On Friday, popular Chinese stocks showed mixed performance with the Nasdaq Golden Dragon China Index (HXC) closing up 0.91%, though it was down 6.87% for the week. Among the gainers were Taiwan Semiconductor Manufacturing Co. (TSM) up 2.71%, Alibaba (BABA, Financial) up 0.79%, and Pinduoduo (PDD) rising by 2.25%. Other notable increases included JD.com (JD) at 1.41% and Ctrip.com (TCOM) up by 1.90%.
In contrast, some stocks saw declines, such as Baidu (BIDU) which fell 0.26%, and BeiGene (BGNE) which was down 1.37%. Meanwhile, Huazhu Group (HTHT) decreased by 1.66% and Zeekr saw a drop of 2.89%. The mixed performance comes as the overall U.S. stock market closed higher with the Dow Jones and S&P 500 reaching record highs.
The U.S. markets ended on a high note with the Dow Jones Industrial Average rising by 409.74 points, or 0.97%, to close at 42863.86. The Nasdaq Composite increased by 60.89 points, or 0.33%, closing at 18342.94. The S&P 500 index gained 34.98 points, or 0.61%, ending at 5815.03. This marks the fifth consecutive week of gains for all three major indices.
A notable factor in the market was the U.S. September Producer Price Index (PPI) which remained flat, indicating moderate inflation pressure. This reinforced market expectations of another interest rate cut by the Federal Reserve in November. The earnings season for U.S. stocks began with major banks like JPMorgan Chase and Wells Fargo releasing their quarterly results.
