The U.S. stock market closed higher on Tuesday, driven by gains in the technology sector. Nvidia saw a remarkable surge of over 7%, reclaiming the $900 mark.
The U.S. witnessed a month-on-month increase of 0.4% and a year-on-year increase of 3.2% in the February Consumer Price Index (CPI). The CPI exceeded expectations, implying that the Federal Reserve might not begin interest rate cuts until summer.
The U.S. Department of Labor released the highly anticipated February Consumer Price Index (CPI) report on Tuesday. The data revealed a further increase in inflation for February, suggesting that the Federal Reserve may not start cutting interest rates until summer.
According to the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor, the Consumer Price Index, which measures the cost of goods and services, rose by 0.4% month-on-month and by 3.2% year-on-year in February.
While the month-on-month increase was as expected, the year-on-year increase slightly exceeded the average prediction of 3.1% by economists surveyed by Dow Jones.
U.S. Stock Market
Fundamental Analysis:
Major tech stocks mostly rose, with Nvidia soaring over 7%, adding over $150 billion to its market capitalization, which now stands at $2.3 trillion. Advanced Micro Devices (AMD) also surged over 7%, while Meta and Taiwan Semiconductor Manufacturing Company (TSMC) rose over 3%.
Microsoft, ASML, and AMD surged over 2%, and Netflix (NFLX) gained over 1%. Google, Apple, and Intel saw slight gains, while Tesla experienced a minor decline.
Popular Chinese concept stocks generally rose, with the Nasdaq Golden Dragon China Index surging by 3.96%. Xpeng soared nearly 9%, while Futu Holdings surged over 7%.
Pinduoduo and iQIYI gained over 5%, and Weibo, JD.com, and Vipshop rose over 4%. Baidu and Manbang climbed over 3%, while Tencent Music and XPeng rose over 2%. Alibaba, Nio, and NetEase gained over 1%, and Bilibili saw a slight increase.
Technical Analysis:
(S&P 500 Index, 1-day chart)
Market Trends:
- Nasdaq rose by 246.36 points or 1.54%, closing at 16,265.64 points.
- Dow Jones Industrial Average increased by 235.83 points or 0.16%, ending at 39,005.49 points.
- S&P 500 index rose by 57.33 points or 1.12%, finishing at 5,175.27 points.
Hong Kong Stock Market
Fundamental Analysis:
Today, all three major indices of the Hong Kong stock market saw collective gains.
On the market front, technology stocks generally rose, with Baidu and Lenovo surging over 2%, while NetEase, Meituan, and JD.com rose over 1%. However, Alibaba experienced a 1% decline.
Metal and mineral stocks showed strong momentum, with Luoyang Molybdenum leading the gains with a surge of over 10% after announcing its 2023 annual performance report.
The company reported a total operating income of 186.269 billion yuan, marking a 7.7% annual increase. Net profit attributable to shareholders reached 8.25 billion yuan, representing a growth of 36%, mainly attributed to investment gains from disposing of Australian businesses. Earnings per share stood at 38 cents.
Technical Analysis:
(Hang Seng Index, 1-day chart)
Market Trends:
- Hang Seng Index (HSI) increased by 0.26%, closing at 17,138.75 points.
- Hang Seng Tech Index (HSTECH) surged by 0.76%, closing at 3,672.66 points.
- Hang Seng China Enterprises Index (HSCEI.) remained flat, closing at 5,949.73 points.
FTSE China A50 Index
Fundamental Analysis:
In the A-share market, the three major indices opened with mixed results.
In the first half-hour of trading, the market experienced downward fluctuations, followed by a slight rebound, and then entered a period of consolidation in late morning trading.
In terms of industry sectors, gaming, cultural media, aerospace, automotive, and communication services performed well, while insurance, real estate services, real estate development, animal husbandry, and transportation equipment sectors faced declines.
Themes such as storage chips, CPO concepts, Chiplet concepts, BC batteries, AI smartphones, and PCB concepts remained active.
Technical Analysis:
(SSE Composite Index, 1-day chart)
Market Trends:
- Shanghai Composite Index (SHCOMP) fell by 0.26%, closing at 3,047.85 points.
- Shenzhen Component Index (SZCOMP) dropped by 0.15%, closing at 9,615.92 points.
- ChiNext Index (CHINEXT) declined by 0.42%, closing at 1,898.00 points.
- SSE Sci-Tech Innovation 50 Index rose by 0.07%, closing at 818.32 points.
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