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On July 28, SpaceX dropped over 4% in early US trading, hitting a record low, with a decline of over 50% from its peak. SpaceX's stock price fell 20% from its IPO issuance price, and its market value evaporated $1.2 trillion from its peak market cap.
On July 28, Apple's share price rose 1% in early trading, hitting a new all-time high and officially breaking the $5 trillion market capitalization mark, making it the second publicly traded company globally to reach this milestone after Nvidia. Apple's stock has performed strongly recently, climbing from around $274 since late June, with a cumulative gain of over 20% in the past month, far exceeding the S&P 500's roughly 0.8% gain over the same period. Nvidia's current total market capitalization stands at about $4.7 trillion, ranking second among global listed companies by market value.
On July 28, US President Trump said that now is a good time for Iran to reach a deal; he hopes to avoid attacking Iran's bridges and power plants. Iran needs to formally declare that it does not possess nuclear weapons.
On July 28, although the market expects a small possibility that the Fed will raise rates in July, Bank of America still expects the Fed to keep rates unchanged. The bank said that if the Fed raises rates in July, it would be unprecedented: since 1994, the Fed has never raised rates when the market probability of a rate hike was below 60%. Bank of America believes that higher oil prices are the main inflation risk and remains bullish on the dollar. (Jin10)
On July 28, U.S. stock index futures showed divergent trends, with Dow futures rising 0.8%, S&P 500 futures rising 0.07%, and Nasdaq 100 futures falling 0.72%.
On July 28, Corning's U.S. stocks fell over 15% in pre-market trading. The company's Q2 core sales were $4.74 billion, up 17% year-over-year; core earnings per share were $0.78, up 30% year-over-year.
On July 28, the Korea Composite Stock Price Index (KOSPI) plunged 10.84% to 6,023.63 points. Samsung Electronics closed down 13.39%, its biggest single-day drop in 18 years, while SK Hynix closed down 14.65%, nearly halving from its June high.
Multiple South Korean media outlets interpreted this sharp stock market decline as the impact of the listing of China's largest semiconductor company, ChangXin Memory Technologies (CXMT). Market concerns have spread that CXMT will use the funds raised from its stock market listing to catch up with semiconductor companies such as Samsung Electronics and SK Hynix, leading to a dent in investor sentiment.
According to earlier reports from CNBC, Peter Alexander, an analyst at Z-Ben Advisors, believes that following the development path of the steel and new energy vehicle industries, CXMT will quickly capture market share in the low-end memory chip segment and ultimately shake the monopoly of Samsung Electronics, SK Hynix, and Micron Technology in the global storage industry.
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