Chinese stocks rallied. What about U.S. and European stocks?
Several Chinese stocks surged forward, reporting new earnings. Pinduoduo (PDD) skyrocketed by 21% after its earnings and sales surpassed analysts’ expectations on Thursday. Overall, shares are almost 30% higher from a 98.30 buy point.
Xpeng Motors (XPEV) also rallied by 28%, reaching a new high after reporting mixed results in the third quarter. Tesla’s rival carmaker is up by 211% versus a year ago.
Meanwhile, Tencent (TCEHY) surged forward by 4% in heavy trade after the China internet giant released strong earnings and sales. China’s Futu Holdings (FUTU) also jumped by 5% in heavy volume. The stock is on track to extend its win streak to seven.
Digital Turbine (APPS) climbed up by 4%. ServiceNow (NOW), West Pharmaceuticals (WST) and Thermo Fisher Scientific (TMO) gained approximately 2% each.
How did the U.S. and European futures fare?
Several major stocks indexes tumbled down to session lows on Thursday afternoon. The Dow Jones Industrial Average futures plunged by nearly 400 points, and the Nasdaq futures declined as well.
The Dow Jones industrials plunged by 1.3%, and the Nasdaq plummeted down by 0.7%, while the S&P 500 dropped by 1.2% in the stock market on Thursday. Small caps tracked by the Russell 2000 declined by 1.6%.
According to the Labor Department’s report, first-time unemployment claims for the week ended Nov. 7 was at 709,000. This is 48,000 lower than the previous week’s 757,000.
Stocks ended in the red as Senate Republican Leader Mitch McConnell announced that he’s not interested in “dramatically larger stimulus” regarding a Covid-19 aid bill. At the same time, President Donald Trump continues to make claims about election fraud.
Thus far, the Nasdaq has soared by 31% this year. The S&P 500 has gained 11% through Wednesday’s close, while the Dow Jones index jumped by 3% and the small-cap Russell 2000 rallied by 4%. Overall, it’s been a volatile few weeks for the stocks markets, on Sept.
Meanwhile, Covid-19 cases continue to surge worldwide. Globally, coronavirus cases have surpassed 52.6 million. In the U.S., confirmed cases since the beginning of the pandemic have now topped 10.7 million. Moderna (MRNA) soared by 5% in heavy trade due to successful results on its coronavirus vaccine.
On the other hand, Intel (INTC) tumbled down by 3.4%. On Tuesday, Apple (AAPL) introduced its first Mac computers with processors, which the iPhone maker designed itself. As a result, Intel tumbled down. The company has been supplying processors for Apple thus far. Apple soared by 0.6% after Wednesday’s 3% advance, before declining slightly.
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