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On Thursday, August 1, Eastern Time, U.S. stocks closed lower, with the Dow Jones Industrial Average falling about 500 points and the Nasdaq falling more than 400 points. The ISM manufacturing index contracted for the fourth consecutive month, and the number of initial jobless claims in the United States surged last week, reigniting market concerns about a U.S. recession.

Technology giants have released their earnings reports one after another, and Meta's stock price has surged nearly 5% due to stronger-than-expected second-quarter results and optimistic guidance.

Chinese listed new energy vehicle stocks "NIO, Xpeng and Li Auto" announced their July delivery volumes, among which Li Auto delivered 51,000 new vehicles in July, setting a new monthly delivery record and a year-on-year increase of 49.4%.

Chip stocks collectively plummeted. Nvidia fell 6.67%, ARM plummeted nearly 16%, Intel fell 5.5%, and fell nearly 19% after the market.

Thursday's economic data rekindled recession fears

As of the close, the Dow Jones Industrial Average fell 1.21% to 40,347.97 points; the S&P 500 fell 1.37% to 5,446.68 points; and the Nasdaq fell 2.3% to 17,194.15 points.

The U.S. ISM manufacturing PMI in July was 46.8, the lowest since November 2023, with expectations of 48.8 and the previous value of 48.5. A value below 50 indicates shrinking industry activity.

The number of initial unemployment claims in the United States last week was 249,000, compared with expectations for 236,000 and 235,000 in the previous week; the four-week average was 238,000, compared with 235,500 in the previous week; the number of continued unemployment claims in the week ending July 20 was 1.877 million, compared with expectations for 1.856 million and the previous value was revised from 1.851 million to 1.844 million.

Influenced by the above data, U.S. Treasury yields hovered at their lowest level since February, with the 10-year U.S. Treasury yield falling below 4%.

Interest rate swap traders expect a 100% chance that the Fed will cut interest rates by a total of 75 basis points this year, meaning that the next three interest rate meetings will each result in a 25 basis point cut.

In terms of overseas central bank news, the Bank of England announced that it would cut interest rates by 25 basis points to 5%, in line with market expectations. This is the first interest rate cut by the Bank of England since early 2020.

Meta rose sharply against the market trend

After the market closed on Wednesday, Meta released its second quarter financial report for 2024 ending June 30. The financial report showed that Meta's second quarter revenue was US$39.07 billion, a year-on-year increase of 22%, exceeding analysts' expectations of US$38.31 billion; net profit was US$13.47 billion, a year-on-year increase of 73%.

Meta expects third-quarter 2024 revenue to be between $38.5 billion and $41 billion, with a midpoint of $39.75 billion, compared with analysts' forecast of $39.1 billion.

Both second-quarter revenue and net profit exceeded expectations. Combined with optimistic forecasts for the third quarter, Meta rose 4.82% against the market trend on Thursday.

Most other technology stocks fell, with Apple down 1.68%, Amazon down 1.56%, Netflix down 0.56%, Google down 0.45%, and Microsoft down 0.3%.

Intel's earnings report

After-hours stock price plummeted nearly 19%

Today, Intel released its second-quarter financial report, with revenue of $12.8 billion, turning from profit to loss year-on-year.

Specifically, Intel's revenue for this fiscal quarter was US$12.8 billion, down 1% year-on-year; its attributable net loss was US$1.6 billion, while its attributable net profit in the same period last year was US$1.5 billion, turning from profit to loss year-on-year.

Intel's second-quarter gross profit was $4.547 billion, down from $4.638 billion in the same period last year.

The announcement of a dividend suspension caused Intel's stock price to plummet nearly 19% after the market closed.

WTI crude oil closed down

Energy stocks fell across the board

U.S. WTI crude oil futures prices fell more than 2% on Thursday. WTI crude oil futures for September delivery closed down $1.60, or 2.06%, at $76.31 per barrel.

Brent crude oil futures for October closed down $1.20, or nearly 1.49%, at $79.52 a barrel.

Energy stocks fell collectively, with ExxonMobil down 1.41%, Chevron down 4.92%, ConocoPhillips down 2.54%, Schlumberger down 3.38% and Occidental Petroleum down 2.35%.

ConocoPhillips' total revenue in the second quarter was US$14.136 billion, compared with US$12.884 billion in the same period last year; net profit was US$2.329 billion, compared with US$2.232 billion in the same period last year; and diluted earnings per share were US$1.98, compared with US$1.84 in the same period last year.

Wei, Xiao and Li Auto announce July delivery volume

Popular Chinese stocks generally fell, with the Nasdaq China Golden Dragon Index down 3.35%, Gaotu Group down 12.08%, Zeekr down 9.57%, TAL Education Group down 9.48%, ACM Semiconductor down 9.36%, Daqo New Energy down 8.21%, Autohome down 7.94%, Kingsoft Cloud down 7.78%, Amer Sports down 7.24%, and Melco Crown Entertainment down 7.18%.

In terms of increase, Shangcheng Digital Technology rose 2.48% and Enchain Intelligent Power rose 1.16%.

Chinese listed new energy vehicle stocks fell across the board, with NIO down 8.33%, Xpeng Motors down 5.27%, and Li Auto down 1.87%.

NIO announced that it delivered 20,498 vehicles in July; 107,924 vehicles have been delivered since the beginning of the year, a year-on-year increase of 43.9%.

Xpeng Motors delivered a total of 11,145 new vehicles in July, a year-on-year increase of 1% and a month-on-month increase of 4%.

Li Auto delivered 51,000 new vehicles in July, setting a new monthly delivery record and a year-on-year increase of 49.4%.

(Compiled by Zhao Xinyi)

Editor: Xiaomo

Review: Xu Wen