昨夜，纳指大跌！中国资产逆市爆发

Market Overview - US stock markets collectively declined, with major indices such as the Dow Jones, S&P 500, and Nasdaq all closing lower. The Dow Jones fell by 0.20% to 45544.88 points, the S&P 500 dropped by 0.64% to 6460.26 points, and the Nasdaq decreased by 1.15% to 21455.55 points. For the week, the Dow Jones fell by 0.19%, the S&P 500 by 0.1%, and the Nasdaq by 0.19%. In August, the Dow Jones rose by 3.2%, the S&P 500 by 1.91%, and the Nasdaq by 1.58% [1][2]. Technology Sector Performance - Major tech stocks experienced declines, with Tesla and Nvidia dropping over 3%, while Facebook and Amazon fell by more than 1%. Microsoft and Apple also saw slight decreases. In contrast, the Nasdaq China Golden Dragon Index rose by 1.55%, indicating a divergence in performance between US tech stocks and Chinese stocks [2]. Chinese Stocks Highlights - Alibaba's stock surged nearly 13%, while Daqo New Energy increased by over 11%, and iQIYI rose by more than 5%. Other notable gainers included Baidu Group, Huya, and JinkoSolar, which all saw increases of over 4%. Conversely, stocks like Bawang Tea and Brain Rebirth fell by over 13% and 8%, respectively [2]. Alibaba Financial Results - Alibaba Group reported its Q1 FY2026 earnings, with revenue reaching RMB 247.65 billion, a year-on-year increase of 2%. Excluding disposed businesses, the revenue growth would be 10%. Net profit was RMB 42.38 billion, reflecting a 76% year-on-year increase. The company noted significant growth in its instant retail business, with monthly active consumers on the Taobao app increasing by 25% year-on-year [3]. Inflation Indicators - The US core PCE price index rose by 2.9% year-on-year in July, marking the highest level since February. The overall PCE price index increased by 2.6% year-on-year, aligning with market expectations. The rise in inflation was attributed to increased service costs, while energy prices fell by 1.1% and food prices slightly decreased by 0.1% [4][5][6]. Consumer Spending - Consumer spending, which accounts for over two-thirds of US economic activity, increased by 0.5% month-on-month, indicating resilience among consumers despite rising prices [7]. Legal Developments on Tariffs - A US appeals court ruled that most of the global tariff policies implemented by the Trump administration were illegal. The court stated that the president exceeded his authority under the International Emergency Economic Powers Act. However, this ruling does not affect tariffs imposed under other regulations, such as those on steel and aluminum [8][9][10]. Oil Market Update - International oil prices saw a decline, with US crude oil futures dropping by 0.91% to $64.01 per barrel, and Brent crude futures falling by 0.76% to $67.46 per barrel. The US oil production reached a record high of 13.58 million barrels per day in June, contributing to a total liquid fuel production peak of 21.1 million barrels per day [11][12][13]. Precious Metals Performance - Precious metals futures generally rose, with COMEX gold futures increasing by 1.20% to $3516.10 per ounce and COMEX silver futures rising by 2.64% to $40.75 per ounce. The weak performance of US economic data supported the rise in gold prices [14].