European stocks plummet dragging down US stocks, with mixed trends in technology stocks, most chip stocks falling by more than 1%, while Adobe surges more than 16%

On June 14th, the three major stock indexes collectively fell, with the Dow Jones Industrial Average and the S&P 500 failing to turn higher, while the Nasdaq fluctuated multiple times before returning to a downward trend.

In the morning session of the U.S. stock market, the Dow Jones fell by about 341 points or nearly 0.9%, the S&P 500 fell by about 30 points or 0.55%, and the Nasdaq only rose slightly by about 0.09%, with the deepest decline being 74 points or 0.42%.

Divergence in the performance of tech stocks. In the morning session of the U.S. stock market, Tesla, which performed the worst, initially rose by over 1.9% before plummeting straight down, with the deepest decline being about 2.3%; Apple and Microsoft, which have been strong this week and vying for the top spot in market value, both softened in the morning session, with Apple falling from a high of 0.43% to a deepest decline of nearly 0.76% and Microsoft opening with a decline of over 1.1%, then erasing all declines and fluctuating around 0%, rising by nearly 0.14% at the highest point in the morning session, regaining the top spot in market value; Netflix surged strongly, continuously hitting new daily highs, rising by nearly 3% at the highest point in the morning session; "metaverse" Meta turned down after rising by about 0.7% from the highest point, with the deepest decline being nearly 0.4%; Amazon maintained its downward trend, falling by about 0.82% at the deepest point in the morning session; Google A opened low and turned higher, rising by about 0.74% at the highest point in the morning session.

Most chip stocks fell by over 1%, with NVIDIA hitting a new high in the session. The Philadelphia Semiconductor Index and the Semiconductor Industry ETF SOXX maintained their downward trend in the morning session, falling by 0.98% and 1.1% respectively at the deepest point, ending a four-day consecutive rise. NVIDIA initially fell by nearly 1% before turning higher, rising by nearly 2.5% at the highest point, with NVIDIA's double long ETF rising by over 5% at the highest point, hitting a historical new high in the session. Broadcom continued its upward trend, rising by nearly 2.5% at the highest point in the morning session, with the potential to achieve a sixth consecutive rise today. AMD, KLA, Broadcom, TSMC, Applied Materials, Marvell Technology, Micron Technology, Qualcomm, all fell by at least 1% at some point in the morning session.

Among the stocks with significant fluctuations, Adobe rose by about 16.5% at the highest point in the morning session, marking the largest increase since March 2020. Arm Holdings performed strongly, rising by over 6% at the highest point.

Furthermore, AI concept stocks showed mixed movements, popular Chinese concept stocks generally fell, new energy vehicle companies all declined, and retail investor favorites such as GameStop, AMC Theatres, and BlackBerry suffered heavy losses.

In addition, the U.S. Michigan Consumer Sentiment Index unexpectedly fell to a seven-month low at the beginning of June, with inflation expectations rebounding, the U.S. dollar strengthening, and the offshore Chinese yuan slightly softening but remaining below the 7.27 yuan mark The European political situation is unstable, with European stocks suffering heavy losses. French stocks and bonds are both hit hard. Influenced by risk aversion sentiment, the US stock market opened lower in the morning, with gold maintaining its upward trend. As of the time of publication, gold futures rose by about 1.18%, while copper futures fell by about 0.12%.

Gold stocks are strong, with Harmony Gold, Kodal Minerals, and AngloGold rising by nearly 3%, and Hekla Mining rising by nearly 2%.

The following was released before 21:50 Beijing time

On Friday, June 14, European stock major indices continued to decline, dragging down the initial trading of the three major US stock indices. The Nasdaq fell by 0.24% at the beginning of trading, the S&P 500 index fell by 0.31%, and the Dow Jones fell by 0.53%.

Some US technology stocks rose, with Adobe's early gains expanding to 17%, marking the largest increase since March 2020, and currently up over 15%. The company's second-quarter performance exceeded expectations, leading to an upward revision of its full-year guidance.

ARM rose by over 1%, and the company will be included in the NASDAQ 100 index starting from June 24.

Tesla opened with a rise of over 1.5%, then plummeted sharply. The shareholders' meeting approved Musk's $56 billion compensation plan and the relocation of the registration location to Texas.

Major European stock indices plummet

The French CAC40 index once fell below 7500 points for the first time since January this year, with an intraday decline expanding to 2.5%. The Italian FTSE MIB index plummeted by 2.61% intraday, the Euro Stoxx 50 index fell by 1.85%, and the German DAX30 index fell by 1.33%.

With growing concerns about political turmoil in France, the country experienced a stock and bond sell-off on Friday. The French CAC40 index gave up its gains so far this year and may face its worst week since September 2022. Other major European stock indices were also affected. The euro fell below 1.07 against the US dollar, while the British pound fell by 0.8% to 1.2659, its lowest level since May 17.

Investors are fleeing to German government bonds, with the yield spread between French and German 10-year government bonds widening to 77 basis points, the highest since February 2017.