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S&P Index Hits New High; Alibaba Surges Nearly 8%

S&P Index Hits New High; Alibaba Surges Nearly 8%

The U.S. stock market closed with mixed results on Tuesday, witnessing a slight decline in the Dow Jones Industrial Average (DJI) while the S&P 500 once again reached a new closing record.  

Several major companies, including airlines, GE, and 3M, released their financial reports. Disappointing reports from 3M, Johnson & Johnson, D.R. Horton, and Lockheed Martin left an impact.  

Market attention is now focused on key economic data later this week, such as PMI, GDP, and PCE. 

Despite warnings from the Federal Reserve about potential interest rate cuts, the stock market remains largely unaffected.  

Investors, even after experiencing one of the most aggressive policy tightening cycles in decades, remain optimistic about the economy’s resilience. 

Emily Roland, Co-Chief Investment Strategist at John Hancock Investment Management, remarked, “Excitement has waned at this moment; the Fed’s pause on rate hikes is behind us, and everyone is a bit more sober. Some valuation bubbles in the market may have inflated excessively, requiring caution.” 

U.S. Stock Market

Fundamental Analysis: 

Popular Chinese concept stocks experienced widespread gains, with the Nasdaq Golden Dragon Index rising by 4.84%.  

Bilibili surged over 9%, Alibaba nearly 8%, and NetEase, Baidu, and all rose over 7%.  

Manbang Group and Futu Holdings gained over 5%, while XPeng Motors rose over 4%.  

Tencent Music, Vipshop, and iQiyi saw modest increases, while Pinduoduo experienced a slight decline. 

Among major tech stocks, Intel rose over 1%, while Apple, Microsoft, Google, Amazon, NVIDIA, Tesla, and Meta saw gains below 1%.  

Leading sectors included airlines and metal raw materials, with Century Aluminum rising over 10%, Alcoa up over 6%, and United Continental Holdings gaining over 5%.  

Real estate, cruise, and transportation sectors faced notable declines, with TuSimple falling nearly 16%, Carnival Cruise down over 2%, and Beazer Homes and MI Homes dropping over 5%. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Dow Jones fell by 96.36 points, down 0.25%, closing at 37,905.45 points. 
  • Nasdaq rose by 65.66 points, up 0.43%, closing at 15,425.94 points. 
  • S&P 500 Index increased by 14.17 points, up 0.29%, closing at 4,864.60 points. 

Hong Kong Stock Market

Fundamental Analysis: 

In Hong Kong, all three major indices experienced initial gains but later witnessed fluctuations.  

In the tech sector, Alibaba rose over 4%, while Baidu and NetEase gained over 3%, and Meituan and Kuaishou rose over 2%., however, saw a slight decrease. Automotive stocks faced downward pressure, with XPeng Motors falling over 10% and Great Wall Motor dropping over 9%.  

Mechanical stocks led the gains, with China National Heavy Duty Truck Group rising over 18%.  

Petroleum and coal stocks collectively rose, with China Petroleum gaining over 3% and South Gobi Energy rising nearly 9%. 

Alibaba surged over 4%, with recent reports indicating that Jack Ma purchased $50 million worth of Hong Kong-listed stocks in the last quarter. 

Blue Pool Management, controlled by Alibaba’s co-founder Joseph Tsai, bought around $151 million worth of Alibaba’s U.S.-listed stocks in the same period. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index (HSI) increased by 0.80%, closing at 15,476.85 points. 
  • Hang Seng Tech Index (HSTECH) rose by 0.64%, closing at 3,167.95 points. 
  • Hang Seng China Enterprises Index (HSCEI.) gained by 1.01%, closing at 5,192.82 points. 

FTSE China A50 Index

Fundamental Analysis: 

In the A-share market, the three major indices opened higher but later experienced fluctuations, turning negative at one point.  

The ChiNext Index fell over 1%, but indices showed a slight recovery in the morning session.  

Leading sectors included diversified finance, real estate development, railway and highway, jewelry, real estate services, and household light industry.  

Sectors like photovoltaic equipment, semiconductor materials, batteries, energy metals, and electronic components faced notable declines. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index (SHCOMP) fell by 0.15%, closing at 2,766.79 points. 
  • Shenzhen Component Index (SZCOMP) dropped by 1.16%, closing at 8,496.62 points. 
  • ChiNext Index (CHINEXT) declined by 1.68%, closing at 1,659.34 points. 
  • SSE STAR Market 50 Index (SSE50) dropped by 1.83%, closing at 736 points. 

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