Market Overview

Investors continued to sell off tech stocks, shifting towards blue-chip and small-cap stocks. $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ fell for the third consecutive day, while $Dow Jones Industrial Average(.DJI.US)$ and $Russell 2000 Index(.RUT.US)$ rose throughout the day. The Nasdaq dropped nearly 1%, and the small-cap index gained over 1%. The semiconductor index opened lower, dropping 4% before halving its losses. $NVIDIA(NVDA.US)$ fell about 7% before briefly turning positive, ultimately closing down 1.7%. $Tesla(TSLA.US)$ was up as much as 4.6%.

U.S. Treasury prices spiked before falling back, initially leading global bond markets ahead of the favorable U.S. Q2 GDP data release.

Silver plummeted, dropping as much as 5%. Copper briefly fell below $9,000 per ton for the first time in over three months.