On Wednesday, July 17th local time, the three major indexes of the US stock market closed with mixed gains and losses. The Dow Jones Industrial Average continued to hit a new historical high, while the sharp decline in technology stocks caused the Nasdaq to plummet by more than 2.7%, marking the largest single day decline in over a year.
As of the close, the Dow Jones Industrial Average rose 0.59% to 41198.08 points; The Nasdaq fell 2.77% to 17996.92 points, the largest daily decline since December 15, 2022; The S&P 500 index fell 1.39% to 5588.27 points.
The economic outlook report released by the Federal Reserve on Wednesday showed that economic activity in most regions maintained a moderate pace of growth, with moderate price increases and slight employment growth. As traders become more optimistic about the prospect of the Federal Reserve's interest rate cuts, the US stock market sector has seen significant rotation, leading to significant divergence in major indices.
Large tech stocks generally fell sharply on Wednesday, with Apple's stock price dropping 2.53%, Microsoft falling 1.33%, Nvidia falling 6.62%, Google falling 1.6%, Amazon falling 2.64%, Meta falling 5.68%, and Tesla falling 3.14%. Among them, Nvidia's market value fell below the $3 trillion mark, evaporating about $205.9 billion (approximately RMB 1.5 trillion) in a single day.
Under the sharp decline of leading stock Nvidia, chip stocks collectively experienced a rare drop. The Philadelphia Semiconductor Index closed down 6.8%, marking the largest decline since March 2020. ASML fell more than 12%, while AMD, Applied Materials, and Maiwell Technologies all fell more than 10%.
Affected by the US stock market, Chinese concept stocks also fell sharply, with the Nasdaq China Golden Dragon Index closing down 1.86% at 5859.16 points. Pinduoduo fell 2.96%, Alibaba fell 1.71%, JD.com fell 0.8%, Baidu fell 2.8%, Ctrip fell 2.44%, Ideal Auto fell 2.82%, NIO fell 6.33%, and Xiaopeng Motors fell 3.91%.