"Three Witching Days" approaching, S&P and Nasdaq opened lower, while Dow rose, NVIDIA fell by 5% at one point, gold and silver declined

On Friday, June 21st, the U.S. stock market saw divergent trends, with the S&P 500 index and the tech-heavy Nasdaq pulling back while the Dow Jones Industrial Average edged slightly higher.

The Dow Jones opened higher by over 70 points and continued to rise, with gains expanding to 122 points or 0.3%. The S&P 500 index initially fell by about 0.4% but then maintained its downward trend, while the Nasdaq fell by 0.57% before turning higher in the short term, hovering around 0% gains. Within the first hour and a half of trading, the declines in the S&P 500 and Nasdaq significantly narrowed and approached a turnaround.

Most star tech stocks rose. Apple and Microsoft surged at the opening, rising by over 1%, and then slightly retraced while still maintaining their upward momentum. Google Class A surged by nearly 2%, Amazon briefly rose by about 1.1%, Netflix rose by around 0.95% at one point before a slight pullback. However, Meta initially turned higher but still ended up falling by over 1%. Tesla rose by nearly 1.3% at the opening before dropping by over 0.48%.

Chip stocks saw expanded declines and led the major sectors lower. The Philadelphia Semiconductor Index fell by about 2.27%, marking the second consecutive day of moving away from its recent highs. The industry ETF SOXX also fell by over 2%. NVIDIA fell by 5% before halving its losses, while Arm Holdings, Micron Technology, and AMD also briefly fell by over 5%.

AI concept stocks saw more declines than gains. BigBear.ai rose by over 3.3%, while Dell fell by over 5%, Micron Technology fell by over 5.6%, NVIDIA concept stock SoundHound fell by over 4.4%, Palantir fell by over 6%, and C3.ai fell by over 4%.

Popular Chinese concept stocks retreated. ETFs KWEB and the Nasdaq Golden Dragon China Index (HXC) fell by 1%, while CQQQ fell by over 0.4%. Pinduoduo fell by over 2.6%, ZEEKR fell by over 4.3%.

Most retail investor favorite stocks trended lower. Game Station fell by over 3%.

Spot gold fell by over 1.3%, silver fell by 3.5%, and gold and silver mining stocks declined. Galiano Gold fell by 4.1%, Coeur Mining fell by 3.6%, Hecla Mining fell by 3.2%, Barrick Gold Corporation fell by 2.4%, Pan American Silver fell by 2.2%; Gold ETF GDX fell by 1.4%, GLD fell by 1.1%, and Silver ETF SLV fell by 3%.

Among copper mining stocks, Hudbay Minerals fell by 2.7%, Lundin Mining fell by 2.6%, Ero Copper fell by 2.5%, Jiangxi Copper ADR fell by 1.7%, Southern Copper Corporation fell by 1.6%, BHP Group ADR fell by over 1.3%, Teck Resources fell by 1%, Freeport-McMoRan fell by over 0.7%, and Vale ADR fell by 0.2% 英美公司/英美资源集团 ADR fell by 0.3%; ETF COPX fell by 2.3%, CPER fell by over 1.8%.

Bitcoin fell below $64,000, with blockchain concept stocks generally declining. MicroStrategy, Marathon Digital, and Coinbase fell by over 3%, while Riot Platforms fell by nearly 3%.

On the news front, U.S. existing home sales fell for the third consecutive month in May, while home prices hit a new historical high. The U.S. June Markit Manufacturing PMI preliminary reading was 51.7, reaching a 3-month high; the Services PMI preliminary reading was 55.1, hitting a 26-month high; and the Composite PMI preliminary reading was 54.6, also hitting a 26-month high.

The U.S. 10-year Treasury yield briefly rose, returning above 4.26%. Four minutes before the release of the U.S. PMI data, it briefly fell to a daily low of 4.2148%, then quickly rebounded after the PMI data release, and further rose after the U.S. housing data release.

The following is the update before 21:50 Beijing time

On Friday, June 21, the data released by S&P Global showed that the U.S. June Markit Services PMI preliminary reading was 55.1, with an expectation of 54 and a previous value of 54.8; the U.S. June Markit Composite PMI preliminary reading was 54.6, with an expectation of 53.5 and a previous value of 54.5, all better than expected.

After the data was released, the U.S. Dollar Index rose by about 15 points in the short term, now at 105.89. The U.S. 10-year Treasury yield also rose in the short term, now at 4.222%. Spot gold fell in the short term, now at $2349.95 per ounce.

The three major U.S. stock indexes showed mixed trends, with the Dow rising by 0.08%, the S&P 500 falling by 0.34%, and the Nasdaq falling by 0.55%.

In addition, today is the "Triple Witching Day" in the U.S. stock market, with around $5.5 trillion options expiring, the largest scale in history. The "Triple Witching Day" refers to the day when options contracts for indices, stocks, and ETFs expire on the same day.

This options expiration coincides with the rebalancing of the S&P Dow Jones Indices, followed by corresponding adjustments in ETFs, adding another force to market volatility. NVIDIA may be "in the line of fire" this time, as the value of related options expiring is the second largest among all underlying assets, second only to the S&P 500.

Semiconductor stocks led the decline, with NVIDIA falling by nearly 5%, Arm Holdings, Micron Technology, and AMD falling by over 5%

Most popular Chinese concept stocks fell, with NetEase down more than 2%, JD.com, Pinduoduo, Nio, and Li Auto down more than 1%, while Bilibili rose by about 1%.

Major European stock indices fell across the board

The Euro Stoxx 50 index fell by 0.9%, Germany's DAX30 index fell by 0.6%, the UK's FTSE 100 index fell by 0.57%, and France's CAC40 index fell by 0.64%.

Gold and silver prices decline

Spot silver fell by 2.41% intraday to $29.99 per ounce. Spot gold retraced about $16 from its intraday high, now trading at $2351.5 per ounce.