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U.S. Stocks Decline, Amazon Reports Over 5% After-Hours Gain

The three major U.S. stocks collectively declined on Thursday, with technology stocks leading the way.  

The Nasdaq extended its losses after entering a correction phase. The U.S. GDP grew by 4.9% in the third quarter, reaching a near two-year high. 

On Thursday, U.S. Treasury yields fell, with the 2-year Treasury yield dropping by 8.2 basis points to 5.039%.  

Bank of America suggests that rising interest rates may exacerbate the U.S. government deficit, potentially leading to a historic high in U.S. debt issuance in 2024, indicating that there might be further room for U.S. Treasury yield increases. 

U.S. Stocks 

Fundamental Analysis: 

Large-cap tech stocks saw declines, with NVIDIA, Microsoft, Meta, and Tesla falling by over 3%, and Apple and Google dropping by over 2%. 

Computer hardware and data computing sectors had the most significant declines, with Western Digital falling by over 9%, AMD by over 5%, and Sony, AMD, and Dell Technologies by over 2%. 

Real estate, renewable energy, and regional bank stocks performed well, with Eagle Bancorp surging over 13%, Sunrun over 9%, American Tower over 8%, and Volkswagen Bank nearly 8%. 

Amazon’s stock price rose after-hours trading, as its third-quarter sales exceeded expectations.  

However, Ford’s stock price declined by over 4% due to lower-than-expected adjusted earnings in the third quarter, leading the company to retract its full-year performance guidance. 

In the realm of popular Chinese concept stocks, most saw gains on Thursday, with the Nasdaq Golden Dragon Index rising by over 0.46%.  

XPeng Motors and both surged over 3%. During’s “Double 11” launch event, JD Retail CEO Xin Lijun expressed the company’s commitment to offering consumers a “truly affordable, buy-with-closed-eyes” shopping experience with sincere pricing, attractive products, and attentive service. 

Technical Analysis:   

U.S. stocks

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Dow Jones Industrial Average fell by 251.63 points, a decrease of 0.76%, closing at 32,784.30 points. 
  • Nasdaq Composite Index (Nasdaq) dropped 225.62 points, a decrease of 1.76%, closing at 12,595.61 points. 
  • S&P 500 Index declined by 49.54 points, a decrease of 1.18%, closing at 4,137.23 points. 

Hong Kong Stocks 

The three major Hong Kong stock indices opened higher on the day. 

In the market, tech stocks saw collective gains, with JD Group rising by nearly 3%, Bilibili and Alibaba increasing by approximately 1%. 

Automobile stocks showed widespread gains, with XPeng Motors, Li Auto, and NIO all surging by over 2%. 

Property stocks saw overall gains, with Sun Hung Kai Properties Group increasing by over 4%. 

Sports equipment stocks, however, continued to decline, with Li-Ning dropping by over 2%. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index (HSI) increased by 0.99%, closing at 17,213.89 points. 
  • Hang Seng Tech Index (HSTECH) rose by 1.35%, closing at 3,762.66 points. 
  • Hang Seng China Enterprises Index (HSCEI) went up by 0.93%, closing at 5,913.76 points. 

FTSE China A50 Index 

Fundamental Analysis: 

The A-share stock indices collectively opened lower but gradually turned positive, with the Shanghai Composite and the ChiNext Index both extending gains to 1%. 

In terms of industry sectors, jewelry, energy metals, batteries, automobiles, and medical services led in gains, while insurance, communication services, software development, communication equipment, and internet services had the most significant declines. 

Active themes included CRO, weight loss drugs, blade batteries, outdoor camping, dairy, innovative pharmaceuticals, and fluorine chemicals. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index (SHCOMP) increased by 0.35%, closing at 2,998.79 points. 
  • Shenzhen Component Index (SZCOMP) rose by 0.61%, closing at 9,672.45 points. 
  • ChiNext Index (CHINEXT) surged by 1.35%, closing at 1,901.25 points. 
  • SSE STAR Market 50 Index (SSE50) rose by 0.18%, closing at 850.82 points. 

Forward-looking Statements    
This article contains “forward-looking statements” and may be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “should”, or “will”, or other variations thereon or comparable terminology. However, the absence of such terminology does not mean that a statement is not forward-looking. In particular, statements about the expectations, beliefs, plans, objectives, assumptions, future events, or future performance of Doo Prime will be generally assumed as forward-looking statements.     

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.    

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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