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The Nasdaq fell sharply last night.

Nasdaq plunges more than 500 points

The three major U.S. stock indices closed with mixed gains and losses, with the Dow Jones Industrial Average up 0.59%, the S&P 500 down 1.39% and the Nasdaq down 2.77%.

UnitedHealth Group rose 4.45%, Johnson & Johnson rose 3.67%, leading the Dow. The Wind US TAMAMA Technology Index fell 3.25%, Nvidia fell 6.64%, and Tesla fell 3.14%. Chinese concept stocks generally fell, ShuoDi Biopharma fell 14.15%, and BitDeer fell 7.69%.

As of closing,Dow JonesThe index rose by 0.59% to 41198.08 points, setting a new record high.S&P 500It fell 1.39% to 5588.27 points, the largest single-day drop since April 30.NasdaqIt fell 2.77% to 17,996.92 points, the biggest drop since December 2022.

Technology stocks fell across the board, with Apple down 2.53%, Amazon down 2.64%, Netflix down 1.35%, Google down 1.58%, Facebook down 5.68%, and Microsoft down 1.33%.

Popular Chinese stocks generally fell, with the Nasdaq China Golden Dragon Index down 1.86%, ShuoDi Biopharma down 14.15%, BitDeer down 7.69%, ACM Semiconductor down 6.65%, JinkoSolar down 6.29%, Futu Holdings down 5.72%, Zeekr down 4.58%, Lufax Holdings down 4.24%, Bilibili down 3.54%, and Pinduoduo down 2.96%; in terms of gains, Amer Sports rose 3.97%. Chinese new energy vehicle stocks fell across the board, with NIO down 6.12%, Xpeng Motors down 3.85%, and Li Auto down 2.82%.

The Federal Reserve made a major statement

In the early morning of July 18th, Beijing time, the Federal Reserve released the "Beige Book" which records the economic conditions of the 12 regional Federal Reserve systems.

At the level of "overall economic activity", the Beige Book stated that economic activity in most Federal Reserve districts in the United States maintained slight to small growth in late May and June this year, with economic activity increasing in seven districts and remaining flat or declining in five districts. In the last report in May, it was stated that economic activity in only two districts remained unchanged.

The labor market maintained "slight growth" in both the May and July Beige Books. Most districts reported flat or "slightly up" employment, with more districts noting flat or down employment, and only a few districts reporting "modest" employment growth. Several districts reported a decline in manufacturing employment as new orders slowed.

In terms of wage trends, wages in most districts grew at a "moderate to moderate" pace, with several districts saying that increased worker availability and reduced competition for labor slowed wage growth. The above description is cooler than the Beige Book in May, when wage growth was described as "mostly maintaining moderate growth, with a few districts growing more moderately."

Fed Governor Waller said that the time for interest rate cuts is getting closer and closer, and recent data makes him more confident in achieving a 2% inflation rate. It is important to communicate different policy paths.

Fed's Williams said that the Fed is one step closer to cutting interest rates, but is not ready to implement it, and the current restrictive policy stance is appropriate; inflation is generally declining; the United States may need to cut interest rates in the coming months; employment and inflation targets are achieving a better balance; hope to obtain more data to increase confidence in inflation reaching 2%; the labor market remains strong; the underlying inflation trend is returning more to 2%.

Editor: Peng Bo

Proofreading: Yang Lilin