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. 

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