U.S. Stocks Close Mix, Pinduoduo Overtakes Alibaba In Market Value

The U.S. stocks closed with mixed results on Wednesday.

Major indices continued to show significant gains in November.

U.S. Treasury bond yields decreased, leading investors to speculate that the Fed has concluded its rate hikes and may cut rates in the first half of next year.

The U.S. GDP grew by 5.2% in the third quarter, surpassing expectations.

However, recent reports from the Fed’s Beige Book indicated a slowdown in U.S. economic activity in recent weeks.

U.S. Treasury bond yields continued to decline, with the 10-year yield falling by 7.1 basis points to 4.265% on Wednesday, marking its lowest point since reaching 4.253%.

The 2-year yield also dropped by 9.1 basis points to 4.645%, hitting a low of 4.608% intraday.

U.S. Stocks

Fundamental Analysis:

Apple has decided to halt the development of its self-designed 5G modem chip after multiple attempts to improve it.

General Motors plans to raise its quarterly dividend by 33% to 12 cents per share next year and initiate a $10 billion accelerated stock buyback program.

Pinduoduo briefly rose over 3%, surpassing Alibaba in market value, becoming the largest Chinese concept stock in the U.S.

Technical Analysis:   

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

Market Trends:

  • Dow increased by 13.44 points, up 0.04%, closing at 35,430.42 points.
  • Nasdaq fell by 23.27 points, down 0.16%, closing at 14,258.49 points.
  • S&P 500 Index dropped by 4.31 points, up 0.09%, closing at 4,550.58 points.

Hong Kong Stock Market

In the Hong Kong stock market, there was slight divergence among the three major indices in the morning session.

Technology stocks fluctuated, with Bilibili plunging more than 11%, while Meituan, which had a significant drop of over 12% yesterday, rose nearly 1%.

Real estate stocks generally rose, with China Evergrande and Sunac China up by about 7%.

However, automobile stocks experienced a collective adjustment, with NIO Inc. dropping over 5%, and XPeng and Great Wall Motors falling by nearly 3%.

Technical Analysis:  

(Hang Seng Index, 1-day chart)

Market Trends:

  • Hang Seng Index (HSI) increased by 0.18%, closing at 17,024.43 points.
  • Hang Seng Tech Index (HSTECH) fell by 0.55%, closing at 3,888.54 points.
  • Hang Seng China Enterprises Index (HSCEI) rose by 0.41%, closing at 5,842.55 points.

FTSE China A50 Index

Fundamental Analysis:

In the A-share market, all three major indices opened slightly lower on November 30th.

The market initially bounced back but later fell into volatility.

The CSI 50 Index fluctuated widely, initially dropping by nearly 3% before rebounding by over 2% and then turning negative again by mid-morning.

Top gainers included tourism hotels, shipbuilding, gas, food and beverage, and commercial department stores.

Top losers included electronic chemicals, automotive parts, rubber products, non-metallic materials, and semiconductors.

Active themes included prefabricated meals, poultry, aquaculture, dairy, oil and gas equipment and services, and duty-free concepts.

Technical Analysis:

(SSE Composite Index, 1-day chart)

Market Trends:

  • Shanghai Composite Index (SHCOMP) rose by 0.16%, closing at 3,026.43 points.
  • Shenzhen Component Index (SZCOMP) fell by 0.19%, closing at 9,725.42 points.
  • ChiNext Index (CHINEXT) rose by 0.15%, closing at 1,920.84 points.
  • SSE STAR Market 50 Index (SSE50) dropped by 0.26%, closing at 859.84 points.

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