 billion, exceeding the full-year total of HKD 46.3 billion last year. Investment bankers indicate that the market currently favors larger IPO projects, and institutional investors are no longer blindly chasing high growth but are instead showing interest in companies with good cash flow. Optimistically, the total fundraising for Hong Kong stock IPOs this year is expected to reach billions of US dollars, breaking into the global top three.

### Maoge Ping Cosmetics Co., Ltd. has submitted an application for listing to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as the sole sponsor.

### What is the countercyclical adjustment of China's fiscal policy? How is it adjusted? The Ministry of Finance is prepared to discuss this:

### Related Stocks

- [TIGR.US - UP Fintech](https://longbridge.com/en/quote/TIGR.US.md)
- [.SPX.US - S&P 500](https://longbridge.com/en/quote/.SPX.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
