Market Recap
US stocks closed higher on Monday, with all three major indices rising more than 1%, led by a strong rebound in Apple and other tech giants.
Market optimism grew on reports that the US government shutdown could soon end and that President Donald Trump had waived tariffs on dozens of imported goods, easing trade concerns.
White House National Economic Council Director Kevin Hassett told reporters the government shutdown, now in its 20th day, is “very likely to end sometime this week.”
Sentiment was also lifted by reports that Trump has exempted multiple products from retaliatory tariffs in recent weeks, signaling softer trade rhetoric.
Last week, Wall Street saw sharp swings but ended higher after Trump expressed optimism about a potential trade deal with China, and Treasury Secretary Bessent said tensions had “eased significantly,” with high-level talks expected soon.
US Stocks
Tech stocks surged, led by Apple +3.94%, which hit a record high. Other majors followed: Microsoft +0.63%, Alphabet +1.28%, Amazon +1.61%, Meta +2.13%, Tesla +1.85%, while NVIDIA −0.32% edged lower.
Chinese ADRs also rallied, with the Nasdaq Golden Dragon China Index +2.39%.
Top performers: Alibaba +3.84%, JD.com +2.09%, Pinduoduo +2.40%, NIO +4.59%, Xpeng +1.23%, Bilibili +1.85%, Baidu +1.76%, NetEase +3.13%, and Tencent Music +1.70%.
US Stocks Snapshot:
- Dow Jones +515.97 pts (+1.12%) to 46,706.58
- Nasdaq +310.57 pts (+1.37%) to 22,990.54
- S&P 500 +71.12 pts (+1.07%) to 6,735.13
Hong Kong Stocks
Hong Kong markets advanced across all major indices. Tech stocks led the rally: Bilibili +10%, Alibaba, Kuaishou, and Lenovo +3%, while NetEase +2%, and Tencent, Meituan, JD.com, and Baidu +1%.
Apple-related stocks surged, with Lens Technology +7%, following Apple’s record-breaking session.
According to Counterpoint Research, iPhone 17 sales in China and the US outperformed the iPhone 16 series by 14%, with the base model nearly doubling sales in China. Apple’s stock jumped nearly 4%, pushing its market cap to $3.89 trillion, making it the second-largest US company.
Semiconductor stocks also strengthened, with SMIC +6%, boosted by a global memory chip rally. DDR4 memory prices have more than doubled, with 16GB modules exceeding ¥500, turning them into what many traders jokingly call “the best investment of 2025.” Analysts said the surge in global storage prices presents a major opportunity for Chinese chipmakers.
Market Snapshot:
- Hang Seng Index +1.65% to 26,286.47
- Hang Seng Tech Index +2.60% to 6,087.53
- China Enterprises Index +1.79% to 9,397.97
A50 Index
Mainland Chinese stocks gained strongly across the board. By midday: Shanghai Composite +1.2%, Shenzhen Component +1.97%, ChiNext +2.92%, and Beijing 50 +1.63%.
Turnover across Shanghai, Shenzhen, and Beijing reached 1.16 trillion yuan, with more than 4,500 stocks advancing.
Leading sectors: combustible ice, lab-grown diamonds, construction machinery, real estate, CPOs, memory chips, and Apple-related plays.
Lagging sectors: coal, gas utilities, and airlines.
Market Snapshot:
- Shanghai Composite +1.2% to 3,910.13
- Shenzhen Component +1.97% to 13,065.58
- ChiNext +2.92% to 3,080.79
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