U.S. stock market closed with mixed movements on Thursday, as the Nasdaq continued its fifth straight day of decline.  

Apple faced another downgrade in its rating, leading to its stock declining for four consecutive days.  

December’s ADP employment figures showed an increase, while initial jobless claims from last week decreased, indicating ongoing resilience in the labor market. Investors are now awaiting Friday’s non-farm payroll data. 

The early 2024 performance of the U.S. stock market sharply contrasts with the late 2023 performance.

The S&P 500 index surged over 24% throughout last year, ending the year with nine consecutive weeks of gains, marking its longest winning streak since 2004. 

Commenting on the dismal start to the U.S. stock market in 2024, Anastasia Amoroso, Chief Investment Strategist at iCapital, stated, “The reasons behind this include portfolio adjustments, changes in market sentiment, and the extended duration of the stock market rally. Additionally, the strong finish for U.S. stocks in 2023 has prompted some profit-taking.” 

U.S. Stocks

Fundamental Analysis: 

Most major tech stocks declined, with Amazon falling over 2%.  

Reports indicate that TikTok plans to expand its U.S. e-commerce business tenfold in 2024 to reach $17.5 billion, potentially impacting Amazon.  

Apple dropped over 1% following Barclay’s, Piper Sandler also downgraded Apple on Thursday.  

Mobileye plummeted over 24%, marking its largest single-day drop since late April last year, citing 2024 revenue guidance below market expectations.  

Most popular Chinese stocks saw declines, with the Nasdaq Golden Dragon China Index dropping by 0.43%.  

Bilibili and XPeng Automotive fell over 3%, while NIO and Alibaba dropped over 2%. Meanwhile, Li Auto, Weibo, Vipshop, JD, and iQIYI witnessed declines exceeding 1%. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones rose by 10.15 points, a 0.03% increase, closing at 37,440.34 points. 
• Nasdaq fell by 81.91 points, a 0.56% decrease, closing at 14,510.30 points. 
• S&P 500 Index dropped by 16.13 points, a 0.34% decline, closing at 4,688.68 points. 

Hong Kong Stocks

Fundamental Analysis: 

The three major indices in the Hong Kong market initially surged but later retreated.  

In terms of stock movements, most core tech stocks declined, with Alibaba dropping nearly 3% and Tencent falling over 2%.  

Kuaishou and Xiaomi fell over 1%, while Meituan and Baidu gained around 1%.  

Automotive stocks slid, with XPeng Automotive dropping nearly 3%.  

Travel-related stocks recorded notable gains, with Fiyta Holdings surging over 8%.  

Oil stocks rose uniformly, with CNOOC gaining nearly 2%. However, biotech stocks, particularly those related to Apple, continued to decline, with Qutoutiao dropping over 3%. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) fell by 0.14%, closing at 16,622.45 points. 
• Hang Seng Tech Index (HSTECH) dropped by 1.13%, closing at 3,613.73 points. 
• Hang Seng China Enterprises Index (HSCEI.) declined by 0.14%, closing at 5,641.28 points. 

FTSE China A50 Index

Fundamental Analysis: 

A shares opened lower but collectively rebounded into positive territory in early trading. However, they later exhibited a differentiated pattern.  

The Shanghai Composite and Shenzhen Component traded sideways, while the ChiNext Index fluctuated weaker, dipping below 1800 points to hit a new low. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) fell by 0.13%, closing at 2,950.61 points. 
• Shenzhen Component Index (SZCOMP) dropped by 0.24%, closing at 9,193.18 points. 
• ChiNext Index (CHINEXT) declined by 0.61%, closing at 1,790.69 points. 
• SSE STAR Market 50 Index (SSE50) dropped by 0.95%, closing at 816.04 points. 

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