U.S. stocks closed collectively lower, while Chinese concept stocks strengthened against the trend.

On Friday (August 30) local time, tech stocks led by Nvidia dragged down the U.S. stock market, with the three major U.S. stock indices closing lower collectively that day. The Nasdaq Index fell over 1%.

As of the close, the Dow Jones Index fell 0.20% to 45,544.88 points; the S&P 500 Index fell 0.64% to 6,460.26 points; and the Nasdaq Index fell 1.15% to 21,455.55 points. For the week, the Dow Jones Index fell 0.19%, the S&P 500 Index fell 0.1%, and the Nasdaq Index fell 0.19%. In August, the Dow Jones Index rose 3.2%, the S&P 500 Index rose 1.91%, and the Nasdaq Index rose 1.58%.

U.S. tech giants generally declined, with Tesla and Nvidia falling over 3%, Facebook and Amazon falling more than 1%, and Microsoft and Apple closing slightly lower.

Notably, while the three major U.S. stock indices closed collectively lower, the Nasdaq Golden Dragon China Index rose 1.55%. Among popular Chinese concept stocks, Alibaba rose nearly 13%, Daqo New Energy rose over 11%, iQiyi rose over 5%, Baidu Group, JOYY, and JinkoSolar rose over 4%. On the declining side, Chabaidao fell over 13%, Brainstorm Cell Therapeutics fell over 8%, while Hesai Technology and Amer Sports fell over 3%.

On August 29, Alibaba Group released its fiscal year 2026 first-quarter (quarter ended June 30, 2025) financial report, with revenue of RMB 247.652 billion, a year-on-year increase of 2%. Excluding the impact of disposed businesses (RT-Mart, Intime), revenue growth on a like-for-like basis would have been 10%. Net profit was RMB 42.382 billion, a year-on-year increase of 76%.

The financial report mentioned that the instant retail business quickly achieved phased results, driving a 25% year-on-year increase in monthly active consumers on the Taobao App in the first three weeks of August. Alibaba executives stated in the subsequent earnings analyst call that since May, the company’s investments in the instant retail sector have quickly yielded phased results and generated positive synergies. They revealed that the overall number of monthly active buyers in instant retail reached 300 million in August.