Chinese Stocks Surge 1% on U.S. Listings, Nasdaq Drops 2%

Late in the evening, Chinese stocks listed in the U.S. experienced a significant surge, while the Nasdaq Composite Index took a sharp dive. The broader U.S. market opened with mixed results, initially fluctuating before turning upward. However, the Nasdaq Composite Index subsequently plummeted, turning red, and all three major indices briefly dipped into negative territory. Among individual stocks, Advanced Micro Devices (AMD) saw a surge of over 7% following the announcement of a strategic partnership with DataVolt.

Meanwhile, the Nasdaq Golden Dragon China Index, which tracks Chinese companies listed in the U.S., bucked the trend by rising over 1%. The majority of Chinese stocks listed in the U.S. saw gains, with Bilibili surging over 5% and Waterdrop rising over 4%.

Economic data released late in the evening included the initial value of the U.S. one-year inflation expectation for May, which came in at 7.3%, exceeding the forecast of 6.5% and the previous value of 6.5%. Additionally, the initial value for U.S. building permits in April was 1.412 million, below the forecast of 1.45 million and the previous value of 1.467 million. The U.S. import price index for April showed a month-over-month increase of 0.1%, against a forecast of -0.4% and a revised previous value of -0.4%.

The University of Michigan's preliminary consumer sentiment index for May stood at 50.8, below the forecast of 53.4 and the previous value of 52.2. Joanne Hsu, the director of the University of Michigan's consumer survey, noted that the consumer sentiment index remained relatively stable this month, with a slight decline of 1.4 points following four consecutive months of significant drops. Since January 2025, market confidence has declined by nearly 30%. Nearly three-quarters of consumers spontaneously mentioned tariffs, higher than the nearly 60% in April, and the uncertainty surrounding trade policy continues to dominate consumer views on the economy.

In other news, gold prices experienced a significant decline, with spot gold falling over 1.6% and briefly dropping over 2% to a low of $3,153 per ounce. This decline came amid reports that talks between Turkey, Russia, and Ukraine had concluded, although some sources indicated that the negotiations were only paused and not definitively ended. Ukrainian lawmaker Oleksandr Zhereznyak stated that the Istanbul talks yielded no results. According to Ukrainian sources, as a condition for a ceasefire, the Russian delegation demanded that Ukrainian forces withdraw from the Donetsk, Luhansk, Kherson, and Zaporizhzhia regions. These demands were deemed "unacceptable" and exceeded the scope of previous discussions. The head of the Russian delegation, Vladimir Medinsky, expressed satisfaction with the outcome of the talks and indicated a willingness to maintain contact.