Despite a slight decline in the U.S. stock market on Friday, all three major indices marked their ninth consecutive week of gains.  

Throughout December, the fourth quarter, and the entirety of 2023, substantial increases were observed. 

Last Friday, which marked the final trading day for December, the fourth quarter, and 2023, all three indices recorded gains within these periods.  

The S&P 500 index is within reach of its all-time high. Its highest closing level was 4796.56 points set in January 2022, with an intraday peak at 4818.62 points. 

Brian Barish, Chief Investment Officer at Cambiar Investors LLC, noted, “The belief that major central banks have taken adequate measures to quell the surge in inflation from 2022-23 is driving this uptrend.

While concerns may arise—such as the elections, the substantial bond financing needs of the U.S. government, and the possibility of resurging inflation—currently, there’s limited news and few sellers. 

U.S. Stocks

Fundamental Analysis: 

Several large-cap tech stocks surged in 2023, with Nvidia, Microsoft, and Meta witnessing their largest annual increases since going public.  

Nvidia soared nearly 240% for the year, Microsoft surged over 58%, and Meta climbed over 194%.  

AMD rose by over 127%, Tesla by nearly 102%, Intel by over 95%, Netflix by over 65%, Google by approximately 58%, and Apple by over 49%.  

Chinese tech stocks showed widespread gains, with the Nasdaq Golden Dragon China Index rising by 1.22%.  

Netease surged by over 4%, Tencent Music by over 3%, Bilibili, XPeng Motors by over 2%, iQIYI, Li Auto, Manbang, JD.com, Vipshop, and Baidu all gained over 1%.  

Futu Holdings, Pinduoduo, Weibo, and Alibaba saw marginal increases, while NIO fell by over 3%. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones declined by 20.56 points, or 0.05%, closing at 37,689.54. 
• Nasdaq dropped by 83.78 points, or 0.56%, settling at 15,011.35. 
• S&P 500 Index fell by 13.52 points, or 0.28%, finishing at 4,769.83. 

Hong Kong Stocks

Fundamental Analysis: 

All three major Hong Kong indices opened higher.  

Notable movements include widespread gains in core tech stocks, with Netease surging by over 4%, Tencent by over 2%, Baidu, Kuaishou, and Meituan rising by over 1%.  

Most automotive stocks also rose, led by a 4% surge in XPeng Motors.  

Property management and real estate stocks saw gains, with China Evergrande Property Services opening nearly 8% lower due to failed agreements related to Newton Group’s share subscription and convertible bond agreements. 

Last Friday, the Hang Seng Index rose by 3 points, while the Hang Seng Tech Index gained less than a point.  

However, trading remained relatively subdued, totaling only 75.2 billion Hong Kong dollars.  

Over the week, the Hang Seng and Hang Seng Tech Indices rebounded by 4.3% and 6.1%, respectively.  

However, for the entire year, both indices registered cumulative declines of 13.8% and 8.8%, underperforming global markets and marking the fourth consecutive year of decline. 

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) rose by 0.51%, closing at 17,135.12. 
• Hang Seng Tech Index (HSTECH) rose by 1.04%, closing at 3,803.44. 
• Hang Seng China Enterprises Index (HSCEI.) rose by 0.64%, closing at 5,805.47. 

FTSE China A50 Index

Fundamental Analysis: 

At the opening of today’s trading, the three main indices in the A-share market displayed mixed movements.  

The Shanghai Composite Index initially opened lower but maintained a sideways trend overall.  

Meanwhile, the Shenzhen Component Index and the ChiNext Index weakened, briefly falling by over 1%.  

However, the SSE 50 Index continued to rise, surging by over 1%. 

In terms of sectors, the top performers included shipping ports, shipbuilding, coal, construction machinery, power, and environmental protection industries.  

Conversely, semiconductor, brewing, photovoltaic equipment, energy metals, and securities industries faced declines. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) declined by 0.21%, closing at 2,968.7. 
• Shenzhen Component Index (SZCOMP) declined by 0.91%, closing at 9,438.24. 
• ChiNext Index (CHINEXT) declined by 1.38%, closing at 1,865.33. 
• SSE STAR Market 50 Index (SSE50) declined by 0.91%, closing at 844.28. 

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