US Market Weekly Leaderboard Update: Who are topping the Week 2 chart?

As the 2024 Papertrading Challenge continues, we're eager to share the current standings on the US stock papertrading leaderboard.

Last week, $Dow Jones Industrial Average (.DJI.US)$ rose by 1.24%, $S&P 500 (LIST91330.AU)$increased by 1.54%, and the $NASDAQ (NASDAQ.US)$ gained 2.11%. As of April, there are finally signs of cooling in the CPI data, coupled with a decline in the U.S. retail sales monthly rate. The yield on the U.S. 10-year Treasury also retreated from a high of 4.7% to below 4.5%.

The top-performing user last week gained the most from investing in $GameStop (GME.US)$. This user purchased GME shares on May 10th, ahead of many others. On that date, market rumors began to circulate about screenshots of The Roaring Kitty's X account, indicating its active status, showcasing the user’s strong market sensitivity.

The top-performing users last week had all, to varying degrees, invested in Chinese assets. $NASDAQ Golden Dragon China (.HXC.US)$ increased by 6.5%, while the YINN Index rose by 17%. After a full year of significant declines, the valuation quantiles of Chinese assets are relatively low. Recently, several positive policies have been introduced. Observing capital flows, there has been a significant increase in inflows following rumors of relaxed mainland real estate policies and exemptions of dividend tax for Hong Kong Stock Connect. The fundamentals are still continually improving. Despite the rise since the beginning of the year, the overall valuation of Chinese assets remains significantly lower than their global counterparts, suggesting that Chinese assets may still have room for recovery.

This week, all eyes are on $NVIDIA (NVDA.US)$. Upstream companies like $Advanced Micro Devices (AMD.US)$ and other computing power stocks have provided disappointing guidance. Downstream tech giants are either increasing or planning to increase capital expenditures. The market has increasingly placed its bets on NVIDIA. Besides focusing on NVIDIA's long-term AI demand outlook during the earnings report and conference call, it's also important to monitor real-time customer order statuses and changes in shipment rhythms.

As Chinese concept stocks continue to recover, with small and mid-cap Chinese stocks showing greater resilience, the earnings reports of these companies become increasingly significant this week. Notable companies to watch include $PDD Holdings (PDD.US)$, $Trip.com (TCOM.US)$, $NetEase (NTES.US)$, $Xiaomi Corp. (XIACF.US)$, among others.

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