The U.S. market closed higher on Thursday, led by a surge in tech stocks. The Nasdaq rose nearly 1.4%, while the Dow and S&P 500 reversed their previous three-day downward trend.  

Initial jobless claims from last week were in line with expectations. Eyes remain on Friday’s impending release of nonfarm payroll data. 

Traders shrugged off any concerns ahead of the U.S. employment report on Friday, reigniting activity that has driven the Nasdaq 100 Index up by over 45% this year.  

Optimism around artificial intelligence resurfaced as Google unveiled Gemini, dubbed their “largest and most capable AI model yet,” boosting Alphabet’s stock by nearly 5.5%.  

Additionally, AMD announced its new AI accelerator chip that is expected to outperform competitors, driving its stock higher. 

Yung-Yu Ma, an analyst at BMO Wealth Management, noted, “AI has the potential to significantly boost productivity in 2024 and beyond.  

Resilience, adaptability, and innovation have been hallmarks of the 2023 economy, and we believe these factors will also guide us through 2024.” 

U.S. Stocks

Fundamental Analysis: 

Major tech stocks saw widespread gains, with chip stocks leading the charge.  

AMD surged nearly 10% after unveiling its new MI300 series AI chips, boasting over 1.5 trillion transistors—2.4 times the memory of NVIDIA’s H100. 

Google soared over 5% after announcing its next-generation AI model Gemini, touted as their “largest and most versatile AI model to date.” 

Other tech giants like Micron Technology, NXP Semiconductors, NVIDIA, Qualcomm, and Intel also surged over 2%. 

Mixed movements were observed in the hot Chinese concept stock market.The Nasdaq Golden Dragon China Index dipped by 0.10%.  

iQIYI surged over 4%, while Bilibili, Baidu, and NetEase saw gains over 2%. On the flip side, XPeng and NIO dropped over 3% and 4% respectively. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones rose by 62.95 points, up by 0.17%, closing at 36,117.38 points. 
• Nasdaq surged by 193.28 points, up by 1.37%, closing at 14,339.99 points. 
• S&P 500 Index climbed by 36.25 points, up by 0.80%, closing at 4,585.59 points. 

Hong Kong Stocks

Fundamental Analysis: 

The Hong Kong market saw mixed movements among the three major indices.  

Core tech stocks had a divided performance, with Meituan dropping nearly 1% while Tencent Holdings slightly declined. 

Conversely, Baidu, Alibaba, and JD.com saw gains over 1%. Automobile stocks witnessed collective declines, with Yadea Group and NIO both dropping over 4%.  

Tencent Holdings fell by 0.52%.  

Regulatory filings revealed that Tencent’s major shareholder, South African Naspers Group’s Dutch subsidiary Prosus, continued its buyback plan, selling 513,500 shares of Tencent common stock on December 7th, reducing its stake to 24.99%. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) increased by 0.21%, closing at 16,379.6 points. 
• Hang Seng Tech Index (HSTECH) rose by 0.25%, closing at 3,729.54 points. 
• Hang Seng China Enterprises Index (HSCEI.) fell by 0.03%, closing at 5,613.84 points. 

FTSE China A50 Index

Fundamental Analysis: 

The three major A-share indices showed mixed movements at the opening, with a slight rebound during the early trading session.  

However, the Sci-Tech Innovation 50 Index performed notably well, surging over 1%. 

Sectors like gas, electronic components, communication equipment, semiconductors, and optoelectronics saw upward movements,  

Meanwhile, real estate services, textiles, real estate development, education, department stores, and automobile manufacturing faced declines. 

Themes such as CPO concepts, optical communication modules, high-bandwidth memory, computing power concepts, mixed reality, and AI chips remained active. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) rose by 0.43%, closing at 2,978.98 points. 
• Shenzhen Component Index (SZCOMP) increased by 0.56%, closing at 9,573 points. 
• ChiNext Index (CHINEXT) surged by 0.54%, closing at 1,887.29 points. 
• SSE STAR Market 50 Index (SSE50) climbed by 1.41%, closing at 859.42 points. 

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