Zhi Tong Cai Jing·2023-12-16 20:34Market Performance - US stock market closed mixed on Friday, with all three major indices recording their seventh consecutive week of gains, marking the longest weekly winning streak for the S&P 500 since 2017 and for the Dow Jones since 2019 [1] - The Dow Jones Industrial Average rose 2.93% this week, the S&P 500 increased by 2.49%, and the Nasdaq Composite gained 2.85% [1] - The S&P 500 is now less than 1.6% away from its all-time closing high of 4796.56 points set in January 2022, while the Nasdaq is 8% below its record closing high of 16057.44 points from November 2021 [1] Company Dynamics - Major tech companies in the US showed mixed performance, with Tesla up 0.98%, Meta Platforms up 0.53%, and Alibaba rising 2.76%, while Apple fell by 0.27% [1] - Pinduoduo's market capitalization reached $197.096 billion, making it the leading Chinese concept stock, with its cross-border e-commerce platform Temu experiencing rapid growth in various countries [2] - Alibaba announced a reduction in its stake in Xpeng Motors from 10.2% to 7.5%, while expressing confidence in Xpeng's future and emphasizing ongoing strategic cooperation [2] Upcoming Events - Several companies are set to release quarterly earnings next week, including 51Talk, Accenture, and FedEx, with key economic indicators such as US GDP and consumer confidence index also scheduled for release [1] Competitive Landscape - Meta Platforms plans to expand its Threads application into more European countries, facing competition from Musk's X, while navigating strict EU regulations on data privacy and security [3][4]