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US Stocks Mixed, Nvidia Surges Nearly 7%


US Stocks Mixed, Nvidia Surges Nearly 7%

US stocks closed mixed on Tuesday. Nvidia rebounded sharply after three consecutive days of losses. Investors are monitoring recent sector rotations.

Fed Governor Bowman indicated that inflation poses upside risks and it’s too early to consider rate cuts. Fed Governor Cook suggested that job growth might be overstated and expects inflation to cool more rapidly next year.

Boosted by Nvidia’s surge, the Nasdaq and S&P 500 indices ended their three-day losing streak. Nvidia, an AI favorite, fell deeper into correction territory with a 16% drop from last week’s record high. Other semiconductor stocks, including AMD, Qualcomm, and Broadcom, also faced pressure on Monday.

Hargreaves Lansdown equity analyst Derren Nathan stated, “From a 12-month perspective, Nvidia’s stock is still up 190%, so it’s not surprising to see some investors locking in profits.”

US Stocks

Fundamental Analysis: 

Large-cap tech stocks mostly rose, with Nvidia up nearly 7%, breaking a three-day losing streak. Google, Meta, and Tesla gained over 2%, while Microsoft, Apple, and Amazon posted modest gains, with Google and Microsoft hitting record closing highs.

Semiconductors, automakers, and travel services led gains, with Carnival Cruise surging over 8%, Arm up 6%, Norwegian Cruise Line up 5%, KLA and Toyota up over 3%, and ASML and Micron up over 2%.

Most popular Chinese stocks fell, with the Nasdaq Golden Dragon China Index down 1.29%. Vipshop dropped over 3%, Bilibili, JD.com, Futu Holdings, and Weibo fell over 2%, while Nio, Full Truck Alliance, Alibaba, and Pinduoduo declined over 1%.

Baidu saw a slight drop, while NetEase rose over 2%, iQiyi over 1%, and Li Auto, XPeng, and Tencent Music posted modest gains.

Technical Analysis: 

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Dow Jones: Down 299.05 points, or 0.76%, at 39,112.16
  • Nasdaq: Up 220.84 points, or 1.26%, at 17,717.65
  • S&P 500: Up 21.43 points, or 0.39%, at 5,469.30

Hong Kong Stock Market

 Fundamental Analysis: 

Hong Kong’s major indices opened lower but closed higher. Tech stocks had mixed performances, with JD.com down over 1%, Tencent and Meituan down over 0.5%, while Baidu and Alibaba edged higher.

Mobile game stocks were strong, led by NetEase’s over 4% gain. Lithium stocks surged, with Tianqi Lithium up over 13%. Food stocks were active, with Want Want China up over 8% post-earnings. Copper and gold stocks weakened, with China Nonferrous Mining down over 5% and Zhaojin Mining down nearly 4%.

Food stocks were particularly active, with Want Want China up over 8% following its earnings report. For the fiscal year ending March 31, 2024, the group reported revenue of RMB 23.586 billion, an increase of 2.9% year-on-year.

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index: Down 0.02%, at 18,069.75
  • Hang Seng Tech Index: Up 0.29%, at 3,665.90
  • Hang Seng China Enterprises Index: Up 0.01%, at 6,465.20

FTSE China A50 Index

Fundamental Analysis: 

China’s A-shares opened mixed, with AI language, PCB concepts, media, and solid-state battery stocks leading gains, while education, real estate development, and gold concepts led losses.

AI concept stocks led the morning gains, with Qitian Technology, Rongxin Culture, Zhangyue Technology, Huayang Lianzhong, and Xinyada hitting their daily limits. Kunlun Tech and Haitian Ruisheng rose over 5%.

Education stocks led the declines, with Offcn Education hitting the limit down, followed by Aulive Education and Beans Education.

Technical Analysis:  

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index: Down 0.32%, at 2,940.59
  • Shenzhen Component Index: Down 0.04%, at 8,846.73
  • ChiNext Index: Down 0.45%, at 1,707.71

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