On Wednesday, the U.S. stocks market saw Microsoft reaching new intraday and closing highs.  

The market remains focused on assessing Nvidia’s financial report and the Federal Reserve’s policy trajectory.  

Last week, initial jobless claims in the U.S. were lower than expected, but October’s durable goods orders witnessed the largest decline in two years. 

Market scrutiny persists on the Federal Reserve’s monetary policy stance.  

Minutes from the November monetary policy meeting hinted at the continuation of restrictive monetary policies without immediate signs of an interest rate cut. 

The minutes revealed consensus among policymakers to exercise caution in future rate adjustments, pegging further tightening of policy to progress in achieving inflation goals. 

Presently, the interest rate futures market indicates the Fed is unlikely to raise rates again and anticipates a potential 90 basis point cut by 2024, with a 30% probability of a rate cut as early as March next year. 

U.S. Stocks

Fundamental Analysis: 

In the U.S. stock market, major tech stocks mostly rose, with Microsoft hitting over a 1% increase and achieving a record closing high.  

Amazon, Google, and Meta saw increases of over 1%. However, Nvidia and Tesla went against the trend, dropping over 2%, with the latter ending its three-day upward trend.  

Computer hardware, aviation services, and social media sectors surged, with Snap and HP rising over 2%, while Dell Technologies and Western Digital increased over 1%.  

Conversely, charging piles, oil and gas, and non-ferrous metal sectors dipped, with British Petroleum dropping over 2% and Southern Copper and TotalEnergies falling over 1%. 

In the popular Chinese concept stock market, the Nasdaq Golden Dragon China Index rose by 0.48%.  

Baidu surged over 5%, Vipshop soared over 2%, Weibo climbed over 1%, while JD.com, NetEase, XPeng Motors, Pinduoduo, and Alibaba saw slight gains.  

However, Manbang Group fell over 3%, Tencent Music declined over 2%, and Futu Holdings and Bilibili dropped over 1%. NIO, Li Auto, and iQIYI saw slight decreases. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones Industrial Average rose by 184.74 points, a 0.53% increase, closing at 35,273.03. 
• Nasdaq Composite Index increased by 65.88 points, or 0.46%, closing at 14,265.86. 
• S&P 500 Index rose by 18.43 points, or 0.41%, ending at 4,556.62. 

Hong Kong Stocks

In the Hong Kong stock market, the three major indices showed varied movements.  

Core technology stocks experienced mixed performance, with Baidu rising over 5%, JD.com nearly 1% up, Tencent following the trend, while NetEase declined by over 1%, and Meituan and Alibaba followed suit. 

Property stocks collectively surged, with Sunac China Holdings soaring by over 55%.  

Shenzhen has adjusted the minimum down payment ratio for second homes from the previous 70% for regular homes and 80% for non-regular homes to a unified 40%.  

Additionally, media reports suggest Country Garden and Greentown China have been selected in the list of 50 real estate companies being drafted by Chinese financial regulatory authorities. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) declined by 0.37%, closing at 17,669.84. 
• Hang Seng Tech Index (HSTECH) increased by 0.52%, closing at 4,050.73. 
• Hang Seng China Enterprises Index (HSCEI) rose by 0.02%, closing at 6,075.83. 

FTSE China A50 Index 

Fundamental Analysis: 

All three indices in the A-share market opened lower, experienced initial declines, and then showed slight differentiation.  

Both the Shanghai and Shenzhen Composite Indices turned green, while the ChiNext Index remained flat.  

On the other hand, the CSI 50 Index exhibited a roller-coaster market, initially soaring by over 5%, then plummeting nearly 3%, and currently down by 0.58%. 

Industry-wise, the sectors of automobile services, complete vehicles, auto parts, transportation equipment, traditional Chinese medicine, and pharmaceuticals witnessed gains.  

Conversely, sectors like cultural media, education, precious metals, gaming, and tourism and hotels faced declines. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) increased by 0.17%, closing at 3,048.82. 
• Shenzhen Component Index (SZCOMP) rose by 0.28%, closing at 9,883.08. 
• ChiNext Index (CHINEXT) dropped by 0.07%, closing at 1,948.67. 
• SSE STAR Market 50 Index (SSE50) rose by 0.12%, closing at 871.84. 

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