Chip stocks plummeted, with SK Hynix exceeding 13% and San Disk exceeding 12%! Chinese concept stocks bucked the market trend and strengthened

Chip stocks plummeted, with SK Hynix exceeding 13% and San Disk exceeding 12%! Chinese concept stocks bucked the market trend and strengthened.

[Introduction] Chip stocks fell sharply, SK Hynix fell more than 13%, SanDisk fell more than 12%; Chinese concept stocks bucked the trend and strengthened. China Fund News reporter Ivan On July 16, Eastern Time, AI investment cooled down, and chip and technology stocks dragged down U.S. stocks. As of the close, the three major U.S.

stock indexes all closed down, with the Dow Jones Industrial Average falling 0.2% to 52,552.97 points; the S&P 500 Index falling 0.51% to 7,533.77 points; and the Nasdaq Composite falling 1.47% to 25,881.95 points. Goldman Sachs fell nearly 5%, and Google fell more than 4%, leading the Dow Jones Industrial Average down.

Most technology giants fell by 1.31%, Facebook and Nvidia fell by more than 2%, Amazon fell by nearly 2%, and Tesla fell by 0.86%, but Apple and Microsoft rose by more than 1%. On the macro front, data from the U.S. Department of Commerce showed that U.S. retail sales increased by 0.2% month-on-month in June, the lowest growth rate since February this year.

Affected by falling oil prices, gas station sales plunged 5.3% month-on-month, the largest decline since December 2022. Excluding gas stations, retail sales increased 0.7% month-on-month. The number of people filing for unemployment benefits in the United States fell by 8,000 last week to 208,000, lower than market expectations of 217,000.

The number of people filing for unemployment benefits fell to 1.805 million in the previous week, which was also lower than expected. Federal Reserve official Logan said that he is inclined to raise interest rates moderately to reduce inflation.

A moderate increase in interest rates can better balance risks, and just one month's decline in CPI data is "not enough." The demand effect of artificial intelligence has emerged, but the supply effect is still unclear. Federal Reserve official Schmid said that recent inflation data are encouraging, but it is too early to draw conclusions.

Focus on inflation when setting monetary policy, and it’s time to stop excluding food prices from core inflation measures. Inflation shocks are not inherently transitory, and I disagree that the Fed should "ignore" certain types of price increases.

Chip stocks collectively plummeted, SK Hynix fell more than 13% On July 16, Eastern Time, chip stocks collectively fell sharply, with the Philadelphia Semiconductor Index falling 4.29%.

Memory chip concepts led the decline, with SK Hynix falling by more than 13%, SanDisk falling by more than 12%, Seagate Technology falling by 10%, Western Digital falling by more than 9%; Micron Technology falling by more than 5%, and its market value fell below one trillion US dollars.

On the news, South Korea's tightening of regulations on leveraged ETFs has become the direct trigger of this round of adjustments.

The Financial Services Commission (FSC) of South Korea officially announced on July 16 that it will tighten regulatory measures for single stock leveraged ETFs, including: increasing the minimum margin from 10 million won to 30 million won; only cash is allowed for margin; a maximum of 20 shares can be purchased at a time for single stock leveraged transactions; and the introduction of new single stock leveraged products is prohibited.

On July 16, Eastern Time, the market fell, and Chinese concept stocks bucked the trend and strengthened. The Nasdaq China Golden Dragon Index rose 1.79%. In terms of popular Chinese concept stocks, Tencent Music and iQiyi rose by more than 4%, Bilibili rose by nearly 4%, and Yum China, Miniso, Vipshop, and Shell all rose by more than 2%. (

#Stocks #Nvidia #Tesla #Apple #Microsoft