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Xi Jinping arrives in Washington as the Nasdaq notches another record. Trade, rare earths, and AI chips take center stage heading into tonight's US session.
The Nasdaq closed at a record for a second straight day, up 0.45% to 27,244. The S&P 500 finished flat, while the Dow slipped 0.36%.
Today's main story is in Washington. Chinese President Xi Jinping begins a state visit to the US from September 23 to 25, with trade, rare earths, and artificial intelligence on the agenda. The bilateral meeting and state dinner are set for Thursday.
HSBC cut the stock to Hold and lowered its target to $76.
Tonight's Catalysts
Xi's US state visit begins
Xi lands today, with the main meeting and state dinner on Thursday. Trade, rare earths, and AI directly touch Nvidia (NVDA), Apple (AAPL), and Tesla (TSLA). Markets will parse every official statement for signs of easing or tightening on trade.
Meta Muse keeps the AI trade alive
Meta (META) rose 1.5% after Monday's 11% jump, powered by its Muse AI agent overtaking ChatGPT at the top of the App Store. The ripple spread elsewhere: insurers such as Allstate (ALL) and Progressive (PGR) fell because Muse can compare car-insurance quotes.
Paychex (PAYX), Cintas (CTAS), and General Mills (GIS) report before the US open. For Paychex, the focus is the Paycor integration and whether it holds its 5% to 6% growth target.
Pre-Market Pulse 📊
Beyond the watchlist, Netflix (NFLX) is in focus after its second downgrade in a week, with HSBC citing the YouTube threat. Per-stock pre-market moves will be updated closer to the US open.
Macro Note 📝
The 10-year Treasury yield edged up to 4.976%, and the VIX sits at 14.25. Oil fell after Iran signaled it could reopen the Strait of Hormuz, and gold dipped slightly to $4,376.
Conclusion
Tonight, markets weigh two forces at once: AI momentum carrying the Nasdaq to records, and the direction of US-China trade ties from Xi's visit. A constructive tone could extend the tech rally, while a harder line could trigger profit-taking.
For those watching US stocks, watch how chip names and Apple react to headlines from Washington, and use Paychex results as a read on the real economy. Plan ahead before the session starts.
Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.
M. Alfathan Rahman is a content writer with over 3 years of experience developing digital content strategies across various industries, including fintech. He has experience producing content for tax-related websites and financial education platforms registered with Kominfo (Indonesia's Ministry of Communication and Informatics). His focus areas include data research, and crafting financial articles that are informative, accurate, and accessible to investors of all experience levels.
