Shanghai Composite fell 0.47% and Hang Seng index fell 0.54%. CITIC Securities Co Ltd, China's biggest brokerage restricted short-selling for some clients amid growing, outsized losses in local stock markets. Chinese stock market continues trending down.
JP Morgan equity strategists said amidst the ongoing Q4 earnings season, S&P 500 companies are delivering subdued results and cautious forward guidance. Overall, the strategists noted that the stock market is "facing a high bar" when it comes to the ongoing earnings season. " Anything short of strong corporate guidance re-affirming current high growth expectation is likely to be penalized." JP Morgan strategists concluded.
AAPL is up 0.71% as Evercore ISI put it in top pick list. Semiconductor stock index ETF SMH rises 1.97% as better than expected earnings from TSM and as the chipmaking giant also flagged a positive outlook on AI demand.
US stock indexes are up the second day but they are all facing resistances ahead at : Dow 37825, S&P 500 4802 and Nasdaq Composite 15150. The results of Q4 earnings will determine whether breakouts are going to occur or not. The US market is risky at this level.
Bitcoin dropped to near $40000 the low end of a one month range and a round number, this should be a good level for a bounce. Bitcoin dropped 18% from near term high of $49000 to near $40000. Crypto mining stocks dropped especially big and seem excessive. BTBT after near 60% retracement should find buyers coming in at around $2.40.
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