Recently, the US stock market has indeed experienced some turbulence. The three major indices declined simultaneously, with the Nasdaq dropping the most, nearly 2%. Interestingly, New York silver futures actually rose by nearly 5%, showing a quite clear divergence.

On the tech side, it’s a bear market, with large tech companies generally under pressure. Tesla and Broadcom fell over 4%, Nvidia dropped nearly 4%, and Google also declined by more than 3%. Meta and Apple didn’t fall as sharply, but each declined over 1%. The energy storage concept, semiconductors, and computer hardware sectors led the declines, with Continental Technology dropping over 7% at one point, Microchip, ASML, AMD, and Arm all fell over 5%, and Coherent also declined over 4%. It seems concerns about the chip cycle are still present.

However, there are some bright spots. Micron Technology surged over 8% after hours, with strong earnings data—first-quarter adjusted revenue of $13.64 billion, well above analysts’ expectations of $12.95 billion; adjusted net profit was $5.482 billion, a significant increase from $3.469 billion in the same period last year. They also provided a very optimistic outlook for the second quarter, with revenue guidance of $18.3 billion to $19.1 billion, compared to the market’s previous expectation of only $14.3 billion, so investors reacted positively.

Traditional energy and precious metals moved higher, with ConocoPhillips rising over 4%, ExxonMobil and BP each up over 2%. This probably reflects some adjustments in market expectations for economic growth.

There’s also news about an IPO—medical supplies supplier Medline raised about $6.26 billion, becoming the largest US IPO of the year. Its first-day performance was explosive, rising 41.38%, closing at $41, while the IPO price was only $29. This first-day return is indeed quite attractive.

Looking at Chinese concept stocks, the NASDAQ Golden Dragon China Index fell 0.73%. Most popular Chinese stocks declined, with Pinduoduo, NIO, and Li Auto dropping over 3%, iQIYI and Xpeng over 2%, and Alibaba and NetEase each down over 1%. The adjustment pressure in this sector still exists.