Dow and Nasdaq approach correction zone, gold stocks decline across the board

U.S. stocks closed lower on Friday, with technology stocks leading the decline. The Dow and Nasdaq approached correction territory, falling more than 10% from their recent highs.

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At the close, the Dow dropped 0.96% to 45,577.47 points, the S&P 500 fell 1.51% to 6,506.48, and the Nasdaq declined 2.01% to 21,647.61. This week, the S&P 500 and Dow decreased by 1.91% and 2.11%, respectively, while the Nasdaq dropped 2.1%.

In terms of sectors, large tech stocks all declined, with the Wind U.S. Tech Giants Index down 2.03%. Individual stocks included Tesla and Nvidia down over 3%, Google and Facebook around 2%, Amazon and Microsoft down more than 1%, and Apple down 0.39%.

Most energy stocks rose, with ExxonMobil up over 1%, Chevron up 0.18%, ConocoPhillips up 0.68%, Schlumberger down over 2%, and Western Oil nearly 2% higher.

Aviation stocks all declined, with Boeing down nearly 3%, American Airlines down over 3%, Delta down more than 2%, Southwest down over 3%, and United Airlines down over 4%.

Chip stocks generally fell, with the Philadelphia Semiconductor Index down 2.45%. Intel dropped over 5%, Micron Technology down more than 4%, TSMC down over 3%, ASML down over 3%, Broadcom nearly 3%, and ARM up over 1%.

Gold stocks all declined, with AngloGold dropping over 5%, Kinross Gold down more than 4%, Gold Fields down over 3%, Kirkland Lake Gold down over 3%, Pan American Silver down over 3%, and Barrick Gold down over 3%.

Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 2.92% and the Wind China Concept Tech Leaders Index down 2.48%. Individual stocks included Kingsoft Cloud down over 9%, XPeng Motors down over 8%, NIO down over 7%, GDS Holdings down nearly 7%, Luokung Technology down close to 7%, Tuya Smart up over 7%, Qifu Technology up over 1%, and BOSS Zhipin up over 1%.

Additionally, oil transportation through the Strait of Hormuz was disrupted, raising concerns about oil supply shortages. Coupled with increased speculative positions in Brent crude futures, this pushed oil prices higher. WTI front-month contracts rose 2.66% to $98.09 per barrel, up 0.12% for the week; Brent front-month contracts increased 3.2% to $107.1 per barrel, up 7.96% for the week.

Global precious metals futures mostly declined, with COMEX gold futures down 2.47% to $4,492.00 per ounce, a weekly decline of 11.26%. COMEX silver futures fell 4.78% to $67.81 per ounce, down 16.64% for the week. (China Securities Journal APP)