Chinese Tech Stocks Defy Broader Market Downturn in Late Trading

Deep News06-01 23:32

On June 1st, the three major U.S. stock indices opened lower. As of 22:30 Beijing time, the Dow Jones Industrial Average was down 0.27%, the Nasdaq Composite was down 0.03%, and the S&P 500 was down 0.06%.



Stocks related to NVIDIA's new super chip surged at the open. ARM Holdings (ASX: ARM) jumped nearly 15%, IBM (ASX: IBM) rose over 6%, and NVIDIA (ASX: NVDA) gained over 4%. Microsoft (ASX: MSFT) increased by more than 2%. In contrast, Intel (ASX: INTC), Advanced Micro Devices (ASX: AMD), and Qualcomm (ASX: QCOM) fell by 3%, 2%, and 6%, respectively.



The rally in memory chip stocks continued. Micron Technology (ASX: MU) climbed nearly 6%, with its share price surpassing $1,000. SanDisk rose over 4%, Western Digital (ASX: WDC) gained over 3%, and Seagate Technology PLC (ASX: STX) increased by more than 2%.



In the Chinese stock segment, the Nasdaq Golden Dragon China Index advanced 1.31%. NIO Inc. (ASX: NIO), XPeng, Pony.ai, and Kingsoft Cloud all surged over 6%. Bilibili Inc. (ASX: BILI) rose more than 5%, and PDD Holdings Inc (ASX: PDD) gained over 3%. On the downside, Canadian Solar fell more than 3%, and Baidu Group declined over 2%.



In the commodities market, international oil prices continued to climb. U.S. crude oil surged over 7% to $94.25 per barrel, while Brent crude rose nearly 7% to $97.39 per barrel. Spot gold extended its losses, with the latest price at $4,454.77 per ounce. Spot silver fell over 1% to $74.26 per ounce. Major cryptocurrencies were mostly lower, with Bitcoin down over 2% intraday to $71,514 per coin. Over the past 24 hours, more than 140,000 traders faced liquidations. The market movement followed news that Iran plans to completely block the Strait of Hormuz.

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