
US stocks closed mixed on Tuesday, with Treasury yields sharply declining. Job openings in October fell to their lowest level in two and a half years.
This week, investors are focused on Friday’s non-farm payrolls report to gain further insight into the Fed’s interest rate path, leading many to hold back from making big bets before the data release.
Last week, all three major US indices notched their fifth consecutive week of gains. Over the past month, the Russell 2000 Index of small-cap stocks has risen nearly 7%, fueling hopes of a broader market rally.
JPMorgan’s Chief Global Securities Strategist, Dubravko Lakos-Bujas, warned that the US stock market could face significant risks in 2024. He expects economic slowdown to pressure corporate earnings, with weakening pricing power threatening profit margins. Combined with high valuations, crowded positioning, and low volatility, this creates a “very fragile” market structure.
US Stocks
Fundamental Analysis:
Large-cap tech stocks showed mixed performance, with Nvidia falling over 2%, while Meta and Tesla dropped less than 1%. Microsoft, Apple, and Google posted modest gains of less than 1%.
The precious metals sector led gains, with Century Aluminum rising over 4%, Harmony Gold up more than 2%, and both Pan American Silver and Coeur Mining gaining over 1%.
Meanwhile, the oil, gas, solar, and aviation sectors lagged, with Boeing, Marathon Oil, Helix Energy, and Tidewater dropping over 4%, ExxonMobil declining more than 3%, and BP, Imperial Oil, and Shell falling over 2%.
Chinese stocks listed in the US broadly declined, as the Nasdaq Golden Dragon China Index fell 3.95%. Vipshop plummeted more than 17%, iQIYI dropped over 7%, and Weibo fell more than 6%.
XPeng Motors, Li Auto, and NIO all slid over 5%, while JD.com and Futu Holdings dropped over 4%. Full Truck Alliance and Alibaba fell more than 3%, with Tencent Music, NetEase, Bilibili, and Baidu all down over 2%.
Technical Analysis:

Market Trends:
- Dow Jones Industrial Average: -61.56 points (-0.15%) to 40,834.97
- Nasdaq Composite: -59.83 points (-0.33%) to 17,816.94
- S&P 500 Index: -11.13 points (-0.20%) to 5,597.12
Hong Kong Stock Market
Fundamental Analysis:
Hong Kong’s major indices trimmed losses. Tech stocks were broadly lower, with JD.com and Kuaishou dropping over 10%, and Baidu, NetEase, Alibaba, and Xiaomi all down over 1%.
Internet healthcare stocks led declines, with Dingdang Health down more than 7%. Auto stocks also fell, with NIO dropping over 3%. However, Apple-related stocks bucked the trend, with Sunny Optical Technology surging more than 9%.
Sunny Optical Technology led gains in Apple-related stocks, rising over 9%. The company reported interim results for 2024, with revenue reaching approximately RMB 18.86 billion, up 32.1% year-over-year.
Gross profit increased by 52.4% to RMB 3.2465 billion, with the gross profit margin improving by 2.3 percentage points to 17.2%. The company’s net profit attributable to shareholders rose by 147.1% to RMB 1.079 billion.
Technical Analysis:

Market Trends:
- Hang Seng Index: -0.95% to 17,345.53
- Hang Seng Tech Index: -2.05% to 3,426.52
- Hang Seng China Enterprises Index: -1.20% to 6,121.49
FTSE China A50 Index
Fundamental Analysis:
China’s A-share markets showed mixed performance in the morning session, with tech stocks leading gains while monkeypox and coal sectors lagged.
Tech stocks performed strongly, with Apple supply chain stocks rallying, solid-state battery stocks surging, and precious metals, data elements, consumer electronics, and storage chips among the top gainers.
On the downside, coal, insurance, and banking stocks dragged, with sectors such as film, liquor, consumer goods, and pharmaceuticals also under pressure.
Technical Analysis:

Market Trends:
- Shanghai Composite Index: -0.39% to 2,855.35
- Shenzhen Component Index: +0.21% to 8,269.85
- ChiNext Index: -0.01% to 1,567.87
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