Overseas Markets | U.S. stocks continue to correct, Chinese ADRs weaken, oil prices surge, gold and silver fluctuate

Last Friday, the three major U.S. stock indices all closed lower, with the Nasdaq down 2.15%, the S&P 500 down 1.67%, and the Dow Jones down 1.73%. The S&P 500 recorded its longest five-week losing streak since 2022. Tech stocks generally declined, with Meta and Amazon down nearly 4%, while Tesla, Qualcomm, Broadcom, Google, Microsoft, Intel, and NVIDIA fell more than 2%, and Apple dropped 1.62%.

Most popular Chinese concept stocks weakened, with the Nasdaq Golden Dragon Index down 1.9%. Nio fell more than 4%, XPeng, Chagee, Trip.com, and iQiyi dropped more than 3%, Alibaba declined over 2%, Baidu and JD.com were down more than 1%, Pinduoduo fell 0.81%, and Li Auto decreased 0.68%.

Currently, the spot price of London gold is quoted in the range of 4400 to 4500 USD/oz, while the spot price of London silver is below 70 USD/oz. Last Friday, Brent crude oil continuous futures surged 6.07%, closing at 114.57 USD/barrel, with international oil prices generally trending upward.

The consecutive pullbacks in U.S. stocks have released some high-valuation pressure, and there may be a technical rebound in the short term. However, persistently high interest rates continue to suppress tech stock valuations. Chinese concept stocks are weighed down by external sentiment and have not shown a strong rebound in the short term. Oil prices, supported by geopolitical risks, are more likely to rise than fall. If the Federal Reserve sends a clear signal of interest rate cuts, sentiment in the tech sector is expected to recover.

Related ETFs:

Global Tech Leaders: Nasdaq ETF ChinaAMC (513300)

U.S. Core Broad Market: S&P 500 ETF ChinaAMC (159655)

Tracking Gold Price: Gold ETF ChinaAMC (518850)