On March 31, the three major US stock indices closed with mixed results. The Dow Jones Industrial Average eked out a modest gain of 0.11%, while the Nasdaq Composite Index slipped by 0.73%. The S&P 500 Index, meanwhile, fell by 0.39%, marking its lowest close since August of the previous year and hovering less than 1% away from entering correction territory—a significant milestone in market analysis.

The semiconductor sector, in particular, faced headwinds, with the Philadelphia Semiconductor Index plummeting by 4.2%. Within this space, Western Digital and SanDisk saw their share prices decline by over 7%, while industry giants Intel and TSMC also experienced losses exceeding 3%.

In contrast, mortgage giants Fannie Mae and Freddie Mac witnessed remarkable surges, with their stock prices soaring by 51% and 47%, respectively, likely buoyed by favorable regulatory or market developments.

Among popular Chinese ADRs (American Depositary Receipts), performance was mixed. The Nasdaq Golden Dragon China Index, a key barometer for Chinese stocks listed in the US, dipped by 0.36%. Notably, electric vehicle maker NIO posted a gain of 3.95%, whereas autonomous driving technology company Pony.ai saw its shares decline by 6.56%, reflecting divergent investor sentiment within the sector.