Dow Hits 12th Record High, Arm Soars Nearly 30%

On Monday, U.S. stocks closed mixed, with the Dow hitting another record high. This week, the market is focusing on Coca-Cola’s earnings and inflation data such as CPI, PPI, and retail sales.

At least 7 Federal Reserve officials will deliver speeches this week, and investors will seek more clues about the Fed’s interest rate path from them.

U.S. CPI data will be released on Tuesday, followed by U.S. retail sales data on Thursday and Producer Price Index (PPI) data on Friday, with the market also awaiting comments from at least seven Fed officials this week.

Recently, U.S. stocks have been rising continuously, with all three major indices recording their fifth consecutive weekly gains last week.

Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, said, “While the pricing of the U.S. stock market is based on a lot of good news, we believe its momentum is well supported.”

U.S. Stock Market

Fundamental Analysis:

Most large-cap tech stocks declined, with Tesla down over 2%, Amazon and Microsoft down over 1%, and Apple, Google, and Netflix slightly lower.

NVIDIA edged up slightly, reaching a new closing high in market value during trading, surpassing Amazon and Google parent company Alphabet. Arm soared nearly 30%, with a market value exceeding $150 billion. The energy sector rose, with energy exploration giant Diamondback up over 9%, as the company is in talks to form a oil and gas company worth over $50 billion.

Popular Chinese concept stocks rose, with the Nasdaq Golden Dragon China Index up 2.09%. Weibo rose over 4%, while XPeng Motors, Manbang, Pinduoduo, and Bilibili surged over 3%.

iQIYI, NIO, JD.com, and Tencent Music rose over 2%, while Vipshop, Alibaba, and NetEase gained over 1%. Baidu and Futu Holdings edged up slightly, while Ideal Auto saw a slight decline.

Technical Analysis:   

(S&P 500 Index, 1-day chart)

Market Trends:

  • Dow Jones rose by 125.69 points, or 0.33%, to close at 38,797.38 points.
  • Nasdaq decreased by 48.11 points, or 0.30%, to close at 15,942.55 points.
  • S&P 500 Index fell by 4.77 points, or 0.09%, to close at 5,021.84 points.

Hong Kong Stock Market

Fundamental Analysis:

Hong Kong stocks were closed on February 13th and resumed trading on February 14th, marking the first trading day of the Year of the Dragon.

FTSE China A50 Index

Fundamental Analysis:

On February 13th, 2024, trading in A shares officially closed for the Year of the Rabbit in the Chinese lunar calendar.

A shares will be closed from February 9th to February 18th, with the first trading day of the Year of the Dragon falling on February 19th.


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