U.S. stocks closed up on Wednesday, 15th September 2022, as the market lacked direction, with investors hitting the “pause” button after a largely expected inflation report largely halted Tuesday’s sell-off.
The three major stock indexes wavered throughout the day and eventually closed higher, but all failed to recover significantly from the losses in Tuesday’s sell-off.
The three major stock indexes recorded their biggest one-day percentage declines in more than two years on Tuesday.
The magnitude and duration of further interest rate hikes in the future has many market watchers concerned about the lagging effects of the Fed’s tightening phase, with some believing a recession is inevitable.
The transportation sector is seen as a barometer reflecting the health of the economy, from which a glimpse of the supply side of inflation can be seen, and railroad stocks were dragged down in the face of a potential strike.
Six of the S&P 500’s 11 major sectors rose, led by energy, helped by higher crude oil prices due to supply concerns.
Starbucks jumped 5.5% after the company raised its three-year profit and sales forecasts.
Tesla rebounded from Tuesday’s decline, rising 3.6%, as President Joe Biden announced $900 million in funding for electric car charging stations.
(Dow 30, 1-hour chart)
The Dow is focused on the 31265-line today. If the Dow runs steadily above the 31265-line, then it will pay attention to the suppression strength of the two positions of 31661 and 31995. If the Dow is running steadily below the 31265-line, it will pay attention to the support strength of the two positions of 31000 and 30608.
Hong Kong Stocks
The three major U.S. stock indices rebounded slightly overnight.
Hong Kong stocks continued yesterday’s decline, with the Hang Seng Index (HSI) down 0.07%, the Hang Seng China Enterprises Index (HSCEI) down 0.14% and the Hang Seng TECH Index (HSTECH) down 0.34%.
On the market, yesterday’s big drop in technology stocks continued to weaken, NetEase Inc. (9999.HK) fell 1.69%, Alibaba Group Holding Limited (9988.HK), JD.com, Inc. (9618.HK), Meituan (3690.HK), Baidu Inc. (9888.HK), and Xiaomi Corporation (1810.HK) were slightly lower.
Online education stocks performed the weakest, New Oriental Education & Technology Group Inc. (9901.HK) fell 6%, power stocks, and most of the restaurant stocks fell.
On the other hand, most of the domestic banking stocks, shipping stocks, auto stocks, bio-pharmaceutical stocks opened higher, with consecutive big declines of WuXi Biologics (Cayman) Inc. (2269.HK) up more than 5%.
Suncity Group Holdings Limited (1383.HK) resumed trading higher than 35%, the company was offered a cash offer at a premium of about 23.21%.
(HK50, 1-hour chart)
HK50 focuses on the 19517-line today. If HK50 can run stably above the 19517-line, then focus on the suppression strength of the 20467 and 21450 positions. If the HK50 runs below the 19517-line, then pay attention to the support strength of the 18606 and 17535 positions.
FTSE China A50 Index
(FTSE China A50, 1-hour chart)
FTSE China A50 focuses on the 13157-line today. If the A50 runs steadily below the 13157-line, it will pay attention to the support strength of the two positions of 12945 and 12733. If the A50 runs above the 13157-line, it will open up further upward space. At that time, pay attention to the two positions of 13544 and 13887.
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