On April 10th, the U.S. stock market experienced a "Black Thursday," with all three major indices plummeting. The S&P 500 fell by 3.5%, at one point dropping 6.3% during the day, marking the largest intraday decline since March 2020; the Nasdaq fell 4.31%; the Dow Jones Industrial Average dropped 1014.79 points, a decline of 2.5%.
The major driver of this downturn was the sharp drop in large technology stocks. Nvidia's market value evaporated by more than 1 trillion dollars, and tech giants such as Tesla, Facebook, Amazon, Apple, Google, and Microsoft all suffered heavy losses, with declines exceeding 2%. Among them, Tesla sank over 7% and Nvidia dropped by more than 5%, with its market value shrinking by over 1 trillion.
Bank stocks also fell across the board, with major banks like JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, and Bank of America showing varying degrees of decline, particularly Goldman Sachs, which fell over 5%.
The energy sector's performance was equally weak, as shares of major energy companies like ExxonMobil, Chevron, and ConocoPhillips plummeted, with Chevron and Schlumberger's declines nearing or exceeding 7%.
Additionally, impacted by setbacks in vaccine stocks, pandemic-related stocks generally declined. Moderna fell over 8%, while companies like Gilead Sciences and Novavax Pharmaceuticals also encountered various degrees of loss.
The weak performance of airline stocks also drew attention, with significant declines in companies such as Boeing, Delta Air Lines, and Southwest Airlines. Delta Air Lines dropped over 11%, and United Airlines fell more than 14%.
Chip stocks collectively plummeted, with the Philadelphia Semiconductor Index dropping 7.97%. Chip manufacturers like Microchip Technology, Marvell Technology, and NXP Semiconductors saw significant stock declines.
As for Chinese stocks, the overall performance was weak, with the Nasdaq Golden Dragon China Index down 1.14%, and several popular Chinese stocks like JinkoSolar and Pony.ai experiencing declines exceeding 10%. The sole bright spot was Li Auto, which saw an increase of over 5%.
This significant downturn in the U.S. stock market reflects the market's uncertainty about future economic growth and concerns over various risks, leading to investor pessimism and tight market liquidity.
