U.S. Stock Market Closed For Presidents Day, H.K. Tech Stocks Dip

On February 19th (Monday), the U.S. stock market observed Presidents Day, leading to a one-day closure of the New York Stock Exchange.

Normal trading resumed on February 20th (Tuesday). The U.S. dollar remained stable, with the yield on the ten-year Treasury holding steady at 4.28 basis points. Gold and oil prices showed mild improvements.

According to recent data from Deutsche Bank, the “Big Seven” tech giants in the U.S. now possess financial prowess that surpasses the stock markets of any single country worldwide.

Deutsche Bank analyst Jim Reid noted that the positions of the Big Seven on the U.S. stock market have become increasingly entrenched over time.

Companies like Microsoft, Apple, Alphabet, and Amazon have consistently maintained their top spots, representing the world’s largest and most successful conglomerates for many years.

U.S. Stock Market

Fundamental Analysis:

February 19th marked “Washington’s Birthday,” resulting in the closure of the U.S. stock market for the day.

Hong Kong Stock Market

Fundamental Analysis:

In the Hong Kong stock market today, the three major indices opened higher but later declined.

In the market, tech stocks generally fell, with JD.com dropping nearly 3%, while Xiaomi and Tencent fell by about 1%.

Automotive stocks collectively experienced a downturn, with XPeng Motors falling nearly 7%.

Among Apple-related stocks, Sunny Optical Technology led the decline, falling by over 4%.

In particular, Apple-related stocks saw significant declines, with Sunny Optical Technology dropping by over 4%.

According to a report from a technology media outlet, some consumers of Vision Pro returned the product in less than two weeks after purchase, primarily due to issues related to comfort, usability, and safety.

While Apple has not officially released sales and return data, a recent survey conducted by Cult of Mac, a news website focused on Apple enthusiasts, revealed that 45% of respondents anticipate returning Vision Pro.

Technical Analysis: 

(Hang Seng Index, 1-day chart)

Market Trends:

  • Hang Seng Index (HSI) fell by 0.27% to close at 16,111.27.
  • Hang Seng Tech Index (HSTECH) fell by 1.17% to close at 3,215.18.
  • Hang Seng China Enterprises Index (HSCEI.) fell by 0.36% to close at 5,465.22.

FTSE China A50 Index

Fundamental Analysis:

A-share indices opened lower, experiencing early-morning fluctuations before rebounding.

The Shanghai Composite Index briefly turned positive before showing slight differentiation, with the Shanghai index trading sideways while the Shenzhen Component Index and the ChiNext Index weakened.

In terms of industry sectors, cultural media, engineering consulting services, traditional Chinese medicine, education, communication services, and chemical pharmaceuticals led the gains,

Meanwhile, semiconductor, photovoltaic equipment, wind power equipment, shipbuilding, and non-metallic materials sectors experienced declines.

Technical Analysis:  

(SSE Composite Index, 1-day chart)

Market Trends:

  • Shanghai Composite Index (SHCOMP) rose by 0.02% to close at 2,911.21.
  • Shenzhen Component Index (SZCOMP) fell by 0.67% to close at 8,842.33.
  • ChiNext Index (CHINEXT) fell by 0.62% to close at 1,735.63.
  • SSE STAR Market 50 Index (SSE50) fell by 1.4% to close at 752.62.

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