
Market Recap
US stocks fell on Tuesday, with the Nasdaq dropping over 300 points and the S&P 500 snapping a two-day winning streak. Investors are closely monitoring the Federal Reserve’s policy meeting and its outlook on the economic impact of ongoing trade tensions. Meanwhile, US and Russian leaders held discussions on a possible ceasefire in Ukraine.
The Federal Reserve’s two-day policy meeting began on Tuesday, with results set to be announced Wednesday.
Markets widely expect the Fed to keep interest rates unchanged. According to the CME FedWatch tool, the probability of rates remaining steady stands at 99%.
The Fed’s updated economic projections could provide insight into policymakers’ views on the potential economic effects of the ongoing tariff dispute.
Ryan Wang, an economist at HSBC, commented: “We anticipate a shift in the Fed’s tone toward a more cautious stance. Trade policy uncertainty and rising stagflation risks complicate the monetary policy outlook.”
US Stock Market Highlights
Tech stocks led the decline, with Super Micro Computer (-9%), Tesla (-5%), Nvidia, Meta (-3%), and Google (-2%) all falling. Amazon and Microsoft also slipped over 1%.
Sectors that underperformed included crypto stocks, cruise lines, and automakers, with Coinbase and Norwegian Cruise Line (-4%), and Strategy (-3%) among the worst performers.
Meanwhile, coal, precious metals, and diversified banks outperformed. US Steel (+4%), Newmont Mining, Mitsubishi UFJ (+3%), and Barclays (+2%) gained ground.
Chinese Stocks
Chinese stocks posted mixed results, with the Nasdaq Golden Dragon China Index down 0.18%.
- Huya (-18%), DouYu (-10%), Xpeng, Beike (-7%), and Alibaba, Bilibili (-3%) led the declines.
- Ascend Technology (+21%), Tencent Music (+15%), and Nio (+3%) bucked the trend.
US Market – Technical Analysis

US Market Performance
- Dow Jones: -260.32 points (-0.62%) to 41,581.31
- Nasdaq: -304.55 points (-1.71%) to 17,504.12
- S&P 500: -60.46 points (-1.07%) to 5,614.66
Hong Kong Market Market Highlights
Hong Kong stocks were mixed, with the Hang Seng Index slightly higher while tech stocks struggled.
- Baidu (-3%), Meituan, Alibaba, Kuaishou (-1%) saw declines.
- Lenovo (+2%) and Xiaomi (+1%) outperformed.
- Property stocks slumped, with Sunac China (-6%) leading losses.
- Robotics-related stocks rallied, with Yuejiang Robotics (+18%) surging.
Property Sector Struggles
Sunac China’s drop followed reports showing weaker home prices.
- 18 cities saw new home prices rise, down from 24 cities last month.
- 45 cities saw home prices decline, making up 64% of the market.
- In the secondary market, only 3 cities saw price increases, while 65 cities recorded declines.
Hong Kong Market – Technical Analysis

Hong Kong Market Performance
- Hang Seng Index: +0.15% to 24,777.01
- Hang Seng Tech Index: -0.82% to 6,059.45
- China Enterprises Index: -0.09% to 9,169.36
A50 & China A-Share Market Highlights
Mainland Chinese stocks opened lower but rebounded, with narrow-range fluctuations throughout the session.
- Total market turnover: ¥9.40 trillion
- 3,600+ stocks declined
Sector Performance
- Gainers: Gearboxes, Brain Science, Biomass Energy, Photovoltaic Cutting Equipment, Castings, Wigs, Stamping Molds, Air Suspensions, POS Machines, Injection Molding.
- Decliners: Copper Clad Laminates, Automotive Glass, HDI, PCB, AMD-linked stocks, Automotive PCB, Nvidia-related stocks, Glass Manufacturing, Conductive Agents, Power Equipment.
- BYD rose 3%, reaching a new record high with a market cap exceeding ¥1.2 trillion.
China Market – Technical Analysis

China Market Performance
- Shanghai Composite Index: -0.06% to 3,427.76
- Shenzhen Component Index: -0.16% to 10,997.41
- ChiNext Index: +0.07% to 2,230.24
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