U.S. stocks edged higher on Monday. The market is closely watching the Federal Reserve’s monetary policy meeting scheduled for later this week, with expectations that the institution will maintain interest rates.  

Investors are assessing the potential for inflation to rise due to the recent UAW strike and the risk of a U.S. government shutdown. 

The Federal Reserve meeting takes center stage in the market this week. The institution’s monetary policy meeting begins on Tuesday, with the results set to be announced on Wednesday, followed by a press conference by Fed Chair Powell.  

The market generally anticipates that the Fed will keep interest rates unchanged. Traders hope to gain deeper insights into the Fed’s future stance on inflation from the meeting statement and Powell’s remarks. 

U.S. Stocks 

Fundamental Analysis: 

Tesla fell over 3% last night as Goldman Sachs revised its earnings forecasts for Tesla in 2023 and 2024. This adjustment is due to lower average selling prices, resulting in a corresponding decrease in automotive gross margins.  

Goldman Sachs has slightly lowered its earnings expectations for 2023/2024 from $3.00/$4.25 per share to $2.90/$4.15 per share. 

Tesla CEO Elon Musk continued his social media attacks on Microsoft co-founder Bill Gates, this time in response to Gates’ implication that Tesla’s Semi electric truck is an unattainable endeavor.  

Musk wrote, “Gates had some understanding of technology at a certain point in his career, but he’s definitely off the planet now.” 

Morgan Stanley upgraded its rating on Alteryx from “Hold” to “Buy,” with a target price of $54.00, implying approximately a 35% upside potential from the current price.  

Alteryx is a provider of self-service data analytics software that helps organizations improve business outcomes and productivity for business analysts. 

Chevron has successfully resolved an issue at a liquefied natural gas export facility in Australia, restoring production despite ongoing strikes by union members at the site. The company has managed to address the problem, allowing the facility to resume production operations. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones Industrial Average gained 6.06 points, or 0.02%, closing at 34,624.30. 
• Nasdaq Composite Index rose 1.90 points, or 0.01%, ending at 13,710.24. 
• S&P 500 Index increased by 3.21 points, or 0.07%, finishing at 4,453.53. 

Hong Kong Stocks 

Today, the three major indices in the Hong Kong stock market had mixed performance.  

In the tech sector, core technology stocks declined, with JD Group dropping over 2%, while Meituan and Baidu Group both fell over 1%.  

New electric vehicle companies collectively experienced a decline, with Zero Run and NIO both falling over 3%.  

Coal stocks led the gains, with Hengding Industrial rising over 9%. Gas stocks were active, with Kunlun Energy and Xin’ao Energy rising over 5%. 

Real estate stocks showed strong performance, with Sunac China Holdings rising over 7% and China Evergrande Group gaining over 4%.  

In recent news, Sunac China Holdings announced a comprehensive overseas debt restructuring plan, considering the current industry situation and the company’s future development.  

On September 18th, China Evergrande’s overseas debt restructuring plan received approval from the majority of its creditors. 

Technical Analysis: 

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) increased by 0.02%, closing at 17,933.69. 
• Hang Seng Tech Index (HSTECH) fell by 0.53%, closing at 3,966.31. 
• Hang Seng China Enterprises Index (HSCEI) rose by 0.02%, closing at 6,210.77. 

FTSE China A50 Index 

Fundamental Analysis: 

On September 19th, China A-shares’ three major indices opened lower. In the first hour of trading, the market experienced initial fluctuations and declines, with both the Shenzhen Component Index and the ChiNext Index falling by over 1%, with the latter breaking through the 2,000-point threshold.  

Subsequently, the indices gradually stabilized and began to rebound, with the Shanghai Composite Index turning positive. 

In terms of sector performance, railway and highway, gas, shipping ports, cement, and automotive services led the gains, while tourism and hotels, non-ferrous metals, computer equipment, communication equipment, and consumer electronics faced declines.  

Active themes included Northeast revitalization, brokerage concepts, oil and gas equipment, and weight-loss drugs. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) rose by 0.02%, closing at 3,126.52. 
• Shenzhen Component Index (SZCOMP) fell by 0.73%, closing at 10,126.08. 
• ChiNext Index (CHINEXT) fell by 0.78%, closing at 2,004.74. 
• SSE STAR Market 50 Index (SSE50) fell by 0.39%, closing at 876.06. 
  
  

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