
On Thursday, US stocks closed mixed. The Dow fell for a fourth consecutive day, while the S&P 500 rebounded after three days of losses.
Tesla’s shares soared by 22% following its earnings report, marking the stock’s best single-day performance since 2013. Investors remain focused on the US presidential election, earnings season, and the Federal Reserve’s rate-cut outlook.
US economic data released on Thursday was mixed: initial jobless claims unexpectedly fell last week, but continuing claims in mid-October rose to a nearly three-year high, indicating that it’s becoming harder for the unemployed to find new jobs.
The market’s expectations for further Fed rate cuts have been steadily declining, with several Fed officials recently signaling a cautious stance on the pace of future rate reductions.
Rob Haworth, Senior Investment Strategist at U.S. Bank Asset Management, commented, “Market pressure is coming from interest rates, which has indeed dampened enthusiasm in equities, and there hasn’t been enough significant earnings news to push the market to new highs… We’re not seeing the broad momentum we saw before.”
The upcoming US election and geopolitical tensions are also weighing on investor sentiment. Robin Vince, CEO of BNY Mellon, noted that clients are waiting for greater clarity before making major decisions. In the race for the presidency, Democratic VP candidate Harris and former President Trump are currently in a tight contest.
In individual stocks, Tesla surged 21.92% to close at $260.48 per share after reporting better-than-expected third-quarter results, adding roughly $150 billion in market value. Tesla CEO Elon Musk’s net worth also increased by over $26 billion. During the earnings call, Musk projected a 20-30% increase in sales next year, with mass production of the Cybertruck expected by 2026.
Meanwhile, Dow component IBM dropped over 6% after its consulting division’s Q3 revenue came in slightly below analyst expectations. Boeing also weighed on the Dow, closing down more than 1% amid ongoing worker strikes, which complicates the company’s efforts to stabilize its operations.
US Stocks
Fundamental Analysis:
Most major tech stocks advanced, with Tesla soaring nearly 22% for its best single-day gain since May 2013. Nvidia, Netflix, Microsoft, Meta, and Amazon posted modest gains, while IBM declined over 6%. UPS rose over 5% after reporting Q3 non-GAAP diluted EPS of $1.76, a 12.1% increase from the previous year.
Chinese ADRs mostly declined, with the Nasdaq Golden Dragon China Index down 0.82%. XPeng fell over 6%, NIO dropped more than 4%, Bilibili declined over 2%, and JD.com, Alibaba, NetEase, and Tencent Music fell more than 1%. Li Auto rose over 1%.
Technical Analysis:

Market Trends:
- Dow: Down 140.59 points (-0.33%) at 42,374.36
- Nasdaq: Up 138.83 points (+0.76%) at 18,415.49
- S&P 500: Up 12.44 points (+0.21%) at 5,809.86
Hong Kong Stock Market
Fundamental Analysis:
Hong Kong’s three major indexes opened higher and gained throughout the day. Tech stocks rose broadly, with Xiaomi up over 3%, Alibaba up over 2%, and JD.com up over 1%. Solar stocks surged, with Flat Glass Group jumping over 23%. Lithium stocks also gained, with Tianqi Lithium and Ganfeng Lithium both up more than 10%.
Pharmaceutical outsourcing stocks rallied, led by Tigermed, which gained over 10%. The National Medical Products Administration announced that starting November 1, 2024, priority review and fast-track approval will be provided for innovative drugs and other qualified applications.

Technical Analysis:
- Hang Seng Index: Up 1.13% to 20,720.60
- Hang Seng Tech Index: Up 1.85% to 4,567.06
- China Enterprises Index: Up 1.03% to 7,435.12
FTSE China A50 Index
Fundamental Analysis:
China’s A-shares opened higher on Thursday, with all three major indexes rising by midday. The total market turnover reached 1.12 trillion yuan, up by 89.7 billion yuan from the previous day, with more than 4,600 stocks gaining.
Renewable energy sectors such as solar equipment, solid-state batteries, and wind power led the gains, while insurance and banking stocks saw slight declines.
Beijing Stock Exchange stocks remained active, with over 10 stocks up by 30%, pushing the BSE 50 Index up over 8% to a new high. In the solar sector, TCL Zhonghuan, GCL Integration, Tongwei, and LONGi Green Energy all hit their daily limit.
Technical Analysis:

Market Trends:
- Shanghai Composite Index: Up 0.82% to 3,307.14
- Shenzhen Component Index: Up 2.10% to 10,661.05
- ChiNext Index: Up 3.45% to 2,250.17
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