U.S. stocks closed lower on Wednesday, 16th November 2022 as gloomy earnings estimates from Target sparked fresh concerns about the retailer heading into the crucial holiday season, while semiconductor stocks slid after Micron cut supplies.
Target plunged 13.1% after the big-box retailer forecast an unexpected drop in holiday season sales.
Retail stocks were down in general, including Macy’s and Best Buy, which fell more than 8%, and Foot Locker, which fell 7%.
Consumer stocks in the S&P 500 fell 1.5%. Micron fell 6.7% after the company said it would reduce memory chip supply and further cut its capital spending plans.
The S&P 500 information technology sector fell 1.4%, and the Philadelphia Semiconductor Index slumped 4.3%.
Gains in defensive stocks such as utilities and essential consumer goods stocks helped ease the S&P 500’s losses.
Utilities stocks rose 0.9%, while consumer discretionary stocks gained 0.5%.
(Dow 30, 1-hour chart)
The Dow today pays attention to the 33390-line. If the Dow runs stably above the 33390-line, then pay attention to the suppression strength of the 33949 and 34221 positions.
Hong Kong Stocks
Affected by the decline in U.S. stocks overnight, the three major indices of Hong Kong stocks opened lower, the Hang Seng Index (HSI) fell 1.01%, the Hang Seng China Enterprises Index (HSCEI) fell 1.3%, the Hang Seng TECH Index (HSTECH) fell 1.97%.
On the market, large technology stocks fell in general, the results exceeded expectations and dividend-type reduction “90.9% of Meituan (3690.HK), Tencent Holdings Limited (0700.HK) rose 1.43%, and Meituan (3690.HK) plunged more than 6%.
Baidu, Inc. (9888.HK), Kuaishou Technology (1024.HK) fell more than 3%, Alibaba Group Holding Limited (9988.HK), Xiaomi Corporation (1810.HK), NetEase, Inc. (9999.HK) are down.
Auto stocks fell in front of the new energy vehicle NIO Inc. (9866.HK) and Li Auto Inc. (2015.HK) led the decline.
Domestic housing stocks and property management stocks continue to pull back, gas stocks, retail stocks, home appliance stocks fell in general.
On the other hand, paper stocks, gambling stocks, retail stocks part of the rise, Sun Art Retail Group Limited (6808.HK) up for 4 days.
Game stocks continued to rise, iDreamSky Technology Holdings Limited (1119.HK) rose nearly 4%.
(HK50, 1-hour chart)
HK50 pays attention to the 17535-line today. If HK50 can run stably above the 17535-line, then pay attention to the suppression strength of the two positions of 18606 and 19517.
FTSE China A50 Index
(FTSE China A50, 1-hour chart)
FTSE China A50 pays attention to the 12273-line today. If A50 runs stably below the 12273-line, then pay attention to the support strength of the two positions of 11955 and 11665. If A50 runs above the 12273-line, it will open up further upside space.
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