Chinese Stocks Fall After Latest Stimulus Disappointments

32 minutes ago

focused on china exchange-traded funds (ETFs) and shares of Chinese companies traded on US exchanges fell on Friday following Beijing’s latest stimulus package aimed at boosting the country’s economic performance. stagnant economy disappointed investors.

China on Friday reportedly announced a five-year package totaling 10 trillion yuan ($1.4 trillion) to tackle rising debt levels in its local governments. Beijing has approved a plan to allow local governments to sell bonds to swap debt. Wall StreetJournal was reported, but wider financial support was not provided. The report stated that investors are looking forward to a larger incentive package from Beijing after Donald Trump, who said he would impose higher customs duties on Chinese imports, was elected US president this week.

“This is not the stimulus that markets are looking for,” said Shehzad Qazi, managing director of China Beige Book, a US-based research firm. CNBC. “This is not an incentive to begin with. What they do is recycle debt. “I don’t think this does anything to stimulate growth.”

iShares MSCI China ETF (MCHI) and iShares China Large Value ETF (FXI) both fell around 6% on Friday.

The US traded shares of Chinese conglomerate Alibaba Group Holding (FATHER), online marketplace JD.com (JD), Temu parent PDD Holdings (PDD) and EV manufacturers Nio (NIO) and Li Auto (LI) all fell between 5% and 8%.

–Nisha Gopalan

Pinterest Slides Record as Q3 Profit Meets Expectations

1 hour 11 minutes ago

Pinterest (PINS) shares fell Friday morning after the social media company’s third-quarter net income fell short of estimates despite narrow revenue growth.

The company reported $898.37 million revenuesPinterest reported $30.56 million in third-quarter revenue, 18% above last year’s revenue net incomeIt was up from the same period last year, but was below the $49.43 million analysts had predicted.

Pinterest in the fourth quarter project income It comes in at $1.125 billion to $1.145 billion, just below analyst estimates of $1.148 billion for Thursday’s earnings.

JPMorgan analysts said after the earnings release that the projected revenue weakness was due to “pressure” facing advertising in the food and beverage sector, which has been subdued over the past several quarters. Analysts, who cut their price targets to $35 from $38, said they expect it will take several quarters for Pinterest’s AI-powered advertising features to grow and become widely used by the platform’s advertising partners.

Pinterest shares were down 16% in recent trading at $28.50 and are now down 23% since the beginning of the year.

–Aaron McDade

Nvidia Replaces Intel on Dow Friday

2 hours 56 minutes ago

Nvidia (NVDA) joined the Dow Jones Industrial Average On Friday, it replaced the famous chipmaker Intel (INTC) aspect artificial intelligence (AI) My darling consolidates his position the most valuable in the world company.

The change took effect before the start of trading, according to S&P Dow Jones Indices, which manages the blue-chip index, in an announcement at the beginning of the month.

Nvidia shares have nearly tripled since the start of the year, driven by insatiable demand for the company’s family of AI chips, including its next-generation Blackwell graphics processing units (GPUs). AI boom helps chip designer overtake Microsoft (MSFT) and Apple (AAPL) to be most valuable A publicly traded company worldwide.

By contrast, Intel shares are down nearly 50% this year. struggling with A costly turnaround under CEO Pat Gelsinger.

Paint maker Sherwin-Williams (DSI) also became a member of the premier index on Friday, replacing the chemical giant Dow (DOW).

–Nisha Gopalan

Bitcoin Near Record Highs—Key Levels to Watch

3 hours 56 minutes ago

Bitcoin (BTCUSD) fell slightly on Friday after rising to a record high around $77,000 yesterday amid optimism about how the cryptocurrency could benefit from Donald Trump’s presidency.

Investors are looking forward to a future Trump administration Positive development for Bitcoin And cryptocurrency More broadly, particularly regarding regulation and the potential for creating a federal strategic Bitcoin reserve, the president-elect touched on two areas when giving a speech at the Bitcoin 2024 conference in July.

Trump-fueled momentum comes at a welcome time for the mostly traded legacy cryptocurrency sideways Over the past seven months, enthusiasm has waned following the launch. Identify Bitcoin exchange-traded funds (ETFs) In January and your existence halving event In April. Bitcoin has gained nearly 80% since the beginning of the year, with the lion’s share of those gains in the first quarter.

Bitcoin has broken above the upper trend line of the cup and handle formation, potentially signaling the beginning of a move higher in the near term.

A conservative move that calculates the depth of the “cup” part of the formation and adds that amount to the upper trend line of the formation predicts a price target of $126,000. Traders should watch key support levels near $70,000 and $53,000 on the Bitcoin chart.

Read all technical analysis article here.

–Timothy Smith

Major Index Stock Futures Mixed

4 hours 31 minutes ago

Futures contracts tied to the Dow Jones Industrial Average rose 0.1 percent.

S&P 500 futures contracts experienced a partial decline.

Nasdaq 100 futures fell 0.2 percent.