The three major U.S. stock indexes opened higher and moved lower. Chinese assets bucked the trend late at night and broke out. Xiaomi Group-ADR surged 8%
On July 27, the three major U.S. stock indexes opened higher and moved lower, with the Nasdaq turning green during the session and chip stocks plummeting. As of 23:20 Beijing time, the Philadelphia Semiconductor Index fell by more than 4%, SanDisk fell by more than 11%, and SK Hynix fell by more than 7%. Chinese assets bucked the trend and rose sharply. The Nasdaq China Golden Dragon Index rose by more than 2.6%. Technology leaders collectively strengthened. Xiaomi Group-ADR rose by more than 8%, NetEase, Pinduoduo, and Meituan-ADR rose by more than 3%, Tencent Holdings-ADR rose by more than 2%, and Alibaba rose by more than 1%.
On July 27, the three major U.S. stock indexes opened higher and moved lower, with the Nasdaq turning green during the session and chip stocks plummeting. As of 23:20 Beijing time, the Philadelphia Semiconductor Index fell by more than 4%, SanDisk fell by more than 11%, and SK Hynix fell by more than 7%. Chinese assets bucked the trend and rose sharply. The Nasdaq China Golden Dragon Index rose by more than 2.6%. Technology leaders collectively strengthened. Xiaomi Group-ADR rose by more than 8%, NetEase, Pinduoduo, and Meituan-ADR rose by more than 3%, Tencent Holdings-ADR rose by more than 2%, and Alibaba rose by more than 1%. In addition, many popular Chinese concept stocks surged. Tencent Music rose by more than 6%, Ehang Intelligent and Bilibili rose by more than 5%, and Kingsoft Cloud and Canadian Solar rose by more than 4%.