China markets start like a lion and end like a lamb after Beijing stimulus comes up short

• S&P 500 Futures: 5,752.75 ⬆️ up 0.14%
• S&P 500: 5,695.94 ⬇️ down 0.96%
• Nasdaq Composite: 17,923.90 ⬇️ down 1.18%
• Dow Jones Industrial Average: 41,954.24 ⬇️ down 0.94% 
• FTSE 100: 8,199.36 ⬇️ down 1.26%
• SSE Composite: 3,489.78 ⬆️ up 4.59%
• Nikkei 225: 38,937.54 ⬇️ down 1.00%
• Bitcoin: $63,126.50 ⬆️ up 0.48%

China: Shanghai gives back huge early gains and Hong Kong plunges

Shanghai’s market opened up almost 10% but faded to close with a 4.59% gain, while Hong Kong shares gave up 9.41% after a period of torrid gains during the mainland China holidays. Beijing’s mid-morning explanation of its stimulus plans—which offered few details and no new big measures—appeared to fall flat with investors.

Japan: Nikkei slips with household spending data

The Nikkei 225 slipped 1% as the yen gained slightly and household spending fell by 1.9%—the fastest rate since January, although less than expected by economists.

Europe: Shares hit by Middle East worries and fading China optimism

European stocks fell almost across the board Tuesday, as worries about Mideast tensions and fading China optimism took hold. Luxury goods took a special hit, with LVMH down almost 5%, Hermès off 3% and Gucci-owner Kering down more than 7%. The STOXX Europe 600 fell 0.85% and the U.K.’s FTSE 100 was down 1.27% early trading.

U.S. premarket flat after down day on Mideast and rate cut worries

The three U.S. indexes were flat in premarket trading Tuesday, a day after all three fell as Treasury yields hit their highest levels since the summer and oil prices continued to climb amid Middle East tensions. Friday’s blockbuster jobs report had many investors questioning how slow the Federal Reserve will go with further rate cuts this year—or if it may even pause.

And earnings season is here:

Pepsico kicks it off with its report today, followed by Delta Air Lines on Thursday and JPMorgan, Wells Fargo and BlackRock on Friday. The CEP inflation index for September also comes out before the bell on Thursday.