The US stock market hits a new high, with NVIDIA leading the technology stocks with a 4.4% increase, Tesla rising for the tenth consecutive day, and Apple becoming the top in market capitalization

On Tuesday, July 9th, the Nasdaq and S&P 500 indexes achieved six consecutive gains, once again hitting new intraday highs, while the Dow Jones Industrial Average softened.

The tech-heavy Nasdaq rose above the 18,500 mark, up nearly 0.6%; the S&P 500 index hit a new intraday high, approaching 5,600 points, with a gain of over 0.28%; the Dow Jones, dominated by blue-chip stocks, initially fell, with a decline of over 0.5%, before erasing more than half of the losses; the Nasdaq had the largest relative gain among major indexes.

"Tech Seven Sisters" mostly rose. NVIDIA led the "Seven Sisters" with a gain of nearly 4.4%; Tesla, which opened lower, turned higher and rose over 2%, achieving a ten-day gain streak; "metaverse" Meta saw its early gains expand by over 1.5%; Apple rose over 0.6%; Google Class A rose over 1.2%; Amazon rose over 0.57%; while Microsoft turned lower, falling nearly 0.6% in the first half-hour of trading.

Chip stocks rose in early trading, but most fell after 50 minutes of trading. The Philadelphia Semiconductor Index rose over 1%, breaking through 5,800 points to set a new intraday high, with the industry ETF SOXX rising nearly 1% at one point, before both experienced short-term declines. NVIDIA's double long ETF rose over 8.7% at one point; Arm Holdings and KLA both hit new intraday highs again, rising over 2% and 1.5% respectively; while TSMC turned lower, with a decline of over 1.2%.

AI concept stocks had mixed performances. AMD rose nearly 4%, while C3.ai fell 3.5%.

On the news front, a strategist at Citigroup stated that there may not be signs of weakening momentum in AI stocks yet, but based on historical experience, now is the time to take profits on large-cap stocks. Confidence in AI-related stocks has reached its highest level since 2019, with most of these companies expected to exceed analysts' expectations for free cash flow. Such data typically indicates "significant volatility" in the future. They noted that while there may not be signs of a price bubble yet, the momentum of certain stocks is "worrisome."

Chinese concept stocks rose across the board. In ETFs, the China Technology Index ETF (CQQQ) rose over 2.4%. The China Internet Index ETF (KWEB) rose over 1.2%. The Nasdaq Golden Dragon China Index (HXC) rose over 1.1%, breaking through the 5,900 mark.

Among popular Chinese concept stocks, Pinduoduo rose over 1.8%, NetEase rose over 1.6%, Baidu rose over 2.1%, while ZEEKR fell over 3% and Li Auto fell over 0.6% The following is the updated content before 21:50 Beijing time

Tonight at 22:00, Powell will testify on Capitol Hill, and investors are closely watching whether Powell will hint at how soon the Fed can start cutting interest rates.

The three major U.S. stock indexes opened with mixed gains and losses, with the Nasdaq rising 0.36% at the opening, the S&P 500 rising 0.19%, and the Dow falling 0.06%.

NVIDIA Leads the Technology Stocks

Leading technology stocks continued their previous gains, with NVIDIA up more than 2%, leading the technology sector. TSMC rose more than 0.8%, and Intel rose for the fifth consecutive trading day, up 3.6% as of the time of writing, reaching the highest level since April.

Sony rose more than 4%. According to media reports, Sony, Mitsubishi, and 8 other Japanese companies plan to invest 50 trillion yen from fiscal year 2021 to 2029 to increase semiconductor production.

Some popular Chinese concept stocks rose, with Alibaba and Pinduoduo up more than 1%.

10-Year U.S. Treasury Yield Slightly Rises

Ahead of the $58 billion three-year Treasury bond sale, the 10-year U.S. Treasury yield rose slightly, up 2.7 basis points intraday, now at 4.293%.

Crude Oil Continues to Decline

Both Brent crude and WTI crude fell by more than 0.5%.

Spot Gold Rises in the Short Term

Spot gold rose in the short term, up about $6 intraday, at $2364.83 per ounce.