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On Monday local time, the three major U.S. stock indexes opened sharply lower, but then narrowed their losses. As of the close, the Nasdaq index fell 3.43%, having once fallen more than 6% at the opening.

However, despite the narrowing of the decline, U.S. stocks still plummeted, with many stocks falling sharply.

Technology stocks generally fell sharply, among which Nvidia and Intel fell more than 6%, Apple, Tesla, and Google fell more than 4%, and Microsoft fell more than 3%.

Precious metals, semiconductors, and airline sectors saw the largest declines, with Pan American Silver falling more than 6%, American Gold Corporation and United Continental Airlines falling more than 5%, and Arm, AMD, and Micron Technology falling more than 2%.

Bank stocks fell across the board, with JPMorgan Chase down 2.11%, Goldman Sachs down 2.46%, Citigroup down 3.33%, Morgan Stanley down 3.94%, Bank of America down 2.45% and Wells Fargo down 2.12%.

Popular Chinese concept stocks fell across the board, with NIO down more than 4%, Xpeng Motors down more than 3%, Futu Holdings, Baidu, and NetEase down more than 2%, and Li Auto down more than 1%. iQIYI, JD.com, Alibaba, Weibo, and Tencent Music fell slightly. Vipshop and Bilibili rose more than 3%.

The decline of gold and silver also narrowed. COMEX gold futures closed down 0.8% at $2,450/ounce, and COMEX silver futures closed down 3.83% at $27.3/ounce, falling by more than 6% at one point during the session.

U.S. Treasury yields of multiple maturities fell across the board; the U.S. dollar index fell back below 103, hitting a new low since March 14.

It is worth mentioning that the RMB exchange rate rebounded sharply. On the evening of August 5, Beijing time, the onshore RMB exchange rate against the US dollar approached the 7.11 mark during the session, and the offshore RMB exchange rate against the US dollar rose strongly above the 7.10 mark, rising by more than 600 points during the day.

Specifically speaking of individual stocks, the "Big Seven" all slumped at the opening, with the total market value of the Big Seven decreasing by nearly $1.3 trillion. Subsequently, the decline of the Big Seven narrowed.

Nvidia fell more than 14% at the opening, and the decline narrowed to 6.36% at the close, with a turnover of US$54.05 billion.

Media reports on Monday said that Nvidia and its main supplier TSMC's much-anticipated next-generation, most powerful AI chips are facing production challenges, which may delay shipment plans this year.

Nvidia's cutting-edge designs take advantage of TSMC's new manufacturing process, and some models of chips have encountered difficulties in preparing for mass production of the Blackwell series of data center chips, people familiar with the matter said. Nvidia declined to comment but reiterated that "Blackwell production is on schedule" and will begin mass production in the second half of 2024. Nvidia added that demand for existing Hopper chips remains "very strong."

Apple closed down 4.853% with a turnover of US$24.405 billion.

Berkshire Hathaway's second-quarter earnings report released recently showed that the company unexpectedly reduced its stake in technology giant Apple by nearly 50%. As of the end of the second quarter, its Apple shares were worth $84.2 billion, and the number of shares held fell from 790 million shares to 400 million shares.

Berkshire Hathaway's reduction of Apple shares was interpreted as a lack of confidence in its growth. Some Wall Street people also urged investors not to take it to heart and to remain calm. "Buffett's reduction of Apple shares is just for risk management," said Joe Gilbert, senior portfolio manager at Integrity Asset Management. "If there were any concerns about the long-term sustainability of Apple, Buffett would have closed all his positions. Similar to Berkshire Hathaway's reduction of other stocks, Buffett has considerable unrealized gains."

Tesla's U.S. stock price fell by more than 10% before the market opened, but the decline narrowed to 4% at the close.

Tesla CEO Elon Musk on Monday resumed his lawsuit against OpenAI and its CEO, Alterman. Musk again claimed that OpenAI put profits and commercial interests above the public interest and violated its promise to share or open source the company's technology for free by choosing to provide an exclusive license to Microsoft.

Yesterday, after the Asia-Pacific stock markets plummeted, many countries responded urgently.

According to Reuters, Japanese Finance Minister Shunichi Suzuki expressed strong concern about the stock market decline. Stock prices are determined by the market, and it is important for the government to make decisions calmly.

Shunichi Suzuki said it was difficult to say what was behind the stock market decline.

He added that the government is working with the Bank of Japan (BOJ) and will continue to closely monitor the market and continue to follow the movements in the foreign exchange market. He declined to comment on whether the current yen level is considered too high. Suzuki said that foreign exchange rates should preferably change in a stable manner and reflect economic fundamentals.

Also according to Reuters, South Korean regulators made several comments to calm investor sentiment, with the Ministry of Finance saying it would respond to heightened market volatility in accordance with contingency plans. South Korean regulators also said Monday's stock market decline was "excessive" and that they would closely monitor foreign exchange and stock markets and take prompt market stabilization measures if necessary.

According to Singapore's THE BUSINESS TIMES, Thai Finance Minister Pichai Chunhavajira said on Monday that the stock market decline was driven by external factors and should be supported by government measures; Thailand will expand the government equity fund to support the stock market by October. Pichai Chunhavajira had previously said that the government fund investing in stocks will increase by 100 billion baht to 150 billion baht.

Editor: Chen Lixiang

Proofreading: Ran Yanqing