On Wednesday, U.S. stocks closed higher, led by the technology sector. 

NVIDIA set a new historical high for the third consecutive trading day, approaching the market value of Amazon.  

Apple faced its third downgrade in two weeks.  

The U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs. 

Investors awaited the upcoming inflation data and earnings reports. 

Apple gained 0.57%. In the last two weeks, its stock rating was downgraded for the third time.  

On Wednesday, Redburn analysts downgraded Apple to a neutral rating with a target price of $200. This marks the third downgrade for Apple this year, following recent downgrades by Barclays and Piper Sandler. 

Emily Roland, Co-Chief Investment Strategist at John Hancock Investment Management, expressed, “It feels like we attended a ‘Fed Pivot’ party at the end of the year and are now experiencing the hangover.” 

U.S. Stocks

Fundamental Analysis: 

Large-cap tech stocks mostly rose, with Meta up over 3%, NVIDIA up over 2%, setting a new historical high for the third consecutive day, and Amazon up over 1%.  

Social media and robotics sectors led the gains, with Intuitive Surgical up over 10% and Snap up nearly 2%.  

Energy, materials, and lithium battery sectors declined, with Chilean Mining and Chemicals falling over 4%, Plug Power down over 3%, and ExxonMobil and Chevron dropping nearly 1%. 

In the realm of Chinese concept stocks, there was a widespread decline.  

The Nasdaq Golden Dragon China Index dropped by 0.70%. Ideanomics saw a decline of over 2%, while NIO dropped by nearly 2%.  

iQiyi, XPeng Motors, Futu Holdings, Pinduoduo, Alibaba, Weibo, Bilibili, NetEase, Manbang Group, Baidu, and JD.com all experienced minor decreases. Tencent Music and Vipshop Holdings, however, saw gains of over 2%. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones gained 170.57 points, a 0.45% increase, closing at 37,695.73 points. 
• Nasdaq rose 111.94 points, a 0.75% increase, closing at 14,969.65 points. 
• S&P 500 Index increased by 26.95 points, a 0.57% rise, closing at 4,783.45 points. 

Hong Kong Stock Market

Fundamental Analysis: 

On the Hong Kong Stock Exchange, all three major indices opened higher and maintained upward momentum.  

Core technology stocks saw widespread gains, with Meituan rising nearly 4%, Alibaba and Tencent up over 2%, and JD.com rising nearly 2%.  

Pharmaceutical outsourcing stocks surged, with WuXi Biologics up over 8%. 

Electric vehicle newcomers rebounded, with BYD and XPeng rising over 3%. 

Bitcoin-related stocks showed significant gains, with BC Technology rising over 11%. Gaming, coal, and catering sectors faced notable declines. 

Meanwhile, Internet-related stocks showed a general upward trend, with Meituan experiencing a nearly 4% increase.  

On the news front, Meituan invested approximately HKD 400 million to repurchase 5.629 million shares on January 10th.  

Additionally, Meituan’s market share in Hong Kong for December increased to 37%, with Foodpanda at 42% in the top spot and Deliveroo holding a 20% market share in the third position. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) increased by 1.51%, closing at 16,339.83 points. 
• Hang Seng Tech Index (HSTECH) rose 1.83%, closing at 3,490.78 points. 
• Hang Seng China Enterprises Index (HSCEI.) gained 1.52%, closing at 5,503.40 points. 

FTSE China A50 Index

Fundamental Analysis: 

A-shares’ three major indices experienced mixed movements at the opening, with the Shanghai Composite Index fluctuating weakly initially, rebounding and entering a sideways trend after 10 a.m.  

The Shenzhen Component and ChiNext Index rose after an initial high, with ChiNext gaining over 1%. 

Analyzing different sectors, we observe positive trends in education, software development, computer equipment, internet services, gaming, and telecommunication services, where gains are prominent.  

On the contrary, sectors such as precious metals, coal industry, tourism and hospitality, pharmaceutical business, insurance, beauty, and healthcare face notable declines. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) rose 0.1%, closing at 2,880.52 points. 
• Shenzhen Component Index (SZCOMP) increased by 0.73%, closing at 8,988.21 points. 
• ChiNext Index (CHINEXT) rose 1.03%, closing at 1,761.21 points. 
• SSE STAR Market 50 Index (SSE50) gained 0.64%, closing at 782.13 points. 

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