The Dow continues to hit record highs! Tech stocks pull back, dragging the Nasdaq down over 1%. SpaceX closes up 4.8%, while the China Concept Index drops 2.5%.
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Glonghui, June 17 — Technology stocks retreated after several days of strong gains, dragging down the broader market. At the close, the S&P 500 Index fell 0.57%, the Nasdaq declined 1.15%, while the Dow Jones rose 0.64% and reached a new all-time high. SpaceX surged more than 17% during intraday trading but pared gains to close up 4.8%.Most chip stocks declined, with the Philadelphia Semiconductor Index dropping 5.7%. Intel fell more than 8%, AMD dropped over 7%, Micron Technology shed more than 6%, SanDisk declined over 5%, ASML and Broadcom both fell more than 4%, while Western Digital rose 4.2%.A certain exchange's China Golden Dragon Index closed down 2.5%. Among popular Chinese concept stocks, ASE Group, Pony.ai, XPeng, Daqo New Energy, and MINISO fell at least 4.2%; Meituan ADR, NIO, Tencent Music, and Baidu each dropped at least 3.45%; H World Group and NetEase each declined at least 3.27%; Autohome and Bilibili fell less than 3.1%; BYD ADR, WeRide, KE Holdings, Xiaomi Group ADR, and Trip.com each slipped at least 2.47%; Li Auto fell 2.36% and Pinduoduo lost 2.35%.
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