Market Recap
On Tuesday, US stocks market closed mixed. The Dow Jones Industrial Average fell over 300 points, while tech giants like Nvidia, Amazon, and Meta lifted the Nasdaq slightly higher. Concerns over Trump’s tariff policies have raised fears of a potential economic downturn, though the White House remains firm on its stance. Investors have increased their expectations of a Fed rate cut. Meanwhile, the EU has proposed a 25% retaliatory tariff on selected US goods.
Around 10 a.m. ET Monday, stocks briefly rebounded after a report suggested Trump was considering a 90-day suspension of tariffs on most countries. The S&P 500 jumped more than 3%, led by tech stocks. Financials like JPMorgan Chase and Bank of America also surged.
However, the White House quickly denied the report, calling it “fake news,” and stocks resumed their decline.
Before the market closed, Trump reiterated at the White House: “We’re not considering pausing tariff hikes.” He added that many countries are in talks with the U.S. to strike new trade deals.
Wall Street is increasingly worried that hedge funds may be forced to liquidate stocks and other risk assets to meet margin calls, possibly triggering a cascade of forced selling.
BlackRock CEO Larry Fink said Monday that most CEOs he’s spoken to believe the U.S. is already in a recession. He warned that Trump’s tariff moves could further destabilize the global economy, potentially dragging U.S. stocks down even further.
US Market Highlights
Major Tech Stocks Took a Hit
- Apple: -7%, market cap falls below $3 trillion
- Tesla: -10%, market cap slips under $800 billion
- Netflix: -6%
- Meta: -5%
- Amazon: -4%
- Google & Microsoft: -3%+
Chipmakers were hammered:
- Micron: -13% (following a 16% drop the previous day)
- Intel: -11%
- ARM: -10%+
- Qualcomm & AMD: -8%+
- Nvidia: down over 7% for a second straight day
Chinese ADRs Mostly Lower:
The Nasdaq Golden Dragon China Index dropped 5.12%.
- Alibaba: -9%
- XPeng: -8%
- Li Auto & NetEase: -6%+
- Bilibili & JD.com: -5%+
- iQIYI & Baidu: -3%+
US Market – Technical Analysis
US Market Performance
- Dow Jones fell 349.26 points (-0.91%) to 42,225.32
- Nasdaq rose 15.48 points (+0.10%) to 15,603.26
- S&P 500 dropped 11.83 points (-0.23%) to 5,062.25
Hong Kong Market Highlights
Hong Kong stocks staged a broad rebound, led by tech and semiconductors.
- JD.com, NetEase: +7%
- Xiaomi: +5%+
- Meituan: +4%+
- Baidu, Bilibili: +3%+
Semiconductors surged:
- HKG Guanghong Semiconductor: +11%+
- Boosted by news that Fudan University and Shaoxing Lab developed the world’s first 32-bit RISC-V microprocessor using 2D semiconductor materials — setting a new global benchmark.
Hong Kong Market – Technical Analysis
Hong Kong Market Performance
- Hang Seng Index: +1.58% to 20,140.78
- Hang Seng Tech Index: +3.57% to 4,558.49
- China Enterprises Index: +2.26% to 7,426.92
A-Share Market (Mainland China)
China’s major indexes diverged after a morning rally.
A report from the China General Chamber of Commerce on April 6 showed that the Retail Business Climate Index rose to 50.5%, up 0.3 percentage points from the previous month.
Top gainers:
- Mother & baby retail, grains, agricultural cooperatives, seeds, edible oils, supermarkets, and concrete pipes
Top decliners:
- Brake systems, pancake optics, Tesla Cybertruck-related stocks, power tools, energy storage, robotics, HVDC tech, copper connectors, forklifts, reflective materials, and grinders
China Market – Technical Analysis
China Market Performance
- Shanghai Composite: +0.91% to 3,124.77
- Shenzhen Component: +0.42% to 9,404.20
- ChiNext (startup board): +1.78% to 1,839.31
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Disclaimer
This information contained in this blog is for general reference only and is not intended as investment advice, a recommendation, an offer, or an invitation to buy or sell any financial instruments. It does not consider any specific recipient’s investment objectives or financial situation. Past performance references are not reliable indicators of future performance. Doo Prime and its affiliates make no representations or warranties about the accuracy or completeness of this information and accept no liability for any losses or damages resulting from its use or from any investments made based on it.
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