Both Nasdaq and S&P 500 Record Largest Single-Day Drop in Short Term

Tesla Drops Over 5%

The Nasdaq Index fell sharply by 3.56% to 22,204.43 points; the S&P 500 Index closed down 2.71% at 6,552.51 points, both marking the largest single-day decline since April 10.

This week, the S&P 500 Index fell 2.43%, recording its largest weekly drop since June; the Nasdaq Index fell 2.53%, its largest weekly decline since April.

The Dow Jones Industrial Average closed down 1.9% at 45,479.6 points. It fell 2.73% for the week.

Large-cap tech stocks broadly declined, with the U.S. Tech Giants Index dropping 3.65%.

In terms of individual stocks, Amazon and Tesla fell over 5%, Nvidia dropped nearly 5%, Apple and Facebook declined over 3%, Microsoft fell over 2%, and Google dropped nearly 2%.

Chinese concept stocks plummeted, with the Nasdaq Golden Dragon China Index falling 6.1%.

Alibaba fell 8.45%, currently trading at $158.998 per share; Bilibili dropped over 9%, Baidu Group and XPeng Motors fell over 8%, JD Group declined over 6%, while NetEase, Li Auto, Ke Holdings, among others, led the losses.

Rare earth stocks rallied against the market trend. USA Rare Earth rose 4.96%, MP Materials surged 8.39%, followed by Critical Metals and American Resources.

International Oil Prices Fell Significantly

Spot Gold Rises Over 1%

International oil prices fell significantly. As of the day's close, U.S. crude oil futures fell 4.24% to $58.9 per barrel, with a cumulative weekly decline of over 3.25%; Brent December crude oil futures fell nearly 3.82% to $62.73 per barrel, with a cumulative weekly drop of about 2.79%; Middle East Abu Dhabi Murban crude oil futures fell 3.55% to $64.44 per barrel, with a cumulative weekly decline of 1.90%.

Spot gold rose 1%, reaching a high of $4,022.901 per ounce, and closed at $4,017.845 per ounce; New York gold futures rose 1.58% to $4,035.5 per ounce.