Caixin Media reported on October 9th (Editor Shi Zhengcheng) last night and this morning, with the leading edge productivity leader Nvidia sounding the horn for an upward trend, the US tech sector has regained the feeling of an uptrend. With the driving force of tech giants, the S&P 500 index once again touched the edge of its historical high. On the other hand, although Chinese tech stocks generally performed better than the Hong Kong market, they still could not escape the situation of a collective decline.

As of the close on Tuesday, the S&P 500 index rose by 0.97% to 5751.13 points; whether it is the historical high of 5767.37 points or the historical high before the closing of 5762.48 points, it is only a short distance away. The Nasdaq index rose by 1.45% to 18182.92 points; the Dow Jones Industrial Index rose by 0.3% to 42080.37 points.

(S&P 500 index daily chart, source: TradingView)

At the same time, the global market's game of 'guessing the direction of the Federal Reserve's policy' is still ongoing. Tomorrow during the trading day (2:00 am Beijing time on Thursday), the Federal Reserve will release the minutes of the 50 basis point rate cut meeting in September, and the market will also face the baptism of September CPI data before the market opens on Thursday.

Mohamed El-Erian, Dean of Queen's College, Cambridge University and a well-known economist, exclaimed on Tuesday that the market's expected volatility is very high now. In the past 15 days, the probability of whether the Federal Reserve will cut interest rates by 50 basis points at the next meeting has dropped directly from 60% to 0.

Of course, for Chinese investors, they are probably more concerned about the performance of Chinese assets at the moment compared to whether Nvidia and the S&P can reach new highs.

Under the impact of a 12.82% long black candle on the Hang Seng Tech Index on Tuesday, Chinese concept stocks in the US stock market were also hit. The Nasdaq Golden Dragon Index fell by as much as 8% during the day, ending with a decline of 6.85%. Stocks such as Alibaba, JD.com, and Baidu, which are listed in both places, also experienced single-day declines of 6%-7%, but their prices generally had a 2%-3% premium compared to the closing price of Hong Kong stocks on Tuesday.

Popular stocks performance

US technology giants collectively strengthened, with Apple up 1.84%, Microsoft up 1.26%, Amazon up 1.06%, Meta up 1.39%, Google-A up 0.86%, Tesla up 1.52%, Nvidia up 4.05%, Intel up 4.2%.

As for popular China concept stocks, Alibaba fell by 6.67%, Tencent ADR fell by 8.04%, Baidu fell by 7.39%, PDD Holdings fell by 5.38%, JD.com fell by 7.52%, NetEase fell by 5.14%, NIO Inc fell by 8.10%, Li Auto Inc fell by 8.1%, XPeng fell by 7.26%, JinkoSolar fell by 20.69%, Bilibili fell by 12.93%.

Other news

Microsoft and OpenAI flaunt receiving Nvidia B200 chip servers.

On Tuesday, Microsoft Azure revealed that the company has obtained servers equipped with GB200 chips, becoming the first company in the world among cloud computing service providers to use the Blackwell system.

OpenAI also announced the delivery from NVIDIA, with developers already using the first batch of DGX B200 engineering machines.

Hindenburg shorts the 'first stock of the metaverse'.

On Tuesday local time, the well-known American short-selling institution Hindenburg Research released a report claiming that Roblox, known as the number one stock in the metaverse, exaggerated key financial indicators such as user numbers and engagement, and has therefore shorted the company's stocks. Roblox completely denies the accusations in the Hindenburg report and states that these financial allegations are misleading. As a result of this event, Roblox fell by over 9% in Tuesday's intraday trading, ultimately narrowing its decline to 2.13%.

Research firm predicts: Apple may launch a smart ring.

Research company CCS Insight wrote in its annual forecast report that due to Apple's focus on the health sector, the company may launch a smart ring in 2026 to compete with Samsung's Galaxy Ring.

Last year, the 'father of deep learning' who left Google was awarded the Nobel Prize.

The Royal Swedish Academy of Sciences announced on Tuesday that Jeffrey Hinton was awarded the Nobel Prize in Physics for his achievements in using physical training for artificial neural networks. He will share this year's award with Princeton University Professor John Hopfield. Known as the 'father of deep learning' for his inventions of the backpropagation algorithm and contrastive divergence algorithm, Hinton has high prestige in the AI industry.

In 2013, due to Google's acquisition of his company, Hinton joined the Google research team. He left Google last year because he 'can candidly warn of the risks of AI' and expressed regret for what he had researched all his life.

General Motors: Electric vehicle division expected to return to profit in the fourth quarter.

General Motors CEO Mary Barra stated at an investor day event on Tuesday that the company's electric vehicle division is expected to be profitable in the fourth quarter of this year. Barra said that the company will announce guidance for the 2025 fiscal year in January, but overall performance is expected to be similar to the range set for 2024.

Pfizer has discontinued the development of RSV candidate drugs.

According to the clinical trial information disclosed in the federal gazette, Pfizer has terminated multiple experiments of the RSV oral drug sisunatovir. A Pfizer spokesperson stated that there have been persistent challenges in the clinical development plan of sisunatovir, and despite efforts to address these challenges, the company has decided to discontinue the drug's development.