The three major U.S. stocks collectively declined on Thursday, with technology stocks leading the way.
The Nasdaq extended its losses after entering a correction phase. The U.S. GDP grew by 4.9% in the third quarter, reaching a near two-year high.
On Thursday, U.S. Treasury yields fell, with the 2-year Treasury yield dropping by 8.2 basis points to 5.039%.
Bank of America suggests that rising interest rates may exacerbate the U.S. government deficit, potentially leading to a historic high in U.S. debt issuance in 2024, indicating that there might be further room for U.S. Treasury yield increases.
U.S. Stocks
Fundamental Analysis:
Large-cap tech stocks saw declines, with NVIDIA, Microsoft, Meta, and Tesla falling by over 3%, and Apple and Google dropping by over 2%.
Computer hardware and data computing sectors had the most significant declines, with Western Digital falling by over 9%, AMD by over 5%, and Sony, AMD, and Dell Technologies by over 2%.
Real estate, renewable energy, and regional bank stocks performed well, with Eagle Bancorp surging over 13%, Sunrun over 9%, American Tower over 8%, and Volkswagen Bank nearly 8%.
Amazon’s stock price rose after-hours trading, as its third-quarter sales exceeded expectations.
However, Ford’s stock price declined by over 4% due to lower-than-expected adjusted earnings in the third quarter, leading the company to retract its full-year performance guidance.
In the realm of popular Chinese concept stocks, most saw gains on Thursday, with the Nasdaq Golden Dragon Index rising by over 0.46%.
XPeng Motors and JD.com both surged over 3%. During JD.com’s “Double 11” launch event, JD Retail CEO Xin Lijun expressed the company’s commitment to offering consumers a “truly affordable, buy-with-closed-eyes” shopping experience with sincere pricing, attractive products, and attentive service.
Technical Analysis:
(S&P 500 Index, 1-day chart)
Market Trends:
- Dow Jones Industrial Average fell by 251.63 points, a decrease of 0.76%, closing at 32,784.30 points.
- Nasdaq Composite Index (Nasdaq) dropped 225.62 points, a decrease of 1.76%, closing at 12,595.61 points.
- S&P 500 Index declined by 49.54 points, a decrease of 1.18%, closing at 4,137.23 points.
Hong Kong Stocks
The three major Hong Kong stock indices opened higher on the day.
In the market, tech stocks saw collective gains, with JD Group rising by nearly 3%, Bilibili and Alibaba increasing by approximately 1%.
Automobile stocks showed widespread gains, with XPeng Motors, Li Auto, and NIO all surging by over 2%.
Property stocks saw overall gains, with Sun Hung Kai Properties Group increasing by over 4%.
Sports equipment stocks, however, continued to decline, with Li-Ning dropping by over 2%.
Technical Analysis:
(Hang Seng Index, 1-day chart)
Market Trends:
- Hang Seng Index (HSI) increased by 0.99%, closing at 17,213.89 points.
- Hang Seng Tech Index (HSTECH) rose by 1.35%, closing at 3,762.66 points.
- Hang Seng China Enterprises Index (HSCEI) went up by 0.93%, closing at 5,913.76 points.
FTSE China A50 Index
Fundamental Analysis:
The A-share stock indices collectively opened lower but gradually turned positive, with the Shanghai Composite and the ChiNext Index both extending gains to 1%.
In terms of industry sectors, jewelry, energy metals, batteries, automobiles, and medical services led in gains, while insurance, communication services, software development, communication equipment, and internet services had the most significant declines.
Active themes included CRO, weight loss drugs, blade batteries, outdoor camping, dairy, innovative pharmaceuticals, and fluorine chemicals.
Technical Analysis:
(SSE Composite Index, 1-day chart)
Market Trends:
- Shanghai Composite Index (SHCOMP) increased by 0.35%, closing at 2,998.79 points.
- Shenzhen Component Index (SZCOMP) rose by 0.61%, closing at 9,672.45 points.
- ChiNext Index (CHINEXT) surged by 1.35%, closing at 1,901.25 points.
- SSE STAR Market 50 Index (SSE50) rose by 0.18%, closing at 850.82 points.
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