US stocks ended mixed on Tuesday, with the S&P 500 closing slightly lower as traders positioned ahead of the Federal Reserve’s rate announcement on Wednesday. JPMorgan warned that its spending will exceed expectations next year, Nvidia received approval to export H200 chips to China under new conditions, and US job openings climbed to a five month high in October.
JPMorgan fell 4.66 percent, dragging the Dow lower. Marianne Lake, co-head of Consumer and Community Banking, said spending will reach 105 billion dollars next year, driven by growth and volume related costs, which exceeded analyst expectations.
Nvidia slipped slightly after President Trump posted on Truth Social that the company will be allowed to ship H200 chips to “approved customers” in China and other regions, provided that one quarter of the revenue goes to the US government. Nvidia CEO Jensen Huang met with Trump last week, marking a breakthrough after months of negotiations.
The Fed began its closely watched policy meeting on Tuesday and will announce the result on Wednesday. Markets widely expect another 25 basis point rate cut, following similar cuts in September and October.
US Markets
Major tech stocks were mixed. Tesla rose 1.27 percent, Google A gained 1.07 percent, Amazon added 0.45 percent, while Apple dipped 0.26 percent, Nvidia fell 0.31 percent and Meta lost 1.48 percent.
The Nasdaq Golden Dragon China Index fell 1.37 percent. Among popular Chinese ADRs, Baidu dropped more than 4 percent, XPeng and Li Auto fell over 3 percent, Bilibili slipped more than 2 percent, while NIO and Alibaba dropped over 1 percent.
Market Close
Dow Jones fell 179.03 points or 0.38 percent to 47,560.29
Nasdaq rose 30.58 points or 0.13 percent to 23,576.49
S&P 500 fell 6.00 points or 0.09 percent to 6,840.51
Hong Kong Markets
Hong Kong stocks declined across the board. By midday, tech names were mixed, with NetEase and Bilibili both down more than 1 percent, Tencent down 1 percent, while Meituan gained over 1 percent.
Gold miners surged, with Lingbao Gold up more than 10 percent as precious metals extended gains before the Fed decision. Spot silver broke above 61 dollars per ounce, hitting a new record high and doubling year to date. Spot gold also climbed above 4,210 dollars per ounce. Markets expect another 25 bp rate cut due to weakening US labor data.
Solar and photovoltaic stocks weakened. GCL Technology fell more than 3 percent. Analysts highlighted ongoing industry restructuring and improving fundamentals heading into Q4.
Market Close:
Hang Seng Index fell 0.43 percent to 25,324.75
Hang Seng Tech Index fell 0.68 percent to 5,517.06
China Enterprises Index fell 0.51 percent to 8,890.63
A50
A shares traded mixed in early session. The Shanghai Composite opened lower and fluctuated downward, while the Shenzhen and ChiNext indices rebounded then pulled back again. By midday, over 3,800 stocks were down.
Sector performance was mixed. Hainan, retail, and precious metals outperformed. PCB and solar sectors retreated.
Market Close:
Shanghai Composite fell 0.72 percent to 3,881.51
Shenzhen Component fell 0.56 percent to 13,202.49
ChiNext fell 1.23 percent to 3,170.26
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