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Nasdaq Falls for Fourth Straight Day, Tech Stocks Decline, Apple Leads With 2.9% Drop 


U.S. stocks closed with mixed results on Thursday, as the Nasdaq recorded its fourth consecutive day of decline. Concerns about the Federal Reserve’s interest rate policy path are once again weighing on the market, with investors speculating whether the institution will raise rates again this year. 

U.S. Stocks 

Fundamental Analysis: 

Tech stocks in the US generally trended lower. Nvidia dropped 1.7%, reportedly due to Huang Renxun selling approximately 89,100 shares of Nvidia stock over three trading days.  

Apple fell 2.9%, extending its Wednesday’s downward trend, with a cumulative 6% drop over two days, resulting in a $190 billion decrease in market capitalization. 

Most large-cap tech stocks also declined, with Qualcomm falling over 7%, ASML dropping more than 4%, and Nvidia declining over 1%.  

Tesla, Netflix, Microsoft, and Meta saw slight declines, while Amazon rose over 1%, and Google had a modest increase.  

“Vietnam’s Tesla” VinFast plummeted over 26%, marking seven consecutive days of decline and an over 80% drop from its recent high, with a current market value of less than $45 billion.  

Chinese stocks faced widespread declines, with the Nasdaq Golden Dragon China Index falling 4.02%.  

XPeng Motors dropped over 7%, Bilibili declined over 6%, and Pinduoduo fell nearly 5%. Alibaba, NIO, and JD.com all declined over 4%, while Baidu, Li Auto, and iQiyi dropped over 3%.  

Luckin Coffee surged over 4%, reaching a new high in the pink sheet market, with a market capitalization exceeding $10 billion. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Dow Jones Industrial Average rose by 57.54 points, a 0.17% increase, closing at 34,500.73 points. 
  • Nasdaq Composite Index dropped by 123.64 points, a 0.89% decrease, closing at 13,748.83 points. 
  • S&P 500 Index declined by 14.34 points, a 0.32% decrease, closing at 4,451.14 points. 

Hong Kong Stocks 

The Hong Kong Stock Exchange remained closed for the entire day. 

FTSE China A50 Index 

Fundamental Analysis: 

In the A-share market, the three major indices opened lower, experienced early declines, and later traded in a volatile range near 3,100 points.  

In the afternoon, A-shares gradually rebounded, with the Shanghai Composite Index and the Growth Enterprise Market Index briefly turning positive.  

However, they weakened again in the final trading session, resulting in collective declines.  

The total turnover of the Shanghai and Shenzhen stock markets amounted to 6,818.09 billion yuan.  

Among them, 45 stocks hit the daily limit (including ST stocks), and 5 stocks hit the daily decline limit. 

In the market, Huawei-related concepts, satellite communications concepts, and photolithography concepts all surged.  

This week, the Shanghai Composite Index fell by 0.53%, the Shenzhen Component Index fell by 1.74%, and the ChiNext Index fell by 2.4%.  

In terms of industry sectors, aerospace and aviation, electronic chemicals, shipbuilding, optoelectronics, and semiconductors showed strong gains, while gaming, mining, real estate services, education, and coal industry suffered losses.  

Among thematic sectors, satellite communications, Huawei-related concepts, photolithography concepts, photolithography machine concepts, and robotics were more active. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index (SHCOMP) fell by 0.18%, closing at 3,116.72 points. 
  • Shenzhen Component Index (SZCOMP) dropped by 0.38%, closing at 10,281.88 points. 
  • ChiNext Index (CHINEXT) declined by 0.35%, closing at 2,049.77 points. 
  • SSE STAR Market 50 Index (SSE50) rose by 0.19%, closing at 901.51 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. 

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