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U.S. Stocks End Lower, Dow Jones Falls Over 230 Points, Tesla Drops Over 3%


The U.S. stock market closed with losses on Thursday as the Dow Jones Industrial Average tumbled over 230 points, ending its impressive 14-day winning streak.  

Concerns over soaring yields of 10-year and 30-year U.S. Treasury bonds, which crossed the 4% mark, coupled with unexpectedly robust GDP data, intensified concerns about the Federal Reserve’s need to maintain higher interest rates for an extended period to curb inflation. 

U.S. Stocks 

Fundamental Analysis: 

Most major tech stocks experienced declines, with Tesla leading the losses by falling more than 3%. Netflix and Microsoft were also down by over 2%, while Apple saw a marginal dip.  

In contrast, Meta Platforms surged more than 4%, marking its largest three-month gain. Google and Amazon saw modest gains.  

On the other hand, semiconductor stocks defied the trend, with Micron Technology, STMicroelectronics, and Applied Materials rising over 5%, and ASML and NVIDIA also posting gains. 

Regarding earnings reports, Intel exceeded expectations with second-quarter revenue and third-quarter performance, resulting in an impressive after-hours stock price surge of over 8%. 

In summary, Dow Jones failed to sustain its 13-day winning streak. 

Technical Analysis:    

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • The Dow Jones Industrial Average declined by 237.40 points or 0.67%, closing at 35,282.72 points. 
  • The Nasdaq Composite decreased by 77.17 points or 0.55%, closing at 14,050.11 points. 
  • The S&P 500 Index decreased by 29.34 points or 0.64%, closing at 4,537.41 points. 

Hong Kong Stocks 

Fundamental Analysis: 

The Hong Kong stock market saw a mixed performance, with some sectors like Chinese brokerages, insurance, Tencent-related concepts, biotechnology, Xiaomi-related concepts, and elderly care concepts registering significant gains.  

On the other hand, sectors such as electricity, new energy vehicles, wind power, solar energy, lithium batteries, and gold experienced declines.  

Among the large tech stocks in Hong Kong, Alibaba Group Holding Limited (9988.HK), Tencent Holdings Limited (0700.HK), JD.com, Inc. (9618.HK), Xiaomi Corporation (1810.HK), NetEase, Inc. (9999.HK), Meituan (3690.HK), Kuaishou Technology (1024.HK), and Bilibili Inc. (9626.HK) saw varied gains.  

East Buy Holding Limited (1797.HK) experienced a remarkable surge of over 12%, while New Oriental Education & Technology Group Inc. (9901.HK) achieved a more than 5% gain, reaching a two-year high due to better-than-expected quarterly revenue and an announcement of their entry into the cultural and tourism market. 

Technical Analysis: 

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • The Hang Seng Index increased by 0.89%, closing at 19,814.76 points. 
  • The Hang Seng Tech Index increased by 2.16%, closing at 4,434.93 points. 
  • The Hang Seng China Enterprises Index increased by 1.53%, closing at 6,772.58 points. 
  • The Red-chip Index increased by 0.87%, closing at 3,836.66 points. 

FTSE China A50 Index 

Fundamental Analysis: 

A-shares opened slightly lower today and experienced market volatility and consolidation in the first half-hour. Later, the brokerage sector gained momentum, leading to a turnaround, and A-shares rapidly expanded their gains, with all three major indexes surging over 1%.  

The total trading volume in the Shanghai and Shenzhen stock markets reached 5203.5 billion yuan, and the net inflow of northbound funds amounted to 7.114 billion yuan. 30 stocks rose to their daily limit (including ST stocks), while no stocks reached their downside limit. 

In terms of industry sectors, securities, diversified financials, insurance, automotive manufacturing, and banking performed well, while shipbuilding, engineering consulting services, precious metals, electrical machinery, and aerospace fell.  

Regarding themes, the brokerage concept, participation in futures, internet finance, cross-border payments, and investment in brokerages exhibited active performance. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • The Shanghai Composite Index increased by 1.38%, closing at 3,261.20 points. 
  • The Shenzhen Component Index increased by 1.38%, closing at 11,074.50 points. 
  • The ChiNext Index increased by 1.38%, closing at 2,214.26 points. 
  • SSE Star 50 Index (STAR50) increased by 0.8%, closing at 959.89 points. 

Forward-looking Statements    
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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.    

 
Disclaimer    
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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