Dec 8 (Reuters) – Tesla Inc (TSLA.O) chief Elon Musk has roped in longtime executive and the company’s president in China, Tom Zhu, to help run the carmaker’s new plant in Austin, Texas, Bloomberg News reported late on Wednesday ...
Wall Street’s major indexes jumped more than 2% on Tuesday, with investors buying growth giants and energy stocks after stocks tumbled last week on fears the global economy is in recession.
The market generally rallied, with all 11 major sectors of the S&P 500 rising, after the benchmark posted its biggest weekly percentage loss since March 2020.
Investors are trying to assess how far stocks can fall and evaluate the risk the Fed’s aggressive rate hikes to curb high inflation could pose to the economy.
Earlier this month, the S&P 500 fell more than 20% from its all-time high touched in January, confirming a bear market.
By the close of trading, the Dow Jones Industrial Average was up 641.47 points, or 2.15%, at 30,530.25, while the S&P 500 was up 89.95 points, or 2.45%, at 3,764.79. The Nasdaq was up 270.95 points, or 2.51%, at 11,069.30.
Energy stocks are the biggest gainer in the S&P 500 this year, jumping 5.1% after last week’s plunge. Every sector was up at least 1%. Giants such as Apple, Tesla and Microsoft all rose sharply, becoming the stocks that gave the S&P 500 the biggest boost. Apple rose 3.3 percent, Tesla Inc. jumped 9.4 percent and Microsoft rose 2.5 percent.
(Dow 30, 1-hour chart)
The Dow focuses on the 30608-line today. If the Dow runs steadily below the 30608-line, it will pay attention to the support strength of the two positions of 30083 and 29767. If the Dow runs steadily above the 30608-line, it will pay attention to the suppression strength of the two positions of 31000 and 31291.
Hong Kong Stocks
Hong Kong stocks opened lower, with the Hang Seng Index (HSI) down 0.42%, the Hang Seng China Enterprises Index (HSCEI) down 0.56% and the Hang Seng TECH Index (HSTECH) down 0.48%.
On the disk, Chinese concept stocks performed well overnight, and Chinese concept stocks returned to Hong Kong generally opened higher. GDS Holdings Limited (9698.HK), NIO Inc. (9866.HK), and eiGene, Ltd. (6160.HK) all rose by more than 3%, and Baidu, Inc. (9888.HK) and NetEase, Inc. (9999.HK) all rose.
Pork concept stocks and shipping stocks rose higher, WH Group Limited (0288.HK) opened nearly 4% higher. Meanwhile, sporting goods stocks, power stocks, dairy products stocks, and mobile phone concept stocks all rose.
On the other hand, Internet medical stocks all fell, and gas stocks, insurance stocks, banking stocks, and property management stocks generally fell. New energy vehicle stocks rose, Li Auto Inc. (2015.HK) rose more than 4%, NIO Inc. (9866.HK) rose 3.6%, and XPeng Inc. (9868.HK) rose nearly 3%.
JD Health International Inc. (6618.HK) fell by more than 4%, and Alibaba Health Information Technology Limited (0241.HK) fell by nearly 3%. Mega Genomics Limited (6667.HK) opened more than 8% higher on its first day of listing. It is reported that Mega Genomics is a leading genetic testing platform company in China, focusing on consumer-grade genetic testing and cancer screening services.
According to Frost & Sullivan, the company is the largest consumer-grade genetic testing platform in China. In terms of the number of tests that have been carried out, the company’s market share exceeds 60%. In terms of revenue in the same year, the company’s market share is 34.2%, ranking first in China.
(HK50, 1-hour chart)
HK50 focuses on the 20614-line today. If HK50 can run stably above the 20614-line, then pay attention to the suppression strength of the 21450 and 22127 positions. If the HK50 runs below the 20614-line, then pay attention to the support strength of the 19517 and 18606 positions.
FTSE China A50 Index
(FTSE China A50, 1-hour chart)
FTSE China A50 focuses on the 14352-line today. If the A50 runs steadily below the 14352-line, it will pay attention to the support strength of the two positions of 13970 and 13544. If the A50 runs above the 14352-line, it will open up further upward space. At that time, pay attention to the two positions of 14695 and 14985.
Trading in financial instruments involves high risks due to the fluctuation in the value and prices of the underlying financial instruments. Due to the adverse and unpredictable market movements, large losses exceeding the investor’s initial investment could incur within a short period of time. The past performance of a financial instrument is not an indication of its future performance. Investments in certain services should be made on margin or leverage, where relatively small movements in trading prices may have a disproportionately large impact on the client’s investment and client should therefore be prepared to suffer significant losses when using such trading facilities.
Please make sure you read and fully understand the trading risks of the respective financial instrument before engaging in any transaction with Doo Prime’s trading platforms. You should seek independent professional advice if you do not understand the any of the risks disclosed by us herein or any risk associated with the trade and investment of financial instruments. Please refer to Doo Prime’s Client Agreement and Risk Disclosure Statement to find out more.
This information is addressed to the general public solely for information purposes and should not be taken as investment advice, recommendation, offer, or solicitation to buy or sell any financial instrument. The information displayed herein has been prepared without any reference or consideration to any particular recipient’s investment objectives or financial situation. Any references to the past performance of a financial instrument, index, or a packaged investment product shall not be taken as a reliable indicator of its future performance. Doo Prime and its holding company, affiliates, subsidiaries, associated companies, partners and their respective employees, as well as managers, make no representation or warranties to the information displayed and Doo Prime and its holding company, affiliates, subsidiaries, associated companies, partners and their respective employees, as well as managers, shall not be liable for any direct, indirect, special or consequential loss or damages incurred a result of any inaccuracies or incompleteness of the information provided. Doo Prime and its holding company, affiliates, subsidiaries, associated companies, partners and their respective employees, as well as managers, shall not be liable for any direct, indirect, special or consequential loss or damages incurred as a result of any direct or indirect trading risks, profit, or loss arising from any individual’s or client’s investment.