China Stock Market May Reverse Tuesday's Losses

(RTTNews) - The China stock market on Tuesday snapped the two-day winning streak in which it had climbed more than 40 points or 1.2 percent. The Shanghai Composite now sits just above the 3,285-point plateau although it may bounce higher again on Wednesday.

The global forecast for the Asian markets offers little clarity, although technology shares may provide a slight boost. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The SCI finished sharply lower on Tuesday following losses from the resource, energy and property sectors, while the financials came in mixed.

For the day, the index skidded 35.79 point or 1.08 percent to finish at 3,286.41 after trading between 3,284.21 and 3,340.46. The Shenzhen Composite Index declined 29.65 points or 1.48 percent to end at 1,972.93.

Among the actives, Industrial and Commercial Bank of China dipped 0.16 percent, while Bank of China collected 0.41 percent, China Merchants Bank rose 0.21 percent, Agricultural Bank of China added 0.63 percent, China Life Insurance perked 0.14 percent, Jiangxi Copper tanked 2.54 percent, Aluminum Corp of China (Chalco) surrendered 2.68 percent, Yankuang Energy stumbled 2.87 percent, PetroChina retreated 2.03 percent, China Petroleum and Chemical (Sinopec) plunged 3.26 percent, Huaneng Power tumbled 2.81 percent, China Shenhua Energy fell 0.29 percent, Gemdale slumped 1.95 percent, Poly Developments declined 2.66 percent, China Vanke lost 2.77 percent and China Construction Bank was unchanged.

The lead from Wall Street is murky as the major averages opened lower on Tuesday and largely hugged the line before ending mixed.

The Dow slumped 154.52 points or 0.36 percent to finish at 42,233.05, while the NASDAQ jumped 145.56 points or 0.78 percent to close at a record 18,712.75 and the S&P 500 rose 9.40 points or 0.16 percent to end at 5,832.92.

The climb by the NASDAQ came ahead of the release of earnings news from big-name tech companies, including with Google parent Alphabet (GOOGL), Advanced Micro Devices (AMD), Meta Platforms (META), Microsoft (MSFT), Amazon (AMZN) and Apple (AAPL).

Semiconductor stocks showed a particularly strong move to the upside, driving the Philadelphia Semiconductor Index up by 2.3 percent.

In U.S. economic news, the Conference Board noted a substantial improvement by U.S. consumer confidence in October. Also, the Labor Department said job openings in the U.S. fell to 7.44 million in September from a downwardly revised 7.86 million in August.

Oil futures settled lower again on Tuesday amid concerns crude supplies will far exceed near term demand. West Texas Intermediate Crude oil futures for December ended down $0.17 or about 0.25 percent at $67.21 a barrel.