US and Chinese stock markets slip as tech shares fall

On June 24, U.S. equity indices closed mixed: the Dow Jones Industrial Average rose 0.35%, the Nasdaq fell 0.43% and the S&P 500 slipped 0.1%. Major technology stocks declined, with Microsoft down more than 2% and SpaceX, Tesla and Netflix each losing over 1%, while Nvidia, Meta and Apple edged lower and Amazon posted a modest gain. Chinese‑listed “concept” stocks also fell, led by Nio dropping over 3% and Baidu, Alibaba, JD.com, iQiyi and Xpeng each down more than 2%; Li Auto, NetEase and Pinduoduo slipped about 1%, while Bilibili rose more than 3%.

In China’s A‑share market, the Shanghai Composite fell 1.37%, the Shenzhen Composite dropped 3.17% and the ChiNext index slumped 3.84%, with total turnover of 34.66 trillion yuan, 2.96 trillion less than the prior day. Sectors such as chemical pharma, biotech, medical services and traditional Chinese medicine led gains, whereas precious‑metal, rare‑earth, energy‑metal and broader metal groups saw the biggest losses. Notable gainers included New China Pharma and Hainan Medicine, while metal‑related stocks and PCB firms recorded steep declines. The report also noted that the robotics‑hand startup “临界点” completed a financing round of nearly 1 billion yuan, backed by a mix of strategic and industrial investors.

These movements reflect a broader market pullback affecting both U.S. and Chinese equities, with technology and high‑valuation stocks bearing the brunt of the sell‑off.