Just now! The Nikkei jumped straight up! What happened

Written byMarket Vision
Wednesday, Sep 25, 2024 8:40 pm ET2min read

After a string of gains, Chinese stocks saw a pullback last night. The Nikkei opened higher today, and the Bank of Japan's minutes of its July monetary policy meeting showed that one member of the central bank said it was necessary to raise interest rates in a timely and gradual manner. Another member said that the neutral interest rate level was at least 1%.

U.S. stocks mixed

U.S. major stock indexes closed mixed, with the Dow falling 0.7%, the S&P 500 down 0.19%, and the Nasdaq up 0.04%. Amgen fell more than 5% and Chevron more than 2%, leading the Dow.

Nvidia rose more than 2% and Tesla more than 1%.

Chinese stocks generally fell, with the Nasdaq China Dragon Index down nearly 3%, Century Internet down nearly 7%, and Atre Solar down more than 6%.

It is worth noting that from the list of the top gainers of Chinese stocks this month, the optional consumption, internet, and brokerage sectors have risen for several days, and Neta Auto, which has the highest monthly rise, has risen nearly 50%.

European major stock indexes closed mostly lower, with the German DAX 30 down 0.34%, the UK FTSE 100 down 0.14%, the French CAC 40 down 0.5%, and the European Stoxx 50 down 0.47%.

Gold continued to rise, with COMEX gold futures up 0.16% to US$2681.3/ounce; COMEX silver futures down 0.94% to US$32.125/ounce.

U.S. releases key data again

On the news front, the U.S. released the latest data showing that the number of new houses sold in August was 716,000, up from the previous 710,000, and the previous figure was revised from 739,000 to 751,000.

Moreover, the 30-year fixed mortgage rate in the U.S. was 6.13% in the week ending September 20, down from 6.15% in the previous week.

Fed Governor Kugler said he strongly supported the Fed's 50-basis-point cut in interest rates; if inflation progressed as expected, he would support further cuts; the Fed should continue to focus on lowering inflation while also paying attention to its maximum employment goal; he expects the inflation rate of personal consumption expenditure in August to be 2.2% and the core inflation rate of personal consumption expenditure to be 2.7%, consistent with the continued progress towards the 2% target.

Micron Technology surges

After the close, U.S. memory chip leader Micron Technology's stock price surged more than 14% after the close.

Its latest revenue showed that its revenue in the previous fiscal quarter was US$7.75 billion, up 93.3% year-on-year, and analysts expected US$7.66 billion, with the company's guidance at US$7.4 billion to US$7.8 billion, up 81.6% year-on-year.

Moreover, its adjusted operating profit in the previous fiscal quarter was US$1.745 billion, up from a loss of US$1.208 billion a year ago, and analysts expected US$1.58 billion, up from a loss of US$9.41 billion in the previous fiscal quarter.

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