D Prime US Stocks Update
US stocks closed higher on Monday, with both the Dow Jones and the S&P 500 hitting fresh all-time highs. Investors largely ignored the US Justice Department’s criminal investigation into Federal Reserve Chair Jerome Powell. President Trump also called for a 10% cap on credit card interest rates.
Bank stocks came under pressure. Bank of America fell 1.22%, Citigroup dropped 1.4%, JPMorgan slid 4.7%, and Capital One plunged 6.4%, after Trump said banks that fail to cap credit card rates at 10% for one year would be violating the law.
Notably, the S&P 500 rebounded sharply from early losses to close higher. Earlier in the session, Powell confirmed in a rare direct video statement that federal prosecutors had launched a criminal probe into testimony he gave to the Senate Banking Committee regarding the Fed’s headquarters renovation project, initially weighing on markets.
Throughout 2025, US equities have largely shrugged off Trump’s pressure on the Federal Reserve as inflation stabilized and the central bank delivered three rate cuts. Markets now expect the Fed to pause later this month as policymakers assess inflation and economic trends for the new year. Trump has made it clear he wants rates to fall further.
Jim Lebenthal, Chief Market Strategist at Cerity Partners, said:
“Any impact from the Powell investigation is likely long-term. It will not change interest rates or inflation in the near term.”
US Stocks Highlights
Most mega-cap tech stocks finished higher. Alphabet rose 1% and its market cap surpassed $4 trillion. Tesla gained 0.89%, Apple rose 0.34%, Nvidia added 0.03%, while Amazon fell 0.37%, Microsoft lost 0.44%, and Meta dropped 1.7%.
Chinese stocks surged. The Nasdaq Golden Dragon China Index jumped 4.26%. Alibaba surged more than 10%, marking its biggest daily gain since August 29. Bilibili and XPeng gained over 8%, while Baidu and Weibo rose over 6%. NIO, NetEase, and JD.com climbed over 4%, and Li Auto added more than 2%.
D Prime US Stocks Snapshot
Dow Jones: +86.13 (+0.17%) at 49,590.20
Nasdaq: +62.56 (+0.26%) at 23,733.90
S&P 500: +10.99 (+0.16%) at 6,977.27
Hong Kong
Hong Kong stocks rose across the board. Tech stocks were mixed, with Alibaba up more than 3%, while Bilibili and JD.com gained over 1%. Kuaishou and Baidu slipped more than 1%. Gold stocks extended gains, with China Gold International up over 7%. Innovative drug stocks rallied, led by WuXi AppTec up more than 7%. Auto stocks were also active, with BYD up more than 3%. Three new IPOs debuted today.
Gold stocks continued to surge after Citi raised its precious metals outlook aggressively. In a bullish scenario, Citi sees gold reaching $5,000 per ounce and silver hitting $100 within three months, driven by geopolitical risks, physical supply shortages, and Fed uncertainty. Morgan Stanley and JPMorgan also remain structurally bullish on gold.
WuXi AppTec jumped more than 7% after reporting strong earnings. The company expects full-year revenue of RMB 45.46 billion, up 15.84% year-on-year, with adjusted net profit rising 41.33% and net profit attributable to shareholders surging over 102%.
D Prime Hong Kong Market Snapshot
Hang Seng Index: +1.01% at 26,877.42
Hang Seng Tech Index: +0.38% at 5,885.42
China Enterprises Index: +0.80% at 9,293.55
A50
China’s A-shares traded lower. By midday, the Shanghai Composite slipped 0.03%, Shenzhen Component fell 0.31%, and the ChiNext Index dropped 0.83%. The Beijing 50 Index declined 0.27%. Total turnover reached RMB 246.84 billion, up from the previous session. More than 2,800 stocks fell.
Healthcare services, AI applications, and precious metals outperformed, while commercial space stocks came under pressure.
D Prime China Market Snapshot
Shanghai Composite: -0.03% at 4,163.84
Shenzhen Component: -0.31% at 14,321.80
ChiNext: -0.83% at 3,360.23
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