On Thursday, Chinese stocks showed mixed performance. The Nasdaq Golden Dragon China Index (HXC) declined by 1.00%. Among the gainers, Taiwan Semiconductor Manufacturing Company rose by 1.53%, NetEase increased by 1.27%, JD.com gained 0.57%, Trip.com advanced 0.59%, Chunghwa Telecom was up 0.37%, ASE Technology Holding added 0.51%, BeiGene edged up 0.15%, Tencent Music rose 0.70%, NIO (NIO, Financial) increased by 1.08%, New Oriental Education & Technology Group climbed 1.75%, WSP Holdings rose 1.78%, and WeRide gained 2.82%.
In contrast, several Chinese stocks faced declines. Alibaba fell 1.37%, Pinduoduo dropped significantly by 10.64%, Baidu decreased by 5.90%, KE Holdings was down 1.24%, Li Auto slipped 0.79%, United Microelectronics Corporation fell 0.44%, ZTO Express declined 0.90%, Futu Holdings dropped 4.83%, XPeng Motors decreased by 2.77%, Huazhu Group slipped 0.22%, Full Truck Alliance fell 1.42%, Bilibili dropped 1.88%, Vipshop declined 0.44%, Kanzhun fell 3.87%, Zeekr slipped 2.73%, 360 DigiTech decreased by 0.11%, MINISO Group fell 4.01%, GDS Holdings declined 0.92%, Atour Lifestyle Holdings dropped 1.82%, and Autohome fell 1.68%.
U.S. stocks closed higher on Thursday, with the Dow Jones Industrial Average rising 460 points. Investors shifted focus from tech stocks like NVIDIA to cyclical and small-cap stocks that may benefit from accelerated economic growth. Market participants continued to monitor the Russia-Ukraine situation and Federal Reserve officials' comments. Fed's Goolsbee noted that the labor market has stabilized, suggesting a potential slowdown in the pace of interest rate cuts.
