Search Mark
Home / Global Stock Markets

U.S. Stocks Close Higher; Tech Stocks Mostly Up

U.S. Stocks Close Higher; Tech Stocks Mostly Up

U.S. stocks ended higher on Thursday, with the Dow marking its seventh consecutive day of gains.

Investors continued to focus on the latest U.S. corporate earnings and the Federal Reserve’s potential rate cuts.

Last week’s initial jobless claims in the U.S. hit a new high since August 2023. The San Francisco Fed President mentioned that if the job market worsens, the Fed would consider cutting rates.

Investors are keeping an eye on the latest earnings reports. Warner Bros. Discovery reported revenues and profits below expectations.

Semiconductor company Arm gave disappointing revenue guidance. Airbnb’s stock tumbled after the company reported strong first-quarter earnings but provided a weak future earnings outlook.

Blackstone President Jon Gray predicted that the Fed might cut rates only once this year.

He stated, “Stubborn inflation is putting pressure on the Fed’s ability to ease monetary policy, leading to slower economic growth. We believe economic growth is slowing. The central bank will be cautious in cutting rates, as they do not want to see inflation rise. The Fed will be patient, and they are likely to cut rates only once this year.”

U.S. Stocks

Fundamental Analysis: 

Most major tech stocks rose, with Amazon up nearly 1%, reaching a record high; Apple up 1%, and Meta, Google, Microsoft, Intel, and Netflix slightly up; Tesla and Nvidia fell more than 1%.

Other stocks include Trump Media & Technology Group (DJT), which soared more than 10%, reaching a new closing high since April.

CAD software, EDA software, and SIP supplier SVCO’s U.S. IPO surged over 4% on its first day, peaking at around 14%.

Popular Chinese stocks were mostly up, with the Nasdaq Golden Dragon China Index up 1.64%.

XPeng Motors rose over 3%, Bilibili, Weibo, and Nio up over 2%, NetEase,, Alibaba, Futu Holdings, Baidu, and Li Auto up over 1%, Tencent Music, iQiyi, and Full Truck Alliance slightly up. Pinduoduo fell 2%, and Vipshop slightly down.

Technical Analysis: 

(S&P 500 Index, 1-day chart) 

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Nasdaq rose by 43.51 points, up 0.27%, to 16,346.27.
  • The Dow Jones increased by 331.37 points, up 0.85%, to 39,387.76.
  • The S&P 500 rose by 26.41 points, up 0.51%, to 5,214.08.

Hong Kong Stock Market

Fundamental Analysis: 

Hong Kong’s major indices were mixed. Tech stocks were divided, with Alibaba up over 1%, while NetEase and Baidu fell over 1%.

Anticipated cuts in the dividend tax for Stock Connect boosted coal, telecom, and banking stocks; China Shenhua rose over 5%, and the three major telecom operators all rose about 4%.

Insurance stocks also saw significant gains, with China Pacific Insurance up over 8%.

Car stocks were mostly down, with Li Auto and Nio falling over 3%.

According to Bloomberg, the Biden administration is set to announce a comprehensive decision on tariffs on China as soon as next week. The new targeted tariffs will apply to Chinese electric vehicles, batteries, and solar equipment, while rejecting the comprehensive tariffs proposed during the Trump administration. This decision is the final outcome of a review of the “Section 301” tariffs first imposed during Trump’s term.

Technical Analysis: 

(Hang Seng Index, 1-day chart) 

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index rose 1.74%, to 18,859.60.
  • The Hang Seng Tech Index fell 0.28%, to 3,936.30.
  • The Hang Seng China Enterprises Index was up 1.80%, to 6,679.00.

FTSE China A50 Index

China’s main indices were mixed in the morning session, with the ChiNext Index leading the declines, down 1.16%. The power and plant-based meat sectors were strong against the trend.

Sector-wise, the plant-based meat sector surged, with Snow Mushroom, Double Tower Food, and Sobao Protein all hitting the upper limit. Power stocks were volatile but strong, with Xichang Electric, Ganergy, and Leshan Electric hitting the upper limit.

The ultra-high voltage and power grid sectors were active, with Electric Scientific, Ji Cheng Electronics, and Far East Shares hitting the upper limit.

The real estate sector surged mid-session, with Tian Di Source, South Property, and I Love My Home hitting the upper limit. On the downside, the semiconductor sector adjusted, with North Huachuang falling over 7%.

Technical Analysis:  

(SSE Composite Index, 1-day chart) 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite fell 0.22%, to 3,147.25.
  • The Shenzhen Component Index dropped 0.86%, to 9,703.68.
  • The ChiNext Index was down 1.16%, to 1,877.9.
  • The STAR 50 Index fell 1.8%, to 764.82.

Risk Disclosure
Trading in financial instruments involves high risks due to the fluctuation in the value and prices of the underlying financial instruments. Due to the adverse and unpredictable market movements, large losses exceeding the investor’s initial investment could incur within a short period of time. The past performance of a financial instrument is not an indication of its future performance. Investments in certain services should be made on margin or leverage, where relatively small movements in trading prices may have a disproportionately large impact on the client’s investment and the client should therefore be prepared to suffer significant losses when using such trading facilities.

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.

Share to

Global Stock Markets

Tech Surge Leads Nasdaq to Record High, Nvidia Soars Nearly 7%

Dow fell over 200 points, while the Nasdaq broke the 17,000 mark to reach a new all-time high. Nvidia's stock price surged past $1,100

2024-5-29 | Global Stock Markets

US Markets Closed for Memorial Day, Hong Kong Stocks Rise

Due to Memorial Day in the US and the Spring Bank Holiday in the UK, both markets are closed today. Hong Kong's three major indices rose collectively.

2024-5-28 | Global Stock Markets

US Stocks End Higher, Nvidia Continues Record Run

US stocks closed higher on Friday, with the Nasdaq reaching a record high. Both the S&P 500 and the Nasdaq marked their fifth consecutive week of gains.

2024-5-27 | Global Stock Markets