Chinese ADRs saw significant gains, with the Nasdaq Golden Dragon China Index (HXC) climbing 3.05%, marking its fourth consecutive week of advances and a weekly increase of 11.85%. Among the top gainers by market capitalization, Alibaba (BABA) rose 1.50%, JD.com (JD, Financial) surged 5.31%, and Trip.com (TCOM) increased by 5.88%.
Other notable gainers included TSMC (TSM) up by 0.94%, Pinduoduo (PDD) increasing by 1.08%, and Baidu (BIDU) up by 1.13%. New Oriental Education (EDU) rose by 1.97%, and Huazhu Hotels Group (HTHT) climbed 3.24%. Electric vehicle makers also performed well, with Li Auto (LI) gaining 1.61% and XPeng (XPEV) jumping 3.31%.
In contrast, certain Chinese stocks saw declines. Tencent Music (TME) decreased by 0.22%, and RLX Technology (RLX) dropped significantly by 6.88%.
U.S. markets also ended the day higher, as the Dow Jones Industrial Average reached a record closing high. The strong nonfarm payroll data for September eased concerns over an economic downturn and reduced the likelihood of a significant rate cut by the Federal Reserve in November. The Dow rose by 341.16 points to 42,352.75, the Nasdaq gained 219.37 points reaching 18,137.85, and the S&P 500 increased by 51.13 points to 5,751.07.
