US stocks opened higher but closed lower as chip stocks plunged, while Chinese concept stocks surged against the trend. The Golden Dragon Index rose over 2.6%, and Xiaomi soared 8%.

Glonghui, July 27｜U.S. stocks opened higher but closed lower today across all three major indexes. The Nasdaq turned negative during trading, with chip stocks plunging— the Philadelphia Semiconductor Index dropped more than 5%, SanDisk plunged over 14% at one point, and SK Hynix fell more than 9% to a record low. However, Chinese assets surged against the trend: the Nasdaq Golden Dragon China Index rose over 2.6% intraday, and leading tech companies rallied collectively. Xiaomi Group-ADR jumped over 8%, Meituan-ADR rose nearly 5%, Tencent Holdings-ADR climbed over 2%, and Alibaba increased 1.8%. In addition, several popular Chinese concept stocks soared: SoYoung and Ehang Intelligent gained over 7%, Tencent Music advanced 6%, and Kingsoft Cloud, Canadian Solar, and others rose over 4%.