U.S. equity markets showed positive momentum on May 28 and 29, 2025, with the S&P 500 ETF (SPY) gaining 1.5% after hours on May 28 and maintaining a 0.89% increase at the opening bell on May 29. The Nasdaq 100 ETF (QQQ) rose 1.36%, the Dow Jones Industrial Average ETF (DJI) increased 0.15%, and the Russell 2000 ETF (IWM) was up 0.64% at the May 29 open. In China, the Shanghai Composite Index rose 0.7%, the Shenzhen Component Index increased 1.24%, and the ChiNext Index gained 1.37% at the close on May 28. The China large-cap ETF (FXI) also advanced 1.5%. However, on May 29 and into May 30, Chinese and Hong Kong markets weakened. At the open on May 30, the Shanghai Composite Index declined 0.14%, Shenzhen Component dropped 0.36%, and ChiNext fell 0.49%. By close on May 30, these indices had further decreased, with the Shanghai Composite down 0.47%, Shenzhen Component down 0.85%, and ChiNext down 0.96%. The Hang Seng Index in Hong Kong fell 0.99% on May 29 and closed down 1.2% on May 30, while the Hang Seng Tech Index dropped 1.26% on May 29 and closed 2.48% lower on May 30. Major tech stocks Alibaba, JD.com, and Baidu each declined over 3% during this period.