On Thursday, the U.S. stock market saw a mixed close as Cisco and Walmart’s significant declines dragged down the Dow.  

Last week, U.S. continued jobless claims rose to their highest level in nearly two years, while November’s homebuilder confidence index dropped to 34, below all economists’ expectations.  

Federal Reserve official Mester stated that it’s premature to focus on rate cuts at present. 

Economic data released this week have shown signs of cooling US inflation, leading investors to anticipate that the Fed might have concluded its rate hikes, driving the stock market upward.  

The Producer Price Index (PPI) for October, measuring wholesale prices, fell by 0.5%, marking the largest monthly decline since April 2020. 

U.S. Stock Market

Fundamental Analysis: 

Most large tech stocks rose, with Intel surging over 6%, and Nvidia, Netflix, Microsoft, and Google rising over 1%.  

Apple and Meta saw slight gains, while Tesla fell over 3% and Amazon slightly decreased.  

Microsoft notably achieved three consecutive days of record-high closing prices and hit an intraday high. 

Chinese concept stocks saw a general decline: the Nasdaq Golden Dragon China Index dropped by 3.09%.  

Alibaba plummeted over 9%, Bilibili over 7%, Nio and XPeng both fell over 6%, and iQIYI, Weibo, Futu Holdings, and Li Auto all declined by over 4%.  

Manbang, Baidu, Vipshop, NetEase fell over 3%, while JD and Pinduoduo dipped over 1%. Tencent Music rose over 2%. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones Industrial Average dropped by 45.74 points, a 0.13% decrease, closing at 34,945.47 points. 
• Nasdaq Composite Index rose by 9.84 points, a 0.07% increase, closing at 14,113.67 points. 
• S&P 500 Index gained 5.36 points, a 0.12% increase, closing at 4,508.24 points. 

Hong Kong Stock Market

Today, the three major Hong Kong indices opened low and continued downward.  

In the market, most core tech stocks declined: Alibaba dropped over 10%, Baidu Group fell over 5%, JD Group and Meituan dropped by approximately 3%.  

In the automotive sector, most stocks declined, with Nio falling nearly 5%. 

Alibaba suffered a massive over 10% decline. Reports indicate that Alibaba announced in its financial report that due to various uncertainties, it won’t proceed with the complete separation of its Cloud Intelligence Group.  

The initial public offering plan for Hema Fresh has been postponed, and the Ma family trust plans to reduce holdings of 10 million Alibaba shares, worth over $870 million. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) dropped by 2.17%, closing at 17,445.56 points. 
• Hang Seng Tech Index (HSTECH) fell by 1.99%, closing at 3,969.08 points. 
• Hang Seng China Enterprises Index (HSCEI) declined by 2.34%, closing at 5,973.42 points. 

FTSE China A50 Index 

Fundamental Analysis: 

On November 17, A-shares’ three major indices opened low.  

The Shanghai Composite Index remained weak in the morning session, while the Shenzhen Component Index and the ChiNext Index initially surged into the green but then entered a sideways trend, with mixed gains and losses. 

In terms of industry sectors, power equipment, auto parts, non-metallic materials, complete vehicles, and rubber products showed prominent gains.  

Declines were observed in the mining industry, insurance, banking, real estate development, and the coal industry.  

Themes like composite collection fluid, Chiplet concepts, elderly care, short interactive games, and PCB remained active. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) dropped by 0.16%, closing at 3,046.15 points. 
• Shenzhen Component Index (SZCOMP) rose by 0.04%, closing at 9,958.65 points. 
• ChiNext Index (CHINEXT) increased by 0.17%, closing at 1,981.55 points. 
• SSE STAR Market 50 Index (SSE50) rose by 0.06%, closing at 887.63 points. 

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