Semiconductor sell-off drags down US stocks while Chinese concept stocks rise against the trend again

Glonghui July 17｜Although U.S. economic data remained generally strong and the second quarter earnings season had a good start, a cooling AI frenzy and ongoing weakness in chip stocks dragged down all three major U.S. stock indexes. The Dow Jones fell 0.2% to 52,552.97 points; the Nasdaq fell 1.47% to 25,881.95 points; the S&P 500 fell 0.51% to 7,533.76 points.Most large technology stocks declined, with SpaceX down 3.08%, Meta down 2.46%, NVIDIA down 2.40%, Amazon down 1.99%, Tesla down 0.86%, while Apple rose 1.76% and Microsoft gained 1.38%.The Philadelphia Semiconductor Index fell 4.3% in a single day and has retreated by more than 22% from its mid-June peak, officially entering a technical bear market. SK Hynix dropped 13.48%, SanDisk fell 12.6%, Seagate Technology lost 10%, and Western Digital slipped 9.22%. Among optical communication concept stocks, Corning declined more than 9%, while Lumentum dropped 6.1%.Most popular Chinese concept stocks rose, with the Nasdaq Golden Dragon China Index closing up 1.79%. Bilibili gained 3.94%, XPeng rose 1.89%, Weibo climbed 1.42%, JD.com up 1.37%, Baidu rose 1.2%, Pinduoduo climbed 1.1%, while NIO fell 1.19%.