U.S. Stocks Close | Major indices collectively end lower; large-cap tech stocks show mixed performance, with Tesla rising nearly 4%, and Google and Oracle each falling close to 2%; Chinese stocks buck the trend, as Alibaba surges over 8% and JD.com gains

Investors continued to digest the hawkish remarks made by Fed Chair Jerome Powell the previous day, with tech stocks continuing to weigh down the three major U.S. stock indexes, which declined for a second consecutive session. The Dow has now largely erased all gains made following the Fed meeting. Chinese concept stocks staged a strong rebound, reversing a four-day losing streak, with Alibaba closing at a near four-year high. Treasury prices retreated, pushing yields closer to their highest levels in over two weeks. The U.S. dollar index rebounded to a near two-week high. Offshore renminbi posted its largest decline in nearly two months, falling below 7.14 during trading for the first time in more than two weeks.

Bitcoin fell below the $112,000 mark during trading but rebounded by nearly $3,000. Affected by mining supply disruptions, LME copper rose to a more-than-one-year high, while COMEX copper closed at its highest level in nearly two months. Gold retreated from record highs, with gold futures falling nearly 2% at one point. Rising supply concerns pushed crude oil up over 2% during trading for the second consecutive day, with Brent crude closing at its highest level in over seven weeks.

The following is the performance of core assets:

• Before the U.S. stock market opened, Wall Street News reported that U.S. Treasury Secretary Bessent announced that the United States was negotiating a $20 billion currency swap line with Argentina and prepared to purchase the country’s dollar bonds. Boosted by this news, the Argentine peso opened higher, and the price of the country’s dollar bonds soared.

• During early trading in the U.S. stock market, Wall Street News mentioned that affected by mining supply disruptions, Freeport-McMoRan opened down about 8%. In contrast, copper prices and copper mining-related stocks mostly trended upward. COMEX copper futures rose 4%, LME copper futures surged 3%, and Lundin Mining climbed over 8.6%.

• During mid-session trading in the U.S. stock market, according to Wall Street News, the United States officially reduced tariffs on EU automobiles, effective August 1, 2025. Following the announcement, the European STOXX 600 Automobiles & Parts Index reversed losses and turned positive.

• During midday trading in the U.S. stock market, the U.S. dollar rebounded to last week’s high, pressuring gold prices. Spot gold and COMEX gold futures fell as much as 1% and 1.5%, respectively. Trump’s increasingly tough rhetoric against Russia heightened supply concerns, lifting crude oil over 2% during trading for the second consecutive day, with Brent crude closing at its highest level in over seven weeks.

• Toward the close of the U.S. stock market, Chinese concept stocks performed exceptionally well, with the Nasdaq China Golden Dragon Index soaring 2.8%. Alibaba surged over 8% after announcing a physical artificial intelligence collaboration with NVIDIA and plans to increase investment in AI infrastructure. Baidu, Bilibili, and others also rose significantly.

U.S. stocks continued to decline on Wednesday, marking the second consecutive day of losses as investors kept selling NVIDIA and Oracle. The Chinese概念股 index closed up more than 2.8%, with 21Vianet rising about 11%, and Alibaba and GDS Holdings up over 8%. Swiss resource company Lithium Argentina AG, which has lithium mining projects in Argentina, rose 7.5% following positive news from the country.

U.S. benchmark indices:

• The S&P 500 Index fell 18.95 points, or 0.28%, to close at 6637.97.

• The Dow Jones Industrial Average dropped 171.50 points, or 0.37%, to close at 46121.28.

• The Nasdaq Composite Index declined 75.618 points, or 0.34%, to close at 22497.855.

• The Nasdaq 100 Index fell 76.601 points, or 0.31%, to close at 24503.567.

U.S. sector ETFs:

• U.S. solar energy rose 2.36%, oil and gas gained 1.54%, the S&P Energy Index increased by 1.29%, and consumer discretionary rose 0.69%. The AI robotics sector fell 1.54%, while the S&P Real Estate ETF declined by 1.02%.

Mag 7:

• The Mag 7 index fell by 0.29% to close at 198.11 points.

• Google A shares closed down 1.80%, NVIDIA fell 0.86%, Apple dropped 0.83%, Amazon declined 0.23%, while Microsoft rose 0.18%, Meta gained 0.70%, and Tesla surged 3.98%.

Semiconductor stocks:

• The Philadelphia Semiconductor Index closed down 0.18% at 6,296.996 points.

• Taiwan Semiconductor’s ADR fell 0.71%, retreating from its all-time closing high; AMD edged down 0.01%.

Chinese stocks:

• The Nasdaq Golden Dragon China Index rose 2.83% to 8,629.37 points, approaching the September 17 peak of 8,854.58 points.

• Among popular Chinese stocks, Daqo New Energy surged 14.10%, 21Vianet climbed 10.91%, Alibaba jumped 8.19%, GDS Holdings gained 8.08%, and EHang rose 7.36%.

Other stocks:

• Eli Lilly and Co fell 0.69%, while Berkshire Hathaway Class B shares, owned by Warren Buffett, closed up 0.61%.

The STOXX 600 index in Europe closed down approximately 0.2%, but the materials sector rose more than 1.8%, with mining stocks performing strongly. The French index closed down about 0.6%, the German index gained over 0.2%, the Swiss index rose by 1%, and the Portuguese index increased by approximately 1.2%.

Pan-European stocks:

• The STOXX 600 index in Europe closed down 0.19% at 553.88 points.

• The STOXX 50 index in the Eurozone closed down 0.14% at 5464.56 points, briefly turning positive during late trading.

National indices:

• The DAX 30 index in Germany closed up 0.23% at 23666.81 points.

• The CAC 40 index in France closed down 0.57% at 7827.45 points.

• The FTSE 100 index in the UK closed up 0.29% at 9250.43 points.

Sectors and Individual Stocks:

• Among Eurozone blue-chip stocks, Hermès fell 3.14%, LVMH Group dropped 2.69%, and L’Oréal declined 2.03%, ranking as the third-worst performer. TotalEnergies rose 2.12%, Siemens Energy gained 2.28%, and RHM (Rheinmetall) surged 3.48%.

• Among all components of the STOXX 600 Index, Lanxess AG fell 6.64%, PZU SA (Polish Life and Property Insurance Company) dropped 6.52%, and Nibe Industrier declined 6.12%, marking the third-largest drop. RENK Group surged 8.01%, Hensoldt climbed 8.04%, and Antofagasta rose 9.26%.

US Treasury prices retreated, with the 10-year yield approaching a more-than-two-week high. German bond yields remained largely unchanged.

US Treasuries:

• At the New York close, the US 10-year Treasury yield rose 3.85 basis points to 4.1447%, trading within a range of 4.0965%-4.1505% during the session.

• The two-year Treasury yield increased by 1.40 basis points to 3.6%, trading within a range of 3.5571%-3.6021% during the session.

Eurozone bonds:

• At the close of European trading, the yield on Germany’s 10-year government bond fell by 0.1 basis points to 2.748%. The yield on two-year German bonds remained roughly unchanged at 2.022%, trading within a range of 2.014%-2.026% during the day.

• The yield on the UK’s 10-year government bond fell by 1.1 basis points, while the yield on the two-year UK bond declined by 0.1 basis points.

• The yield on France’s 10-year government bond increased by 0.4 basis points to 3.568%, and the yield on the 30-year French bond rose by 0.2 basis points.

The U.S. Dollar Index rebounded to a near two-week high. The offshore yuan experienced its largest decline in nearly two months, breaching the 7.14 level for the first time in more than two weeks. Bitcoin briefly fell below the $112,000 mark before rebounding by nearly $3,000.

USD:

• At the New York close, the ICE U.S. Dollar Index rose by 0.68% to 97.49 points.

• The Bloomberg Dollar Index also rebounded, rising to 1,202.40 points.

Non-USD Currencies:

• In late New York trading, the euro fell 0.64% against the dollar, the pound dropped 0.56% against the dollar, and the dollar rose 0.44% against the Swiss franc.

• Among commodity currencies, the Australian dollar fell 0.24% against the dollar, the New Zealand dollar dropped 0.819% against the dollar, and the Australian dollar rose 0.48% against the New Zealand dollar; the US dollar gained 0.47% against the Canadian dollar.

Japanese Yen:

• In late New York trading, the dollar rose 0.86% against the yen to 148.91 yen, with intraday trading ranging between 147.52 and 148.92 yen.

• The euro rose 0.20% against the yen, and the pound gained 0.28% against the yen.

Offshore Renminbi:

• In late New York trading, the dollar was at 7.1374 yuan against the offshore renminbi, down 244 points from Tuesday’s late New York close, with overall intraday trading occurring within a range of 7.1122 to 7.1403 yuan.

Cryptocurrencies:

• Near the close in New York, the CME Bitcoin futures BTC main contract rose 1.70% compared to Tuesday’s close, surpassing $113,500.

Amid escalating supply concerns, crude oil prices surged over 2% for two consecutive days, with WTI crude futures breaking above the 200-day moving average and Brent crude closing at a more than seven-week high.

Crude Oil:

Natural Gas:

In the context of a rebound in the US dollar, gold retreated from its record high, with futures gold falling nearly 2% intraday and dropping below $3,750. The Philadelphia Gold and Silver Index closed down more than 3.3%.

Gold:

• COMEX gold futures fell 1.23% to $3,768.70 per ounce, remaining in negative territory throughout the session.

Silver:

• At the New York close, spot silver fell 0.24% to $43.9196 per ounce.

• COMEX silver futures fell 1.11% to close at $44.115 per ounce.

Other Metals:

• At the New York close, COMEX copper futures rose 3.80% to settle at $4.8205 per pound.

• Spot platinum dropped 0.12% to $1,475.54 per ounce, while spot palladium declined 0.79% to $1,211.71 per ounce.

Editor: Jayden