U.S. stocks saw a slight decline on Thursday, with the market eagerly awaiting the Friday nonfarm employment data.  

Initial jobless claims in the U.S. for the past week came in at 207,000, below market expectations.  

The President of the San Francisco Federal Reserve stated that the Fed can stay put if the labour market cools down and inflation subsides. 

On Thursday, the initial jobless claims in the U.S. for the past week saw a slight uptick to 207,000 (market expectation was 210,000). This reflects the resilience of the labour market and does not confirm the employment cooling signals from Wednesday’s “small nonfarm” report.  

After the data release, U.S. Treasury yields briefly rose and hit a daily high.  

Some analysts believe that this week’s employment report and next week’s CPI inflation data will determine whether it strengthens the market’s expectations of an interest rate hike in November by the Federal Reserve. 

U.S. Stocks 

Fundamental Analysis: 

Large-cap tech stocks had mixed performance, with Netflix down over 1%, while Amazon, Google, and Facebook saw slight declines. Apple and Microsoft made slight gains. 

Semiconductor stocks had mixed results, with Nvidia, Micron Technology, and United Microelectronics Corporation up over 1%, while Applied Materials, ARM, ASML, and AMD saw declines exceeding 1%. 

Automotive stocks showed varying performance, with Rivian, known as the “Tesla killer,” plummeting over 22% after announcing a $1.5 billion convertible bond issuance.  

Vietnam’s “Tesla,” VinFast, surged over 5%, with Q3 revenues growing by 159%. Tesla saw a slight decline.  

Mirati Therapeutics Inc. soared over 45%, reaching a new high since December 8, 2022, amid reports that French pharmaceutical giant Sanofi is exploring the possibility of acquiring the cancer drug manufacturer Mirati Therapeutics Inc. 

Chinese concept stocks had mixed gains and losses, with the Nasdaq Golden Dragon China Index falling 0.25%.  

iQiyi rose over 2%, while Baidu and TAL Education saw gains of over 1%. TSMC, Tencent Music, JD.com, and others had slight gains, while Li Auto and Bilibili fell over 1%, and Vipshop and Alibaba saw slight declines. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones Industrial Average fell 9.98 points, a 0.03% decrease, closing at 33,119.57 points. 
• Nasdaq Composite Index (Nasdaq) dropped 16.18 points, a 0.12% decrease, closing at 13,219.83 points.  
• S&P 500 Index declined 5.56 points, a 0.13% decrease, closing at 4,258.19 points. 

Hong Kong Stocks 

All three major Hong Kong indices rose today.  

In the tech sector, Baidu Group gained nearly 3%, while Meituan, Netease, and Tencent Holdings rose over 2%.  

Property stocks saw collective gains, led by Longfor Group, up over 6%.  

Gas stocks, with China Gas leading, increased by nearly 4%.  

Chinese brokerage stocks showed active growth, with Oriental Securities surging over 5%.  

Environmental protection, internet healthcare, and wind energy sectors performed well, while newly listed consumer investment stock, TianTu Investment, fell over 25%. 

Yesterday, the Hang Seng Index (HSI) managed only a modest 18-point gain at the close.  

Total daily trading volume dropped further to 47 billion yuan, marking the lowest single-day volume since December 2018.  

Given the current situation, it is anticipated that net inflows from mainland Chinese investors will begin next week, possibly pushing the trading volume to around 80 billion yuan, but still falling short of the one hundred billion yuan mark. 

Technical Analysis: 

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) rose by 1.84%, closing at 17,530.95 points. 
• Hang Seng Tech Index (HSTECH) gained 1.92%, closing at 3,829.81 points. 
• Hang Seng China Enterprises Index (HSCEI) increased by 1.86%, closing at 5,997.66 points. 

FTSE China A50 Index 

Fundamental Analysis: 

The A-share market in China remained closed for the entire day in light of the China National Day holiday. 

Forward-looking Statements    
This article contains “forward-looking statements” and may be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “should”, or “will”, or other variations thereon or comparable terminology. However, the absence of such terminology does not mean that a statement is not forward-looking. In particular, statements about the expectations, beliefs, plans, objectives, assumptions, future events, or future performance of Doo Prime will be generally assumed as forward-looking statements.     

Doo Prime has provided these forward-looking statements based on all current information available to Doo Prime and Doo Prime’s current expectations, assumptions, estimates, and projections. While Doo Prime believes these expectations, assumptions, estimations, and projections are reasonable, these forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Doo Prime’s control. Such risks and uncertainties may cause results, performance, or achievements materially different from those expressed or implied by the forward-looking statements.     

Doo Prime does not provide any representation or warranty on the reliability, accuracy, or completeness of such statements. Doo Prime is not obliged to provide or release any updates or revisions to any forward-looking statements.    

Disclaimer    
While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.