Market Recap
On Thursday, US stock market closed lower, with tech stocks leading the decline. The Nasdaq dropped over 2% as investors focused on Trump’s tariff policy, set to be announced at a 4 PM ET press conference. Fed official Kashkari stated that more work is needed to bring inflation down.
Concerns over protectionist trade policies have weighed on US stocks. Earlier this month, the S&P 500 entered correction territory, falling over 10% from its February record high.
Barclays analysts issued a bearish outlook on Wednesday, slashing their 2025 S&P 500 target from 6,600 to 5,900—the lowest forecast among major Wall Street banks. The downgrade was driven by two key factors: the impact of Trump’s tariffs and worsening macroeconomic data.
According to Barclays, Trump’s new tariffs could reduce S&P 500 earnings per share (EPS) for 2025 by 8.5 to 12 cents, a downward revision of 6%-9%. The industrial sector (14% average tariff exposure) and consumer goods sector (11%) are expected to be hit hardest.
US Stocks Highlights
Large-cap tech stocks saw broad declines:
- Tesla, Nvidia fell over 5%
- Intel, Google dropped over 3%
- Amazon, Meta, Netflix declined over 2%
- Microsoft slipped over 1%
- Apple edged lower
Meanwhile, Berkshire Hathaway B shares gained nearly 1%, hitting a record high.
Chinese Stocks in the US
Most major Chinese stocks closed higher, with the Nasdaq Golden Dragon China Index up 0.72%.
- Lianzhang Menhu surged 30%
- 21Vianet rose nearly 5%
- Qifu Technology gained over 4%
- TAL Education increased over 3%
- Miniso, Baidu climbed 2%+
However,
- Pony.ai fell over 9%
- Bitdeer dropped 7%+
- Nio declined 3%+
US Market – Technical Analysis
US Market Performance
- Dow Jones fell 132.71 points (-0.31%) to 42,454.79
- Nasdaq dropped 372.85 points (-2.04%) to 17,899.01
- S&P 500 declined 64.45 points (-1.12%) to 5,712.20
Hong Kong Stocks Highlights
Hong Kong’s major indices opened higher and continued to climb throughout the session.
Tech stocks led the rally:
- Bilibili jumped 4%+
- Baidu gained 3%+
- Meituan climbed 2%+
- Alibaba, Tencent rose 1%+
Other sector highlights:
- Dairy stocks surged, with Mengniu Dairy up 7%+
- Biopharma stocks rallied, with WuXi AppTec gaining 7%+
Pop Mart saw a strong early session, rising 10%+ after reporting better-than-expected 2024 earnings. The company’s revenue grew 106.9% YoY to ¥13.04 billion, with adjusted net profit up 185.9% to ¥3.4 billion. Its gross profit margin improved to 66.8%, a 5.5 percentage point increase from the previous year.
Hong Kong Market – Technical Analysis
Hong Kong Market Performance
- Hang Seng Index gained 1.05% to 23,729.05
- Hang Seng Tech Index rose 1.34% to 5,647.73
- China Enterprises Index added 0.95% to 8,736.77
A50 & Mainland China Highlights
China’s A-shares opened lower but rebounded strongly.
Market turnover reached ¥782.6 billion, up ¥52.2 billion from the previous session. However, more than 3,000 stocks declined.
Sector Highlights
Top gainers:
- Cross-border e-commerce
- Electronics distribution
- Silicon chemicals
- Herbicides
- Photolithography materials
- Fireworks
- Semiconductor materials
Top losers:
- Gearboxes
- Coke products
- Shipbuilding equipment
- Steel wire ropes
- Deep-sea technology
China Market – Technical Analysis
China Market Performance
- Shanghai Composite rose 0.31% to 3,379.19
- Shenzhen Component gained 0.42% to 10,688.29
- ChiNext Index advanced 0.63% to 2,150.39
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Disclaimer
This information contained in this blog is for general reference only and is not intended as investment advice, a recommendation, an offer, or an invitation to buy or sell any financial instruments. It does not consider any specific recipient’s investment objectives or financial situation. Past performance references are not reliable indicators of future performance. Doo Prime and its affiliates make no representations or warranties about the accuracy or completeness of this information and accept no liability for any losses or damages resulting from its use or from any investments made based on it.
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