Wall Street is hovering near breakeven for the session, but looking to close out September and the third quarter with big gains after the Federal Reserve cut interest rates by a half point earlier this month. The Dow Jones Industrial Average's (DJI) and S&P 500 Index (SPX) are on track for their 10th monthly win in 11, while the Nasdaq Composite (IXIC) looks for its ninth.

For the quarter, the SPX and IXIC are pacing for their fourth-straight win, while the blue-chip index looks to wrap up its best gain since December. The Cboe Volatility Index (VIX) is also on track for a winning month and quarter.

Alibaba Group Holding Ltd (NYSE: BABA) is seeing higher-than-usual options activity, after China's central banks aid it's telling banks to slash mortgage rates on existing home loans before the end of October, another part of the country's sweeping plans to bolster its economy. This move bolstered stock across China, with the country's CSI 300 Index adding 8.5% for its ninth-straight day of gains and best daily performance since September 2008. Already today, 348,000 calls and 141,000 puts have crossed the tape, or 4 times the intraday average volume, with the most activity taking place at the January 2025 135 call. Last seen 3.1% higher at $110.59, Alibaba stock boasts an impressive 52.6% quarterly lead and is trading at its highest mark since early 2023.

Stocks with ties to China are still seeing tailwinds from the country's stimulus measures, which aim to revive its domestic economy. U.S.-listed hares of Hong Kong-based brokerages and wealth management platform Futu Holdings Ltd (Nasdaq: FUTU) are 18.7% higher at $101.71, earlier touching a record $102.99. The equity is one of the Nasdaq's best performing components this afternoon, heading for its sixth-straight win and extending its year-to-date gain to 83.4%.

Shares of semiconductor firm Micron Technology Inc (Nasdaq: MU) is underperforming on the SPX today, last seen down 3.9% at $103.44. Investors are taking a cautious approach to chipmakers, as Wall Street prepares for several key job reports and commentary from the Federal Reserve. Year over year, MU is still 52.1% higher.

More By This Author: