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On November 20 (local time), all three of the major U.S. stock indices ended the day in negative territory. The Dow Jones Industrial Average dropped 0.84%, the S&P 500 fell 1.55%, and the Nasdaq Composite took a steeper dive, losing 2.15%. Nvidia's stock was particularly volatile, initially surging by 5% during the trading session but ultimately closing down 3.1%. This rollercoaster ride wiped out over a trillion yuan (approximately $140 billion) from its market capitalization in a single day. Meanwhile, Micron Technology saw its shares plummet by more than 10%, and Oracle's stock declined over 6%. The majority of popular Chinese ADRs (American Depositary Receipts) also experienced declines, with the Nasdaq Golden Dragon China Index dropping 3.2%. NIO's shares fell 6%, and XPeng's stock dropped 5%.
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