US Market Open: Nasdaq down 1.2%, Philadelphia Semiconductor Index down 3.6%, memory chip stocks broadly lower, Baidu down about 9%

The Dow Jones Industrial Average fell 0.1%, and the S&P 500 Index dropped 0.5%. Memory chip stocks declined broadly, with Sandisk down about 5%, SK Hynix down about 5%, Western Digital down about 4%, Micron Technology down about 4%, and Seagate Technology down about 4%. Baidu fell about 9%, as the company's second-quarter revenue missed expectations. iQIYI dropped about 3%, as the company's second-quarter revenue missed expectations. Pony AI fell about 9%, after the company previously announced its second-quarter financial results.