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U.S. Stocks Rise, Nasdaq Up 1.6% As Tech Sector Leads Gains

U.S. Stocks Mixed, Nasdaq Down 2%, Nvidia's 10% Plunge Drags Tech Lower

U.S. stocks ended higher on Tuesday, with the Nasdaq increasing by nearly 1.6% and major indices rising for the second consecutive trading day.  

Market attention this week is focused on numerous earnings reports, including those from several tech giants, as well as the March PCE inflation index.  

Tuesday’s release of a weak Manufacturing PMI index led to market optimism that it might prompt the Federal Reserve to accelerate rate cuts. 

Earnings reports are a focal point for investors this week, with about 180 S&P 500 companies, representing over 40% of the index’s market value, scheduled to announce their results. 

Citigroup strategists Mihir Tirodkar and Beata Manthey noted, “We remain focused on this earnings season, which could refocus investors on solid fundamentals. We view the recent pullback as a buying opportunity.” 

U.S. Stocks

Fundamental Analysis: 

Major tech stocks broadly rose, with Netflix surging over 4%, Nvidia over 3%, and Meta over 2%. Microsoft, Google, Amazon, and Apple each saw gains of over 1%.  

Despite reporting first-quarter revenue and operating profit below expectations, Tesla’s stock rose sharply by 10% in after-hours trading, buoyed by the company’s announcement of plans to accelerate the rollout of more affordable models. 

Popular Chinese concept stocks also advanced, with the Nasdaq Golden Dragon China Index up 1.96%.  

Futu Holdings soared over 11%, iQIYI over 6%, Tencent Music over 4%, with significant gains in Pinduoduo,

Technical Analysis: 

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Nasdaq up 245.34 points, an increase of 1.59%, closing at 15,696.64. 
  • Dow up 263.71 points, an increase of 0.69%, to 38,503.69. 
  • S&P 500 up 59.95 points, an increase of 1.20%, to 5,070.55. 

Hong Kong Stock Market

Fundamental Analysis: 

Hong Kong’s three major indices continued their upward trend for the third consecutive day.  

The tech sector saw substantial gains, with Bilibili rising nearly 7%, Alibaba and over 3%, and Xiaomi and Meituan over 2%.  

The gold sector warmed up with Zijin Mining up over 4%, and insurance stocks like China Life Insurance nearly 4%.  

Semiconductor stocks across the board also rose, with Shanghai Fudan leading with a gain of over 6%.  

The SaaS concept stock, Weimob Group, led with a surge of over 11%. 

Tech stocks continued to surge, with Alibaba and increasing by over 3%, and Xiaomi, Meituan, and Tencent each rising over 2%.  

In recent news, the China Securities Regulatory Commission introduced five measures favorable to Hong Kong, supporting the performance of Hong Kong stocks.  

Analysts say that major stocks like Tencent and Meituan could benefit as Renminbi-denominated stocks are included in the Hong Kong Stock Connect, likely attracting more investment from mainland retail investors and capital. 

Technical Analysis: 

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index (HSI) up 1.67%, closing at 17,110.21. 
  • Hang Seng Tech Index (HSTECH) up 2.62%, to 3,539.38. 
  • Hang Seng China Enterprises Index (HSCEI.) up 1.80%, to 6,061.79. 

FTSE China A50 Index

Fundamental Analysis: 

China’s A-share major indices showed mixed performance in the morning session, with more stocks rising than falling, totaling over 3,700 gainers.  

In terms of sectors, the defense and information technology sector saw significant gains.  

Xingtu Science and Guangha Communications both hit the daily trading limit of a 20 cm rise, while O-Net Communications, Sichuan Creation Electronics, and Aerospace Changfeng also reached trading halts during the session.  

The education sector also performed well, with Kaiyuan Education hitting the daily limit of 20 cm. The spatial computing concept strengthened, with Tianrun Technology surging over 20%.  

The new urbanization concept was active, with Jianyan Design and Tendering Shares hitting the 20 cm daily limit, and Zhong She Holdings and Zhongheng Design also reaching mid-session trading halts. 

Technical Analysis:  

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index (SHCOMP) up 0.33%, to 3,031.96. 
  • Shenzhen Component Index (SZCOMP) down 0.39%, to 9,182.75. 
  • ChiNext Index (CHINEXT) down 0.09%, to 1,751.56. 
  • SSE Sci-Tech Innovation 50 Index up 0.67%, to 732.76. 

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