On Thursday, Chinese stocks listed in the U.S. showed mixed performance. The Nasdaq Golden Dragon China Index (HXC) slightly decreased by 0.15%. Among the gainers, Alibaba rose by 0.91%, Pinduoduo by 0.76%, JD.com by 2.16%, Baidu by 2.01%, and XPeng Motors (XPEV) by 2.51%. Other notable gainers included Tencent Music, ZTO Express, and New Oriental Education.
On the losing side, Taiwan Semiconductor Manufacturing Company (TSM) fell by 3.15%, NetEase by 1.28%, and Li Auto by 3.40%. NIO Inc. (NIO, Financial) experienced a significant drop of 7.25%, while other companies like Bilibili, Zeekr, and Miniso Group also saw declines.
U.S. stocks ended lower, led by a decline in tech stocks. The S&P 500 Index has dropped more than 10% from its recent high, entering correction territory. While the U.S. Producer Price Index (PPI) for February remained unchanged, analysts expect inflation to rise in the coming months. Additionally, former President Trump threatened retaliatory tariffs against the EU, including a 200% tariff on European alcohol. The risk of a U.S. federal government shutdown increased.
The Dow Jones Industrial Average fell by 537.36 points, or 1.30%, closing at 40,813.57 points. The Nasdaq Composite dropped by 345.44 points, or 1.96%, to 17,303.01 points. The S&P 500 Index decreased by 77.79 points, or 1.39%, ending at 5,521.51 points. The Dow has fallen for four consecutive trading days, losing over 4.6% cumulatively. The S&P 500 has declined more than 10% from its recent high of 6,144.15 points set on February 19, officially entering a correction phase.
This week, all three major U.S. stock indices have shown a sharp downward trend.
