Major US indices closed significantly lower on Friday, as robust US employment data fueled expectations for a higher likelihood of interest rate hikes, weighing on market sentiment. The US dollar strengthened, with the yield on the 10-year US Treasury note rising to around 4.53%. Gold prices saw a substantial decline, and oil prices also faced downward pressure.

The three major Hong Kong stock indices opened lower today. The Hang Seng Index started the session down 1.52% at 24,582.91 points. The Hang Seng Tech Index fell 2.43%, while the Hang Seng China Enterprises Index declined 1.66%.

Technology and Internet Stocks Widen Losses

Technology and internet stocks were broadly lower. Lenovo Group Ltd shares dropped more than 5%. Baidu Inc shares fell over 4%. Shares of Meituan, Kuaishou Technology, and Alibaba Group Holding Ltd all declined more than 3%.

Chipmakers and Biotech Also Under Pressure

Chip stocks opened lower, with GigaDevice Semiconductor Inc shares sliding over 7%. Innovative drug concept stocks were generally weaker, with WuXi Biologics Inc shares down more than 3%.

Gold Stocks Continue Downtrend

Gold stocks extended their losing streak, with Lingbao Gold Co Ltd shares falling more than 5%.