Major U.S. stock indexes closed lower on Thursday, 9th February 2023 giving back earlier gains, as rising U.S. bond yields overshadowed strong earnings reports from heavyweights such as Disney and PepsiCo after a poor bid for 30-year U.S. debt.
With yields climbing, Treasuries became a reasonable alternative to stocks, and Wall Street’s three major stock indexes opened higher on Thursday after data showed that initial U.S. jobless claims rose by 13,000 to a seasonally adjusted 196,000 last week, above forecasts for 190,000.
The jobless data temporarily eased concerns about the Fed’s rate hike path after last week’s strong January jobs report stunned the market.
Google parent company Alphabet plunged 4.7%, extending the previous day’s decline and causing a drag on the S&P 500 and Nasdaq.
All 11 sectors of the S&P 500 were lost. Alphabet’s new chatbot provided inaccurate information Wednesday, raising concerns the company is losing ground to rival Microsoft.
Stocks had an encouraging start to the year on hopes the Federal Reserve would soften its hawkish stance and steer the economy to a soft landing, and the market expected the Fed to raise its target rate to a peak of 5.1% in July, largely in line with policymakers’ forecasts.
(Dow 30, 1-hour chart)
The Dow pays attention to the 33584-line today. If the Dow runs stably above the 33584-line, then pay attention to the suppression strength of the 33949 and 34221 positions.
Hong Kong Stocks
The three major indices of Hong Kong stocks opened lower, the Hang Seng Index (HSI) fell 0.3%, the Hang Seng China Enterprises Index (HSCEI) fell 0.57%, the Hang Seng TECH Index (HSTECH) fell 1.36%.
On the board, large technology stocks generally lower, JD.com, Inc. (9618.HK), Baidu, Inc. (9888.HK) fell more than 3%, Bilibili Inc. (9626.HK) fell more than 4%, Kuaishou Technology (1024.HK), Xiaomi Corporation (1810.HK), NetEase, Inc. (9999.HK), Alibaba Group Holding Limited (9988.HK) are down.
Auto stocks were generally lower, XPeng Inc. (9868.HK) fell 4%.
Most biopharmaceutical stocks retreated, and semiconductor stocks were lower, with Semiconductor Manufacturing International Corporation (0981.HK down 3.44% after the results.
On the other hand, hydrogen energy stocks rose, with China Risun Group Limited (1907.HK) opening 2.65% higher.
Sporting goods stocks were generally higher, with Bosideng International Holdings Limited (3998.HK) and Li Ning Company Limited (2331.HK) both gained.
(HK50, 1-hour chart)
HK50 pays attention to the 22127-line today. If HK50 can run stably above the 22127-line, then pay attention to the suppression strength of the two positions of 22785 and 23294.
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