Market Recap
On Tuesday, uncertainty surrounding global trade weighed on US markets, limiting gains. The S&P 500 ended nearly flat as investors continued to monitor developments in international trade policy. By Wednesday, A-shares rallied strongly, with the Shanghai Composite reclaiming the 3,500 level for the first time in eight months. Meanwhile in Hong Kong, “Jay Chou concept stock” Giant Legend surged as much as 100% intraday before paring gains.
President Trump’s tariff announcements have added to market uncertainty. On Tuesday local time, he declared a 50% tariff on copper imports. Following the news, NY copper futures jumped up to 17% intraday. Trump also stated that the US will soon impose tariffs on pharmaceuticals and semiconductors.
While the S&P 500 hovers near record highs, analysts at Oppenheimer warned of weakening market breadth, noting that the number of NYSE stocks hitting new highs only exceeded new lows by 88—a pattern often seen ahead of a pullback.
On the A-share front, the Shanghai Composite broke through the 3,500 mark for the first time in eight months. According to Soochow Securities, structural sector rotation has returned, with gains in tech driving the Shenzhen and ChiNext indexes higher. The market is gradually rotating from defensive banking stocks toward offensive sectors such as big tech and photovoltaics. Investors should watch trading volumes—if turnover stabilizes above ¥1.6 trillion, the index could potentially extend its breakout above 3,500.
US Markets Highlights
Major tech stocks were mixed:
- Tesla rose over 1%
- NVIDIA gained 1.11%, closing at a record $160/share, pushing its market cap above $3.9 trillion
- Netflix, Google, and Amazon each fell more than 1%
Copper-related stocks rallied:
- Freeport-McMoRan rose 2.53%
- Taseko Mines gained 4.26%
Oil stocks also climbed:
- Schlumberger rose over 4%
- BP and Chevron gained more than 3%
Most popular US-listed Chinese stocks advanced:
- Nasdaq Golden Dragon China Index: +0.71%
- iQIYI: +3%
- JD.com, New Oriental: +2%+
- Alibaba: +1.62%
US Market – Technical Analysis
US Market Snapshot
- Dow Jones: -165.60 pts (-0.37%) to 44,240.76
- Nasdaq: +5.95 pts (+0.03%) to 20,418.46
- S&P 500: -4.46 pts (-0.07%) to 6,225.52
Hong Kong Markets Highlights
All three major Hong Kong indexes opened lower and extended losses throughout the day.
- Tech stocks fell across the board:
- NetEase: -2%
- Kuaishou, Xiaomi, Tencent, Alibaba, and Bilibili: -1%+
- Pharmaceutical stocks outperformed:
- Hengrui Medicine: +9%
- Film-related stocks gained:
- China Star Entertainment: +13%
- Gold miners declined:
- Tibet Summit Resources: -6%+
Jay Chou Concept Stock:
Giant Legend, dubbed the “Jay Chou concept stock,” soared 100% intraday on heavy volume before narrowing gains to 70% by midday. Jay Chou officially joined Douyin today under the username “Zhou Tongxue” (Classmate Zhou), verified as a singer. The account gained 50,000 followers within 10 minutes. Douyin confirmed the authenticity of the account.
Hong Kong Market – Technical Analysis
Hong Kong Market Snapshot
- Hang Seng Index: -0.74% to 23,970.39
- Hang Seng Tech Index: -1.14% to 5,265.26
- China Enterprises Index: -0.76% to 8,642.44
A-Share Markets Highlights
All three major A-share indexes opened higher on Wednesday. By midday, total market turnover reached ¥969.1 billion, up ¥83.8 billion from the previous session. More than 2,000 stocks advanced.
Top Gainers by Sector:
- Financials, short-form video games, childcare services, banks, and pork producers
- Yuexiu Capital and Nanhua Futures hit limit-up
Sector Activity Highlights:
- The short-form video game sector saw strong intraday momentum, with H&R Century hitting limit-up and ChineseAll surging over 10%
- Banks rallied again, with ICBC, PSBC, and Agricultural Bank of China reaching new highs
- Innovative pharma remained active, with PreceDo hitting a 20% limit-up
Top Decliners:
- Storage chips, shipbuilding, rare earths, and non-ferrous metals
- Youfang Tech dropped over 9%, while Western Test, Davi, and Zhongjing Electronics also fell
- Rare earth magnets weakened, with Jiuling Tech down over 5%, alongside losses in Galaxy Magnet, Earth Panda, and Zhongke Magnetics
China Market – Technical Analysis
China Market Snapshot
- Shanghai Composite: +0.29% to 3,507.69
- Shenzhen Component Index: +0.36% to 10,626.87
- ChiNext Index: +0.80% to 2,198.44
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Disclaimer
This information contained in this blog is for general reference only and is not intended as investment advice, a recommendation, an offer, or an invitation to buy or sell any financial instruments. It does not consider any specific recipient’s investment objectives or financial situation. Past performance references are not reliable indicators of future performance. Doo Prime and its affiliates make no representations or warranties about the accuracy or completeness of this information and accept no liability for any losses or damages resulting from its use or from any investments made based on it.
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