U.S. Stocks Close Lower · Chinese Equities Weaken · Oil Extends Gains · Gold and Silver Pull Back

Market Overview

U.S. stocks retreated from elevated levels, led lower by technology shares. The S&P 500 fell 0.32% to 7,728.20, the Dow Jones Industrial Average declined 0.34%, and the Nasdaq Composite dropped 0.60% to 26,445. The Magnificent Seven Index slid 1.13%, while the Philadelphia Semiconductor Index bucked the trend with a 0.87% gain.

Chinese equities also came under pressure. The Nasdaq Golden Dragon China Index tumbled 2.94%, while mainland Chinese stocks were broadly weaker. The Shanghai Composite fell 0.82% and the Shenzhen Component lost 0.40%, while the ChiNext Index outperformed with a 0.34% gain.

Geopolitical risks continued to support crude oil prices. WTI crude rose 1.30% to $83.20 per barrel, while Brent crude gained 1.36% to $88.91 per barrel. Precious metals pulled back from recent highs, with spot gold falling 0.50% to $4,368.81 per ounce and spot silver dropping 1.63%.

The 10-year U.S. Treasury yield eased to around 4.69%, while the Chinese yuan strengthened to its highest level in three and a half years.

Key Events Ahead● U.S. and German July CPI

The U.S. and Germany are set to release their July Consumer Price Index data, with markets closely watching the pace of disinflation.

If inflation continues to moderate, expectations for a more dovish monetary policy path could strengthen, providing support for rate-sensitive technology stocks and precious metals. Conversely, if inflation proves stickier than expected, U.S. Treasury yields and the dollar could rebound, putting renewed pressure on risk assets.

● Google Product Launch and Major Tech Earnings

Google is set to hold a product launch event, where it is expected to unveil the Pixel 11 lineup, with a particular focus on on-device AI capabilities and its broader hardware strategy.

Tencent, Cisco, and Coherent are also scheduled to report earnings and hold conference calls. Their latest guidance will provide an important test of the durability of demand for AI infrastructure and networking equipment, while also offering clues on how capital may rotate within the technology sector.

Key Events to Watch

• U.S. and Germany release July CPI data

• Tencent, Cisco, and Coherent report earnings and hold conference calls

• Google holds a product launch event, with the Pixel 11 lineup expected to be unveiled

• U.S. releases weekly EIA crude oil inventory data, while OPEC and the IEA publish their monthly oil market reports

• U.S. releases the July federal budget balance