on wednesday, october 2, local time, the three major u.s. stock indexes closed slightly higher. as of the close, the dow rose 0.09%, the nasdaq rose 0.08%, and the s&p 500 rose 0.01%.

chinese assets continued to surge, with the nasdaq china golden dragon index rising 4.93% and closing above 8,000 points for the first time since february 2023. chinese asset etfs also rose, with the 3x long ftse china etf-direxion rising 21.81%.

in terms of economic data, u.s. adp employment in september was 143,000, compared with expectations of 120,000. the previous value was revised from 99,000 to 103,000.

"small non-agricultural sectors" exceeded expectations and the three major stock indexes rose slightly

on wednesday, october 2, local time, the three major u.s. stock indexes closed slightly higher. as of the close, the dow rose 39.55 points, or 0.09%, to 42196.52 points; the nasdaq rose 14.76 points, or 0.08%, to 17925.12 points; the s&p 500 rose 0.79 points, or 0.01%, to 5709.54 points.

in terms of economic data, before the non-agricultural data was released, the adp employment data, known as "small non-agricultural", exceeded almost all economists' predictions and was inconsistent with other indicators showing a cooling of the labor market. data showed that u.s. adp employment in september was 143,000, compared with expectations of 120,000. the previous value was revised from 99,000 to 103,000.

breaking down the data, salary growth fell again despite an increase in hiring. the 12-month salary increase for current employees dropped slightly to 4.7%, while the 12-month salary increase for those changing jobs dropped to 6.6%, down 0.7 percentage points from august.

job gains were widespread, led by leisure and hospitality, which added 34,000 jobs, followed by construction (26,000), education and health services (24,000), professional and business services (20,000) and other services. (17,000 pieces). information services was the only category to show a decrease, with a decrease of 10,000 items.

nella richardson, chief economist at adp, said: "the increase in hiring last month did not lead to an increase in salary growth. typically, employees who change jobs have faster salary growth. but they are similar to employees who stay in their original jobs. the gap in wage growth narrowed to just 1.9%, the same as our lowest level in january."

chris larkin of morgan stanley said: "today's adp employment data unexpectedly rose, indicating that the labor market is bending but not collapsing. friday's non-farm payrolls report will make a judgment on the current employment situation and the near-term market sentiment. final judgment.”

in the news, fed barkin said that if the economy develops as expected, two more 25 basis point interest rate cuts this year would be a "reasonable path." the current rate cut is an appropriate recalibration of policy, but full normalization would require inflation to reach 2%.

in other markets, international oil prices rose. as of the close of the day, the price of light crude oil futures for delivery in november on the new york mercantile exchange rose 27 cents to close at us$70.10 per barrel, an increase of 0.39%; london cloth for delivery in december lrent crude oil futures prices rose 34 cents to close at $73.90 a barrel, an increase of 0.46%.

the u.s. dollar index, which measures the u.s. dollar against six major currencies, rose 0.48% on the day and closed at 101.677 in late foreign exchange trading.the u.s. dollar rose 1.96% against the yen to 146.3920 yen per u.s. dollar.the yen fell after japan's new prime minister shigeru ishiba said the economy was not ready for further interest rate hikes.following shigeru ishiba's speech, bank of japan governor kazuo ueda also expressed a similar cautious view.

chinese assets continue to rise, nasdaq china golden dragon index breaks through 8,000 points

popular chinese concept stocks generally rose, with the nasdaq china golden dragon index rising 4.93% and closing above 8,000 points. this is also the first time since february 2023 that the index has closed above 8,000 points.

in terms of individual stocks, youdao rose by more than 37%, tiger securities rose by nearly 30%, kingsoft cloud rose by more than 20%, bilibili rose by about 11%, netease and tencent music rose by more than 7%, and iqiyi and manbang rose by more than 20%. 5%, futu holdings rose nearly 5%, pinduoduo, huya, li auto, jd.com, baidu, and vipshop rose more than 4%, xpeng motors and weibo rose more than 3%, and weilai and alibaba rose more than 2% %, new oriental rose by more than 1%, miniso rose slightly, and douyu fell by more than 2%.

in addition, chinese asset etfs also rose. the 3x long ftse china etf-direxion rose more than 21%, the 2x long csi 300 etf-direxion rose more than 15%, and the 2x long ftse china 50etf-proshares rose more than 14%. %, china concept internet etf-kraneshares rose by more than 6%, and china large cap etf-ishares rose by more than 7%.

tesla's third-quarter deliveries fell short of expectations, falling more than 3%

in terms of sectors, 4 of the eleven major s&p 500 sectors rose and 7 fell. among them, the energy sector led the gains with a 1.12% increase, while the discretionary consumption and necessary consumption sectors led the decline, both with a decrease of 0.78%.

popular technology stocks rose more than they fell. amd rose more than 3%, tsmc rose more than 2%, broadcom, nvidia, qualcomm, and asml rose more than 1%, texas instruments, eli lilly, arm, netflix, cisco, oracle, apple, and amd rose slightly. amazon, micron technology, meta, google a, and microsoft fell slightly, intel fell more than 1%, and tesla fell more than 3%.

tesla fell 3.49%. tesla's third-quarter deliveries announced on wednesday were lower than expected, causing its stock price to fall by more than 6% during the session. with incentives and financing offers failing to attract enough consumers, tesla delivered 462,890 vehicles in the third quarter. although it increased 6.4% year-on-year, it failed to meet analysts' expectations of 469,828 vehicles. that puts tesla at risk of its first annual drop in deliveries. to avoid a full-year sales decline, tesla needs to deliver a record 516,344 vehicles in the fourth quarter. however, price cuts and incentives have squeezed the company's profits and may be detrimental to long-term growth. still, analysts believe a return to growth in deliveries would be a positive sign.

tesla has been boosting sales in china with price cuts and incentives, but demand remains weak in the united states and europe. analysts pointed out that although the chinese market performance was relatively strong, it was not enough to make up for the weakness in other regions.

microsoft fell 0.85%. microsoft said on wednesday it plans to invest $4.8 billion over the next two years to strengthen its artificial intelligence and cloud infrastructure in northern italy. microsoft said this is the company's largest investment in italy to date. the investment will make the northern italy cloud region one of the largest microsoft data centers in europe, while also serving as a data hub for the mediterranean and north africa.

microsoft chairman brad smith and prime minister giorgio meloni met in rome on wednesday and the italian government welcomed the investment, which it said would strengthen the country's digital role in the mediterranean region, the prime minister's office said in a statement. . previously, meloni also met with larry fink, ceo of the american investment company blackrock, to discuss potential investment cooperation in data centers and energy infrastructure.

in addition, according to bloomberg, openai, backed by microsoft, successfully completed a $6.6 billion financing round on wednesday, bringing the company’s valuation to $157 billion. this round of financing was led by thrive capital with an investment of us$1.3 billion. microsoft has invested an additional us$750 million, bringing its total investment in openai to us$13 billion. other major investors include khosla ventures, fidelity, nvidia, tiger global management and altimeter capital, among others. in addition, softbank group and abu dhabi’s mgx technology investment company also participated in the financing.

the deal, one of the largest private investments ever, highlights the tech industry's high regard for artificial intelligence technology and its expensive research and development. openai stated that the funds will be used to promote ai research and expand computing capabilities to further promote the application of ai in areas such as personalized learning, medical breakthroughs, and productivity improvements.

altimeter ceo brad gerstner said openai expects revenue to exceed $10 billion next year and hopes the company will go public in the future. the financing makes openai one of the top three venture capital-backed startups in the world, behind spacex and bytedance.

nvidia rose 1.58%. nvidia and consulting firm accenture announced on wednesday that they will expand their cooperation to promote enterprise adoption of artificial intelligence and increase orders for nvidia chips. accenture will establish a dedicated nvidia business unit to help customers use and expand generative ai tools, and has trained 30,000 experts to support customers in rapidly deploying nvidia technology. accenture has invested heavily in generative ai in the past, and launched "ai refinery" in july this year to help customers build customized ai models.

google a fell 0.68%. according to bloomberg, citing people familiar with the matter, google is developing artificial intelligence software similar to human reasoning capabilities to respond to competition from openai. this ai reasoning software is better able to solve multi-step problems, especially in fields such as mathematics and computer programming. google uses a technology called "chain-of-thought prompting" to allow the ai ​​to think internally before responding to user questions to generate optimal answers.

in july this year, google demonstrated alphaproof, which focuses on mathematical reasoning, and alphageometry 2 models, which focus on geometric reasoning, and performed well in the international mathematical olympiad. google plans to integrate some features of its ai assistant astra into its flagship ai model gemini by the end of the year.

oracle rose 0.33%. oracle said in a statement on wednesday that it plans to invest us$6.5 billion to establish a cloud service center in malaysia, a move that will make oracle a technology company investing in artificial intelligence infrastructure in southeast asia. according to the statement, oracle will set up a cloud region in malaysia, a data center network that provides services to enterprise customers, including using nvidia chips to accelerate generative ai development, but did not disclose the specific timetable for construction in malaysia.

eli lilly rose 0.75%. u.s. pharmaceutical company eli lilly announced on wednesday that it will invest $4.5 billion to build a new drug manufacturing center in indiana, usa, aiming to develop new production methods and increase the output of experimental drugs used in clinical trials. currently, eli lilly's popular drugs zepbound and mounjaro are already on the market in the united states, but the company has other drugs in development to treat obesity and neurological diseases. the new pharmaceutical center is expected to be operational by the end of 2027 and create 400 full-time jobs in the area.

nasdaq soared 0.70%. philippine president ferdinand marcos on wednesday signed a new law imposing a 12% value-added tax on non-resident digital service providers including netflix, hbo and disney. the law applies to online search engines, media, advertising platforms, digital marketplaces, and cloud services. it is one of the first revenue-generating measures prioritized by the marcos administration, aiming to make international digital platforms pay the same taxes as local businesses. the new tax is expected to bring in 79.5 billion pesos (about $1.4 billion) to the philippine government over the next four years for infrastructure and other projects.

financial stocks were mixed. blackrock rose more than 2%, american express, ubs, goldman sachs, citigroup, deutsche bank, district financial, morgan stanley, jpmorgan chase, bank of america rose slightly, travelers insurance, wells fargo, mastercard, visa , capital one financial, american international group, and u.s. bank fell slightly, and mizuho financial fell more than 2%.

energy stocks generally closed higher. schlumberger, shell, exxon mobil, petrobras, marathon petroleum rose more than 1%, conocophillips, bp, chevron, imperial oil, apache petroleum, duke energy, occidental petroleum, murphy oil rose slightly, while u.s. energy fell more than 1%.

chevron rose 0.84%. the u.s. department of the treasury’s office of foreign assets control has extended the automatic renewal of chevron’s license to operate in venezuela until april 2025. venezuelan oil experts said that the country's crude oil production will return to an average of 1 million barrels per day this year and will reach an average of 2 million barrels per day in 2025. data from the u.s. energy information administration (eia) shows that venezuela’s crude oil exports to the united states exceeded an average of 300,000 barrels per day in july, making it the third largest crude oil supplier to the united states. chevron has a joint venture with venezuela's state-owned oil company.

editor: wan jianyi

proofreading: zhu tianting

copyright statement

all original content on each platform of securities times may not be reproduced by any unit or individual without written authorization. our company reserves the right to pursue legal liability of relevant actors.

for reprinting and cooperation, please contact the assistant of securities times, wechat id: securitiestimes

END