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U.S. Stocks Closed Lower For A Second Straight Session, H.K. Opened Lower Collectively

U.S. Stocks 

Fundamental Analysis: 

U.S. stocks closed lower for a second straight session on Tuesday, 1st November 2022, after data showed the labor market remained strong, dimming hopes that the Federal Reserve might have enough reason to start reducing the size of its rate hikes.

A survey showed an unexpected increase in U.S. job openings in September, suggesting demand for labor remains strong even as the Federal Reserve takes an aggressive path of rate hikes to reduce stubbornly high inflation.

The market has been closely watching labor market data for any signs of job market weakness, as falling wage pressures and slower demand would help lower inflation, giving the Fed ammunition to start slowing down and raise rates by just 50 basis points in December.

Expectations that the Fed may have enough reason to start slowing in December are growing, in part because data showing a weaker economy and a better-than-expected period for corporate earnings helped stocks rally in October, with the Dow posting its biggest monthly percentage gain since 1976.

The strong focus on labor market data overshadowed another report that showed U.S. manufacturing activity grew at its slowest pace in nearly two and a half years in October as rising interest rates cooled demand for goods and manufacturers faced less pricing pressure.

Large growth stocks such as Amazon and Apple, which have struggled since the Federal Reserve began raising interest rates, came under pressure again, plunging 5.52% and 1.755, respectively.

YouTubers surged 11.97% after the company gave an upbeat fourth-quarter profit forecast, which also boosted shares of its peer Rifle Car, which rose 3.48%.

Pfizer rose 3.14% after the company raised full-year sales estimates for its new crown vaccine, while Eli Lilly and Co. fell 2.63% after cutting profit estimates.

Technical Analysis:

(Dow 30, 1-hour chart) 

Execution Insight: 

The Dow focuses on the 32681-line today. If the Dow runs steadily above the 32681 -line, it will pay attention to the suppression strength of the 32975 and 33390 positions. If the Dow runs steadily below the 32681-line, it will pay attention to the support strength of the 32363 and 32038 positions.

Hong Kong Stocks 

Fundamental Analysis:

Affected by the fall in U.S. stocks overnight, Hong Kong stocks, which rebounded sharply yesterday, opened lower collectively.

The Hang Seng Index (HSI) was down 0.43%, the Hang Seng China Enterprises Index (HSCEI) down 0.64% and the Hang Seng TECH Index (HSTECH) down 0.89%.

On the market, large technology stocks generally opened lower, Baidu, Inc. (9888.HK) fell 2.66%,, Inc. (9618.HK), Alibaba Group Holding Limited (9988.HK), Xiaomi Corporation (1810.HK) and Kuaishou Technology (1024.HK) all fell more than 1%.

Most of the auto stocks sank, October deliveries fell 49.7% year-on-year, XPeng Inc. (9868.HK) plunged nearly 8%, NIO Inc. (9866.HK) fell nearly 6%.

Sporting goods stocks, biotechnology stocks, aviation stocks, semiconductor stocks were lower.

On the other hand, a new round of private housing enterprises to increase the credit of the debt issuance project is advancing, the domestic housing stocks and property management stocks partly rose significantly, restaurant stocks continued yesterday’s gains. 

Technical Analysis: 

(HK50, 1-hour chart) 

Execution Insight: 

HK50 focuses on the 15136-line today. If HK50 can run stably above the 15136-line, then pay attention to the suppression strength of the 15995 and 16964 positions. If the HK50 runs below the 15136-line, then pay attention to the support strength of the 14309 and 13611 positions.

FTSE China A50 Index 

Technical Analysis: 

(FTSE China A50, 1-hour chart) 

Execution Insight: 

FTSE China A50 pays attention to the 11220-line today. If the A50 runs steadily below the 11220-line, pay attention to the support strength of the two positions of 10989 and 10750. If the A50 runs above the 11220-line, it will open up further upward space. At that time, pay attention to the two positions of 11665 and 11955.

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