On Thursday, the Nasdaq and S&P 500 closed at new record highs, with the Nasdaq breaking above 19,000 for the first time and the S&P 500 nearing 6,000. The Federal Reserve met expectations with a 25 basis point rate cut. Fed Chair Powell stated the economy remains strong, as the market continues to watch for impacts from Trump’s victory.
The Fed statement saw a notable change, removing the phrase “more confident” regarding inflation, hinting at a potential rate pause in December. Powell stated he has no intention of resigning due to Trump, reaffirming the election’s lack of short-term influence on policy and noting a preference to avoid excessive forward guidance.
With the US election settled, investor focus has shifted to the sustainability of the bull market. Wall Street investment firm Evercore ISI believes the rally is far from over. Evercore ISI analyst Julian Emanuel commented that the bull market is still in its early stages and is set to accelerate during Trump’s second term.
Investors are closely monitoring Trump’s team’s next moves. Analysts speculate that Trump’s return to the White House may expedite policy enactments. Trump’s second term offers advantages such as probable Republican control of Congress, strong business community support, and judicial backing for Trump and US corporations.
AI lending platform Upstart’s stock skyrocketed 19.5% post-market after its Q3 revenue of $162 million, marking a 20% year-over-year increase, beat analysts’ expectations of $150 million. Pinterest shares fell over 12% post-market; while Q3 revenue slightly exceeded expectations, its projected rise in operational costs and conservative revenue outlook disappointed investors.
US Stocks
Fundamental Analysis:
Tech stocks rallied as Meta gained over 3%, Apple, Tesla, Google, Nvidia, and Netflix rose more than 2%, while Amazon and Microsoft climbed over 1%—with Amazon, Nvidia, and Netflix reaching record highs. The chip, semiconductor, and precious metals sectors led gains: AMD surged over 12%, Coeur Mining rose over 11%, and American Gold added 5%. Bank and aerospace stocks fell, with JPMorgan down over 4%, Wells Fargo and Delta Airlines both off more than 3%, and Trump Media Technology (DJT) dropped 23%, nearly 50% below its October peak.
The Nasdaq Golden Dragon China Index jumped 3.5%, with XPeng up over 15%, Futu Holdings over 12%, Bilibili nearly 9%, and JD.com and Nio both up over 6%.
Technical Analysis:
Market Trends:
- Dow Jones: -0.59 points (-0.00%), closing at 43,729.34
- Nasdaq: +285.99 points (+1.51%), closing at 19,269.46
- S&P 500: +44.06 points (+0.74%), closing at 5,973.10
Hong Kong Stock Market
Fundamental Analysis:
Hong Kong stocks opened higher but saw mixed results by close. In the tech sector, Xiaomi gained over 2% and JD.com rose over 1%, while Meituan and NetEase fell more than 4%. Mainland brokerage stocks opened high but lost ground, with CITIC Securities falling over 4%. Property, dining, and dairy sectors pulled back, while the auto dealer sector strengthened, with Zhongsheng Holdings rising more than 13%. Additionally, Jinko Electronics surged over 45% on its first trading day.
Automotive stocks rallied, led by XPeng, which rose over 16%. On November 7, XPeng hosted a launch event for its P7+ model. According to CEO He Xiaopeng, the P7+ set a record with over 10,000 orders within 12 minutes. The company noted the order traffic was 20 times that of the previous MONA launch.
Technical Analysis:
- Hang Seng Index: -0.86%, closing at 20,772.94
- Hang Seng Tech Index: +0.15%, closing at 4,684.80
- Hang Seng China Enterprises Index: -0.92%, closing at 7,477.28
FTSE China A50 Index
Fundamental Analysis:
China’s A-shares fell sharply at open. By midday, the total market turnover reached ¥1.9032 trillion, an increase of ¥363.7 billion from the previous day, with over 3,000 stocks declining.
In sector performance, semiconductors, military electronics, and commercial aerospace led gains, while real estate and liquor stocks posted declines. Semiconductor stocks performed strongly, with Kangxi Communications, Guoxin Technology, Shanghai Crystal, and Broadcom Integration reaching limit-ups, and Chengdu Huavei rising over 10%. The commercial aerospace sector followed, with China Satcom, Lijun Co., Tenda Technology, and Nengke Technology reaching limit-ups. Liquid-cooled server stocks also saw activity, with Inspur Information and China Greatwall reaching limit-ups before pulling back, while Industrial Fulian and Sugon followed suit. Real estate stocks declined, with Homelink, Binjiang Group, and Bright Real Estate down more than 5%. Liquor stocks opened higher but fell, with King’s Seed Liquor and Huangtai Liquor leading losses.
Technical Analysis:
Market Trends:
- Shanghai Composite Index: -0.50%, closing at 3,453.24
- Shenzhen Component Index: -0.29%, closing at 11,203.53
- ChiNext Index: -0.25%, closing at 2,344.99
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