Wall Street hovered around its records, but closed virtually unmoved from Tuesday. Meanwhile, China's shares fell on an underwhelming housing stimulus briefing, and Japan's shares took a hit on weak export data. But Taiwan chip giant TSMC is still soaring, and Nvidia and others continued big gains.
- S&P 500 Futures: 5,887.25 ⬆️ up 0.0042%
- S&P 500: 5,841.47 ⬇️ down 0.017%
- Nasdaq Composite: 18,373.61 ⬆️ up 0.036%
- Dow Jones Industrial Average: 43,239.05 ⬆️ up 0.37%
- STOXX Europe 600: 523.91 ⬆️ up 0.83%
- CSI 300: 3,788.22 ⬇️ down 1.13%
- Nikkei 225: 38,911.19 ⬇️ down 0.69%
- Bitcoin: $67,261.98 ⬇️ down 0.53%
U.S.: Stocks hold steady near record highs, led by chipmakers
The S&P 500 flirted with its all-time high but ended nearly flat on Thursday, closing down 0.017%. Nvidia led the index with a 0.9% gain following strong results from Taiwan Semiconductor Manufacturing Co. (TSMC), whose U.S.-traded shares surged 9.8% on the back of better-than-expected earnings. Still, Alphabet’s 1.3% decline and a 10.6% plunge from Elevance Health kept the broader market in check. The Dow closed up 0.37% and the Nasdaq closed up 0.036%.
Europe: Stocks climb on ECB rate cut hopes
The STOXX Europe 600 rose 0.83% on Thursday, bolstered by anticipation of the European Central Bank's rate cut. French and German indexes rose sharply, with the CAC 40 up 1.2% and Germany's DAX gaining 0.8%, reversing earlier losses from Asian markets.
China: Stocks fall after disappointing housing stimulus announcement
Chinese shares initially rose on Thursday, but later retreated after the country’s housing minister delivered a lackluster briefing on new measures to support the struggling property sector. The announcement, which focused on speeding up bank lending for unfinished housing projects, fell short of traders' expectations for more significant stimulus. As a result, China’s CSI 300 Real Estate Index plummeted 7.85%, dragging down the broader CSI 300, which dropped 1.13%. Hong Kong's Hang Seng index also declined, falling 1.02%. Investors are now awaiting China's GDP data for the April-September quarter, set to be released on Friday.
Japan: Falling exports weigh on stocks
Japan's Nikkei 225 slipped 0.69% on Thursday after the government reported a 1.7% year-over-year drop in exports for September, marking the first decline in 10 months. The weak export data, driven by lower demand from China and the U.S., weighed on market sentiment. However, financial stocks provided a rare bright spot, with Morgan Stanley's strong earnings boosting the sector. Additionally, Softbank, which holds a majority stake in semiconductor giant Arm Holdings, gained 1.19%, defying a broader tech slump.
