Jinwu Financial News | The Dow rose 244 points to a high of 41,420 early Monday (August 26), slightly breaking the record high of 41,367 on July 18. The increase narrowed thereafter, closing 65 points at 41240, the index fell 17 points to close at 5616, and the NASDAQ 100 (NDX) fell 204 points to close at 19516. The market focus was on the performance announced by Nvidia (NVDA) after Wednesday. This is more important than the experiential data released by the US this week.
Since the pace of the Nasdaq changed last Thursday (August 22), the Nasdaq showed a more obvious weakness yesterday (August 26) compared to the benchmark index and the Dow. Market capital was no longer concentrated on technology stocks, causing the NASDAQ 100 backlash to be obvious. The last time this backlash occurred was in mid-July, when the NASDAQ saw a fall from a historical high and then it was the turn of the Dow. The Dow suddenly reversed after creating a new record high. The three major US stock indices immediately began a correction period, and ended until August 5. The trading day rose above the previous day's high and broke last Thursday (August 22) After the takeover, it is the Dow's turn to relay. If the Dow also ends this upward wave, it can always repeat the pullback from a month ago, and it is unsurprising that the downturn was inevitable.
Last night, Pinduoduo's financial reports and statements caused the stock price to plummet by up to 30%, dragging down China's Golden Dragon Index. Bilibili, Alibaba, JD, and Ideal Auto all fell back down. Today (August 27), the Hang Seng Index opened low, but the Hang Seng Index narrowed its decline after opening low. In particular, it rose 11% after Ctrip's (09961) results. The Hang Seng Index fell only 50 points around 17,748 at noon, with a high and low fluctuation of less than 160 points.
Over the past 3 weeks, the Hang Seng Index has pulled back every time it has risen above its previous peak. Today, I believe this fluctuating rhythm will continue. For the time being, it is estimated that it will rise above 18,000 points in the future before ending this wave of upward waves.
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