Search Mark
Home / Global Stock Markets

Dow Achieves Fourth Consecutive Highs As Fed Decision Looms 


Dow Achieves Fourth Consecutive Highs As Fed Decision Looms 

On Tuesday, the U.S. stock market exhibited a mixed performance, with the Dow Jones Industrial Average (DJIA) marking its seventh closing high of the year.  

Investors are closely monitoring the performance of major tech companies such as Microsoft and Google’s parent company, Alphabet.  

The Federal Reserve commenced its monetary policy meeting on Tuesday, and the results will be announced on Wednesday. 

Tuesday brought a mixed bag of corporate earnings reports for U.S. stocks. 

General Motors saw a significant increase in stock prices following better-than-expected earnings. Cybersecurity firm F5 exceeded expectations in its financial report.  

Electronics manufacturer Sanmina reported robust earnings per share and provided positive guidance for the quarter. JetBlue Airways’ performance also surpassed expectations. 

Globalt Investments Senior Portfolio Manager Keith Buchanan noted, “This earnings season, the information conveyed by companies may not be uniformly consistent. Not all ships can ride the waves. So far, we have seen clear winners and losers in this earnings season.” 

U.S. Stock Market

Fundamental Analysis: 

Most Chinese stocks experienced declines, with the Nasdaq Golden Dragon China Index dropping by 2.26%.  

Notable decliners include NIO (down over 5%), Bilibili (down over 4%), Pinduoduo, Manbang, JD.com, and XPeng (all down over 3%).  

iQiyi, Baidu, Weibo, Futu Holdings, NetEase, and Alibaba saw declines over 1%, while other companies like Li Auto, Vipshop, and Tencent Music saw modest decreases. 

Many major tech stocks declined, with Netflix dropping over 2%. Google, Amazon, and Apple fell over 1%, while Meta and Microsoft experienced slight declines. Tesla and NVIDIA saw marginal increases, with NVIDIA reaching historic highs.  

Chip stocks collectively trended lower, with AMD and Micron Technology dropping over 3%, and Intel, Qualcomm, ASML, and NXP Semiconductors falling over 1%.  

Bank stocks led the gains, with Bank of America rising over 3%, JPMorgan Chase over 2%, and Wells Fargo and Barclays up over 1%. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Dow Jones rose by 133.86 points (0.35%) to 38,467.31. 
  • Nasdaq declined by 118.15 points (0.76%) to 15,509.90. 
  • S&P 500 Index fell by 2.96 points (0.06%) to 4,924.97. 

Hong Kong Stock Market

Fundamental Analysis: 

All three major Hong Kong indices opened lower.  

Tech stocks, including Xiaomi, Meituan, JD.com, and Alibaba, experienced declines of over 2%.  

The automotive sector faced widespread declines, with XPeng falling over 7% and NIO dropping nearly 6%. Apple-related stocks took a hit, with Sunny Optical Technology falling nearly 10%.  

Sportswear stocks, including Anta Sports, declined nearly 5%. Coal stocks were active, with China Shenhua rising over 2%.  

Specific stocks such as Evergrande Property rose over 8%, while Dongfang Selection surged over 5%. 

Stocks related to Apple, such as Sunny Optical Technology, witnessed significant declines of nearly 10%.

On the news front, Sunny Optical Technology issued a profit warning, forecasting shareholder net profit to decrease by approximately 50% to 55% to around 10.84 billion to 12.04 billion in 2023 compared to the previous year. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index (HSI) declined by 1.01% to 15,444.24. 
  • Hang Seng Tech Index (HSTECH) fell by 2.05% to 3,035.30. 
  • Hang Seng China Enterprises Index (HSCEI.) dropped by 1.05% to 5,220.06. 

FTSE China A50 Index

Fundamental Analysis: 

In the A-share market, all three major indices opened with mixed movements.  

Initially, the market saw an upward trend, with the ChiNext Index briefly rising by over 1%.  

However, the indices subsequently retreated, with the Shanghai Composite Index falling over 1% below the 2800-point mark.  

The Shenzhen Component Index dropped nearly 2%, and the ChiNext Index turned negative. 

Among sectoral performances, only insurance, cultural media, coal, securities, diversified finance, and banking showed gains.  

Sectors with relatively smaller declines included automotive services, electric power, and non-metallic materials.  

Tourism hotels, energy metals, decoration and design, internet services, and commercial department stores faced more significant declines. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index (SHCOMP) fell by 0.38% to 2819.91. 
  • Shenzhen Component Index (SZCOMP) declined by 0.44% to 8339.22. 
  • ChiNext Index (CHINEXT) increased by 0.85% to 1597.21. 
  • SSE STAR Market 50 Index (SSE50) rose by 0.05% to 698.2. 

Forward-looking Statements    
This article contains “forward-looking statements” and may be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “should”, or “will”, or other variations thereon or comparable terminology. However, the absence of such terminology does not mean that a statement is not forward-looking. In particular, statements about the expectations, beliefs, plans, objectives, assumptions, future events, or future performance of Doo Prime will be generally assumed as forward-looking statements.     

Doo Prime has provided these forward-looking statements based on all current information available to Doo Prime and Doo Prime’s current expectations, assumptions, estimates, and projections. While Doo Prime believes these expectations, assumptions, estimations, and projections are reasonable, these forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Doo Prime’s control. Such risks and uncertainties may cause results, performance, or achievements materially different from those expressed or implied by the forward-looking statements.     

Doo Prime does not provide any representation or warranty on the reliability, accuracy, or completeness of such statements. Doo Prime is not obliged to provide or release any updates or revisions to any forward-looking statements.    

Risk Disclosure
Trading in financial instruments involves high risks due to the fluctuation in the value and prices of the underlying financial instruments. Due to the adverse and unpredictable market movements, large losses exceeding the investor’s initial investment could incur within a short period of time. The past performance of a financial instrument is not an indication of its future performance. Investments in certain services should be made on margin or leverage, where relatively small movements in trading prices may have a disproportionately large impact on the client’s investment and the client should therefore be prepared to suffer significant losses when using such trading facilities.

Please ensure you read and fully understand the trading risks of the respective financial instrument before engaging in any transaction with Doo Prime’s trading platforms. You should seek independent professional advice if you do not understand any of the risks disclosed by us herein or any risk associated with the trade and investment of financial instruments. Please refer to Doo Prime’s Client Agreement and Risk Disclosure Statement to learn more.

Disclaimer    
While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.

Share to

Global Stock Markets

U.S. Stocks Edge Lower As Investors Await Powell's Speech And Non-Farm Data

U.S. stocks edged lower as investors are closely watching Powell's congressional testimony and non-farm data in hopes of assessing the Fed's rate cut prospects

2024-3-5 | Global Stock Markets

S&P And Nasdaq Hit All-Time Highs, Nvidia Tops $2 Trillion Market Cap 

S&P 500 and Nasdaq hit new all-time highs. Popular tech rose with Nvidia up 4% reaching a market cap exceeding $2 trillion for the first time.

2024-3-4 | Global Stock Markets

U.S. Stocks See Fourth Month of Gains; Nasdaq Hits Historic High 

U.S. stocks closed slightly higher, with the Nasdaq hitting a record high at the close. All three major indices posted gains for the fourth consecutive month.

2024-3-1 | Global Stock Markets