In July, Li Auto delivered 8,589 vehicles, up 251% from the same month the previous year. On Monday, Xpeng claimed an increase of 228 percent in deliveries to 8,040. To 7,931, the number of Nios provided jumped by 124.5 percent. Tesla will not begin selling cars in China for at least another week; according to BYD Co., Tesla has made several improvements in China, including exports, lower-cost variants, and outright price reductions.
On Thursday, the leader in digital payments released its second-quarter profits ahead of schedule. Square paid $29 billion for Afterpay, an Australian fintech that specializes in buy-now, pay-later services. On $4.68 billion in revenue, Square's earnings per share climbed 266 percent to 66 cents. Analysts projected EPS of 30 cents on revenues of $5.03 billion.
SQ stock was down 4.5 percent before the market began. Square shares fell 6.3 percent last week to 247.26, falling below a 254.88 cup-with-handle purchase point.
Bitcoin was also on the move this weekend, breaking through $40,000 for the first time in two months after two months of slow trade, though that level appears to be sliding based on early Monday action.
Stocks rose on Monday, aiming to kick off August on a positive note after a strong July. The S&P 500 gained about 0.5 percent shortly after the market opened, approaching an all-time high. Both the Dow Jones Industrial Average and the Nasdaq Composite Index went up.
After a sixth consecutive monthly gain, equities investors begin August on a high note, with the S&P 500 up 2.3 percent. For the month, both the Dow and the Nasdaq gained more than 1%.
These rises coincided with a strong season for quarterly corporate earnings statements. Companies across industries reported much better-than-expected second-quarter revenues and profits as the economy revived in earnest this spring. This week, Etsy (ETSY), Uber (UBER), and Lyft (LYFT) are among the companies reporting earnings.
According to FactSet, 59 percent of S&P 500 companies have released second-quarter earnings reports, with 88 percent of these companies outperforming Wall Street's earnings per share expectations. The expected profits growth rate for the SP 500 is approaching 85.1 percent, the highest since the fourth quarter of 2009.