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last night, european and american stock markets collectively plunged, while chinese assets bucked the trend and rose.

global dive

on october 1, u.s. stocks plunged during the session and closed down. as of the close, the dow jones index fell 0.41%; the s&p 500 index fell 0.93%; the nasdaq composite index fell 1.53%, and once fell by more than 2% during the session.

most large technology stocks fell, with apple falling 2.91% and microsoft falling 2.23%.

chip stocks generally fell, with globalfoundries falling more than 4%, nvidia, microchip technology, intel, and micron technology falling more than 3%, broadcom, amd, and qualcomm falling more than 2%, and asml falling more than 1%.

bank stocks generally fell, with jpmorgan chase and wells fargo falling nearly 2%, and goldman sachs, citigroup, and bank of america falling about 1%.

affected by the escalating situation in the middle east, most oil and gas stocks strengthened, with conocophillips rising 3.88%.

european stock markets also mostly plunged. many markets opened higher and then fell. in the end, the german dax index fell 0.58% to 19213.14 points, and the french cac40 index fell 0.81% to 7574.07 points.

the digital currency market plummeted. bitcoin once fell to around $60,000, and ethereum fell by more than 5% during the day. coinglass data shows that more than 150,000 people liquidated their positions within 24 hours.

chinese concept stocks bucked the market trend and soared

chinese concept stocks bucked the trend and surged, with the nasdaq china golden dragon index rising by more than 5%.

most of the popular chinese concept stocks closed up, with beike up 17.43%, bilibili up 14.33%, futu holdings up 12.43%, li auto up 11.50%, pinduoduo up 8.03%, jd.com up 7.33%, and alibaba up 6.24%. .

u.s. wall street giants are bullish on chinese assets! according to the latest news, blackrock raised its rating on chinese stocks from neutral to overweight. blackrock investment research said there is still room to moderately increase holdings of chinese stocks in the short term, given the near-record discount of chinese stocks to developed market stocks and the presence of catalysts that could spur investors back into the market.

other foreign media reported that global investors are preparing to return to china. gabriel sacks, emerging markets portfolio manager at british asset manager abrdn, said the group bought chinese stocks "selectively" last week.

in addition, goldman sachs pointed out in its latest research report that the combined market value of alibaba, pinduoduo, and jd.com is only one-quarter of amazon. in the context of continuous release of favorable policies and continued market enthusiasm, there is room for revaluation of the value of chinese e-commerce huge.

goldman sachs ranks e-commerce stocks and gaming stocks as the most preferred sectors of the mainland internet industry, and has also raised the target prices of alibaba, pinduoduo, jd.com, tencent, and meituan.