Nasdaq weakened, NVIDIA plunged more than 6.5% and fell for three consecutive days, chip and AI stocks generally declined, while Chinese concept stocks outperformed

On Monday, June 24th, the three major U.S. indices showed divergent trends, with the Nasdaq falling from its new high, the S&P 500 opening lower and turning higher, and the Dow maintaining its upward momentum.

The Dow, which opened 34 points higher, continued to strengthen, rising by over 1% at one point; the tech-heavy Nasdaq experienced a morning plunge, dropping by around 126 points or 0.7%, with the Nasdaq 100 briefly turning higher within the first half hour of trading before falling back again; the S&P 500 index turned higher, rising by nearly 0.48% before slightly giving back some of the gains.

Tech stocks had mixed performances. Microsoft initially fell by 0.75% before turning up by 0.66%, with its current gains nearly flat; Apple rose steadily, at one point surging by over 1.5%; Google Class A rose by over 0.5% and then fell by over 0.45%, currently showing a slight decline; Amazon rose by about 1% before accelerating its decline, dropping by around 1.15%; Meta and Tesla maintained their upward momentum, surging by over 2.6% and 2.9% at one point, but both subsequently gave back most of their gains; meanwhile, Netflix continued to decline, falling by nearly 2.6%.

Chip stocks led the declines. The Philadelphia Semiconductor Index and the industry ETF SOXX both fell by over 1.8%. NVIDIA plunged and at one point dropped by over 6.5%, potentially marking a third consecutive day of decline; the NVIDIA 2x Long ETF fell by over 12%; Arm Holdings dropped by over 5.7%; Qualcomm fell by over 4%; while Micron Technology initially rose by nearly 2.4% before falling by over 1%.

On the news front, during last Friday's "Triple Witching Day," NVIDIA executives frequently sold off their holdings, leading to profit-taking and a sharp drop in NVIDIA's stock price. SEC filings showed that Huang Renxun sold 120,000 shares of NVIDIA stock on June 21st Eastern Time, and since June 13th, Huang Renxun has sold a total of 720,000 shares of NVIDIA, cashing out nearly $95 million (approximately RMB 690 million).

Most AI concept stocks declined. Dell Technologies fell by over 5%, AMD fell by over 8.1%. SoundHound.ai fell by over 3%.

Chinese concept stocks outperformed the U.S. market. The KWEB ETF rose by over 1.2%, while CQQQ continued to decline, falling by around 0.9%, and the Nasdaq Golden Dragon China Index (HXC) rose by about 1.8%.

Popular individual stocks rose across the board, with Alibaba rising by over 3%, Tencent Holdings up by about 1.3%, JD.com up by over 2.8%, new energy vehicles all rising, Nio surging by over 4.6%, Li Auto rising by about 3.9%, XPeng rising by over 4%, while ZEEKR experienced multiple short-term declines.

The following is the update before 21:50 Beijing time

At the beginning of the U.S. stock market on Monday, June 24th, the three major indices showed mixed movements, with the Dow up by 0.22%, the Nasdaq down by 0.18%, and the S&P 500 down by 0.02%

Semiconductor stocks lead the decline, with Arm Holdings falling more than 3% and AMD falling more than 4%; NVIDIA fell 3.2% at one point, now down more than 2%, marking the third consecutive trading day of decline, potentially wiping out over $300 billion in market value.

NVIDIA's market value has fallen below that of Microsoft and Apple. Last Friday, NVIDIA's market value was about $3.1 trillion, lower than Apple's $3.2 trillion and Microsoft's $3.3 trillion. However, the stock price has still risen by 156% from the beginning of the year to the most recent closing, making it the best-performing stock in the tech-heavy Nasdaq 100 index.

Apple's stock price slightly declined. On the news front, the antitrust storm is brewing again. The European Commission announced on Monday that, according to preliminary investigation results, Apple's App Store rules violate the "Digital Markets Act."

Bitcoin plummeted today, falling more than 4% intraday to around $61,000. As a result, blockchain concept stocks generally fell, with Canaan Technology falling more than 5% and Coinbase Global dropping by about 4%.

The Nasdaq China Golden Dragon Index quickly rose, now up more than 1%. Nio rose more than 3%, Li Auto, XPeng, and Alibaba rose more than 2%.

The most anticipated event for investors this week is Friday's Personal Consumption Expenditures (PCE) Price Index report, which is the Fed's preferred measure of inflation. It is expected to show moderate price pressure. According to LSEG's FedWatch data, market participants still expect the Fed to cut interest rates twice this year, with a 60.4% chance of a 25 basis point rate cut in September Other important events this week include durable goods orders, weekly initial jobless claims, and final first-quarter GDP data.

European stocks rise collectively

The Euro Stoxx 50 index rose by 0.70%, the German DAX 30 index rose by 0.62%, the UK's FTSE 100 index rose by 0.53%, and the French CAC 40 index rose by 0.72%.

Bitcoin falls to around $61,000

Bitcoin fell by 4.34% intraday, now trading at $61,313.8 per coin.