On Friday, popular Chinese stocks experienced widespread declines, with the Nasdaq Golden Dragon China Index (HXC) falling by 4.99%. Among the gainers, Taiwan Semiconductor (TSMC) saw a marginal increase, rising by $0.01, while XPeng (XPEV) increased by 1.90% and WSP Holdings by 0.90%.
In terms of the decliners, Alibaba (BABA, Financial) dropped 5.94%, Pinduoduo (PDD) fell 6.40%, and JD.com (JD) went down by 6.99%. Other significant drops included NetEase (NTES) decreasing by 5.45%, Trip.com (TCOM) by 4.31%, and Baidu (BIDU) slipping 4.88%. Additionally, Key Holdings China (BEKE) plunged 10.70% and Li Auto (LI) sank 7.65%.
In the broader U.S. stock market, all three major indices closed higher, each posting weekly gains of at least 4.6%. Investors are currently assessing the potential implications of the Republican Party's control over both houses of Congress, following Trump's election victory, while also monitoring the Federal Reserve's recent rate cuts and future monetary policy trajectories.
The Dow Jones Industrial Average rose by 259.65 points, or 0.59%, closing at 43,988.99. The Nasdaq Composite added 17.32 points, or 0.09%, ending at 19,286.78, while the S&P 500 gained 22.44 points, or 0.38%, finishing at 5,995.54.
All three major U.S. indices hit new intraday and closing records, with the Dow surpassing the 44,000-point mark to reach 44,157.29 at its highest. The Nasdaq peaked at 19,318.56, while the S&P 500 broke the 6,000-point barrier, reaching a high of 6,012.45.
