U.S. technology stocks plummeted, the Nasdaq fell 408 points, and gold and silver prices came under pressure
On July 13, Eastern Time, the three major U.S. stock indexes closed down across the board. As of the close, the Nasdaq Composite Index fell 408.43 points, or 1.55%, to 25873.18 points; the S&P 500 Index fell 0.79% to 7515.34 points; the Dow Jones Industrial Average fell 0.25% to 52498.64 points. The direct trigger for the market pressure may come from the sudden escalation of the situation in the Middle East.
On July 13, Eastern Time, the three major U.S. stock indexes closed down across the board. As of the close, the Nasdaq Composite Index fell 408.43 points, or 1.55%, to 25873.18 points; the S&P 500 Index fell 0.79% to 7515.34 points; the Dow Jones Industrial Average fell 0.25% to 52498.64 points. The direct trigger for the market pressure may come from the sudden escalation of the situation in the Middle East. According to Xinhua News Agency in Washington, the U.S. Central Command posted on social media on the 13th that according to the instructions of U.S. President Trump, the U.S. military will resume naval blockade operations against Iran starting at 16:00 Eastern Time on the 14th. Trump also posted on social media that the United States will charge a 20% fee for all goods shipped through the Strait of Hormuz. Most large technology stocks fell, with the Wind Seven U.S. Technology Index falling 0.96%. Nvidia and Tesla fell by more than 3%, Meta and Google fell by more than 1%, and Microsoft, Amazon, and Apple rose. Chip stocks even suffered violent selling, with the Philadelphia Semiconductor Index falling 4.78%. Marvell Technology and ARM fell by more than 7%, Intel fell by more than 6%, Micron Technology and AMD fell by more than 4%, ASML fell by more than 3%, and Qualcomm fell by more than 2%; the U.S.-listed stock of Korean chip manufacturer SK Hynix fell by more than 9%. In response to SK Hynix's plunge, Ryu Young ho, senior analyst at NH Investment Securities, said that investors took profits after the company's U.S. listing, and the market was cautious about its second-quarter financial report, which jointly suppressed the stock price. He said that investors had expected that SK Hynix's HBM4 chip shipments would increase significantly from the second quarter, but this increase has not been realized on a large scale. In addition, because SK Hynix's exposure to the HBM market is much greater than that of its cross-city rival Samsung, it has benefited less from the recent increase in traditional DRAM chip prices, which has also caused the market to lower its profit expectations. Popular Chinese concept stocks were mixed, with the Nasdaq China Golden Dragon Index closing down 0.14%. Bawangchaji rose by more than 6%, Weilai and Beike rose by more than 3%, JD.com Group rose by more than 2%, Li Auto and Alibaba rose; Miniso, Huya and Baidu Group fell by more than 3%, and Kingsoft Cloud fell by more than 4%. Geopolitical shocks caused international oil prices to skyrocket. WTI August crude oil futures closed up $6.73, or 9.42%, at $78.14/barrel; Brent September crude oil futures closed up $7.29, or 9.59%, at $83.30/barrel. Oil and gas stocks also rose sharply, with Exxon Mobil rising by more than 4%, Chevron, Occidental Petroleum, and Total rising by more than 3%, and Shell rising by more than 2%. UBS analyst Giovanni Staunovo said, "The market focus will still be on the number of tankers entering the (Strait of Hormuz), because the decline in the number may impact production, so currently we see a risk premium and the risk of supply disruptions supporting oil prices." International precious metal futures generally closed lower, with gold futures and spot prices both falling below the $4,000/ounce mark, and then narrowing their losses. COMEX gold futures fell 2.55% to US$4,008.7 per ounce; COMEX silver futures fell by 3.63% to US$57.98 per ounce. As of press time, London gold is still running below $4,000. According to Reuters, the new Federal Reserve Chairman Warsh is scheduled to attend semi-annual congressional hearings on Tuesday and Wednesday Eastern Time. At that time, lawmakers will question him on the inflationary impact of the U.S.-Iran War and the possible response paths the Federal Reserve may take. Markets currently expect the Fed to raise interest rates by at least 25 basis points before the end of the year, according to data from the London Stock Exchange Group. (