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Text/Shuai Kecong

On Wednesday, July 17, local time, the three major U.S. stock indexes closed with mixed gains and losses. The Dow Jones Industrial Average continued to hit a record high. The plunge in technology stocks caused the Nasdaq to plummet by more than 2.7%, marking the largest single-day drop in more than a year.

As of the close, the Dow Jones Industrial Average rose 0.59% to 41,198.08 points; the Nasdaq fell 2.77% to 17,996.92 points, the largest single-day drop since December 15, 2022; the S&P 500 fell 1.39% to 5,588.27 points.

The Beige Book of economic conditions released by the Federal Reserve on Wednesday showed that economic activity in most regions maintained a moderate growth pace, price increases were moderate, and employment increased slightly. As traders became more optimistic about the Fed's interest rate cut prospects, U.S. stock sectors rotated significantly, resulting in a clear divergence among major indexes.

Large technology stocks generally plummeted on Wednesday, with Apple's stock price falling 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 (about RMB 1.5 trillion) in a single day.

As leading stock Nvidia plummeted, chip stocks collectively plunged in a rare event. The Philadelphia Semiconductor Index closed down 6.8%, the biggest drop since March 2020. ASML fell more than 12%, while AMD, Applied Materials, Marvell Technology and others all fell more than 10%.

Affected by the U.S. stock market, Chinese stocks also fell sharply. The Nasdaq China Golden Dragon Index closed 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%, Li Auto fell 2.82%, NIO fell 6.33%, and Xpeng Motors fell 3.91%.

Editor: Ma Xiaochao