US stocks continued to adjust last Friday, with disappointing latest US employment data and oil prices rising above the $90 level dragging the market significantly lower. The Dow Jones Industrial Average at one point fell by more than 900 points, with losses moderating slightly by the close, as all three major indices ended the session lower. The US dollar initially rose then retreated, while the yield on the 10-year US Treasury note held around 4.13%. Gold prices initially fell then rebounded, and oil prices maintained their strength.

Today, the three major Hong Kong stock indices opened collectively lower. The Hang Seng Index opened down 2.65% at 25,075.74 points, the Hang Seng Tech Index fell 3.79%, and the Hang Seng China Enterprises Index declined 2.19%. Across the market, technology and internet stocks were broadly lower. Baidu fell over 6%, while Kuaishou and Bilibili dropped more than 5%. Alibaba and NetEase declined over 4%, and JD.com, Tencent, Meituan, and Lenovo were down more than 3%. In contrast, oil and gas stocks surged, with PetroChina rising over 7% and Shandong Molong Petroleum Machinery Company Limited gaining over 14%. Semiconductor stocks generally fell, with Hua Hong Semiconductor down over 6%. Power equipment stocks opened lower, with Dongfang Electric Corporation declining over 7%. Gold stocks were mostly down, with China Gold International falling over 5%. Three new stocks listed today: Eston opened flat, Zhaowei Machinery & Electronics rose over 9%, and Ulease Shared declined over 31%.