The Nasdaq and S&P 500 have both experienced continuous declines for the third consecutive week. On Friday, Tesla’s stock fell by 1.7%, with a trading volume of USD 29.128 billion. Throughout the week, the stock has accumulated an 11.2% decline. 

U.S. Stocks 

Fundamental Analysis: 

Tesla has been falling for the sixth consecutive trading day, with a total decline of over 12%. The stock has dropped around 28% from its recent high, entering a technically bearish market phase. 

Many large tech stocks have declined, with Google dropping nearly 2%, while Amazon, Facebook, and Microsoft have experienced slight decreases.  

Apple and Netflix have seen marginal gains. “Vietnam’s version of Tesla,” VinFast Auto (VFS), plummeted by 23%, marking a significant three-day decline and reaching $15.40 per share, resulting in a market value reduction of over 50% compared to its first day of trading. 

Chinese concept stocks, in general, experienced a decline, with the Nasdaq Golden Dragon China Index falling by 3.48%. NIO dropped over 7%, Bilibili fell by over 6%, iQiyi dropped by more than 5%, and JD.com, XPeng Motors, and Li Auto fell by over 4%. Baidu, Pinduoduo, Tencent Music, and NetEase all declined by more than 3%, Alibaba dropped by over 2%, and Futu Holdings and Manbang Holdings dropped by over 1%. 

Technical Analysis:   

(S&P 500 Index, 1-day chart) 

Market Trends: 

• Dow Jones Industrial Average gained 25.83 points, a 0.07% increase, closing at 34,500.66 points. It suffered a weekly decline of 2.21%. 
• Nasdaq Composite Index fell by 26.16 points, a 0.20% decrease, closing at 13,290.78 points. The weekly decline was 2.59%. 
• S&P 500 Index dropped 0.65 points, a 0.01% decrease, closing at 4,369.71 points. The cumulative weekly decline was 2.11%. 

Hong Kong Stocks 

Fundamental Analysis: 

The three major Hong Kong indices opened low and performed disappointingly. The Hang Seng Index lost the 18,000-point threshold, hitting a low of 17,900 points, and closed at 17,950 points, down 375 points or 2.1%. The Hang Seng Tech Index dropped by 3.6%, closing at 4,007 points, with a trading volume of 106.3 billion HKD.  

Throughout the week, the Hang Seng Index plummeted by 5.9%, and the Hang Seng Tech Index dropped by 6.2%. Since August, the Hang Seng Index has accumulated a decline of 10.6%, and the Hang Seng Tech Index has dropped by nearly 12%. 

In terms of individual stocks, technology and internet companies saw declines, with JD.com, Inc. (9618.HK), NetEase, Inc. (9999.HK), and Baidu, Inc. (9888.HK) dropping by more than 2%.  

New energy vehicle companies, led by NIO Inc. (9866.HK), also faced a collective decline.  

Real estate stocks showed mixed performance, with Country Garden Services Holdings Company Limited (6098.HK) rising by over 6% while Longfor Group Holdings Limited (0960.HK) and China Resources Land Limited (1109.HK) dropped.  

Banking stocks decreased, with China Merchants Bank Co., Ltd. (3968.HK) and Bank of Communications Co., Ltd. (3328.HK) falling by over 2%.  

The biotechnology sector remained active.  

The parent company of “China’s Voice” (China’s version of “The Voice”), China Star Entertainment Limited (0326.HK), experienced a 25% decline on Friday and continued to drop by around 2% on today’s opening. 

Technical Analysis: 

(Hang Seng Index, 1-day chart) 

Market Trends: 

• Hang Seng Index (HSI) declined by 0.85%, closing at 17,798.47 points. 
• Hang Seng Tech Index (HSTECH) fell by 1.4%. 
• Hang Seng China Enterprises Index (HSCEI) fell by 1.08%. 

FTSE China A50 Index 

Fundamental Analysis: 

The A-share indices slightly opened lower, experienced initial market fluctuations, followed by a rebound. The Shenzhen Component Index briefly turned positive but soon fell again. Both the Shenzhen Component Index and the ChiNext Index hit new lows for the year.  

The combined trading volume of the Shanghai and Shenzhen markets reached 423.761 billion CNY, with a net outflow of 1.242 billion CNY from northbound funds.  

65 stocks (including ST stocks) hit the daily upper limit, while 3 stocks hit the daily lower limit. 

In terms of sector performance, the environmental protection, engineering consulting services, internet services, utilities, and construction sectors performed well, while the aviation and airport, insurance, securities, pharmaceutical commercial, and photovoltaic equipment sectors showed declines.  

In thematic terms, areas like computing power, automobile disassembly, new urbanization, digitalization, creative technology, and optical communication modules remained active. 

Technical Analysis: 

(SSE Composite Index, 1-day chart) 

Market Trends: 

• Shanghai Composite Index (SHCOMP) fell by 0.38%, closing at 3,120.18 points. 
• Shenzhen Component Index (SZCOMP) fell by 0.24%, closing at 10,432.93 points. 
• ChiNext Index (CHINEXT) fell by 0.62%, closing at 2,105.78 points. 
• SSE STAR Market 50 Index (SSE50) fell by 0.35%, closing at 901.08 points. 

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