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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. The indexes also eyed their first quarterly declines so far this year heading into the last days of September. Consumer staples (.SPLRCS) and utilities (.SPLRCU) were the worst hit among the major S&P 500 sector indexes, while energy (.SPNY) was the top gainer. Meanwhile, Chicago Fed president Austan Goolsbee in an interview on CNBC stressed on the need to brining inflation back to the 2% target, after some Fed policymakers last week warned of further hikes. The S&P index recorded no new 52-week highs and 37 new lows, while the Nasdaq recorded 16 new highs and 225 new lows.

Persons: Brendan McDermid, Jerome Powell, Thomas Martin, Austan Goolsbee, Walt Disney, Jefferies, JD.com, advancers, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Companies Media, Nike, Dow, Nasdaq, Major U.S, Federal Reserve, Microsoft, GLOBALT Investments, Traders, Dow Jones, Chicago Fed, CNBC, Media, Netflix, PDD Holdings, Baidu, NYSE, Thomson Locations: New York City, U.S, Major, Bengaluru

☆ Nomura is merely first in line for new China risk
▼ + stars: | 2023-09-25 | by ( Una Galani | ) www.reuters.com time to read: +4 min

After all, Nomura is a minnow in China, ranking 82nd in investment banking in the country by net revenue in 2021, data from Dealogic shows. Like most of its more successful global investment banking peers, Nomura has an eye on deepening its business in China. It acquired a license for a majority-owned securities joint venture, Nomura Orient International Securities, in 2019. Follow @ugalani on TwitterCONTEXT NEWSAuthorities in China have barred Charles Wang Zhonghe, China investment banking chair at Nomura, from leaving the mainland, Reuters reported on Sept. 25 citing two sources with knowledge of the matter. Beijing’s investigation into Cong, former president of China Renaissance Holdings, resulted in the investment bank’s founder Bao being taken away by Chinese authorities in February.

Persons: Charles Wang Zhonghe, Nomura, Goldman Sachs, Morgan Stanley, Wang, Bao Fan, hasn’t, Xi Jinping, Banks, Cong Lin, Bao, Cong, Nomura’s Wang, Antony Currie, Oliver Taslic Organizations: Reuters, Financial Times, UBS, HK, China Securities, Nomura, Commercial Bank of China, China, Apple, Nomura Orient International Securities, Authorities, China Renaissance Holdings, ICBC, Commercial Bank of China Ltd, Thomson Locations: MUMBAI, China, Hong Kong, It’s, Singapore, People’s Republic

☆ Stocks making the biggest moves in premarket trading: AstraZeneca, Paramount, Nike and more
▼ + stars: | 2023-09-25 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

AstraZeneca — Shares rose 1.4% after Jefferies upgraded the stock to buy from hold. Dow — Shares of the petrochemicals company rose 1.6% Monday during premarket trading. Chinese e-commerce stocks — U.S.-traded shares of JD.com and PDD Holdings lost 3.1% and 2.3%, respectively, as sentiment around China's economy worsened. HP — Shares of the computer company fell about 3% after Berkshire Hathaway sold 4.8 million shares, or approximately $130 million, of HP. Sealed Air — The food packaging company jumped 2.7% after Citi upgraded shares to buy from neutral.

Persons: Jefferies, Locker, Berkshire Hathaway, Anthony Pettinari, Nio, —, Alex Harring, Jesse Pound Organizations: WGA, Guild of America, SAG, Paramount Studios, AstraZeneca —, Urban Outfitters, Dow —, JPMorgan, Nike, Jefferies, Citi, U.S, PDD Holdings, Media, — Media, Paramount, Warner Bros, Disney, HP —, Berkshire, HP Locations: Los Angeles , California, China, JD.com, U.S

☆ Stocks making the biggest moves midday: Alcoa, Nio, Williams-Sonoma, Chefs' Warehouse and more
▼ + stars: | 2023-09-25 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Alcoa — Shares of the aluminum stock slipped 6.1% after the company said executive vice president William Oplinger would succeed Roy Harvey as CEO and president. Li Auto — U.S.-traded shares of the Chinese EV company dropped 10% following news that Huawei made moves in the increasingly competitive space. GE HealthCare Technologies — Shares of the medical technology gained 3.3%. JD.com — U.S.-listed shares of the Chinese e-commerce stock slid 2.1% as concerns over the state of the country's economy grew. Chefs' Warehouse — The specialty food distributor popped 1.6% after UBS initiated coverage of the stock at a buy.

Persons: William Oplinger, Roy Harvey, Oplinger, Nio, Li, Leonard Green, Canaccord Genuity, Yun Li, Jesse Pound, Pia Singh, Brian Evans, Hakyung Kim Organizations: Alcoa Inc, Davenport, Alcoa —, U.S, Li Auto, EV, Huawei, GE HealthCare Technologies, GE HealthCare, Williams, Sonoma —, Green Equity Investors, Partners, Dow Inc, JPMorgan, Technologies, Citi, Chefs, UBS, Hudson Technologies Locations: Riverdale , Iowa, Williams, Sonoma, —

☆ This chip stock has a ‘50% margin’ which rivals could struggle to catch up with, portfolio manager says
▼ + stars: | 2023-09-25 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +5 min

Taiwanese semiconductor giant TSMC has a sizeable lead in the chip industry which its competitors will struggle to catch up with, according to Kamil Dimmich, a portfolio manager at North of South Capital. Is Nvidia cheap? "Some of my colleagues think Nvidia is cheap and there's certain scenarios you could put together where Nvidia is cheap. The portfolio manager does not have holdings in Tencent , even as several investors consider it as a stock to watch out for. "If people remain negative on China [and start] selling China, like there's no tomorrow, then maybe [Chinese] stocks will go sideways.

Persons: Kamil Dimmich, Dimmich, They've, they're, TSMC, there's, —, Tencent, it's Organizations: South, Samsung, South Emerging, Equity, Technology, Nvidia, Vipshop Holdings Locations: Taiwan, TSMC, China, Tencent

☆ China's cutthroat competition hasn't been lost with the slowdown. EV companies fighting to win
▼ + stars: | 2023-09-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

I was in town for an event by Chinese electric car company Nio , which was vying with Huawei's big Connect conference for literal space and attention in a week of tech news. Electric car manufacturers are abuzz In the world of electric cars alone, Baidu -backed startup Jidu launched its car on Tuesday afternoon; Xpeng also unveiled its new G9 electric SUV. Nio, which had just wrapped its fifth car release in four months the prior week, launched a smartphone on Thursday. A competitive spirit, particularly in tech China's cutthroat competition hasn't been lost with the slowdown. While she hasn't had time to give the Nio phone a good look yet, she said she's a regular at the local Nio House, and invites family and friends there.

Persons: Xpeng, Leapmotor, William Li, Li, that's, Meng Wanzhou, JD.com, JD, Peter Alexander, Alexander, Frank Fan, Nio, Angela Cai, Cai, hasn't, she's, — CNBC's Michael Bloom Organizations: Baidu, Wednesday, CNBC, Companies, Huawei, Netflix, Ben Advisors, ., Starbucks, Apple, China, Bank of America Locations: Beijing, Shanghai, Arcfox, U.S, China, China .

☆ S&P 500, Nasdaq notch biggest weekly losses since March
▼ + stars: | 2023-09-22 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. All three posted weekly losses, with the S&P 500 and the Nasdaq registering their largest Friday-to-Friday percentage drops since March. On Thursday, the S&P 500 dipped below its 100-day moving average - a key support level - for the first time since March, Its failure to break above that level suggests the index is still under downward pressure. Among the 11 major sectors of the S&P 500, consumer discretionary (.SPLRCD) suffered the steepest percentage loss, while tech (.SPLRCT) and energy (.SPNY) were the only gainers. The S&P 500 posted one new 52-week high and 35 new lows; the Nasdaq Composite recorded 33 new highs and 321 new lows.

Persons: Brendan McDermid, Alibaba, Zachary Hill, Hill, Jerome Powell, Michelle Bowman, Robert Pavlik, Li Auto, Stephen Culp, Ankika Biswas, Shristi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Reuters, UAW, Dow, Nasdaq, Horizon Investments, Benchmark U.S, Treasury, Dakota Wealth, Dow Jones, Ford Motor, United Auto Workers, Activision, Microsoft, PDD Holdings, Baidu, Bloomberg, Hong, NYSE, Thomson Locations: New York City, U.S, Hong Kong, Charlotte , North Carolina, Fairfield , Connecticut, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. "The prospect of rates staying higher for longer has given investors a lingering headache," said Russ Mould, investment director at AJ Bell. "Many had hoped we would approach the end of 2023 with a clearer picture on when rates will start to be cut." ET, Dow e-minis were up 36 points, or 0.1%, S&P 500 e-minis were up 11 points, or 0.25%, and Nasdaq 100 e-minis were up 68.5 points, or 0.46%. Wayfair (W.N) rose 2.6% after Bernstein upgraded the online furniture retailer to "market perform" from "underperform", citing improving revenue growth and margins.

Persons: Brendan McDermid, dampening, Russ Mould, AJ Bell, Neel Kashkari, Lisa Cook, Li Auto, Alibaba, Bernstein, Ankika Biswas, Shristi, Anil D'Silva, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Activision, Microsoft, Dow, Nasdaq, U.S, Treasury, Apple, Nvidia, P Global, PMI, Minneapolis, Detroit, Dow e, PDD Holdings, Baidu, Hong, Thomson Locations: New York City, U.S, Hong Kong, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Ford Motor (F.N) advanced 2.5% after Reuters reported the United Auto Workers (UAW) was set to announce progress in labor contract talks with the carmaker. Several Fed policymakers, including policy voting member Minneapolis President Neel Kashkari, are set to speak during the day. Advancing issues outnumbered decliners by a 2.11-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 26 new lows, while the Nasdaq recorded 14 new highs and 102 new lows.

Persons: Brendan McDermid, dampening, Jason Pride, Neel Kashkari, Li Auto, Alibaba, Bernstein, Wells, Ankika Biswas, Shristi, Anil D'Silva, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Activision, Microsoft, Ford, Reuters, UAW, Dow, Nasdaq, United Auto Workers, U.S, Treasury, Apple, Nvidia, Minneapolis, Dow Jones, PDD Holdings, Baidu, Hong, Charter Communications, NYSE, Thomson Locations: New York City, U.S, Glenmede, Philadelphia, Hong Kong, Bengaluru

Hundreds of people lined up at a flagship Apple store in Beijing to pick up the new iPhone 15 when deliveries began on Friday. As of 10 a.m. Beijing time on Friday, iPhone 15 sales via JD 's Dada one-hour delivery app surged by 253% versus that of the iPhone 14 last year, Dada said. Zhao said he was planning to upgrade from his Huawei device to buy the iPhone 15 Pro Max, which has a list price of 9,999 yuan ($1,370). Strong iPhone 15 pre-salesApples' iPhone 15 pre-sales in China pointed to robust demand. Counterpoint Research's most optimistic outlook for Apple in China predicts a 4% year-on-year decline in Apple iPhone shipments in the fourth quarter.

Persons: Evelyn Cheng, JD, Dada, Zhao, he'd, China Zhao, Will Wong, Alibaba's Tmall, Pro Max, Tarun Pathak Organizations: Apple, CNBC, Huawei, Street Journal, Bloomberg, China's Ministry of Foreign Affairs, IDC Apple, Pro, IDC, Counterpoint Technology Market Research Locations: Beijing, Evelyn Cheng BEIJING, China, Sanlitun, Shanghai, Hangzhou, Americas

☆ Stocks making the biggest moves premarket: AstraZeneca, Wayfair, Alibaba and more
▼ + stars: | 2023-09-22 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

AstraZeneca — Shares of the British pharmaceutical company gained more than 2.7% in premarket trading after the company reported positive results for its drug Dato-DXd in a trial for treating a common type of breast cancer. Wayfair — Shares gained more than 2% after Bernstein upgraded home merchandiser to market perform from underperform. Chinese e-commerce stocks — U.S. listed shares of Alibaba and PDD Holdings added nearly 4% in premarket trading, while JD.com rose 3.3%. Arm Holdings — Shares of the chip designer added 1.3% during premarket trading. Yeti — Shares gained about 3% in the premarket.

Persons: Bernstein, Canaccord Genuity, Wells, Ralph Lauren —, Raymond James, Rick Patel, Jefferies, — CNBC's Pia Singh, Sarah Min, Samantha Subin, Tanaya Macheel, Brian Evans, Michelle Fox Organizations: AstraZeneca, AstraZeneca —, U.S, PDD Holdings, Bloomberg, Seagen, Deere, Susquehanna, Communications Locations: COVID, Smithfield, Sydney, DXd, Alibaba, China, drinkware

☆ Stocks making the biggest moves midday: Ford, Scholastic, Squarespace, Deere and more
▼ + stars: | 2023-09-22 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Ford — Shares popped about 3% in midday trading after a CNBC report said both Ford and the United Auto Workers union are making headway on negotiations as the strike continues. Squarespace — The website builder popped about 5% after UBS initiated coverage of the stock at a buy. Scholastic — The publishing and media company stock plummeted more than 14% after reporting an earnings miss on the top and bottom line. Shares popped nearly 25% during its Nasdaq debut on Sept. 14 but are now trading just above the stock's $51 initial public offering price. Chinese e-commerce stocks — U.S. shares of both PDD and Alibaba added roughly 4% and 5%, respectively, while JD.com stock climbed 2.2%.

Persons: Canaccord Genuity, Alibaba, — CNBC's Pia Singh, Alex Harring, Hakyung Kim, Samantha Subin Organizations: Ford, CNBC, United Auto Workers, UBS, Scholastic, FactSet, Arm Holdings, Susquehanna, Nasdaq, Deere, Bloomberg, Activision, Microsoft

☆ 'Relentless pursuit of eyeballs': Analysts name China internet stocks to buy, give 2 over 50% upside
▼ + stars: | 2023-09-21 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +3 min

Several stocks are set to benefit from the "relentless pursuit of eyeballs" in the Chinese internet sector, according to analysts at asset management firm AllianceBernstein. Mini programs are apps within WeChat and have functions in areas such as e-commerce, task management, coupons, and so on. Tech giant Alibaba was given a price target of $100, representing a 14.9% upside from its Sept. 18 close. Kuaishou and Bilibili were given target prices of HK$70 and $16, representing 10.9% and 17.0% upside, respectively. Outlook The analysts said the expansion of channels for spending could lead to accelerating growth in e-commerce penetration, though the extent of upside is "debatable."

Persons: Robin Zhu, Ronald Ma, Xuan Ji, Xiaohongshu, AllianceBernstein, PDD, JD, — CNBC's Michael Bloom Organizations: Douyin, JD, Hong Kong, HK, Tech Locations: China, Pinduoduo

☆ Disney's top-selling merchandise line in Asia is this under-the-radar fluffy bear
▼ + stars: | 2023-09-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Duffy and Friends is Disney's top-selling franchise in Asia, having generated $500 million in revenue this year. Duffy, a fluffy bear, was introduced in 2002 with a back story linked to Mickey and Minnie. The revenues include sales from Shanghai Disney Resort, Hong Kong Disneyland, and the Tokyo Disney Resort in Japan. AdvertisementAdvertisementThe back story for the fluffy bear involves Minnie Mouse hand-sewing the stuffed bear to accompany Mickey on a long sea voyage from Cape Cod. Both Duffy and LinaBell can be seen in a Disney video from September 2021, which shows the fluffy bear meeting his new fox friend.

Persons: Duffy, Mickey, Minnie, Mel, LinaBell, there's Organizations: Service, Disney, Shanghai Disney Resort, Tokyo Disney Resort, Walt Disney World, Shanghai, Shanghai Daily Locations: Asia, China, Wall, Silicon, Shanghai, Hong Kong, Tokyo, Japan, Orlando , Florida, Cape Cod

☆ China's capital city is letting the public take fully driverless robotaxis — and has bigger rollout plans, startup Pony.ai says
▼ + stars: | 2023-09-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's capital city is taking swift steps to allow robotaxi businesses to grow. As of Tuesday, the suburban Beijing city district of Yizhuang is officially letting local robotaxi operators — primarily Baidu and startup Pony.ai — charge fares for fully autonomous taxis, with no human staff inside. "We have very high confidence ... maybe only in three years, our full driverless vehicles are going to be running over the whole Beijing city," he said in an interview with CNBC on Monday. Out of more than 200 robotaxis that Pony.ai operates in the region, only about ten are currently fully driverless, Zhang said. Beijing city did not immediately respond to a CNBC request for comment.

Persons: Ning Zhang, Beijing's, Zhang, Yin Yong, Pony.ai, Baidu, Alphabet's Waymo, Pony.ai's Zhang, —, Leswing, Lora Kolodny Organizations: Visual China, Getty, BEIJING, Baidu, CNBC, Daxing International, robotaxis, General Motors, California Department of Motor Vehicles, Beijing Daxing, Google Locations: Beijing, Yizhuang, Pony.ai, Yizhuang district, Daxing, U.S, San Francisco, California, China, Shenzhen, Wuhan, Chongqing, Guangzhou, Shanghai

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. SoftBank's Arm Holdings gained 6.5% after a stellar Nasdaq debut on Thursday, rekindling hopes of a turnaround in the initial public offering (IPO) market. U.S.-listed shares of Alibaba Group Holdings , JD.com , PDD Holdings (PDD.O) and Xpeng rose between 0.1% and 1.6%. ET, Dow e-minis were up 85 points, or 0.24%, S&P 500 e-minis were up 6 points, or 0.13%, and Nasdaq 100 e-minis were down 4.5 points, or 0.03%. Reporting by Ankika Biswas and Shristi Achar A in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Lam, Taiwan's TSMC, Stellantis, rekindling, Russ Mould, AJ Bell, Ankika Biswas, Shristi, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Ford, Motors, UAW, Dow, Nasdaq, Lam Research, KLA Corp, Reuters, Ford Motor, General Motors, United Auto Workers, Chrysler, SoftBank's Arm Holdings, Nvidia, there's, Therapeutics, Reuters Graphics Reuters, Traders, Federal Reserve, University of, Alibaba Group Holdings, PDD Holdings, Dow e, Thomson Locations: New York City, U.S, Bengaluru

The iPhone 15 Pro is presented during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023. REUTERS/Loren Elliott Acquire Licensing RightsSept 15 (Reuters) - Buyers of Apple's new iPhone 15 Pro Max in China will need to wait for four to five weeks before receiving the smartphone, the company's website showed on Friday as it started taking pre-orders in an early sign of strong demand. The wait is slightly shorter for iPhone 15 Pro at two to three weeks, while the company said it could deliver iPhone 15 by Sept. 22, the day the phone goes on sale in stores. For the iPhone 15 Plus, the wait in China is eight working days. "The new iPhone 15 series, especially the Pro series, will be a good choice for the installed base who are using iPhone 11/12 and looking for an update replacement," Lam said, while adding that Huawei's Mate 60 series will be a challenge to the iPhone.

Persons: Loren Elliott, Ivan Lam, Lam, Brenda Goh, Yuvraj Malik, Arun Koyyur Organizations: REUTERS, Max, Apple, Huawei Technologies, Huawei, Thomson Locations: Cupertino , California, U.S, China, Shanghai, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. ETFutures: Dow up 0.03%, S&P down 0.29%, Nasdaq down 0.62%Sept 7 (Reuters) - The S&P 500 and Nasdaq futures fell on Thursday over concerns about sticky inflation, while investors awaited comments from key Federal Reserve officials later in the day to gauge the U.S. interest rate path. Investors await comments from at least six Fed speakers, including policy voting members Philadelphia Fed President Patrick Harker, Vice Chair and New York Fed President John Williams, due to speak later in the day. ET, Dow e-minis were up 9 points, or 0.03%, S&P 500 e-minis were down 13 points, or 0.29%, and Nasdaq 100 e-minis were down 94.75 points, or 0.62%. GameStop (GME.N) climbed 4.8% after the videogame retailer beat Wall Street estimates for quarterly revenue and posted a smaller-than-expected loss.

Persons: Brendan McDermid, Alibaba, Susannah Streeter, Hargreaves Lansdown, Patrick Harker, John Williams, Wells, Shristi Achar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, GameStop, Dow, Nasdaq, Federal Reserve, Apple, Nvidia, PDD Holdings, Baidu, Philadelphia Fed, New York Fed, Traders, Investors, Dow e, Wall, Thomson Locations: New York City, U.S, China, McDonald's, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The S&P 500 information technology index (.SPLRCT) fell 1.9% while the Philadelphia semiconductor index (.SOX) dropped 2.8%. ET, the S&P 500 (.SPX) was down 21.95 points, or 0.49%, at 4,443.53, and the Nasdaq Composite (.IXIC) was down 176.52 points, or 1.27%, at 13,695.95. The weightage of a stock on the Dow is proportional to its share value as opposed to the market capitalization-weighted S&P 500 (.SPX.). The S&P index recorded 10 new 52-week highs and 23 new lows, while the Nasdaq recorded 16 new highs and 212 new lows.

Persons: Brendan McDermid, stoked, Rick Meckler, Alibaba, Patrick Harker, John Williams, Dow Jones, Wells, Shristi Achar, Johann M, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Apple, Bloomberg, Nvidia, Netflix, U.S, Cherry Lane Investments, Skyworks, Qualcomm, Labor Department, Traders, PDD Holdings, Baidu, Philadelphia Fed, New York Fed, NYSE, Thomson Locations: New York City, U.S, China, Wells Fargo, Philadelphia, McDonald's, Bengaluru

☆ HSBC names 6 'good value' Chinese tech stocks to buy — and gives one over 50% upside
▼ + stars: | 2023-09-06 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

HSBC named six Chinese internet stocks it says to buy — predicting that each have upside of at least 27%. HSBC's picks are "opportunities with good value," the analysts led by Charlene Liu said in a research note dated Sept. 1. "PDD has the most promising but undervalued top-line growth … as a market share gainer domestically and internationally," the analysts said. Tencent , with a 35% upside according to HSBC, "delivered a strong beat in ad revenue," the analysts said. Short video app Kuaishou , a preferred stock for HSBC for its gains in advertising market share and mix of revenue streams, has a 39% upside, according to the bank.

Persons: Charlene Liu, PDD, Pinduoduo, — CNBC's Michael Bloom Organizations: HSBC, Meituan, JD.com

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. The yield on the 10-year Treasury notes climbed to 4.25%, while two-year yield rose to 4.936%. Utilities (.SPLRCU) led declines among S&P 500 indexes, down nearly 2%, while China-exposed materials sector (.SPLRCM) fell 1.2%. Shares of Airbnb (ABNB.O) and Blackstone (BX.N) added 7.7% and 3.6%, respectively, as the companies were set to join the S&P 500 index. Declining issues outnumbered advancers for a 3.02-to-1 ratio on the NYSE and a 2.08-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Blackstone, Hugh Anderson, Alibaba, Christopher Waller, Goldman Sachs, advancers, Shristi Achar, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, China, Dow, Nasdaq, Federal Reserve, HighTower Advisors, Labor, PDD Holdings, Baidu, Utilities, Nvidia, U.S, Traders, Federal, Dow Jones, Blackstone, Oracle, Barclays, NYSE, Thomson Locations: New York City, U.S, Las Vegas, Saudi Arabia, Russia, China, Bengaluru

The yield on the 10-year Treasury notes climbed to 4.23%, while two-year yield rose to 4.928% in the run-up to more economic data this week. "The recession is definitely delayed within the United States ... we are seeing fairly weak economic environments in both China and Europe." U.S. economic data since the Fed's July meeting has added to the impression the economy is cooling without cracking, likely bolstering the case against further interest rate increases. All three main U.S. stock indexes logged gains in the previous week after data pointed to a softening labor market. The S&P index recorded eight new 52-week highs and 13 new lows, while the Nasdaq recorded 27 new highs and 63 new lows.

Persons: Brendan McDermid, Blackstone, China stoked, Jason Pride, Alibaba, Goldman Sachs, advancers, Shristi Achar, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, China, Dow, Nasdaq, Apple, PDD Holdings, Baidu, Labor, Traders, Dow Jones, Blackstone, NYSE, Thomson Locations: New York City, U.S, China, United States, Europe, Saudi Arabia, Russia, Bengaluru

Excluding volatile food and energy components, the core PCE price index rose 4.2% in July, year-on-year, also in line with estimates. Salesforce (CRM.N) rallied following upbeat revenue forecasts from the cloud-based software provider as it benefits from price hikes and a resilient demand. The data follows smaller-than-expected growth in private payrolls on Wednesday that signaled a softening labor market and drove the S&P 500 to a three-week closing high. All three main indexes posted losses for August, with the S&P 500 and Nasdaq logging their first monthly declines since February. Reuters GraphicsUnofficially, the S&P 500 declined 0.16% to end the session at 4,507.54 points.

Persons: Brendan McDermid, Salesforce, Jake Dollarhide, Shristi Achar, Noel Randewich, Vinay Dwivedi, Richard Chang Organizations: New York Stock Exchange, REUTERS, Nasdaq, Commerce Department, Traders, Investors, Longbow, Management, Labor Department, Reuters Graphics, Dow Jones, Baidu, Thomson Locations: New York City, U.S, Tulsa , Oklahoma, payrolls, Dismal, China, Bengaluru, Oakland , California

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. The Commerce Department report showed the Personal Consumption Expenditures (PCE) price index, considered to be the Fed's preferred inflation gauge, climbed 3.3% in July on an annual basis, meeting expectations of a 3.3% rise. Excluding volatile food and energy components, the core PCE price index rose 4.2% in July, year-on-year, also in line with estimates. Investors are now awaiting the more comprehensive non-farm payrolls data due on Friday for more clarity on the Fed's likely monetary path. Dismal manufacturing data from China sent U.S.-listed shares of Chinese companies JD.com and Baidu down 3.1% and 1.8%, respectively.

Persons: Brendan McDermid, we've, Tony Roth, Shristi Achar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Commerce Department, Traders, Wilmington Trust, Dow Jones, Baidu, NYSE, Thomson Locations: New York City, U.S, Wilmington, payrolls, China, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Shares of Salesforce (CRM.N), which also forecast upbeat quarterly sales, rose 5.6% before the bell as the cloud-based software provider benefits from price hikes and a resilient demand. Investors now await the price consumption expenditure (PCE) index for July, the Fed's preferred inflation measure, due at 8:30 a.m. The core PCE price index is expected to have climbed 4.2% in the 12 months through July, according to economists polled by Reuters. Among other stocks, Dollar General (DG.N) slumped 14.2% after the discount retailer cut its annual same-store sales forecast.

Persons: Brendan McDermid, Dow Jones, Salesforce, Russ Mould, AJ Bell, Raphael Bostic's, Alibaba, Shristi Achar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Investors, Reuters, Graphics Traders, Atlanta Fed, PDD Holdings, Baidu, Dow e, Thomson Locations: New York City, U.S, Bengaluru

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