Opening: U.S. stocks opened mixed on Tuesday, with chip stocks dragging the Nasdaq lower
On the evening of July 7, Beijing time, U.S. stocks opened with mixed prices on Tuesday. Chip stocks dragged the Nasdaq lower. Investors appear to be once again starting to move out of AI-related stocks. The Dow rose 48.15 points, or 0.09%, to 53104.06 points; the S&P 500 fell 20.80 points, or 0.28%, to 7516.63 points; the Nasdaq fell 126.215 points, or 0.48%, to 25994.944 points. Shares fell 5% in pre-market trading, with KLA, Marvell Technology, Broadcom and The downward pressure began in the Asia-Pacific market after South Korea's KOSPI index fell nearly 5% as the stock price of memory chip manufacturer Samsung Electronics fell nearly 7%. The company reported a big jump in second-quarter profit, but concerns about spending and demand overshadowed the growth. In Europe, the Stoxx 600 index fell 0.1%. Vital Knowledge's Adam Crisafulli wrote: "The market reaction to Samsung's results reveals one of the biggest risks facing the market in the coming weeks: Q2 earnings are likely to be quite strong in absolute terms... But unlike Q1 earnings season, current expectations are very optimistic (and the S&P 500 is about 1,000 points higher than before Q1 earnings), which means the bar is quite high." Reports that DeepSeek is developing its own AI chip also weighed on market sentiment. The move could reduce the company's reliance on semiconductors from the likes of Nvidia and Samsung. Nvidia shares fell more than 2%. Meanwhile, SpaceX included on Tuesday The 100 index was slightly lower previously. Tuesday's early moves came after Wall Street closed in the red across the board in the previous session, pushing the Dow above the 53,000 mark for the first time. The 30-stock index also closed above that mark. Technology stocks led the gains, with the Nasdaq Composite closing more than 1% higher amid a rebound in semiconductor stocks. The S&P 500 also closed up 0.7%. "The major indexes are hitting new highs, which makes sense," said Richard Bernstein, global head of macro and customized investing at Janus Henderson. "Not only is earnings growth strong, but earnings are broad-based, that's spreading to the market." Investors will focus on economic data on the U.S. trade deficit released on Tuesday morning. There are no major financial report releases scheduled for that day.