Core Points - The U.S. federal government shutdown has reached its 35th day, matching the longest shutdown record from President Trump's first term [1] - To maintain the operation of key government departments, the U.S. Treasury has issued a significant amount of short-term debt, leading to tighter liquidity in financial markets [1] - Uncertainty regarding the Federal Reserve's future interest rate cuts has made investors increasingly cautious about high-valuation AI stocks in the U.S. stock market [1] - Executives from major Wall Street investment banks, Goldman Sachs and Morgan Stanley, have warned of significant downside risks for U.S. stocks [1] - Multiple factors are intensifying downward pressure on the stock market, with technology and semiconductor stocks leading the decline [1] - All three major U.S. stock indices closed lower, with the Dow Jones down 0.53%, the S&P 500 down 1.17%, and the Nasdaq down 2.04% [1]

Group 1: US Tech Stocks Performance - Major US tech stocks generally rose, with the Wande US Tech Seven Giants Index increasing by 0.70% [1] - Individual stock performances included Tesla rising over 2%, Amazon and Nvidia up over 1%, Google up 0.55%, Apple up 0.44%, Facebook up 0.08%, and Microsoft unchanged [1][2] Group 2: Energy and Airline Stocks - Energy stocks collectively increased, with ExxonMobil rising over 1%, Chevron up 0.63%, ConocoPhillips up over 3%, Schlumberger up over 3%, and Occidental Petroleum up over 2% [2] - Airline stocks showed mixed results, with Boeing up 0.54%, American Airlines up over 5%, Delta Airlines down over 2%, Southwest Airlines down over 6%, and United Airlines down 0.61% [2] Group 3: Semiconductor Sector - The Philadelphia Semiconductor Index rose by 2.54%, with notable increases in Lam Research over 4%, Micron Technology over 4%, KLA Corporation over 4%, Intel over 3%, and AMD over 2% [2] Group 4: Chinese Stocks Performance - Chinese concept stocks generally rose, with the Nasdaq China Golden Dragon Index increasing by 1.66% and the Wande Chinese Tech Leaders Index up 2.65% [5] - Individual stock performances included Tiger Brokers rising nearly 6%, Hesai Technology up nearly 4%, and Alibaba up over 3% [5][6] Group 5: Market Outlook - Goldman Sachs indicated that the Chinese stock market is entering a slow bull market, predicting a 30% increase in major indices by the end of 2027 [9] - Morgan Stanley's chief China equity strategist noted that global investors' allocation to Chinese stocks remains relatively low, suggesting a trend towards increased investment in Chinese assets [9] - JPMorgan's China equity strategy team maintained a positive outlook on the A-share market, expecting a rebound driven by a shift in asset allocation towards the stock market [9]

Market Overview - The Dow Jones Industrial Average (DJIA) closed down by 273.78 points at 45834.22, a decline of 0.59% [1] - The Nasdaq Composite Index rose by 98.03 points to a new record high of 22141.10, an increase of 0.44% [1] - The S&P 500 Index fell by 3.18 points to 6584.29, a decrease of 0.05% [1] Sector Performance - Major technology stocks mostly increased, with Tesla rising over 7%, Microsoft and Apple up more than 1%, and Facebook up 0.62% [2] - In the banking sector, JPMorgan Chase rose by 0.45%, while Goldman Sachs fell by 0.63% [2] - Energy stocks generally declined, with ExxonMobil up 0.04% and Chevron down 0.71% [2] - Airline stocks collectively dropped, with Boeing down over 1% and United Airlines down more than 2% [2] - Semiconductor stocks showed mixed results, with Micron Technology up over 4% and ARM down more than 2% [2] International Markets - The UK FTSE 100 index closed at 9283.29, down 14.29 points or 0.15% [3] - The French CAC40 index closed at 7825.24, up 1.72 points or 0.02% [3] - The German DAX index closed at 23698.15, down 5.50 points or 0.02% [3] Commodity Prices - International oil prices increased, with light crude oil futures for October closing at $62.69 per barrel, up 32 cents or 0.51% [3] - Brent crude oil futures for November closed at $66.99 per barrel, up 62 cents or 0.93% [3] Currency Market - The US Dollar Index rose by 0.02%, closing at 97.549 [4]

Group 1: US Stock Market Performance - The three major US stock indices closed lower, with the Dow Jones Industrial Average down 0.55% to 45295.81 points, the S&P 500 down 0.69% to 6415.54 points, and the Nasdaq Composite down 0.82% to 21279.63 points [3] - Major technology stocks experienced declines, with Nvidia down nearly 2%, Amazon, Tesla, and Apple each down over 1%, and Google down 0.73% [3] - Bank stocks also fell, with Goldman Sachs down nearly 2%, Citigroup and Morgan Stanley down over 1%, and Bank of America down 0.66% [3] Group 2: Sector Performance - Energy stocks mostly rose, with Occidental Petroleum up nearly 1%, Chevron up 0.75%, and ExxonMobil up 0.34%, while Schlumberger fell over 2% [3] - Airline stocks mostly declined, with Southwest Airlines down nearly 2%, Delta Airlines down over 1%, and United Airlines down 0.3%, while American Airlines rose 0.15% [4] - Semiconductor stocks also saw declines, with the Philadelphia Semiconductor Index down 1.12%, ARM down over 4%, and several other major semiconductor companies down over 2% [4] Group 3: Chinese Stocks Performance - Chinese stocks in the US showed relative strength, with the Nasdaq Golden Dragon China Index up 0.52% [5] - Notable gainers included Baozun up over 11%, Huya up over 8%, and BeiGene up over 8%, while notable decliners included Kingsoft Cloud down nearly 6% and Youdao down over 5% [5] Group 4: Gold Market Performance - International gold prices continued to rise, with COMEX gold futures breaking through $3600 per ounce, marking a historic high [6] - London gold prices also surged, reaching over $3540 per ounce, also a historic high [7] - Gold stocks in the US market generally rose, with Harmony Gold up over 7% and Caledonia Mining up over 3% [8]

Market Performance - The U.S. stock market showed mixed performance on July 1, with the Dow Jones Industrial Average reaching a four-month high, up 0.91% to 44,494.94 points [2][3] - The S&P 500 index fell by 0.11% to 6,198.01 points, while the Nasdaq Composite index decreased by 0.82% to 20,202.89 points [3] Technology Sector - Major tech stocks mostly declined, with Tesla's stock dropping over 5%, bringing its market capitalization back below $1 trillion [3] - Other notable declines included Nvidia down nearly 3%, Meta down over 2%, and Microsoft down more than 1% [3] Banking Sector - Most bank stocks rose, with Citigroup, Bank of America, and Wells Fargo all increasing by over 1% [3] Energy Sector - Energy stocks collectively rose, with Schlumberger up over 4%, and both Occidental Petroleum and ConocoPhillips rising by more than 2% [4] Airline Sector - Most airline stocks increased, with Southwest Airlines up over 3% and American Airlines up more than 2% [5] Semiconductor Sector - The semiconductor sector saw a majority of stocks decline, with the Philadelphia Semiconductor Index down 0.7% [5] International Markets - The Nasdaq Golden Dragon China Index saw a slight increase of 0.2%, with notable gains in stocks like Huya Live up nearly 13% [5]

Core Viewpoint - The article discusses the significant market turmoil triggered by the new tariff policies announced by the Trump administration, leading to a historic sell-off in the U.S. stock market and heightened fears of a potential global economic recession [2][4][15]. Market Reaction - U.S. stock indices experienced severe declines, with the Dow Jones dropping 3.5%, S&P 500 nearly 4%, and Nasdaq plummeting close to 5%, while the Russell 2000 index fell 4.5%, entering a bear market [4][9]. - The total market value of the "Tech Seven" companies in the U.S. evaporated by $840 billion (approximately 61,000 million RMB) [2][5]. - The VIX fear index surged over 28%, indicating heightened market anxiety [4]. Sector Performance - Technology and semiconductor stocks faced significant losses, with the Philadelphia Semiconductor Index dropping 5.64% to its lowest level since January 2024. Major companies like Apple, Meta, and Amazon saw declines of nearly 9%, over 7%, and over 6%, respectively [4][5]. - Chinese concept stocks also experienced a collective downturn, with the Nasdaq Golden Dragon China Index falling over 2% [5]. Economic Outlook - Analysts express growing concerns about a potential recession in the U.S., with Goldman Sachs raising the probability of a recession from 20% to 35% following the tariff announcements [15][16]. - The U.S. Treasury yield fell from 4.2% to 4.05%, reflecting increased recession fears as stock and bond yields began to move in tandem [15]. Central Bank Implications - The new tariffs are expected to complicate the Federal Reserve's decision-making, as they may lead to increased inflation while simultaneously raising recession concerns [22][23]. - Morgan Stanley has revised its expectations for interest rate cuts, delaying the next anticipated cut to March 2026 due to inflation risks associated with the tariffs [24][25]. Global Market Impact - European markets also faced significant declines, with major indices like the DAX and CAC 40 dropping over 3% [9][10]. - Asian markets followed suit, with Japan's Nikkei 225 index falling 2.77% and Vietnam's index plummeting 6.68% [10].