Market Update
US stocks closed higher on Monday with tech stocks powering a strong rebound. The Nasdaq jumped almost 600 points as AI-related trades regained momentum. Alphabet led the surge after enthusiasm around its newly released Gemini 3 model fueled optimism across the sector.
With Thanksgiving shortening the trading week, volume is expected to lighten and volatility may pick up due to fewer catalysts before the December Fed meeting.
US Stocks
Mega-cap tech stocks rallied broadly. Google gained more than 6 percent, supported by renewed confidence in its AI leadership. The rally spilled over to chipmakers and software names, with Broadcom up over 11 percent, Micron up nearly 8 percent, and AMD and Lam Research both climbing more than 5 percent.
Fed commentary added fuel to the rebound. New York Fed President Williams said there is still room for rate cuts, keeping December easing hopes alive. Still, analysts warn that low trading volume and upcoming US data, including September retail sales and PPI, could trigger volatility if they hint at stagnation risks.
Index Recap:
- Dow Jones: +202.86 points (+0.44 percent) at 46,448.27
- Nasdaq: +598.92 points (+2.69 percent) at 22,872.01
- S&P 500: +102.13 points (+1.55 percent) at 6,705.12
Hong Kong Stocks
Hong Kong markets traded broadly higher. Tech stocks led the gains, with Bilibili up over 5 percent, Xiaomi up more than 4 percent, and Baidu up over 3 percent.
Xiaomi’s strength followed a regulatory filing showing CEO Lei Jun increased his stake by purchasing 2.6 million B-class shares worth more than HKD 100 million.
Non-ferrous metals stocks also advanced as CME’s FedWatch tool showed the probability of a 25 bp rate cut in December rising to 82.9 percent, providing short-term support for the sector.
Index Recap:
- Hang Seng Index: +0.61 percent at 25,873.27
- Hang Seng Tech Index: +1.15 percent at 5,609.21
- HSCEI: +0.75 percent at 9,147.09
A50 / Mainland China
Mainland China indices all moved higher. The Shanghai Composite gained 1.13 percent, the Shenzhen Component rose 2.04 percent, and the ChiNext jumped 2.60 percent.
Turnover across Shanghai, Shenzhen, and Beijing increased to RMB 1.18 trillion, with more than 4,800 stocks advancing.
Active sectors included CPO, PCB, and commercial aerospace. China Shipbuilding names saw mild pullbacks.
Index Recap:
- Shanghai Composite: +1.13 percent at 3,880.22
- Shenzhen Component: +2.04 percent at 12,841.60
- ChiNext: +2.60 percent at 3,005.23
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