Biggest stock movers Monday: Chinese stocks, and more

Stock futures were largely unchanged Monday morning, the final trading day of September, as investors awaited a speech from Federal Reserve Chairman Jerome Powell later in the day.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• Chinese stocks surged on Monday, building on recent gains as investors grew optimistic that policymakers would complement monetary support with fiscal measures. Notable movers included NIO (NIO) +13%, JD.com (JD) +7%, Li Auto (LI) +8%, Alibaba (BABA) +5%, NetEase (NTES) +3.4% and Baidu (BIDU) +3%. Morgan Stanley, in a forecast released late Sunday, predicted at least a 10% rally in the near term, citing expectations for a supplementary budget between 1 trillion to 2 trillion yuan ($140B) next month, alongside additional rate cuts and relaxed regulations in the housing market.

Biggest stock losers

• Stellantis (STLA) shares tumbled over 13% after the automaker slashed its 2024 guidance, citing worsening “global industry dynamics” and increased competition from China. The company, which owns brands like Chrysler, Jeep, and Maserati, warned of weaker-than-expected sales across most regions for the second half of the year. Stellantis now forecasts an adjusted operating income (AOI) margin of 5.5% to 7.0%, down from its previous “double-digit” outlook. It also revised its industrial free cash flow forecast to a loss between -€5B and -€10B. Additionally, Stellantis is accelerating inventory normalization in the U.S., targeting 330,000 units by the end of 2024, following a North American shipment decline of over 200,000 vehicles and rising incentives on older models.