U.S. Stocks End Up, Nasdaq Peak; CPI Data in Spotlight

U.S. stocks showed mixed results on Thursday, with the Nasdaq hitting a record high as investors focused on April’s Producer Price Index (PPI) data and looked ahead to upcoming Consumer Price Index (CPI) figures.

Morgan Stanley predicted the Federal Reserve would cut interest rates three times this year, citing a slowing U.S. economy.

The National Federation of Independent Business (NFIB) reported that the Small Business Optimism Index rose 1.2 points from its lowest level since 2012, reaching 89.7.

Despite this increase, the index is still significantly below the long-term average of 98.

Brent Schutte, Chief Investment Officer at Northwestern Mutual Wealth Management, highlighted the differing economic views between Wall Street and businesses.

He explained, “Stock market movements are based on expectations of future economic performance, rather than the present conditions.

U.S. Stocks

Fundamental Analysis:

Major tech stocks mostly rose; Tesla, Broadcom, and GlobalFoundries each gained over 3%, while Nvidia was up more than 1%.

Meme stocks soared for a second day; GameStop jumped over 60%, AMC Theatres more than 30%, and BlackBerry more than 11%.

Sectors like computer hardware, semiconductors, precious metals, and energy saw gains, with Plug Power surging over 19% and American Gold over 10%.

Agricultural, oil and natural gas, and transport and logistics sectors declined, with Bunge dropping over 3% and FedEx nearly 3%.

Most Chinese stocks listed in the U.S. fell, with the Nasdaq Golden Dragon China Index down 0.21%.

Alibaba dropped over 6%, iQiyi over 5%, while companies like Vipshop and Li Auto fell over 2%.

Zhihu and Nio surged over 7%, Tencent ADR over 4%, with XPeng Motors and Futu Holdings also seeing gains.

Technical Analysis: 

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

Market Trends:

  • Nasdaq was up 122.94 points or 0.75% to 16,511.18.
  • Dow was up 126.60 points or 0.32% to 39,558.11.
  • S&P 500 was up 25.26 points or 0.48% to 5,246.68.

Hong Kong Stock Market

Hong Kong’s stock market is closed on May 15th for Buddha’s Birthday.

FTSE China A50 Index

Fundamental Analysis:

All three major A-share indexes declined, with real estate soaring and brokerage stocks falling.

Sectors such as real estate, durable consumer goods, and gold jewelry saw the most gains, while sectors like motorcycles, autos, brokers, agriculture, software, and biotech faced the steepest declines.

Technical Analysis:  

(SSE Composite Index, 1-day chart)

Market Trends:

  • Shanghai Composite Index (SHCOMP) was down 0.17% to 3,140.34.
  • Shenzhen Component Index (SZCOMP) was down 0.14% to 9,655.16.
  • ChiNext Index (CHINEXT) ) was down 0.13% to 1,853.24.
  • SSE Sci-Tech Innovation 50 Index was down 0.49% to 756.55.

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