The three major U.S. stock indexes had mixed gains and losses: chip stocks were sold off again, and Apple’s stock price hit a new high
The three major U.S. stock indexes diverged on Tuesday, with chip stocks selling off for two consecutive days. On July 28, local time, the three major U.S. stock indexes closed with mixed gains, with the Dow Jones Industrial Average rising 1.03% to 52,747.32 points; the S&P 500 Index rising 0.21% to 7,428.78 points; and the Nasdaq Composite falling 0.22% to 24,876.91 points. Large-cap technology stocks were mixed, with the Wind Seven U.S. Technology Index rising 0.69%.
The three major U.S. stock indexes diverged on Tuesday, with chip stocks selling off for two consecutive days. On July 28, local time, the three major U.S. stock indexes closed with mixed gains, with the Dow Jones Industrial Average rising 1.03% to 52,747.32 points; the S&P 500 Index rising 0.21% to 7,428.78 points; and the Nasdaq Composite falling 0.22% to 24,876.91 points. Large-cap technology stocks were mixed, with the Wind Seven U.S. Technology Index rising 0.69%. Google rose more than 2.19%, Microsoft rose more than 1%, Apple rose 0.94%, Nvidia rose 0.25%, Tesla fell 0.58%, Amazon fell 0.23%, and Meta fell 0.08%. Chip stocks performed weakly. The Philadelphia Semiconductor Index fell 4.49%. Micron Technology in the storage sector closed down 8.85%, SK Hynix fell 8.98%, and SanDisk fell 14.25%. It has been "cut in half" since July. In the optical communications sector, Corning fell more than 12% and Coherent fell more than 10%. Dell Technologies fell 8.15%, Intel fell 5.86%, and AMD fell 8.15%. The software sector strengthened, with Adobe closing up 4.81%, IBM up 5.21%, Salesforce up 4.55%, Wisdom up 6.76%, and Thomson Reuters up 5.66%. Chinese concept stocks performed better, with the Nasdaq China Golden Dragon Index closing up 1.08%. Alibaba rose 0.17%, Pinduoduo rose 1.01%, NetEase rose 2.89%, JD.com rose 2.71%, Baidu fell 0.35%, Ctrip rose 1.21%, Li Auto rose 4.68%, Futu Holdings fell 2.33%, Bilibili rose 1.18%, and Weilai rose 1.3%. Affected by lower-than-expected performance, SK Hynix ADR plunged sharply in after-hours trading on U.S. stocks, once falling by more than 8%. The latest financial report shows that both revenue and operating profit in the second quarter of 2026 fell short of market expectations. On the news, according to CCTV News, on the 28th local time, US President Trump held a meeting with visiting Israeli Prime Minister Netanyahu at the White House. Israeli sources said the entire meeting lasted about an hour. The White House later issued a statement saying that the meeting had "positive and constructive" significance. This is the first face-to-face meeting between the two since the United States and Israel jointly launched a large-scale military operation against Iran at the end of February. In terms of international oil prices, the suspension of mutual attacks between the United States and Iran has eased market concerns about geopolitical conflicts in the Middle East. As of the close of the day, WTI September crude oil futures closed down 4.06% at US$79.26/barrel, closing below US$80 for the first time since July 16; Brent September crude oil futures closed down 4.83% at US$84.09/barrel. Precious metals also fell, with London gold down 1.21% to US$4,028.3 per ounce, London silver down 2.12% to US$57.104 per ounce, COMEX gold futures down 1.18% to US$4,028.80 per ounce, and COMEX silver futures down 2.35% to US$57.34 per ounce. As of press time, London gold and London silver were trading around $4,025 and $57 respectively. What can be seen is that the trend of U.S. stocks has become increasingly divergent, with investors continuing to sell chips and other AI-related stocks and turning to traditional industries with more attractive valuations. Apple hit a new high of US$342.89 during the session, and its market value exceeded US$5 trillion for the first time. It closed back to US$340.08, still up 0.94%, and its market value was approximately US$4.99 trillion. Josh Meyers, a TMT industry expert at J.P. Morgan, attributed the weakness in semiconductors to three major factors: weak financial response, continued concerns about circular financing, and anxiety that cloud service providers may reduce capital expenditures. He pointed out that positioning is still high and true widespread liquidation of the technology sector has yet to come. "This is a real broad sector rotation, this momentum clearing story that has been going on for six to eight weeks, and it has much more to do with the technical side of the market than any fundamental changes," said Ross Mayfield, investment strategist at Baird. It is worth noting that the Federal Reserve will release its latest interest rate decision during the U.S. stock market on Wednesday. Meanwhile, Microsoft and Meta will release results after the bell on Wednesday, followed by Apple and Amazon on Thursday.
Ariana Contessa, a trader at Goldman Sachs, said: "The market pain continues. The combination of 'good shipments' in earnings reports, factor fluctuations and calendar effects have created an atmosphere of a buyer's strike. Investors are looking for signals that the market is stabilizing after weeks of violent volatility."
Ariana Contessa, a trader at Goldman Sachs, said: "The market pain continues. The combination of 'good shipments' in earnings reports, factor fluctuations and calendar effects have created an atmosphere of a buyer's strike. Investors are looking for signals that the market is stabilizing after weeks of violent volatility."