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U.S. Stock Market Hits New Highs; Focus On Tech Earnings And Fed Meeting 


U.S. Stock Market Hits New Highs; Focus On Tech Earnings And Fed Meeting 

The U.S. stock market closed higher on Monday, with both the Dow Jones Industrial Average (DJIA) and the S&P 500 reaching historic highs.  

This week, investors are closely monitoring earnings reports from major tech companies, the Federal Reserve’s monetary policy meeting, and the U.S. nonfarm payroll data scheduled for Friday.  

Heightened tensions in the Middle East have added to the overall market uncertainty. 

On Monday, U.S. Treasury bond yields decreased, with the 10-year yield dropping by 8.6 basis points to 4.074%.  

The 30-year yield fell by 7.2 basis points to 4.318%, and the 2-year yield decreased by 5.5 basis points to 4.31%. 

This week, a significant number of earnings reports are anticipated, especially from tech giants that make up 19% of the S&P 500.  

Companies such as Microsoft, Apple, Meta, Amazon, and Google’s parent company, Alphabet, are among the leading members of the “Big Seven” that have been driving the U.S. stock rebound this year. 

U.S. Stock Market

Fundamental Analysis: 

Most Chinese stocks experienced declines, with the Nasdaq Golden Dragon China Index dropping by 1.03%.  

Notable decliners include Pinduoduo (down over 8%), Manbang Group (down over 2%), JD.com, and Bilibili (both down over 1%). Tencent Music, iQiyi, and Baidu saw slight increases. 

Leading tech stocks witnessed gains, with Tesla rising over 4%, NVIDIA over 2%, reaching a record closing high. Amazon, Meta, and Microsoft also saw increases exceeding 1%, with the latter two reaching historic highs. Google and Netflix experienced modest gains, while Apple saw a slight decline. 

Autonomix Medical Inc., a medical device development company, gained 1.4% on its U.S. IPO debut, briefly rising approximately 52%. iRobot declined over 8% as Amazon terminated its merger plan due to opposition from the EU antitrust regulator. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Dow Jones rose by 224.02 points (0.59%) to 38,333.45. 
  • Nasdaq increased by 172.68 points (1.12%) to 15,628.04. 
  • S&P 500 Index rose by 36.96 points (0.76%) to 4,9270.93. 

Hong Kong Stock Market

Fundamental Analysis: 

All three major Hong Kong indices opened lower. Tech stocks, including NetEase and Kuaishou, saw declines exceeding 4%, while JD.com dropped over 3%. Tencent and Meituan both declined over 2%, and Alibaba and Baidu fell over 1%.  

Semiconductor-related stocks, with SMIC leading, declined over 4%. The automobile sector collectively declined, with BYD falling over 5%, while Evergrande Auto rose nearly 5%. Evergrande Property fell over 1%, and China Evergrande has yet to resume trading. 

The automotive sector witnessed a collective downturn, with BYD falling over 5%. BYD projected a year-on-year profit growth between 74.46% and 86.49%, aligning with market expectations. The company forecasted a 74.5%-86.5% YoY growth in 2023 net profit and a 75.2%-89.9% growth in adjusted net profit. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index (HSI) dropped by 1.95% to 15,764.13. 
  • Hang Seng Tech Index (HSTECH) declined by 2.68% to 3,117.65. 
  • Hang Seng China Enterprises Index (HSCEI.) fell by 2.17% to 5,291.41. 

FTSE China A50 Index

Fundamental Analysis: 

In the A-share market, all three major indices opened lower. During early trading, the Shanghai Composite Index exhibited a volatile trend, with a temporary decline of up to 1%. Both the Shenzhen Component Index and the ChiNext Index reached new lows, with the latter falling below 1600 points. 

Among sectoral performances, only shipbuilding, electricity, securities, power equipment, and fertilizer industries showed gains.  

Declines were notable in electronic chemicals, education, household goods, brewing, gaming, and real estate development.  

Notable movements occurred in brain-computer interface, grain concepts, brokerage concepts, and robotics. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index (SHCOMP) declined by 0.62% to 2865.6. 
  • Shenzhen Component Index (SZCOMP) declined by 0.89% to 8505.02. 
  • ChiNext Index (CHINEXT) declined by 1.11% to 1605.79. 
  • SSE STAR Market 50 Index (SSE50) declined by 2.08% to 710.2. 

Forward-looking Statements    
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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.    

Risk Disclosure
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Please ensure you read and fully understand the trading risks of the respective financial instrument before engaging in any transaction with Doo Prime’s trading platforms. You should seek independent professional advice if you do not understand any of the risks disclosed by us herein or any risk associated with the trade and investment of financial instruments. Please refer to Doo Prime’s Client Agreement and Risk Disclosure Statement to learn more.

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.

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