U.S. Tech Stocks Slip, Gold Shines Amid Volatility
U.S. Stock Market Recap
The major U.S. stock indexes ended lower, halting the S&P 500’s six-day winning streak.
- The Dow Jones Industrial Average dropped 114.83 points to close at 42,677.24 (–0.27%).
- The S&P 500 declined 23.14 points, ending at 5,940.46 (–0.39%).
- The Nasdaq Composite slipped 72.75 points to finish at 19,142.71 (–0.38%).
Tech giants were mostly in the red. Amazon and Google both fell over 1%, while Microsoft, Apple, and Tesla saw modest losses. Netflix managed to post a slight gain.
Travel and cruise stocks took a notable hit, with Norwegian Cruise Line and Airbnb plunging more than 3%.
Commodity Market Highlights
Gold surged on safe-haven demand, with COMEX gold futures rising $51.10 to $3,284.60 per ounce (+1.58%).
Meanwhile, oil prices slipped:
- U.S. crude (June delivery) fell 13 cents to $62.56 per barrel (–0.21%).
- Brent crude (July delivery) dropped 16 cents to $65.38 per barrel (–0.24%).
European Market Performance
European equities ended the session on a positive note:
- FTSE 100 (London): +0.94% to 8,781.12
- CAC 40 (Paris): +0.75% to 7,942.42
- DAX (Frankfurt): +0.42% to 24,036.11
Chinese ADRs Under Pressure
U.S.-listed Chinese stocks saw mostly negative movement.
- The Nasdaq Golden Dragon China Index lost 0.65%.
- Trip.com fell over 5%, while NIO and iQIYI dropped nearly 2%.
- Alibaba and Xpeng were also down more than 1%.
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It’s tough seeing Chinese ADRs underperform, especially with the global market uncertainty. Do you think this is more of a short-term dip, or are there longer-term structural issues impacting these stocks?