Market Recap
On Thursday, US stocks extended their gains from Wednesday, with the Nasdaq closing at a new all-time high. Former President Trump clarified that the likelihood of firing Fed Chair Jerome Powell is “very low.” Investors are digesting earnings results from major banks. Meanwhile, US June PPI came in flat, falling short of expectations.
Trump announced on Wednesday that he plans to send tariff notices to over 150 countries — a move that underscores his continued push on trade policy and signals higher pressure on US trading partners.
“We will be sending payment notices to over 150 countries, each indicating specific tariff rates,” Trump said during a press briefing at the White House. “For these countries, the rates will be uniform.”
Vas Gkionakis, Senior Economist and Strategist at Aviva Investors, commented:
“So far, we haven’t seen significant transmission of tariffs into inflation data. That might still happen, but for now, we can only wait and see both the timing and scale.”
On the corporate front, Tesla shares rose more than 3% following reports that Tesla China will “reintroduce” the long-range version of the Model 3.
The vehicle is expected to be priced around ¥270,000 and could debut as early as September — potentially becoming Tesla’s longest-range model to date.
Global Markets | US Stocks
US Market Summary
Chip stocks were mostly lower, with ASML dropping over 8%.
Bank stocks were mixed:
- Goldman Sachs rose 0.9%
- Bank of America slipped 0.3%
- Morgan Stanley fell 1.3%
Most major Chinese companies listed in the US closed lower. The Nasdaq Golden Dragon China Index fell 1.41%.
- Baidu slid more than 7%
- JD.com and Alibaba each dropped over 1%
- Bilibili gained more than 1%
US Market – Technical Analysis
US Market Snapshot
- Dow Jones: +231.49 pts (+0.53%) to 44,254.78
- Nasdaq: +52.69 pts (+0.25%) to 20,730.49
- S&P 500: +19.94 pts (+0.32%) to 6,263.70
Hong Kong Stocks
All three major Hong Kong indexes closed higher. Tech stocks showed mixed performance:
- Bilibili surged over 4%
- Meituan rose more than 1%
- Baidu declined more than 3%
- Xiaomi dropped over 1%
The innovative drug sector remained strong, with stocks like Akeso and 3SBio hitting new highs.
Chip stocks were active — Chipalink Holdings gained over 4%.
Nvidia CEO Jensen Huang told media that the US government has approved the sale of H20 chips to China, and that shipments will begin soon.
Hong Kong Market – Technical Analysis
HK Market Snapshot
- Hang Seng Index: +0.07% to 24,534.84
- Hang Seng Tech Index: +0.29% to 5,434.21
- China Enterprises Index: +0.05% to 8,865.52
China A50 Market
The three major A-share indexes diverged:
- The Shanghai Composite moved sideways
- The Shenzhen Component and ChiNext Index rebounded after a weak open
By midday, combined turnover across the Shanghai and Shenzhen markets reached ¥898.8 billion.
Market momentum was scattered, with over 2,900 stocks advancing and fewer declining.
Sector Highlights:
- AI hardware stocks surged again, with companies like Accelink Technologies and Dongshan Precision hitting record highs
- Robotics stocks remained hot; Zhongdalide hit its third limit-up in five sessions
- Innovative pharmaceuticals were strong, with HitGen up 20%
Top Gaining Sectors:
- CPO
- PCB
- PEEK materials
- Huawei HiSilicon-related stocks
Top Declining Sectors:
- Insurance
- Real estate
- Electricity
- Natural gas
China Market – Technical Analysis
China Market Snapshot
- Shanghai Composite: +0.09% to 3,506.94
- Shenzhen Component: +0.87% to 10,813.75
- ChiNext Index: +1.13% to 2,255.36
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