On July 23rd's market close, the three major U.S. stock indices—the Nasdaq, the S&P 500, and the Dow Jones Industrial Average—all ended the day in the red. Specifically, the Nasdaq dropped by 2.15%, the S&P 500 index fell by 1.21%, and the Dow Jones Industrial Average decreased by 0.97%. Large-cap tech stocks were particularly hard-hit, with Tesla experiencing a staggering decline of over 14%, marking its largest single-day drop since March 11, 2025. Google also saw a significant decrease, with its shares falling over 7%, while Amazon's shares dropped more than 4%. Meta's stock declined by over 3%, and both Intel and Microsoft experienced drops exceeding 2%. Apple and Nvidia also did not escape the downturn, with their shares falling more than 1% each.
The trend of weakness extended to popular Chinese ADRs (American Depositary Receipts). Alibaba and iQIYI both saw their shares drop by more than 2%, while Bilibili's shares fell over 1%. JD.com, Pinduoduo, Baidu, NetEase, XPeng, and NIO all experienced slight declines. However, Li Auto stood out as an exception, with its shares rising more than 2%.