On January 29, there was brief sunshine, followed by increasing clouds and a light drizzle. The previous evening, the U.S. Federal Reserve held a meeting, and earlier in the session, U.S. stocks performed well, with the S&amp;P 500 index reaching a new high, surpassing the 7,000 mark. However, it closed nearly flat, down less than 1 point, finishing at 6,978. At the close of the U.S. market, the Dow Jones Industrial Average finished at 49,015, up 12 points or 0.02%, while the Nasdaq rose 40 points or 0.17%, closing at 23,857. Meanwhile, U.S. President Trump stated he was not worried about the decline of the dollar and warned of a possible attack on Iran, which pushed spot gold prices to nearly $5,600 during the Asian session this morning.
Dutch semiconductor equipment manufacturer ASML reported record orders, and South Korean memory chip giant SK Hynix exceeded earnings expectations, driving Nvidia's stock price up 1.6% at the close, while Applied Materials rose 1.2%. Texas Instruments had a positive outlook, with its stock price surging nearly 10%. ASML's stock in the Netherlands rose over 7% to a record high but closed down 1.9%. Meta and Microsoft announced their earnings after the market closed on Wednesday, with their stock prices retreating 0.6% and rising 0.2%, respectively, but Meta's stock later surged nearly 10%. Amazon announced it would cut 16,000 jobs to improve efficiency, with its stock price falling 0.7%. Starbucks issued a same-store sales forecast for the year that exceeded expectations, with its stock price initially rising before falling 0.6%.
After the Federal Reserve's meeting, as the market expected, interest rates were kept unchanged. The yield on the U.S. 10-year Treasury bond rose by 5 basis points to 4.273%, while the more interest rate-sensitive 2-year Treasury yield fell by 2.9 basis points to 3.598%. Additionally, the market response to Japan's 40-year ultra-long-term government bond auction was favorable, leading to a 2 basis point drop in the yield of that maturity to 3.915%, further retreating from last week's record high of 4.215%. The U.S. dollar index reversed a four-day decline, rebounding 0.59% to 96.79, while the yen fell 1.22% to 154.05 against the dollar.
<h2>Hong Kong Stock Support Level Rises to 27,000</h2>
With the U.S. dollar continuing to weaken, it is favorable for the Hong Kong and China stock markets. The Hong Kong stock market rose for the sixth consecutive trading day yesterday, reaching a four-and-a-half-year high. The Hang Seng Index opened 198 points higher and expanded its gains, closing up 699 points at the day's high of 27,826, with trading volume increasing to HKD 361.5 billion, in line with the upward trend. However, during the night session, there was a pullback, with night futures and ADRs retreating over 200 points, suggesting a lower opening for the market this morning. Since the Hong Kong stock market broke through and surpassed last October's high yesterday, the pullback pressure is not significant after a lower opening this morning. The Hang Seng Index is testing support levels, and there are still conditions for further upward movement in the future.
The previous evening, the Federal Reserve held its meeting, and as the market expected, interest rates were kept unchanged. The post-meeting statement indicated that economic activity has been steadily expanding; compared to inflation, the Fed also lowered concerns about the labor market, stating that the unemployment rate has shown signs of stability to some extent, but job growth remains at a low point. Notably, the statement removed the expression that the risks of a weak labor market are greater than the intensification of inflation, indicating that officials believe the Fed is becoming more balanced between the goals of low inflation and full employment, and policymakers should adopt a more patient attitude. Regarding the future path of interest rates, the FOMC provided almost no clear guidance, only indicating that the extent and timing of further adjustments to the policy rate will depend on upcoming data and economic outlook, suggesting a more cautious stance on potential future rate adjustments
Market expectations suggest that the Federal Reserve may not cut interest rates again until June at the earliest, meaning rates could remain unchanged until Chairman Powell completes his term.
Since the FOMC did not provide any guidance on the direction of short-term interest rates, market focus has shifted back to corporate earnings performance and economic data. Meanwhile, gold prices continue to reach new highs, briefly approaching $5,600 before the upward trend reversed, currently remaining above $5,500. It is estimated that Hong Kong stocks can maintain their strength; however, today marks the futures settlement, and the volatility may slightly narrow, with Hong Kong stocks likely to consolidate at high levels first. The short-term support level for Hong Kong stocks will rise to the 27,000 level, while the short-term resistance is around the 28,000 level. Today's market support is at 27,600/27,400, with resistance above at 28,000.
Gu Tianhou

ASML

NVDL

ASMG

NVDA

NVDX

After six consecutive trading days of gains, the Hong Kong stock market has entered a phase of high-level consolidation. The U.S. stock market performed steadily, with the S&P 500 slightly down and the Nasdaq slightly up. Trump expressed no concern over the decline of the U.S. dollar and warned of possible actions against Iran, which stimulated an increase in gold prices. Several technology companies, such as NVIDIA and ASML, experienced stock price fluctuations, while Amazon announced layoffs, leading to a drop in its stock price. The Hang Seng Index closed at 27,826 points, with trading volume increasing to HKD 361.5 billion, but night futures and ADRs retreated by over 200 points, indicating that the market is expected to open lower this morning

- U.S. markets showed mixed results with the Dow Jones rising slightly while the S&P 500 ended nearly flat after hitting 7,000 earlier.  
- The Federal Reserve maintained interest rates, and signals indicate a patient approach to future adjustments, leading to fluctuations in bond yields and a rebound in the dollar index.  
- Hong Kong stocks rose to a four-and-a-half-year high, and while profit taking is expected today, support levels are anticipated to hold above 27,000 amid a cautious market outlook.

After six consecutive rises in Hong Kong stocks, a consolidation at high levels is taking place | Gu Tianhou