On Wednesday, the U.S. stock market closed with mixed results, primarily driven by the rise in large tech stocks.  

The Nasdaq extended its winning streak to 9 days, while the S&P 500 recorded an 8-day winning streak, both setting their longest consecutive gains in two years.  However, the Dow Jones ended its 7-day winning streak.  

U.S. Treasury yields and WTI crude oil prices continued to decline.  

The market’s attention remained focused on corporate earnings and speeches by Federal Reserve Chairman Powell and other officials. 

Anthony Saglimbene, Chief Market Strategist at Ameriprise, commented, “The market is preparing for the Federal Reserve to stay put, and we may achieve a soft landing. In the past few months, the stock market has been oversold, and now we are finally seeing some rebound.” 

U.S. Treasury yields continued to decline, following a trend of several days. The yield on the 10-year U.S. Treasury bonds dropped by 6 basis points, falling to 4.511%, with an intraday low of 4.503%. 

U.S. Stock Market

Fundamental Analysis: 

Most large tech stocks rose, with NVIDIA gaining over 1%. Netflix, Microsoft, Google, and Meta saw modest increases, while Intel fell by more than 2%, and Tesla and Amazon saw slight declines.  

COVID-19-related stocks performed poorly, with Novavax Pharmaceuticals falling by around 4%, Moderna and Gilead Sciences dropping by over 3%, and BioNTech declining by over 2%. AstraZeneca had a minor decrease. 

WTI crude oil futures for December delivery on the New York Mercantile Exchange fell by $2.04, or 2.64%, closing at $75.33 per barrel. December natural gas futures closed down 1.08% at $3.106 per million British thermal units (MMBtu). 

Regarding Chinese concept stocks, Futu Holdings and Vipshop fell by over 2%, while JD.com and XPeng Motors dropped by more than 1%. Alibaba, Weibo, Baidu, and Full Truck Alliance saw slight declines. Tencent Music and Bilibili rose by over 1%, and iQiyi, Pinduoduo, NetEase, and NIO had minor gains. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones Industrial Average decreased by 40.33 points, a 0.12% increase, closing at 34,112.27 points. 
• Nasdaq Composite Index (Nasdaq) increased by 10.56 points, a 0.08% increase, closing at 13,650.41 points. 
• S&P 500 Index increased by 4.40 points, a 0.10% increase, closing at 4,382.78 points. 

Hong Kong Stock Market

On Wednesday, the three major Hong Kong stock indices had mixed results.  

In the market, core technology stocks showed divergence, with Netease, Kuaishou, and Xiaomi rising by over 1%, while Tencent Holdings and JD.com fell by more than 2%.  

Most auto stocks rose, with Ideal Automobile gaining over 3%.  

Real estate stocks generally saw a pullback, with China Evergrande falling by over 6%.  

Insurance stocks declined again, with China Ping An falling by over 1%.  

On the first day of listing, Celebration Group surged by over 98%. 

Coal stocks led in terms of gains, with Jinma Energy rising by over 6%. 

Guosheng Securities pointed out that with current negative expectations being refuted, coupled with expectations of winter storage, the momentum for the coking coal sector is strong, and prices are expected to return to early-year highs. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) decreased by 0.31%, closing at 17, 513.81 points. 
• Hang Seng Tech Index (HSTECH) increased by 0.03%, closing at 4,021.85 points. 
• Hang Seng China Enterprises Index (HSCEI) decreased by 0.23%, closing at 6,026.03 points. 

FTSE China A50 Index 

Fundamental Analysis: 

On November 9th, the A-shares market in China opened lower, experienced initial market volatility and rebounded. However, it later weakened and entered a volatile phase. 

Regarding industry sectors, the coal industry, photovoltaic equipment, electronic chemicals, non-metal materials, and the fertilizer industry led in gains, while cultural media, consumer electronics, traditional Chinese medicine, education, and gaming were among the sectors with the greatest declines.  

Themes such as lithium-ion batteries, TOPCon batteries, brain-machine interfaces, HIT batteries, superconductors, and photolithography (gel) were active. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) increased by 0.08%, closing at 3,054.68 points. 
• Shenzhen Component Index (SZCOMP) decreased by 0.08%, closing at 10,043.59 points. 
• ChiNext Index (CHINEXT) decreased by 0.05%, closing at 2,022.14 points. 
• SSE STAR Market 50 Index (SSE50) decreased by 0.39%, closing at 896.08 points.

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