U.S. stocks closed higher on Friday, with the S&P 500 and Nasdaq hitting new all-time highs. The S&P 500 closed above 5100 points for the first time.  

Market focus remains on U.S. corporate earnings and the prospect of Federal Reserve rate cuts. Data showed a further decline in U.S. manufacturing in February, along with weak consumer confidence according to the University of Michigan, reinforcing expectations for a rate cut in June. 

Data released by the Institute for Supply Management (ISM) on Friday showed that the U.S. manufacturing index fell 1.3 points to 47.8 in February from a 15-month high reached in January. The index was below the key level of 50 and also below the expectations of most economists. 

Adam Crisafulli, founder of Vital Knowledge, stated in a research report, “We still firmly believe that inflation is trending downward and expect the Fed to be forced to cut rates in June.” 

U.S. Stocks

Fundamental Analysis: 

Popular tech stocks rose, with Broadcom up over 7%, AMD up over 5% hitting a new closing high, and Nvidia up 4% reaching a market cap exceeding $2 trillion for the first time. Qualcomm rose over 3%, and Meta rose over 2%.  

Dell Technologies reported better-than-expected performance, with its stock soaring over 31%, reaching a new closing high since its US IPO in 2019. 

Popular Chinese concept stocks rose, with the Nasdaq Golden Dragon China Index up 1.04%, accumulating a 1.98% increase for the week.  

Bilibili, Futu Holdings, and iQiyi rose over 3%, Baidu and NetEase rose over 2%, and Pinduoduo and JD.com rose over 1%.  

However, new energy vehicle companies had mixed performances after announcing February delivery volumes, with Xpeng Motors up over 5% and NIO down over 5%. 

Technical Analysis: 

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Nasdaq rose by 183.02 points, or 1.14%, to close at 16,274.94 points. 
• Dow Jones Industrial Average rose by 90.99 points, or 0.23%, to close at 39,087.38 points. 
• S&P 500 index rose by 40.81 points, or 0.80%, to close at 5,137.08 points. 

Hong Kong Stock Market

Fundamental Analysis: 

The three major indices fluctuated downward.  

In terms of sectors, most technology and internet-related stocks rose, with Lenovo Group up nearly 8% and Meituan up nearly 4%, while Alibaba fell by over 1%.  

Stimulated by positive news, pharmaceutical outsourcing concept stocks surged, with WuXi AppTec up nearly 12%.  

Intensifying price wars led to a sharp decline in new energy vehicle stocks, with NIO plunging nearly 13%.  

Real estate stocks generally fell, led by China Vanke, which fell by over 6%. Gold stocks rose collectively, with Zijin Mining up over 4%. 

Most technology and internet-related stocks rose, with Lenovo Group up nearly 8%.  

In terms of news, Lenovo Group showcased a panoramic AI terminal, infrastructure, and solution portfolio at the 2024 MWC (Mobile World Congress) in Barcelona, unveiling two new concept products challenging traditional personal computers and smartphones, namely the ThinkBook transparent screen laptop and the adaptive Motorola smartphone. 

Technical Analysis: 

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) fell by 0.06%, closing at 16,578.95 points. 
• Hang Seng Tech Index (HSTECH) fell by 0.42%, closing at 3,473.35 points. 
• Hang Seng China Enterprises Index (HSCEI.) fell by 0.32%, closing at 5,710.78 points. 

FTSE China A50 Index

Fundamental Analysis: 

The three major indices opened with mixed gains and losses, with the market shaking downward at the opening, then rebounding after the fall. 

The three major indices turned upward in succession before entering a period of consolidation, with the ChiNext Index leading the gains. 

In terms of industry sectors, precious metals, medical services, shipbuilding, traditional Chinese medicine, and electronic chemicals led the gains. 

Meanwhile, cement and building materials, automobile manufacturing, engineering consulting services, real estate services, decoration, insurance, and other sectors led the declines.  

Themes such as liquid-cooled servers, CPO concepts, optical communication modules, CRO, and computing power concepts remained active. 

Technical Analysis:  

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) rose by 0.22%, closing at 3,033.63 points. 
• Shenzhen Component Index (SZCOMP) fell by 0.03%, closing at 9,431.83 points. 
• ChiNext Index (CHINEXT) rose by 0.64%, closing at 1,835.70 points. 
• Sci-Tech Innovation 50 Index rose by 0.38%, closing at 818.61 points. 

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