Market Recap
US stocks closed lower on Monday, snapping a five-session winning streak across all three major indexes. Rising risk-off sentiment pressured both technology stocks and digital assets, extending the choppy trading patterns seen throughout a volatile November.
Wall Street had just come off a strong week. The S&P 500 and Nasdaq jumped 3.7 percent and 4.9 percent respectively, while the Dow rose 3.2 percent. But November has been turbulent, with sharp swings wiping out early gains. The S&P 500 and Dow ended the month roughly flat, while the Nasdaq fell 1.5 percent, ending a seven-month winning streak.
Markets are also fixated on the Federal Reserve leadership transition. President Donald Trump said Sunday he has chosen the next Fed Chair and will announce the pick soon. Trump has repeatedly stated he wants a Chair who will cut interest rates. Speaking aboard Air Force One, he said, “I know who I’m choosing. We’ll reveal it soon,” without naming the candidate.
Meanwhile, Japan’s central bank signaled its clearest intention yet to raise interest rates. Bank of Japan Governor Kazuo Ueda indicated that policymakers will “carefully consider the merits of a rate hike at the appropriate time.” The yen strengthened, and Japan’s two-year government bond yield hit its highest level since 2008. Markets now place an 80 percent probability on a December 19 rate increase.
US Stocks
At Monday’s close:
Nvidia +1.65 percent, Apple +1.52 percent, Alphabet A −1.65 percent, Microsoft −1.07 percent, Amazon +0.28 percent, Broadcom −4.19 percent, Meta −1.09 percent, TSMC −1.31 percent, Tesla −0.01 percent, Berkshire Hathaway A −1.16 percent, Eli Lilly −1.63 percent.
Chinese ADRs outperformed, lifting the Nasdaq Golden Dragon China Index by 0.87 percent. Alibaba +4.42 percent, JD.com +0.20 percent, Baidu +2.41 percent, Pinduoduo +1.89 percent, Bilibili −0.26 percent, NIO −5.82 percent, NetEase +5 percent, Futu +0.63 percent, Li Auto −2.45 percent, Xpeng −2.20 percent, Pony.ai +3.51 percent, Mixue +6.07 percent.
Market Snapshot:
Dow Jones −427.09 points, −0.90 percent, at 47,289.33
Nasdaq −89.76 points, −0.38 percent, at 23,275.92
S&P 500 −36.46 points, −0.53 percent, at 6,812.63
Hong Kong Stocks
Hong Kong’s major indexes opened higher but reversed. Meituan −2 percent, JD.com and Bilibili −1 percent, Alibaba +1 percent.
Energy names led gains. CNOOC +2 percent after Asian oil prices edged higher amid supply disruption risks. Analysts noted that one of the mooring systems on a key Kazakhstan-Russia pipeline was damaged by a Ukrainian strike, raising concerns over crude transport bottlenecks.
Apple-related stocks were active. AAC Technologies jumped more than 4 percent after supply-chain sources said Apple’s first foldable iPhone, “iPhone Fold,” has entered EVT and pre-mass-production phases. Reports suggest assembly partners are already stocking components, signaling a high likelihood of launch by late next year.
Market Snapshot:
Hang Seng Index +0.11 percent at 26,060.63
Hang Seng Tech Index −0.53 percent at 5,614.77
China Enterprises Index −0.02 percent at 9,170.69
A50
Mainland Chinese equities retreated in morning trade.
Shanghai Composite −0.55 percent
Shenzhen Component −0.77 percent
ChiNext −0.88 percent
Beijing 50 −0.29 percent
Turnover across Shanghai, Shenzhen and Beijing reached 1.056 trillion yuan, down 180.7 billion from the previous session. Over 3,900 stocks declined.
Sector performance was mixed:
Strength in pharmaceutical commerce, Fujian/ Hainan FTZ, tourism, AI smartphones, property, coal mining.
Weakness in energy metals, gaming, education, batteries, rare earths, cinema chains.
Market Snapshot:
Shanghai Composite −0.55 percent at 3,892.55
Shenzhen Component −0.77 percent at 13,045.95
ChiNext −0.88 percent at 3,065.15
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