The U.S. stock market’s S&P 500 and Nasdaq index closed lower on Tuesday, 24th May 2022, as market concerns that the aggressive moves to curb the highest inflation in decades could tip the U.S. economy into recession have dampened investors’ risk appetite.
All three major U.S. stock indexes recovered some of their losses in late afternoon trading, with the Dow Jones Industrial Average closing higher.
Even so, the S&P 500 was just 2.2% points shy of falling into a bear market since hitting a record on 3rd January 2022.
The data released on Tuesday painted a picture of weakening economic momentum, with new home sales falling sharply and business activity decelerating.
With this, the Dow Jones Industrial Average rose 48.38 points, or 0.15%, to 31,928.62, the S&P 500 fell 32.27 points, or 0.81%, to close at 3,941.48, and the Nasdaq fell 270.83 points, or 2.35%, to 11,264.45.
(Dow 30, 1-hour chart)
The Dow focuses on the 32083-line today. If the Dow runs stably above the 32083-line, it will pay attention to the suppression strength of the 32455 and 32781 positions. If the Dow falls below the 32083-line, it will pay attention to the support strength of the 31661 and 31291 positions.
Hong Kong Stocks
Overnight U.S. stocks diverged as the Nasdaq plunged more than 2% and Chinese stocks fell in general. The Hang Seng TECH Index (HSTECH) opened 0.42% lower, and the Hang Seng Index (HSI) rose slightly by 0.02%.
On the market, Chinese concept stocks that returned to Hong Kong across the board. Bilibili Inc. (9626.HK) fell more than 6%, GDS Holdings Limited (9698.HK) fell more than 4%, NIO Inc. (9866.HK), Li Auto Inc. (2015.HK), Baidu, Inc. (9888.HK), JD.com, Inc. (9618.HK) are down.
Sporting goods stocks, biotechnology stocks, cell phone concept stocks, non-ferrous metal stocks, domestic housing stocks and property management stocks have been lower, with Li Ning Company Limited (2331.HK) again fell 1.8%, reading 3 consecutive losses.
On the other hand, coal stocks to continue the strong market, while home appliances stocks, and Hong Kong banking stocks rose significantly with HSBC Holdings plc (0005.HK) opening over 3% higher.
(HK50, 1-hour chart)
HK50 focuses on the 19517-line today. If HK50 can run stably above the 19517-line, then pay attention to the suppression strength of the 20467 and 21450 positions. If the HK50 runs below the 19517-line, then pay attention to the support of the 18606-line.
FTSE China A50 Index
(FTSE China A50, 1-hour chart)
FTSE China A50 focuses on the 13157-line today. If the A50 runs steadily below the 13157-line, it will pay attention to the support strength of the two positions of 12733 and 12328. If the A50 runs above the 13157-line, it will open up further upward space. At that time, pay attention to the two positions of 13496 and 13983.
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