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U.S. Stocks See Fourth Month of Gains; Nasdaq Hits Historic High 


U.S. Stock Market Closed For Presidents Day, H.K. Tech Stocks Dip 

U.S. stocks closed slightly higher on Thursday, with the Nasdaq hitting a record high at the close. All three major indices posted gains for the fourth consecutive month.  

The U.S. core PCE index for January saw its largest increase in a year, supporting the Federal Reserve’s cautious interest rate policy. The market continues to focus on Fed officials’ remarks to further gauge the timing of rate cuts. 

The upward trend in US stocks at the beginning of 2024 is largely attributed to the artificial intelligence (AI) boom, but recent consecutive declines in the stock market have raised doubts among investors about the sustainability of AI-driven rebounds. 

Craig Johnson, Chief Market Technician at Piper Sandler, believes that U.S. stocks are poised for a 10% correction soon. This is due to some technical signals in the market indicating that stocks are not yet ready for further upward movement. 

U.S. Stocks

Fundamental Analysis: 

Popular Chinese concept stocks saw mixed movements, with the Nasdaq Golden Dragon China Index falling by 0.22%, accumulating a 12.34% increase for February.  

Xpeng Motors surged over 8%, NIO rose over 5%, Futu Holdings and Tencent Music rose over 2%, while Li Auto rose over 1%.  

Manbang, iQiyi, and Bilibili saw slight increases. NetEase fell by over 3%, Baidu and Vipshop fell by over 1%, while JD.com, Alibaba, Pinduoduo, and Weibo saw marginal declines. 

Most large-cap tech stocks rose, with AMD surging over 9%, reaching a historic high, and its market value surpassing $300 billion for the first time.  

Arm surged over 5%, while SMIC and Applied Materials rose over 3%. Intel and Applied Materials rose over 2%, while Nvidia, Amazon, Google, Meta, Microsoft, and Netflix rose over 1%. Apple and Tesla saw slight declines. 

Technical Analysis: 

(S&P 500 Index, 1-day chart) 

Market Trends: 

  • Nasdaq rose by 144.18 points, or 0.90%, to close at 16,091.92 points. 
  • Dow Jones Industrial Average rose by 47.37 points, or 0.12%, to close at 38,996.39 points. 
  • S&P 500 index rose by 26.5 points, or 0.52%, to close at 5,096.27 points. 

Hong Kong Stock Market

Fundamental Analysis: 

The three major indices in the Hong Kong stock market opened lower but rallied later.  

Technology and internet-related stocks generally rose, with Meituan surging over 8%, while JD.com and Baidu rose over 1%. NetEase fell by over 1% after its earnings report.  

Automotive stocks collectively rose, with Xpeng Motors surging over 8%. Stocks related to Apple performed well, with GoerTek Electronics and BYD Electronics rising over 4%.  

Semiconductor-related stocks remained active, with SMIC surging over 2%. 

Apple concept stocks lead the gains. High Wealth Electronics, BYD Electronics surge over 4%.  

In terms of news, Tianfeng International analyst Guo Mingchi stated that he still maintains the prediction that Apple may release Vision Pro in more countries before this year’s WWDC. 

Technical Analysis: 

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index (HSI) rose by 0.75%, closing at 16,636.06 points. 
  • Hang Seng Tech Index (HSTECH) rose by 1.57%, closing at 3,485.20 points. 
  • Hang Seng China Enterprises Index (HSCEI.) rose by 1.15%, closing at 5,743.06 points. 

FTSE China A50 Index

Fundamental Analysis: 

The A-share market saw fluctuations with gains, as the Shanghai Composite Index fluctuated upwards and turned positive after the opening.  

The Shenzhen Component Index and the ChiNext Index both showed a sideways consolidation trend. 

In terms of industry sectors, consumer electronics, power equipment, computer equipment, power grid equipment, and optical optoelectronics led the gains.  

Diversified finance, aviation airports, education, agriculture, animal husbandry, fisheries, and shipping ports were among the top decliners.  

Themes such as high-voltage fast charging, liquid cooling, CPO concepts, optical communication modules, superconducting concepts, mixed reality, and third-generation semiconductors remained active. 

Technical Analysis:  

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index (SHCOMP) rose by 0.09%, closing at 3,017.81 points. 
  • Shenzhen Component Index (SZCOMP) rose by 0.45%, closing at 9,372.64 points. 
  • ChiNext Index (CHINEXT) rose by 0.12%, closing at 1,809.17 points. 
  • SSE STAR Market 50 Index (SSE50) rose by 0.10%, closing at 808.50 points. 

Forward-looking Statements    
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Doo Prime has provided these forward-looking statements based on all current information available to Doo Prime and Doo Prime’s current expectations, assumptions, estimates, and projections. While Doo Prime believes these expectations, assumptions, estimations, and projections are reasonable, these forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Doo Prime’s control. Such risks and uncertainties may cause results, performance, or achievements materially different from those expressed or implied by the forward-looking statements.     

Doo Prime does not provide any representation or warranty on the reliability, accuracy, or completeness of such statements. Doo Prime is not obliged to provide or release any updates or revisions to any forward-looking statements.    

Risk Disclosure
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 the client should therefore be prepared to suffer significant losses when using such trading facilities.

Please ensure 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 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 learn more.

Disclaimer    
While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.

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