Search Mark
Home / Global Stock Markets

S&P Hits Yearly High As Meta Surges By Nearly 2% 


Dow And S&P 500 Break 3 Day Decline, Market Focus On Upcoming Jobs Data

The U.S. stock market saw its sixth consecutive week of gains, with the S&P 500 hitting new intraday and closing highs for the year.  

November’s non-farm payroll and University of Michigan consumer survey data demonstrated economic resilience and a cooling of consumer inflation expectations, fostering hope for a soft economic landing. 

Investors welcomed the November non-farm payroll report on Friday. Contrary to expectations of a slowdown, the report indicated robustness in the American labor market.  

The U.S. Labor Department reported a seasonally adjusted increase of 199,000 non-farm jobs in November, surpassing the expected 180,000 and the previous 150,000.  

The unemployment rate for November dropped to 3.7%, lower than the anticipated 3.90% and the previous 3.90%. 

Analyst Katia Dmitrieva noted an increase in labor force participation and average weekly working hours, typically indicating robust demand.  

Average hourly wages also saw a month-on-month increase, marking the fourth such increase in the past 11 months. 

U.S. Stocks

Fundamental Analysis: 

Large-cap tech stocks generally rose, with Meta surging nearly 2%, while Microsoft, Apple, Netflix, and Amazon saw slight gains. 

However, Google dropped over 1% after questions were raised about potential fabrications following Gemini’s successful demonstration video, with the company admitting video edits. 

Chip stocks led the gains, with ARM rising over 7%, reaching a closing high, and Broadcom and NVIDIA surging over 2%.  

Other semiconductor companies like NXP Semiconductors, AMD, Intel, and ON Semiconductor followed suit. 

Chinese concept stocks experienced mixed movements, with the Nasdaq Golden Dragon Index dropping by 0.74%.  

Companies like XPeng Motors fell by over 5%, while Baidu, JD.com, Li Auto, and NIO dropped by more than 1%.  

Others like Pinduoduo, iQIYI, Weibo, Bilibili, Alibaba, and NetEase saw sligh

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Dow Jones increased by 130.49 points, up 0.36%, closing at 36,247.87. 
  • Nasdaq rose by 63.98 points, up 0.45%, ending at 14,403.97. 
  • S&P 500 Index gained 18.78 points, up 0.41%, closing at 4,604.37. 

Hong Kong Stocks

Fundamental Analysis: 

In contrast, the Hong Kong stock market opened low and continued a downward trend.  

Key tech stocks like JD.com dropped by over 7%, while Meituan fell by over 4%.  

Companies like Baidu, Alibaba, Kuaishou, and Tencent also experienced over 3% declines.  

Real estate stocks collectively dropped, with Sunac China Holdings falling by over 8%.  

Education stocks, led by Oriental Zhiwen, fell nearly 8%, while lithium-related stocks and sports equipment stocks also saw significant declines. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index (HSI) dropped by 2.04%, closing at 16,000.65. 
  • Hang Seng Tech Index (HSTECH) fell by 2.59%, closing at 3,609.98. 
  • Hang Seng China Enterprises Index (HSCEI.) decreased by 2.55%, closing at 5,455.15. 

FTSE China A50 Index

Fundamental Analysis: 

The A-share market in China opened lower, with indices dipping over 1%. However, a slight rebound followed, stabilizing the market mid-morning.  

Additionally, the NASDAQ-style ChiNext Index weakened by over 4% at one point during the trading session. 

Game, cultural media, computer equipment, gas, and coal industries saw significant gains, while energy metals, precious metals, battery, brewing, and non-metal materials industries witnessed substantial declines. 

Trends in multimodal AI, mixed reality, short interactive games, and companies like Foxconn remained active. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index (SHCOMP) dropped by 0.56%, closing at 2,952.85. 
  • Shenzhen Component Index (SZCOMP) fell by 0.66%, closing at 9,490.41. 
  • ChiNext Index (CHINEXT) decreased by 0.43%, closing at 1,884.01. 
  • SSE STAR Market 50 Index (SSE50) declined by 0.21%, closing at 866.42. 

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

U.S. Stocks Edge Lower As Investors Await Powell's Speech And Non-Farm Data

U.S. stocks edged lower as investors are closely watching Powell's congressional testimony and non-farm data in hopes of assessing the Fed's rate cut prospects

2024-3-5 | Global Stock Markets

S&P And Nasdaq Hit All-Time Highs, Nvidia Tops $2 Trillion Market Cap 

S&P 500 and Nasdaq hit new all-time highs. Popular tech rose with Nvidia up 4% reaching a market cap exceeding $2 trillion for the first time.

2024-3-4 | Global Stock Markets

U.S. Stocks See Fourth Month of Gains; Nasdaq Hits Historic High 

U.S. stocks closed slightly higher, with the Nasdaq hitting a record high at the close. All three major indices posted gains for the fourth consecutive month.

2024-3-1 | Global Stock Markets