Caixin reports on August 27th (Editor: Xia Junxiong) On Monday, Eastern Time, the three major indexes showed mixed trends, with the Dow Jones Industrial Average hitting a new closing high, technology stocks generally falling, dragging down the S&P 500 Index and the Nasdaq, which fell by 0.32% and 0.85% respectively.

As of the close, the Dow Jones Industrial Average rose by 0.16%, reaching 41,240.52 points; the S&P 500 Index fell by 0.32%, reaching 5,616.84 points; the Nasdaq fell by 0.85%, reaching 17,725.77 points.

The Dow Jones Industrial Average set its 23rd closing record high this year, and energy stocks were the best-performing sector in the S&P 500 Index. Crude oil and Brent oil rose by over 3% on Monday, as tensions in the Middle East intensified, leading to an increase in international oil prices. In addition, the eastern government of Libya announced the suspension of all oil production and exports.

Chris Zaccarelli, Chief Investment Officer of the Independent Advisor Alliance, stated that investors are concerned about signs of slowing economic growth and the possibility of a wider conflict in the Middle East, and these concerns may prompt some investors to reduce their holdings in speculative investments such as technology stocks.

Zaccarelli said, "Today is a cautious day, and we are more inclined to wait and see."

Baird analyst Ross Mayfield said, "I think there is some concern about Nvidia's upcoming financial report in the technology industry. The market is in a relatively healthy position, but if technology stocks perform poorly, it will be difficult for the market to rise significantly because technology stocks have a significant weight in the index. And now, the performance of technology stocks is like that of an underdog."

Nvidia is scheduled to release its financial report after the market on Wednesday Eastern Time. Traders believe that this quarterly report is crucial to the market and the enthusiasm for artificial intelligence (AI), as it is AI that has driven this bull market.

PDD Holdings fell more than 28% on Monday, and the company's second-quarter revenue fell short of expectations.

Popular stocks performance

Most of the seven giants in the US stock market fell, with Apple up 0.15%, Microsoft down 0.79%, Nvidia down 2.25%, Tesla down 3.23%, Google up 0.33%, Amazon down 0.87%, and Meta down 1.30%.

Chip stocks fell across the board, with the Philadelphia Semiconductor Index down 2.51%, Intel down 2.00%, Qualcomm down 2.31%, AMD down 3.22%, Micron Technology down 3.83%, and Arm down 4.96%.

Most popular China concept stocks closed lower, with the Nasdaq Golden Dragon China Index down 0.76%, Alibaba down 4.27%, JD.com down 3.84%, PDD Holdings down 28.51%, NIO Inc up 7.13%, Li Auto Inc down 2.31%, Bilibili down 4.55%, Baidu up 0.61%, NetEase up 0.50%, Tencent Music up 4.49%, and iQiyi down 1.07%.

Company news

Apple will hold a product launch event on September 9th local time, and new devices such as iPhone 16 are expected to be released.

On Monday, Apple sent out invitations for a product launch event to be held at the company's headquarters on September 9th East Coast time, when detailed information about iPhone 16 and other new devices may be announced.

The company stated that the event will take place at the Steve Jobs Theater in Apple Park. The theme of the event is "It’s Glowingtime".

According to insiders, Apple has been preparing for the September 10th launch event, but the time has been moved up a day. The iPhone 16 Pro will have a larger screen, and the series will also feature new camera functions, such as a dedicated photography button. In addition, the company has launched a set of artificial intelligence tools called Apple Intelligence. However, overall, these phones will not be much different from last year's models.

Pinduoduo's Chen Lei: Currently still in the investment period, no plans for share buybacks or dividends in the next few years.

During Pinduoduo's financial report conference call, Pinduoduo Group Chairman and Co-CEO Chen Lei stated that the company still considers itself in the investment phase in terms of shareholder returns. The various business lines of the company are facing intense competition and uncertainties brought by the external environment. Therefore, Chen Lei and other members of management unanimously believe that conducting buybacks or dividends at the capital level is inappropriate at the moment, and there is no need for such actions in the foreseeable future.

Apple announced that Kevan Parekh will succeed Luca Maestri as CFO.

Apple announced that Kevan Parekh will succeed Luca Maestri as Chief Financial Officer. Kevan Parekh is currently Vice President of Apple responsible for financial planning and analysis.

Goldman Sachs: Hedge funds increase selling pressure on large US technology stocks.

Goldman Sachs said that despite the sharp rebound in US technology stocks since early August, hedge funds have sold the sector at the highest level in two months. The bank's institutional brokerage data as of August 23rd showed that information technology stocks were sold in all regions, with North America accounting for 86% of net sales. In terms of industries, technology hardware, software, semiconductors, and semiconductor equipment stocks all experienced net sales, overshadowing the mild buying of communications equipment and IT services stocks. The second largest net selling sector is non-essential consumer goods stocks, with net selling in essential consumer goods stocks reaching the highest level since September 2023.

Exxon Mobil: No signs of long-term slowdown in global oil demand.

On Monday (August 26th) local time, US energy giant Exxon Mobil updated its 'Global Outlook' on its official website.

ExxonMobil's latest belief is that by 2050, global demand for crude oil will remain at current levels or even slightly increase. The report indicates that demand for crude oil in areas such as power generation and passenger vehicles will weaken, but demand will be supported to remain above 0.1 billion barrels per day by the chemical and commercial transportation sectors.

Editor/Lambor