Welcome to Seeking Office Wall Street Lunch.

Our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Monday, August 28th, and I'm your host, Kim Khan.

Our top story so far. Shares of property developer China Everground plunged on its first day of

trading on the Hong Kong Exchange in 17 months. The stock was down nearly 90% before pairing some losses

and ending the day off nearly 80%. The developer has been struggling to service its debt after the

Chinese government cracked down on property speculation in 2021.

Earlier this month, the company filed for Chapter 15 bankruptcy protection in the U.S.

as it restructures 3232 billion of offshore debt.

The resumption of trading came as Evergrand posted an operating loss of $11.7 billion

Renmin B or $1.6 billion U.S. dollars in the first six months of 2023 compared with a loss of

39.4 billion Renmin B in the first half of 2022. First half of 2023 revenue increased to a 128.2 billion Renmin B up from 89.3 billion in the year earlier period.

In today's trading, stocks are stronger out of the gate after futures gain traction in the final hour of the pre-market.

The S&P is up more than half a percent and the NASDAQ is up about 0.8 percent and the Dow is up around 1 percent. Company-specific moves are driving trading with little on the macro

front. All 11 SMT sectors are higher with energy and materials up top and health care trailing. Goldman derivative strategist Scott Rubner says we are currently in a no rules market.

He says there is a supply and demand mismatch and dip buyers are already very full adding that the US equity market

has been trading escalator up elevator down. But corporate repurchase demand may

return in a big way in September at a time an extreme

CTA selling will have been completed, he adds.

Rates are mixed.

The 10-year treasury yield is down around 4.2% again,

and oil is up by about 1%. Among active stocks, Argus reiterated its buy rating on Under Armour,

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