Nasdaq Falls for Fourth Straight Day, Tech Stocks Decline, Apple Leads With 2.9% Drop

U.S. stocks closed with mixed results on Thursday, as the Nasdaq recorded its fourth consecutive day of decline. Concerns about the Federal Reserve’s interest rate policy path are once again weighing on the market, with investors speculating whether the institution will raise rates again this year.

U.S. Stocks

Fundamental Analysis:

Tech stocks in the US generally trended lower. Nvidia dropped 1.7%, reportedly due to Huang Renxun selling approximately 89,100 shares of Nvidia stock over three trading days.

Apple fell 2.9%, extending its Wednesday’s downward trend, with a cumulative 6% drop over two days, resulting in a $190 billion decrease in market capitalization.

Most large-cap tech stocks also declined, with Qualcomm falling over 7%, ASML dropping more than 4%, and Nvidia declining over 1%.

Tesla, Netflix, Microsoft, and Meta saw slight declines, while Amazon rose over 1%, and Google had a modest increase.

“Vietnam’s Tesla” VinFast plummeted over 26%, marking seven consecutive days of decline and an over 80% drop from its recent high, with a current market value of less than $45 billion.

Chinese stocks faced widespread declines, with the Nasdaq Golden Dragon China Index falling 4.02%.

XPeng Motors dropped over 7%, Bilibili declined over 6%, and Pinduoduo fell nearly 5%. Alibaba, NIO, and all declined over 4%, while Baidu, Li Auto, and iQiyi dropped over 3%.

Luckin Coffee surged over 4%, reaching a new high in the pink sheet market, with a market capitalization exceeding $10 billion.

Technical Analysis:   

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

Market Trends:

  • Dow Jones Industrial Average rose by 57.54 points, a 0.17% increase, closing at 34,500.73 points.
  • Nasdaq Composite Index dropped by 123.64 points, a 0.89% decrease, closing at 13,748.83 points.
  • S&P 500 Index declined by 14.34 points, a 0.32% decrease, closing at 4,451.14 points.

Hong Kong Stocks

The Hong Kong Stock Exchange remained closed for the entire day.

FTSE China A50 Index

Fundamental Analysis:

In the A-share market, the three major indices opened lower, experienced early declines, and later traded in a volatile range near 3,100 points.

In the afternoon, A-shares gradually rebounded, with the Shanghai Composite Index and the Growth Enterprise Market Index briefly turning positive.

However, they weakened again in the final trading session, resulting in collective declines.

The total turnover of the Shanghai and Shenzhen stock markets amounted to 6,818.09 billion yuan.

Among them, 45 stocks hit the daily limit (including ST stocks), and 5 stocks hit the daily decline limit.

In the market, Huawei-related concepts, satellite communications concepts, and photolithography concepts all surged.

This week, the Shanghai Composite Index fell by 0.53%, the Shenzhen Component Index fell by 1.74%, and the ChiNext Index fell by 2.4%.

In terms of industry sectors, aerospace and aviation, electronic chemicals, shipbuilding, optoelectronics, and semiconductors showed strong gains, while gaming, mining, real estate services, education, and coal industry suffered losses.

Among thematic sectors, satellite communications, Huawei-related concepts, photolithography concepts, photolithography machine concepts, and robotics were more active.

Technical Analysis:

(SSE Composite Index, 1-day chart)

Market Trends:

  • Shanghai Composite Index (SHCOMP) fell by 0.18%, closing at 3,116.72 points.
  • Shenzhen Component Index (SZCOMP) dropped by 0.38%, closing at 10,281.88 points.
  • ChiNext Index (CHINEXT) declined by 0.35%, closing at 2,049.77 points.
  • SSE STAR Market 50 Index (SSE50) rose by 0.19%, closing at 901.51 points.

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