The triple threat facing investors in recent days appears to be easing all at once, sending US stock markets to a three-day gain.
Russia appears set to follow through with an expansion in supply of natural gas, easing energy pressures in Europe. However, the US indicated they would not be digging into strategic oil reserves to do the same.
Similarly, the debt ceiling is likely to be lifted before the weekend, which boosted materials and consumer stocks more than most.
The Nasdaq is leading the way again, up 1.1%, with the Dow Jones and S&P 500 not far behind, up 1.0% and 0.8%, respectively.
China stocks rally
It was all about China though with concerns over tech stocks receding and Charlie Munger’s investment company reportedly increasing its stake in Alibaba (NYSE: BABA). Alibaba shares moved over 8% higher, with Tencent also gaining more than 5% as the bottom appears near.
Other dual-listed Chinese stocks performed strongly, with JD.com (NASDAQ: JD), Bilibili (NASDAQ: BILI) and NetEase (NASDAQ: NTES) all jumping more than 6%.
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General Motors’ grand plans
Car manufacturer General Motors (NYSE: GM) has announced a target to double revenue by 2030 to US$280 billion as it seeks to become an innovation and market share leader in electric vehicles.
The group also announced a partnership with GE Renewable seeking to sore up supply of critical materials. General Motors shares closed the session 4.7% higher.
US stock market movers
Here’s how other popular US stocks performed on Thursday.
- Levi Strauss (NYSE: LEVI) up 8.5%
- Ford (NYSE: F) up 5.5%
- Shopify (NYSE: SHOP) up 3.6%
- Facebook (NASDAQ: FB) down 1.3%
- Kellogg’s (NYSE: K) down 2.0%
- Doximity (NYSE: DOCS) down 6.9%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow this positive lead from US markets to open higher on Friday. For a recap of the latest news, check out my ASX 200 morning report.
