Search Mark
Home / Global Stock Markets

NASDAQ And S&P 500 Extend 3-Week Decline, Tesla Drops 12%  


The Nasdaq and S&P 500 have both experienced continuous declines for the third consecutive week. On Friday, Tesla’s stock fell by 1.7%, with a trading volume of USD 29.128 billion. Throughout the week, the stock has accumulated an 11.2% decline. 

U.S. Stocks 

Fundamental Analysis: 

Tesla has been falling for the sixth consecutive trading day, with a total decline of over 12%. The stock has dropped around 28% from its recent high, entering a technically bearish market phase. 

Many large tech stocks have declined, with Google dropping nearly 2%, while Amazon, Facebook, and Microsoft have experienced slight decreases.  

Apple and Netflix have seen marginal gains. “Vietnam’s version of Tesla,” VinFast Auto (VFS), plummeted by 23%, marking a significant three-day decline and reaching $15.40 per share, resulting in a market value reduction of over 50% compared to its first day of trading. 

Chinese concept stocks, in general, experienced a decline, with the Nasdaq Golden Dragon China Index falling by 3.48%. NIO dropped over 7%, Bilibili fell by over 6%, iQiyi dropped by more than 5%, and JD.com, XPeng Motors, and Li Auto fell by over 4%. Baidu, Pinduoduo, Tencent Music, and NetEase all declined by more than 3%, Alibaba dropped by over 2%, and Futu Holdings and Manbang Holdings dropped by over 1%. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Dow Jones Industrial Average gained 25.83 points, a 0.07% increase, closing at 34,500.66 points. It suffered a weekly decline of 2.21%. 
  • Nasdaq Composite Index fell by 26.16 points, a 0.20% decrease, closing at 13,290.78 points. The weekly decline was 2.59%. 
  • S&P 500 Index dropped 0.65 points, a 0.01% decrease, closing at 4,369.71 points. The cumulative weekly decline was 2.11%. 

Hong Kong Stocks 

Fundamental Analysis: 

The three major Hong Kong indices opened low and performed disappointingly. The Hang Seng Index lost the 18,000-point threshold, hitting a low of 17,900 points, and closed at 17,950 points, down 375 points or 2.1%. The Hang Seng Tech Index dropped by 3.6%, closing at 4,007 points, with a trading volume of 106.3 billion HKD.  

Throughout the week, the Hang Seng Index plummeted by 5.9%, and the Hang Seng Tech Index dropped by 6.2%. Since August, the Hang Seng Index has accumulated a decline of 10.6%, and the Hang Seng Tech Index has dropped by nearly 12%. 

In terms of individual stocks, technology and internet companies saw declines, with JD.com, Inc. (9618.HK), NetEase, Inc. (9999.HK), and Baidu, Inc. (9888.HK) dropping by more than 2%.  

New energy vehicle companies, led by NIO Inc. (9866.HK), also faced a collective decline.  

Real estate stocks showed mixed performance, with Country Garden Services Holdings Company Limited (6098.HK) rising by over 6% while Longfor Group Holdings Limited (0960.HK) and China Resources Land Limited (1109.HK) dropped.  

Banking stocks decreased, with China Merchants Bank Co., Ltd. (3968.HK) and Bank of Communications Co., Ltd. (3328.HK) falling by over 2%.  

The biotechnology sector remained active.  

The parent company of “China’s Voice” (China’s version of “The Voice”), China Star Entertainment Limited (0326.HK), experienced a 25% decline on Friday and continued to drop by around 2% on today’s opening. 

Technical Analysis: 

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index (HSI) declined by 0.85%, closing at 17,798.47 points. 
  • Hang Seng Tech Index (HSTECH) fell by 1.4%. 
  • Hang Seng China Enterprises Index (HSCEI) fell by 1.08%. 

FTSE China A50 Index 

Fundamental Analysis: 

The A-share indices slightly opened lower, experienced initial market fluctuations, followed by a rebound. The Shenzhen Component Index briefly turned positive but soon fell again. Both the Shenzhen Component Index and the ChiNext Index hit new lows for the year.  

The combined trading volume of the Shanghai and Shenzhen markets reached 423.761 billion CNY, with a net outflow of 1.242 billion CNY from northbound funds.  

65 stocks (including ST stocks) hit the daily upper limit, while 3 stocks hit the daily lower limit. 

In terms of sector performance, the environmental protection, engineering consulting services, internet services, utilities, and construction sectors performed well, while the aviation and airport, insurance, securities, pharmaceutical commercial, and photovoltaic equipment sectors showed declines.  

In thematic terms, areas like computing power, automobile disassembly, new urbanization, digitalization, creative technology, and optical communication modules remained active. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index (SHCOMP) fell by 0.38%, closing at 3,120.18 points. 
  • Shenzhen Component Index (SZCOMP) fell by 0.24%, closing at 10,432.93 points. 
  • ChiNext Index (CHINEXT) fell by 0.62%, closing at 2,105.78 points. 
  • SSE STAR Market 50 Index (SSE50) fell by 0.35%, closing at 901.08 points. 

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.    

 
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

Nasdaq, S&P 500 Reach New Highs, Tesla Climbs 6%

Nasdaq and S&P 500 hit record highs as Tesla surged over 6%. Investors are closely watching upcoming inflation data and earnings reports

2024-7-11 | Global Stock Markets

Stocks Mixed as Nasdaq, S&P 500 Soar to Record Highs

US stocks closed mixed with the S&P 500 and Nasdaq setting new record highs. Powell emphasized the need to avoid premature rate cuts despite easing inflation

2024-7-10 | Global Stock Markets

US Stocks Closed for Independence Day Holiday

Due to the Independence Day holiday, US stocks market was closed. The dollar fell for the third consecutive trading day as trading volume remained light

2024-7-5 | Global Stock Markets