To The Moon

U.S. markets dragged down by chip stocks; weak Chinese exports weaken investor confidence.

🇺🇸 S&P 500 Index: -0.76% 📉

🇺🇸 Nasdaq Index: -1.01% 📉

🇪🇺 Stoxx 600 Index: -0.80% 📉

🇯🇵 Nikkei 225 Index: 0.77% 📈

🇭🇰 Hang Seng Index: -3.67% 📉

🇨🇳 CSI 300 Index: -2.66% 📉

🇸🇬 Straits Times Index: -0.01% 📉

U.S. stocks generally fell on Tuesday, with the S&P 500 and Nasdaq Composite down -0.8% and -1.0%, respectively, as chip stocks declined due to demand concerns, and the energy sector fell -3% following lower oil prices.

Asia-Pacific markets mostly closed lower, with the Hang Seng Index and CSI 300 Index down -3.7% and -2.7%, respectively, as weak export data highlighted the urgency for Beijing to implement fiscal stimulus measures to stabilize growth.

EU industrial production increased by 1.8% month-over-month in August, in line with expectations, driven by rising demand for capital and durable consumer goods.

💡 Upcoming Events: 💡

On Thursday, attention will be on ECB President Lagarde's speech, major financing rates, U.S. retail sales month-over-month, core retail sales, and unemployment claims.

By the end of the week, we will see the release of China's GDP, year-on-year industrial production, and year-on-year retail sales data.

💡 Today's Things to Know: 💡

1. Wall Street's biggest banks - Citibank $Citigroup(C)$ , Bank of America $Bank of America(BAC)$  , and Goldman Sachs - reported strong third-quarter earnings, driven by increased investment banking fees from a rise in mergers and corporate debt issuance.

US major banks

2. Blackstone plans to invest $8.2 billion to build data centers in Spain's Aragon region, aiming to further solidify Aragon's position as a major cloud computing hub in Europe.

Spain Aragon

3. U.S. semiconductor stocks fell after ASML $ASML Holding NV(ASML)$  downgraded its annual sales forecast due to weak demand for non-AI chips. Additionally, the Biden administration is considering restrictions on selling advanced AI processors to certain countries.

ASML

4. Reports indicate that China plans to raise an additional 6 trillion yuan over the next three years by issuing special government bonds to boost its struggling economy.

5. Charles Schwab $Charles Schwab(SCHW)$  reported a nearly 25% increase in net income for the third quarter, attributed to a surge in asset management fees and record high client assets.

Charles Schwab

✅ Key Takeaway:

Chips seem to be under more pressure, creating downward pressure on the tech industry $Direxion Daily Semiconductors Bull 3x Shares(SOXL)$ .

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