U.S. stocks closed slightly higher, Chinese concept stocks rallied collectively, while the storage sector plunged against the trend.

Glonghui July 16 — The US June PPI data came in well below expectations, confirming the cooling signal from the previous day's CPI. The probability of a July FOMC interest rate hike plunged from 42% to 17%, being largely ruled out by the market. At market close, the Dow Jones rose 0.29%, the Nasdaq rose 0.62%, and the S&P 500 was up 0.38%. The intraday swing was only 0.72%, the lowest level this year. Goldman Sachs reported that trading volume on the day was 11% lower than the 10-day average, describing it as “incredibly quiet.” Capital saw a large-scale rotation from semiconductor winners to defensive Mag7 stocks. Mag7 saw a strong surge, serving as a safe haven for funds that day. Apple rose 4.01%, Google rose 3.17%, Meta rose 3.07%, Amazon rose 3.02%, Microsoft increased 2.78%, NVIDIA was up 0.33%, while Tesla fell 0.43%. The memory chip sector was hit with heavy selling: SanDisk fell 8.12%, SK Hynix dropped 9%, Western Digital plunged more than 8.7%, Micron Technology lost 8%, and Seagate Technology slipped 5.7%. SpaceX stock fell for the fourth consecutive trading day, with intraday lows down to $133, not only below the offering price of $135 but also far below last month's recent high.The Nasdaq Golden Dragon China Index surged nearly 3%, with Alibaba rising 4.8%, as Qianwen by Alibaba will be integrated as an AI capability into Apple smart devices. Among other popular Chinese stocks, MINISO rose 9.45%, Meituan was up 6.2%, Zai Lab gained 5.9%, Tencent rose 5%, and Bilibili jumped 4.6%.