US stock market Wednesday: The three major stock indices collectively closed lower, with most popular Chinese concept stocks falling and NIO falling more than 9%

On May 25th, it was reported that on Wednesday, US time, the main stock indexes of the US stock market closed down across the board. Investors are concerned about the possibility of the US economic recession caused by the US debt default or the US Federal Reserve's interest rate hike

On May 25th, it was reported that on Wednesday, US time, the main stock indexes of the US stock market closed down across the board. Investors are concerned about the possibility of the US economic recession caused by the US debt default or the US Federal Reserve's interest rate hike.

The Dow Jones Index closed at 3279.92 points, down 255.59 points, or 0.77%; The Standard&Poor's 500 Index closed at 4115.24, a decrease of 0.73%; The Nasdaq Index closed at 12484.16, down 0.61%.

Most large technology stocks rose, with Netflix up more than 2%, Amazon up more than 1%, Meta up 1%, and Apple up less than 1%; Google and Microsoft fell, with Google falling more than 1%. According to insiders, Meta began the final round of layoffs on Wednesday, as part of a plan to lay off 10000 positions announced in March.

Most of the leading chip stocks fell, with Asme falling more than 2%, while Intel, Broadcom, Texas Instruments and others fell more than 1%.

Most popular new energy vehicle stocks fell, with Tesla falling 1.54%, Rivian rising 1.27%, and Faraday falling 7.46% in the future; NIO fell 9.49%, Xiaopeng fell 5.05%, and Ideal rose 0.28%. Data shows that Xiaopeng's revenue in the first quarter of 2023 decreased by 45.9% year-on-year, and its net loss increased by 32.2% year-on-year.

Among the leading e-commerce stocks in China, Alibaba fell 2.01%, JD.com fell 3.31%, and Pinduoduo fell 1.60%.

Among other popular Chinese concept stocks, BOSS Direct Hire fell 9.29%, Bilibili fell 3.94%, Ctrip fell 2.85%, iQiyi fell 2.11%, Baidu fell 2.02%, Manbang fell 1.57%, New Oriental fell 0.72%, and Zhihu rose 3.92%.

Specifically, the main technology stocks in the US stock market performed as follows:

The main chip stocks in the US stock market perform as follows:

The performance of popular Chinese concept stocks listed in the United States is as follows:

On Wednesday, US time, the White House and Congress continued negotiations on the debt ceiling, while the minutes of the Federal Reserve meeting showed differences among policymakers on the direction of the US benchmark interest rate.

US Treasury Secretary Yellen has stated that the United States may not be able to repay its debts as early as June 1st. Therefore, the yield of US bonds maturing on June 6th rose above 6.6% on Wednesday, while the yield of bonds maturing on May 30th was around 3%.

After the release of the minutes of the Federal Reserve's May FOMC meeting, traders increased their bets on a July interest rate hike. Federal Reserve policymakers have been cautious in their attempts to curb inflation by raising interest rates while avoiding dragging the economy into recession. However, economists predict that no matter whether the US debt agreement is reached or default occurs, economic recession will occur.

Michael Krautzberger, head of EMEA's basic fixed income department at BlackRock International, said, "We are pessimistic about the economic outlook... we do not expect a technical default, but we do expect to reach an agreement at the very last moment

(Liu Chun)