Market Recap
On Wednesday, US equities rose, with all three major indexes posting record closing highs. Investors are focused on key US inflation data, including the August CPI and PPI reports. Revised nonfarm payroll data suggests the US economy may be weaker than previously thought, increasing pressure on the Federal Reserve to ease monetary policy.
The US Bureau of Labor Statistics updated employment data for the 12 months ending in March, sharply revising total payroll gains downward by 911,000—a record adjustment since 2002 and at the high end of Wall Street expectations.
JPMorgan CEO Jamie Dimon commented: “I think the US economy is weakening. Whether it is entering a recession or just slowing down, it’s hard to say at this point.”
Stock Highlights:
Oracle soared 27% after hours following the release of its FY2026 Q1 report (ending August). The company reported $455 billion in unfulfilled contractual obligations—an increase of 359% year-over-year—and signed a deal with OpenAI to develop 4.5 GW of US-based data center capacity.
US Stocks
Most large-cap tech stocks gained. Google rose over 2%, while Meta, Netflix, Nvidia, and Amazon climbed more than 1%. Apple, following the launch of the iPhone 17 series, fell 1.48%.
Chinese ADRs were mostly higher, with the Nasdaq Golden Dragon China Index up 1.48%. Bilibili jumped nearly 7%, Alibaba rose over 4%, JD.com gained more than 3%, and NIO and Li Auto each advanced over 1%.
US Market – Technical Analysis
US Market Snapshot
- Dow Jones: +196.39 points (+0.43%) to 45,711.34
- Nasdaq: +80.79 points (+0.37%) to 21,879.49
- S&P 500: +17.46 points (+0.27%) to 6,512.61
Hong Kong Stocks
Hong Kong indexes rose across the board. Tech stocks were broadly higher: Bilibili +6%, JD.com +4%, Lenovo, Baidu, Meituan +3%, Alibaba +2%, NetEase, Kuaishou, and Tencent +1%, while Xiaomi slipped over 1%.
Chinese brokerage stocks were active. CICC rose over 1%. JPMorgan noted that brokerage activity improved in August, with average daily turnover in A-shares reaching RMB 2.3 trillion—the highest monthly level ever. Daily turnover exceeded RMB 2 trillion for 18 consecutive trading days. Margin balances rose to a record RMB 2.28 trillion, and new accounts increased 35% month-on-month to 2.65 million, reflecting strong investor interest. Analysts maintain a positive outlook for the sector in Q3.
HK Market – Technical Analysis
HK Market Snapshot
- Hang Seng Index: +1.19% at 26,246.13
- Hang Seng Tech Index: +1.80% at 5,933.53
- China Enterprises Index: +1.22% at 9,354.99
A50 & A-Shares
Mainland Chinese stocks initially surged but retreated slightly, with half-day turnover of RMB 1.29 trillion, down RMB 30.8 billion from the previous session. Gains and losses were broadly balanced across individual stocks.
Sector Highlights:
- Computing hardware stocks rallied: Chunzhong Technology +2 days limit-up, Industrial Fulian hit limit-up.
- Satellite internet sector was active: Dongfang Communication hit limit-up.
- Oil & gas stocks strengthened: Zhunyou shares hit limit-up.
China Market – Technical Analysis
China Market Snapshot
- Shanghai Composite: +0.17% at 3,813.78
- Shenzhen Component: +0.24% at 12,540.63
- ChiNext Index: +1.14% at 2,900.54
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