Top 10 Large-Cap Stocks Soar Last Week, Led by China Stimulus Boost

The stock market experienced a surge last week, driven by a wave of positive momentum among large-cap companies. Leading the charge were a number of US-listed Chinese stocks, which benefited significantly from China’s recent announcement of additional stimulus measures designed to boost the country’s economy.

One of the most notable performers was

Futu Holdings Limited (FUTU)

, whose stock soared by 49.37% following the news of the stimulus. The company, which provides online brokerage services, saw its shares surge as investors anticipated a boost in Chinese consumer spending. Another prominent beneficiary was

KE Holdings Inc (BEKE)

, a leading real estate platform, whose stock jumped by 29.01%. This rise was attributed to a combination of factors, including continued strength in the wake of recent stimulus measures and the start of the National Day Golden Week, a major holiday period in China.

JD.com, Inc. (JD)

, a major e-commerce giant, also saw its shares increase significantly, rising by 17.72%. The company’s performance was likely bolstered by the anticipation of increased online shopping activity driven by the stimulus and the upcoming holiday season.

Outside of the Chinese market,

Vistra Corp (VST)

experienced a notable 17.58% increase in its stock price. This upward movement was fueled by analysts’ positive outlook on the company, with several raising their price forecasts. Meanwhile,

Diamondback Energy, Inc. (FANG)

, a leading oil and gas producer, gained 14.05% last week. The company’s stock received an upgrade from BMO Capital, which raised its rating from Market Perform to Outperform and increased its price target from $205 to $215.

Another Chinese company,

PDD Holdings Inc. (PDD)

, a leading e-commerce platform, saw its shares climb by 13.95% as investors reacted positively to China’s additional stimulus aimed at boosting consumer spending.

Li Auto Inc. (LI)

, a manufacturer of premium electric vehicles, also experienced significant growth, with its stock price escalating by 13.60%. This rise followed the company’s announcement of strong September and Q3 delivery results, demonstrating continued growth despite challenging market conditions.

Two energy companies,

Ovintiv Inc. (OVV)

and

BeiGene Ltd (BGNE)

, also experienced substantial gains. Ovintiv’s stock grew by 13.45%, while BeiGene’s stock climbed by 12.65%. The upward movement in BeiGene’s shares followed the company’s announcement that the FDA Oncologic Drugs Advisory Committee recognized the favorable benefit-risk profile of its PD-1 inhibitors, including TEVIMBRA, a potential boost to its future growth prospects. Finally,

ZTO Express Inc. (ZTO)

, a leading delivery company, saw its stock gain 11.90% last week. The company’s strong performance was likely driven by increased demand for its delivery services fueled by the stimulus measures and the upcoming holiday season.

The strong performance of these large-cap stocks reflects a positive sentiment in the market, driven by factors such as China’s economic stimulus and ongoing growth in key sectors like e-commerce, energy, and healthcare. However, investors should remain mindful of potential market volatility and conduct thorough research before making investment decisions.