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Nasdaq And S&P 500 Tumbled, BYD Fell More Than 9%

U.S. Stocks 

Fundamental Analysis: 

The S&P 500 index closed below 4,000 for the first time since March 2021 on Monday, 9th May 2022 and the Nasdaq tumbled more than 4% heavily amid a sell-off triggered by large growth stocks, as investor concerns about rising interest rates intensified.

The Nasdaq closed at its lowest level since November 2020. Apple plunged 3.3%, causing the biggest drag on the Nasdaq and the S&P 500. Microsoft plunged 3.7% and Tesla plunged 9.1%.

The market is concerned about how aggressive action the Fed needs to take to curb inflation. The Fed raised interest rates by 50 basis points last week. 10-year U.S. bond yields touched their highest since November 2018 early in the session before softening.

By the close, the Dow Jones Industrial Average fell 653.67 points, or 1.99%, to 32,245.7, the S&P 500 plunged 132.1 points, or 3.20%, to 3,991.24, its lowest closing level since March 31, 2021, and the Nasdaq plunged 521.41 points, or 4.29%, to 11,623.25.

Technical Analysis: 

(Dow 30, 1-hour chart) 

Execution Insight: 

The Dow focuses on the 32455-line today. If the Dow runs steadily above the 32455-line, it will pay attention to the suppression strength of the 32781 and 33233 positions. If the Dow falls below the 32455-line, then pay attention to the support strength of the 32083 and 31661 positions.

Hong Kong Stocks 

Fundamental Analysis: 

Hong Kong’s Hang Seng Index (HSI) opened 3.51% lower. The Hang Seng TECH Index (HSTECH) fell 5.93%.

XPeng Inc. (9868.HK) shares opened down by more than 13%,, Inc. (9618.HK) fell more than 12%, while NIO Inc. (9866.HK), Li Auto Inc. (2015.HK), Baidu, Inc. (9888.HK) fell more than 10%. Bilibili Inc. (9626.HK) shares fell nearly 10%, Kuaishou Technology (1024.HK), Alibaba Group Holding Limited (9988.HK) fell more than 7%.

In addition, BYD Company Limited (1211.HK) fell more than 9%, after Changsha City set up an investigation team to investigate the BYD Yuhua District factory gas emissions. It is reported that part of the BYD Changsha production line has been suspended for rectification.

Technical Analysis: 

(HK50, 1-hour chart) 

Execution Insight: 

HK50 focuses on the 19517-line today. If HK50 can run stably above the 19517-line, then pay attention to the suppression 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 

Technical Analysis: 

(FTSE China A50, 1-hour chart) 

Execution Insight: 

FTSE China A50 pays attention to the 13157-line today. If the A50 runs steadily below the 13157-line, 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 suppression strength of the 13496-line.

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