To The Moon

S&P 500 Index hits a record high; Chinese stock market continues to rise significantly after President Xi Jinping's commitments.

🇺🇸 S&P 500 Index: 0.41% 📈

🇺🇸 Nasdaq Index: 0.60% 📈

🇪🇺 Stoxx 600 Index: 1.26% 📈

🇯🇵 Nikkei 225 Index: 2.79% 📈

🇭🇰 Hang Seng Index: 4.16% 📈

🇨🇳 CSI 300 Index: 4.24% 📈

🇸🇬 Straits Times Index: -0.03% 📉

U.S. stocks rose, with the S&P 500 $S&P 500(.SPX)$   and Nasdaq Composite $NASDAQ(.IXIC)$ up 0.4% and 0.6%, respectively, following strong economic data and China's latest commitments. Micron $Micron Technology(MU)$  led a rally in the semiconductor sector $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$  after reporting optimistic earnings and guidance.

The U.S. economy grew at an annualized rate of 3% in Q2 2024, in line with the second estimate and higher than the revised 1.6% in Q1 2024.

Initial claims for U.S. unemployment benefits fell to 218k, slightly below the market forecast of 224k, marking a four-month low.

In August 2024, new orders for U.S. durable goods remained unchanged, missing the market expectation of a 2.8% decline, while July's revised growth was 9.8%, the highest in four years.

The Asia-Pacific markets continued to climb, with the Hang Seng Index $HSI(HSI)$ and CSI 300 Index $CSI300(000300.SH)$  both soaring 4.2%, following President Xi Jinping's commitment to achieve growth targets and prevent a decline in the real estate market in 2024.

💡 Upcoming Events: 💡

Investors will be looking forward to the release of the U.S. Core PCE Price Index, Personal Income and Spending, and the revised University of Michigan Consumer Sentiment and Inflation Expectations on Friday.

💡 Today's Key Points: 💡

1. The Chinese Politburo, led by President Xi Jinping, pledged on Thursday to "issue and utilize" government bonds to better leverage "the driving role of government investment" and "intensify counter-cyclical adjustments of fiscal and monetary policies."

Chinese Politburo

2. Bloomberg News reports that China is considering injecting up to 1 trillion yuan into its largest state-owned banks to enhance their ability to support the struggling economy.

Chinese market stimulus

3. China announced a one-time cash distribution to vulnerable residents and expanded unemployment benefits to stimulate consumption and alleviate economic anxiety ahead of the important National Day holiday.

4. U.S. Treasury Secretary Janet Yellen stated, "I have always believed there is a path to a soft landing, potentially lowering inflation while maintaining a strong labor market; the data indicates that this is the case."

Janet Yellen

5. ChatGPT manufacturer OpenAI is planning a transition from a nonprofit business model to a for-profit model, which will no longer be controlled by a nonprofit board, making the company more attractive to investors.

ChatGPT

✅ Key Points:

Revised data shows that the U.S. economy is recovering from the pandemic more resiliently than previously thought, and the decline in unemployment claims highlights the robustness of the labor market.

@Daily_Discussion  @TigerStars  @TigerGPT  @CaptainTiger  @Tiger_comments