The consumer discretionary sector has been the standout performer in September, rising 7.3%. Leading this charge is Las Vegas Sands, which surged 31.1%, followed by Wynn Resorts and Tesla, which climbed 27% and 22%, respectively. Utilities also posted solid gains of around 6%. However, financials, health care, and energy sectors are lagging, each finishing the month in negative territory.
In premarket trading, Nio shares soared over 13% following news of a significant cash infusion into its Nio China division. Conversely, Stellantis fell by more than 13% after lowering its full-year forecast due to a weakening global market, dragging Ford and GM shares lower as well.
Chinese Stocks Surge Following Strong Economic Data
Chinese stocks saw their biggest one-day rally since 2008, with the mainland CSI 300 index jumping 8.5%. This surge came after better-than-expected manufacturing data for September, sparking optimism about China’s economic recovery. U.S.-traded Chinese ETFs followed suit, with the iShares China Large-Cap ETF (FXI) rising 2.5% and the iShares MSCI China ETF (MCHI) climbing 3.5%.