US stock market close: Dow Jones retreats after hitting record high, closing down 0.25%; semiconductor and memory sectors plummet, Intel plunges nearly 10%

Glonhui July 8 ｜ Under the pressure of semiconductor stock sell-off and the rebound in international oil prices, US stocks remained under pressure on Tuesday, with all three major indices closing lower. The Dow initially rose and expanded its gains to 233 points, reaching a historic high of 53,289 points, before quickly retreating and fluctuating below water throughout the day, finally closing down 0.25%. The S&P 500 index opened lower and continued downward, closing down 0.45%, while the Nasdaq fell 1.16%.Most major technology stocks declined, with Tesla falling over 4%, while Meta rose over 2%. Semiconductor and storage sectors plunged, with the Philadelphia Semiconductor Index dropping 4.65%, Western Digital and SanDisk falling over 7%, Arm, AMD, and Applied Materials falling over 6%, and ASML and Seagate Technology dropping over 4%.Samsung Electronics' preliminary performance failed to meet high market expectations, causing Micron Technology to fall 4.71% and Intel to plunge 9.66%. Broadcom's stock was downgraded by brokerages due to its high valuation; its price dropped 3.2% during trading and ultimately closed down 0.8%. Amazon rose 0.54%; the company is said to be planning a $25 billion bond issue to raise funds for AI business development.SpaceX officially joined the Nasdaq 100 Index, but its stock price sharply dropped 6.83%, marking a new low since IPO close. Multiple brokerages have begun tracking SpaceX and assigned a “buy” rating, with an average 12-month target price of $236, implying a 47% upside potential.Stimulated by news of the US ending oil sanctions waivers on Iran, the oil and gas sector surged late in the day, while precious metals declined. Shell rose nearly 5%, Chevron, ExxonMobil, BP, and Eli Lilly rose over 3%, and Total rose over 2%. Americas Silver Corporation fell over 10%, Coeur Mining dropped over 5%, and American Gold Corporation, Hecla Mining fell over 4%.The Nasdaq Golden Dragon China Index fell 0.58%, and popular Chinese concept stocks generally declined. iQIYI fell nearly 7%, Futu Holdings dropped over 4%, XPeng Group, NIO, and Baidu fell over 2%, Bilibili, Miniso, Pinduoduo, and JD.com dropped over 1%.