Daily Investment Strategy
Hang Seng Index fell 330 points on Thursday
The Hang Seng Index closed at 22,113 points for the day, fell 330 points or 1.5%. The Hang Seng Technology Index reported at 4,978 points, fell 178 points or 3.5%. The HSCEI Index fell 127 points, or 1.6%, to 7,914 points. The market turnover was HK$310.3billion.
S&P 500 falls as Middle East tensions rise
The S&P 500 fell on Thursday as investors weighed data showing labor market weakness and ongoing geopolitical tensions in the Middle East a day ahead of a key non-farm payrolls report. The Dow Jones Industrial Average fell 184 points, or 0.4%, the S&P 500 fell 0.2%, and the Nasdaq Composite fell 0.1%. Energy stocks closed higher as oil prices continued to drive up tensions in the Middle East. In the corporate sector, jeans manufacturer Levi Strauss announced that it would evaluate its Dockers brand, consider selling it, and lowered the group's full-year revenue forecast. Subsequently, the company's stock price fell more than 7%. The National Highway Traffic Safety Administration said Tesla will recall 27,185 Cybertrucks in the United States. Meanwhile, Nvidia CEO Jensen Huang said in an interview with CNBC on Wednesday that demand for the next generation of Blackwell artificial intelligence chips is "insane" causing the company's stock price to rise more than 3%.
Initial jobless claims come in at 225,000 more than expected
The market remains cautious ahead of the release of the key non-farm payrolls data on Friday, which may influence market trend ahead of the Fed's next FOMC meeting. Data released by the U.S. Department of Labor on Thursday showed that the initial jobless claims rose to 225,000 in the week ended September 28, which was higher than the upwardly revised 219,000 people last week. Economists expected 222,000.
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