U.S. stocks closed higher on Thursday, led by gains in the technology sector, with the S&P 500 reaching a historic high.
Nvidia surged over 4%, surpassing $900 for the first time and achieving a market capitalization exceeding $2.3 trillion.
Federal Reserve Chair Jerome Powell hinted that confidence in achieving the 2% inflation target is growing closer, suggesting potential rate cuts ahead.
Powell continued his testimony before the House Financial Services Committee on Thursday. This appearance marked his final public speech before the Federal Reserve’s March 19 meeting, garnering significant market attention.
Minneapolis Federal Reserve President Neel Kashkari hinted on Wednesday that stronger economic data since the beginning of the year could lead to only two rate cuts by the Fed this year, or possibly just one.
U.S. Stocks
Fundamental Analysis:
Major technology stocks saw widespread gains, with Nvidia surging over 4% and reaching a new high, pushing its market capitalization to $2.32 trillion, just under $300 billion behind Apple.
Meta and Intel also rose over 3%, while Google surged over 2%. Amazon, Microsoft, and Tesla each saw gains exceeding 1%.
The semiconductor, metal materials, and blockchain sectors led the charge, with Taiwan Semiconductor (TSMC) rising over 5% and hitting a historical peak.
Other notable gainers included Advanced Micro Devices (AMD) and Micron Technology, each rising over 6%.
Additionally, Qualcomm, Broadcom, Applied Materials, Southern Copper, and Century Aluminum all rose by over 4%. Arm, Micron Technology, and STMicroelectronics each saw gains exceeding 3%.
Popular Chinese stocks saw mixed results, with the Nasdaq Golden Dragon China Index falling by 0.86%.
Tencent Music surged over 7%, while Weibo and NetEase gained over 2%. Pinduoduo and NIO saw slight increases, while Manbang Group fell by over 5%.
Technical Analysis:
(S&P 500 Index, 1-day chart)
Market Trends:
- Nasdaq rose by 241.83 points, or 1.51%, to close at 16,273.38.
- Dow Jones Industrial Average increased by 130.30 points, or 0.34%, closing at 38,791.35.
- S&P 500 index rose by 52.60 points, or 1.03%, to close at 5,157.36.
Hong Kong Stock Market
Fundamental Analysis:
The three major indices in the Hong Kong market rose collectively on Thursday.
Among sector highlights, tech stocks saw widespread gains, with Netease rising over 3% and Xiaomi nearly 3%.
Photovoltaic stocks led the gains, with Flat Glass and GCL-Poly Energy rising over 9%.
Pharmaceutical outsourcing stocks rebounded collectively, with WuXi AppTec rising nearly 4%.
Cryptocurrency-related stocks rose collectively, with Meitu surging over 11%. The price of Bitcoin surpassed $69,000 on March 5, reaching a new all-time high since November 2021. The continued strength in Bitcoin may be related to the recent approval and listing of Bitcoin spot ETFs on exchanges.
Technical Analysis:
(Hang Seng Index, 1-day chart)
Market Trends:
- Hang Seng Index (HSI) increased by 1.18%, closing at 16,420.55.
- Hang Seng Tech Index (HSTECH) rose by 1.26%, closing at 3,401.71.
- Hang Seng China Enterprises Index (HSCEI.) increased by 1.25%, closing at 5,683.86.
FTSE China A50 Index
Fundamental Analysis:
The three major indices in the A-share market opened mixed, with initial gains followed by a slight pullback before rebounding in the morning session. The Shanghai Composite and Shenzhen Component turned positive after early losses.
In terms of industry sectors, photovoltaic equipment, communication equipment, shipbuilding, semiconductors, and communication equipment led the gains.
Conversely, jewelry, tourism, coal, automotive services, and agriculture, animal husbandry, and fisheries saw declines.
Storage chips, CPO concepts, AI smartphones, Chiplet concepts, and BC batteries were active.
Technical Analysis:
(SSE Composite Index, 1-day chart)
Market Trends:
- Shanghai Composite Index (SHCOMP) rose by 0.12%, closing at 3,031.14
- Shenzhen Component Index (SZCOMP) increased by 0.24%, closing at 9,289.06.
- ChiNext Index (CHINEXT) fell by 0.03%, closing at 1,789.32.
- SSE Sci-Tech Innovation 50 Index rose by 0.32%, closing at 796.78.
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