Market Recap
US market closed higher on Monday, with the Dow rising nearly 600 points and the Nasdaq climbing 2.3%. Investor sentiment improved after President Trump signaled a potential delay to certain tariffs originally set to take effect on April 2. However, he also announced new tariffs targeting industries including automotive and pharmaceuticals, along with a 25% tariff on countries purchasing Venezuelan oil.
Trump’s softened stance on tariffs helped ease fears of a global trade war.
Last Friday, he told reporters he plans to name the new reciprocal tariff policy “Liberation Day,” and indicated a more “flexible” approach—calming markets and boosting major indices.
Still, with the April 2 “Reciprocal Tariffs” deadline approaching, caution remained high. Trump stated that the new tariffs will apply to all countries that impose tariffs on US goods.
Tobin Marcus of Wolfe Research noted, “Given the cumulative nature of Trump’s tariff policy so far, exempting some industry-specific tariffs from the April 2 package would significantly lower the overall scope and intensity. While we still expect a negative market reaction, the impact may be more diffuse.”
US Market Highlights
Tech stocks broadly rallied. Tesla jumped nearly 12%, marking its biggest single-day gain since November 7, 2023. Nvidia, Amazon, and Meta rose more than 3%; Google climbed over 2%; Apple and Netflix added over 1%; Microsoft edged up. AMD gained nearly 7%, its best day since February 2024, while Intel slipped slightly.
The Nasdaq Golden Dragon China Index ended slightly lower, down 0.02%.
Top movers among Chinese ADRs included Lotus Tech (+38%), Bitdeer (+16%), and WeRide (+3%). Notable laggards included ZKH Group (-10%), New Oriental (-5%), iQIYI (-3%), and MINISO (-3%).
US Market – Technical Analysis
US Market Performance
- Dow: +597.97 (+1.42%) to 42,583.32
- Nasdaq: +404.54 (+2.27%) to 18,188.59
- S&P 500: +100.01 (+1.76%) to 5,767.57
Hong Kong Market Highlights
Hong Kong stocks ended mixed. Tech names broadly declined: Xiaomi fell over 5%, Meituan dropped more than 4%, while Bilibili, Alibaba, and Kuaishou were each down over 3%. JD.com and Lenovo lost more than 2%. Auto stocks were broadly lower, with Great Wall Motor plunging over 6%. Some baby and maternity stocks, such as Jinxin Fertility, rose more than 8% intraday.
Auto stocks fell sharply after Trump further clouded his previously announced tariff plan. He told reporters Monday that new auto tariffs could be rolled out “quite quickly” in the coming days, ahead of the broader package expected April 2.
Hong Kong Market – Technical Analysis
Hong Kong Market Performance
- Hang Seng Index: -2.17% to 23,387.86
- Hang Seng Tech Index: -3.53% to 5,534.39
- China Enterprises Index: -2.44% to 8,634.64
A50 & Mainland China Highlights
Mainland markets opened higher but gave up gains to close narrowly mixed, with overall breadth negative—over 3,700 stocks declined across Shanghai, Shenzhen, and Beijing. Turnover totaled ¥801.7 billion.
Sectors leading gains included nuclear infrastructure, amusement facilities, aircraft landing gear, X-ray detectors, and photovoltaic materials. Declines were seen in subsea data centers, equipment rentals, HVDC infrastructure, and data center cooling systems.
China Market – Technical Analysis
China Market Performance
- Shanghai Composite: -0.18% to 3,364.05
- Shenzhen Component: -0.63% to 10,628.16
- ChiNext: -0.63% to 2,138.96
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