Wednesday Market Recap

All three major US indexes ended slightly lower on Wednesday as Fed minutes revealed a cautious stance on rate cuts, with most officials concerned that inflation remains more persistent than expected. Meanwhile, markets kept a close eye on positive developments in US-EU trade negotiations.

In after-hours trading, Nvidia shares surged nearly 5% following a better-than-expected earnings report.

Early Thursday in Asia, US stock futures rallied sharply, with Nasdaq futures up as much as 2% after news that the US Court of International Trade blocked Trump’s “reciprocal tariff” plan. According to CCTV News, the court ruled on May 28 that President Trump overstepped his authority in attempting to impose sweeping tariffs on countries with large trade surpluses with the US.

The latest Fed meeting minutes, released Wednesday, showed that policymakers agreed economic uncertainty supports a wait-and-see approach to interest rates.

“Participants generally agreed that the risks of both inflation and unemployment rising have increased. Almost all attendees noted that inflation could prove more persistent than expected.”

Also on Wednesday, Nvidia reported its Q1 earnings for fiscal year 2026, revealing lower-than-expected H20 write-downs. Revenue rose 69% year-over-year to $44.1 billion, beating the $43.1 billion forecast. While net profit came in slightly below expectations, adjusted EPS was above consensus, fueling the after-hours rally.

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US Markets Highlights

Most major tech stocks declined:

• Tesla -1%+
• Microsoft, Amazon, Nvidia, Google all down slightly
• GameStop -10%+
• Trump Media & Technology Group -6%+
• Coinbase -4%+

Gainers included:

• Precious metals and airport/aviation services
  • Newmont Corporation +5%+
  • Kintian Gold +2%+

Chinese ADRs:

• Nasdaq Golden Dragon Index -0.71%
• Niu Technologies +3%+
• Alibaba, JD.com -2%+
• iQIYI -4%+

US Market – Technical Analysis

US Market Close

• Dow Jones -244.95 pts (-0.58%) → 42,098.70
• Nasdaq -98.23 pts (-0.51%) → 19,100.94
• S&P 500 -32.99 pts (-0.56%) → 5,888.55

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Hong Kong Markets Highlights

Hong Kong stocks continued higher across all three major indexes.

Tech led gains:

• Meituan +5%
• Lenovo, NetEase, Kuaishou +2%+
• Hongyuan Futures +5%
• ZhongAn Online soared 25%

Biotech Rally Ahead of ASCO:

• JW Therapeutics +17%+
  Excitement grew ahead of the 2025 American Society of Clinical Oncology (ASCO) meeting, set for May 30–June 3 in Chicago.
  China submitted a record 71 oral presentations, highlighting its fast-growing biotech innovation pipeline. CITIC Securities said ASCO marks China’s rapid ascent in global drug R&D.

Hong Kong Market – Technical Analysis

Hong Kong Market Close

• Hang Seng Index +0.64% → 23,407.96
• Hang Seng Tech Index +1.56% → 5,255.35
• China Enterprises Index +0.68% → 8,500.93

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A-Share Markets (Midday) Highlights

Mainland indexes rose broadly in the morning session.

• Market turnover: ¥759.4 billion, up ¥91.6 billion from the previous day
• Advancers: Over 4,400 stocks gained

🔝 Leading Sectors:

• Autonomous driving, innovative pharmaceuticals, and cross-border payments
  • Cloud Power, Tongda Electric hit 4 limit-ups in a row
  • Yuhuatian, Sichuan Jinding, Jinjiang Online, Qiming Info also surged
• Nuclear fusion remained hot:
  • Shangwei Co. hit 6 consecutive limit-ups
  • Zhongchao Holdings, Lanshi Heavy Equipment, HeDuan Smart also locked limit-up
• Biotech leaders:
  • RuiZhi Pharma, Staidson, Huashen Pharma hit limit-up

Weak Sectors:

• Gold-related stocks led the losses:
  • Leshare -8%
  • Mingpai Jewelry, Chow Tai Sang followed lower

China Market – Technical Analysis

Mainland Market Midday Snapshot

• Shanghai Composite +0.72% → 3,363.97
• Shenzhen Component +1.12% → 10,115.13
• ChiNext Index +1.16% → 2,008.33

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