U.S. Stocks
Fundamental Analysis:
Major U.S. stock indexes closed lower on the first trading day of 2023, with Tesla and Apple bringing the biggest drags while investors await the release of minutes from the Federal Reserve’s December meeting, concerned about the Fed’s rate hike path.
Electric car maker Tesla closed 12% lower after hitting its lowest level since August 2020 intraday and putting pressure on non-essential consumer goods stocks. The move comes after the company reported weaker fourth-quarter car delivery figures than Wall Street estimates.
Apple fell 3.7%, touching its lowest level since June 2021, after a Nikkei Asia report said demand was weak.
Energy stocks closed down 3.6% on the first trading day of the year after posting sizable gains in 2022, as oil prices fell on concerns about the global economic outlook.
Major U.S. stock indexes suffered their biggest annual decline since 2008 in 2022 after the Federal Reserve raised interest rates at the fastest pace since the 1980s to curb hyperinflation.
The S&P 500 fell 19.4% in 2022, shrinking its market value by about $8 trillion, while the Nasdaq fell 33.1%, dragged down by growth stocks.
Among the 11 major sectors of the S&P 500, technology fell 1%, second only to energy, with Apple exacerbating the decline as the stock closed below $2 trillion in market capitalization, the first seen since March 2021.
Tesla posted its biggest one-day percentage drop since September 2020, dragging the non-essential consumer goods index down 0.6%, making it the third weakest sector on the day for the S&P.
Technical Analysis:
(Dow 30, 1-hour chart)
Execution Insight:
The Dow today pays attention to the 33233-line. If the Dow runs stably above the 33233-line, then pay attention to the suppression strength of the 33390 and 33584 positions.
Hong Kong Stocks
Fundamental Analysis:
The three major indices of Hong Kong stocks rose strongly in the morning of the second trading day of 2023.
The Hang Seng Index (HSI) closed up 2.3% at noon to hit a new high of about 5 months, the Hang Seng TECH Index (HSTECH) rose 3.39%, the Hang Seng China Enterprises Index (HSCEI) rose 2.46%.
The half-day net southbound capital inflow was HK$4.955 billion, the market turnover was HK$74.1 billion.
On the market, large technology stocks rose collectively, Alibaba Group Holding Limited (9988.HK) rose 8% to refresh the intraday high since August last year. Bilibili Inc. (9626.HK) rose 7.8%, Baidu, Inc. (9888.HK) rose 6%, Meituan (3690.HK), NetEase, Inc. (9999.HK), JD.com, Inc. (9618.HK) rose 4%, Tencent Holdings Limited (0700.HK) rose 3% and continued to brush a new high since July last year.
New Year’s Day new housing transactions rebounded, real estate and related industry chain stocks rose strongly, CIFI Holdings (Group) Co. Ltd. (0884.HK) rose 15%.
The Ministry of Industry and Information Technology cooperated with Ali Health to open Shanghai’s exclusive drug purchase channel, Alibaba Health Information Technology Limited (0241.HK) led the rise of Internet medical stocks by 9%.
Hong Kong SAR Government announced details of customs clearance as today, Hong Kong local stocks strengthened.
Luk Fook Holdings (International) Limited (0590.HK) rose 7% to a new high of 1.5 years. Banking stocks, securities stocks, insurance stocks to large financial sector rallied.
Tourism stocks, power stocks, aviation stocks, gaming stocks and other stocks were active.
In addition, Tesla’s delivery was less than expected overnight plunged 13%, and auto stocks collectively retreated.
Coal stocks, gold stocks, health care equipment and other stocks weakened.
Technical Analysis:
(HK50, 1-hour chart)
Execution Insight:
HK50 pays attention to the 19517-line today. If HK50 can run stably above the 19517-line, then pay attention to the suppression strength of the two positions of 20467 and 21450.
FTSE China A50 Index
Technical Analysis:
(FTSE China A50, 1-hour chart)
Execution Insight:
FTSE China A50 pays attention to the 12900-line today. If A50 runs stably below the 12900-line, pay attention to the support strength of the 12659 and 12273 positions. If the A50 runs above the 12900-line, it will open up further upside space.
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