Wall Street inched higher on Tuesday, with the Nasdaq 100 outperforming other major indices, while cyclical sectors linked to metals and industrial commodities saw strong gains, fueled by a surprise stimulus package from China’s central bank.

The People’s Bank of China (PBOC) unveiled a series of aggressive measures, including cuts to the reserve requirement ratio (RRR) for banks and a reduction in the seven-day repo rate, following a recent cut to the 14-day reverse repo rate. These moves are expected to inject roughly $140 billion (1 trillion yuan) into the banking system, providing banks with additional liquidity to boost lending.

Chinese equities skyrocketed on the news, with the iShares China Large-Cap ETF (NYSE:FXI) soaring over 8%, marking its largest single-day gain since March 2022.

Commodities followed suit with copper and silver climbing more than 3% each, while gold rose 0.7%, hitting record highs for the fourth consecutive session.

The Nasdaq 100 posted a 0.5% gain, leading U.S. indices, while the S&P 500 remained nearly flat, hovering just shy of its all-time highs.

The U.S. dollar weakened by 0.4% following a lower-than-expected September consumer confidence report from the Conference Board. This data has bolstered expectations for a potential 50-basis-point rate cut by the Federal Reserve in November.

Treasury yields fell on short-term maturities, while longer-dated yields held steady. Oil prices climbed 1.2%, though concerns about U.S. demand lingered due to the disappointing consumer confidence figures.

Bitcoin (CRYPTO: BTC) slipped 0.2% failing to join the China-led rally across other risk assets.

Tuesday’s Performance In Major US Indices, ETFs

Major Indices	Price	1-day %chg
Nasdaq 100	19,958.91	0.5%
S&P 500	5,726.37	0.1 %
Russell 2000	2,218.10	0.0%
Dow Jones	42,081.24	-0.1%

Updated at 12:30 p.m. ET

According to Benzinga Pro data:

The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.1% to $570.49.
The SPDR Dow Jones Industrial Average (NYSE:DIA) flattened at $420.90.
The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rose 0.6% to $485.85.
The iShares Russell 2000 ETF (NYSE:IWM) stalled at $220.69.
The Materials Select Sector SPDR Fund (NYSE:XLB) outperformed, up 1.2%. The Financial Select Sector SPDR Fund (NYSE:XLF) lagged, down 1.2%.

Tuesday’s Stock Movers

Chinese stocks rallying Tuesday included Tencent Music Entertainment Group – ADR (NYSE:TME) up 14%, JD.com Inc. (NASDAQ:JD) up over 10%, PDD Holdings Inc – ADR (NASDAQ:PDD) up 10%, XPeng Inc – ADR (NYSE:XPEV) up 9%, NIO Inc – ADR (NYSE:NIO) up 8.7% and Li Auto Inc. (NASDAQ:LI) up 9%.
NVIDIA Corp. (NASDAQ:NVDA) rallied nearly 4% amid rising growth prospect in China.
Materials stocks showing the largest gains were MP Materials Corp. (NYSE:MP) up 10%, Freeport McMoRan Inc. (NYSE:FCX) up 7.5%, Alcoa Corp. (NYSE:AA) up 7.6%, and Southern Copper Corp. (NYSE:SCCO), up 7.3%.