Caifeng news on September 24th (Editor: Xia Junxiong), on Monday, U.S. Eastern time, the three major indices closed slightly higher, with the S&P 500 and Dow hitting record levels, traders hoping to continue the rising trend after the Fed rate cut.

(Three major index minute chart, source: TradingView)

As of the close, the Dow Jones index rose 0.15%, to 42,124.65 points; the S&P 500 index rose 0.28%, to 5,718.57 points; the Nasdaq index 0.14%, to 17,974.27 points.

Investors analyzed the latest economic data on Monday, with the U.S. September manufacturing PMI falling to 47, below the expected 48.5; the service sector PMI was 55.4, slightly higher than the expected 55.23.

This report seems to reinforce U.S. stock investors' expectations of an economic soft landing. Interactive Brokers' senior economist said: "Service providers reported strong demand."

Last week was a good performance in the U.S. stock market, with all three major indices up more than 1%, mainly due to the Fed's 50 basis point rate cut marking the start of a long-awaited easing cycle.

Tesla rose about 5%, becoming the best-performing company among the S&P 500 index constituents.

Intel rose more than 3%, with reports that competitor Qualcomm is interested in acquiring the troubled chip company. In addition, Apollo Global Management is also reportedly in contact with Intel regarding equity investment matters.

Popular stocks performance

Most large technology stocks rose, with Apple falling by 0.76%, Microsoft by 0.40%, Nvidia up by 0.22%, Google down by 1.06%, Amazon up by 1.19%, Meta up by 0.55%, Tesla up by 4.93%, and Intel up by 3.30%.

China concept stocks are on the rise, with the Nasdaq Golden Dragon Index up 1.36%. Alibaba rose by 2.04%, JD.com by 4.24%, PDD Holdings by 2.40%, Nio Inc by 0.76%, Xpeng down by 0.42%, Li Auto Inc up by 3.06%, Bilibili up by 0.13%, Baidu up by 2.37%, NetEase up by 2.02%, Tencent Music up by 3.25%.

Company news

Boeing proposes a 30% overall pay increase to the union, calling the new proposal the best and final version.

Boeing has increased the contract quote for about 33,000 employees at its main manufacturing center in Seattle, in an attempt to resolve a strike that has been ongoing for over a week and could potentially worsen the company's financial crisis. In a statement, Boeing stated that the plan includes a 30% overall salary increase over four years, approval to double bonuses to $6,000, and the restoration of performance plan bonuses for aviation machinists. The company had previously proposed a 25% pay raise, while the union demanded a 40% increase.

European automaker Stellantis begins the search for a successor to CEO Carlos Tavares.

European car company Stellantis is starting to look for a successor to CEO Carlos Tavares. The board of directors has no plans to immediately change the CEO. The company's board of directors will meet in early October to assess the business in the USA.

Taiwan Semiconductor is planning to build a factory in the United Arab Emirates? The company responded: Currently, there are no specific plans for new overseas investments.

On September 23, Beijing time, the world's largest chip manufacturer, Taiwan Semiconductor, stated that the company currently has no specific plans for new overseas investments.

According to The Wall Street Journal on the 22nd, Taiwan Semiconductor, along with another chip giant, Samsung Electronics, have discussed plans to build a large chip factory in the United Arab Emirates, with costs potentially exceeding $100 billion.

On the 23rd, Taiwan Semiconductor responded that the company always welcomes constructive discussions that promote the development of the semiconductor industry with an open attitude. Taiwan Semiconductor is currently focusing on its existing global deployment plans and has no specific plans for new overseas investments at the moment.

Bank of America plans to open over 165 new branches by the end of 2026.

Bank of America announced on Monday that it plans to open over 165 new branches in the USA by the end of 2026. The bank has redesigned its branches to emphasize face-to-face sales of products such as mortgages and investments, rather than traditional teller transactions. In a statement, Bank of America stated that this year's expansion plan will include the establishment of 40 new locations. The company mentioned that apart from the District of Columbia, it currently operates in 38 states and will expand to 41 states by 2026.

Miniso's Chief Financial Officer: It is expected that they will not control the majority of the board seats of Yonghui Superstores, and will not act as the controlling shareholder.

Miniso's Chief Financial Officer, Zhang Jingjing, stated in a conference call that after the acquisition of 29.4% equity of Yonghui Superstores is completed, Miniso will become the largest shareholder of Yonghui Superstores. However, we do not expect to control the majority of the board of directors, so we will not be the controlling shareholder or controller of Yonghui Superstores, nor will we consolidate financial statements. This decision is made based on the current situation. The trade is expected to be completed in the first half of 2025, and every important milestone will be disclosed to everyone during this period.

Miniso's US stocks closed sharply down 16.65% on Monday.