US stocks opened lower, with AMD falling more than 4% before rebounding, while Nvidia is set to hit a new high again. AI concept stock AMD briefly rose by 10%

On Monday, March 25th, the three major U.S. stock indexes opened lower collectively, maintaining a downward trend in the morning session.

At the opening, the S&P 500 fell by more than 0.3%, the Nasdaq fell by nearly 0.7%, but later narrowed to within 0.2%. The Dow Jones fell by over 140 points and nearly 0.4% in the morning session, but still dropped by over a hundred points.

Including Microsoft, Apple, Nvidia, Google's parent company Alphabet, Amazon, Meta, the parent company of Facebook, and Tesla, all seven major tech stocks fell in the morning session. Tesla, which was downgraded from buy to neutral by Mizuho, initially turned higher by nearly 2.6%, but fluctuated in the morning session. It may continue to fall at the close, marking a third consecutive trading day of decline.

Among the six major FAANMG tech stocks, after the EU launched its first antitrust investigation against Apple, Google, and Meta under the new Digital Markets Act, Alphabet fell by nearly 2%, Meta by over 1.8%, Apple by over 1.6%, all dropping by over 1% in the morning session. Microsoft initially fell by nearly 1.7%, Netflix by nearly 0.8%, Amazon by over 0.9%, with the latter two turning higher in the morning session, while Microsoft fell by about 1%.

Overall, chip stocks turned higher during the session. The Philadelphia Semiconductor Index and the Semiconductor Industry ETF SOXX both fell by nearly 1.5% and 1.7% respectively at the opening, but both slightly turned higher in the morning session. They are expected to rise for the fourth consecutive trading day, refreshing the closing high since March 12th. Among individual stocks, after reports that China restricted the use of American-made chips in some computers, AMD initially fell by nearly 4.3%, Intel by about 4.7%, with AMD turning higher by over 1% in the morning session, and Intel narrowing its decline to within 2%. After being reiterated with a buy rating by Bank of America and included in the best stock picks for the second quarter, Nvidia initially fell by over 0.8% but quickly turned higher, rising by over 2.6% in the morning session, poised to set a new closing high for the second consecutive day.

In the AI concept stock sector, Super Micro Computer (SMCI) saw its morning gains reach 10.2%. Super Micro Computer was recently initiated with an overweight rating by JPMorgan, believing it is at the forefront of the artificial intelligence (AI) revolution and giving it a target price of $1150, up over 18% from last Friday's closing price. After being reiterated with an overweight rating by Morgan Stanley and positive outlook on production AI capabilities, Adobe (ADBE) rose by nearly 2% in the morning session Most popular Chinese concept stocks turned lower in the morning session. The Nasdaq Golden Dragon China Index (HXC) initially rose nearly 1%, but turned slightly lower in the morning. Chinese concept ETFs KWEB and CQQQ fell by about 0.5% and over 1% respectively in the morning. Among individual stocks, Pinduoduo fell by about 3% in the morning, NetEase dropped by over 2%, Alibaba turned lower by less than 1% after an initial rise, while JD.com rose by over 1% in the morning. Baidu, which rose by over 2% in the initial trading, saw a slight increase in the morning.

Three new energy vehicle companies saw a general rise, with XPeng rising by over 3% in the morning, Zeekr rising by over 1%, Nio rising by over 4% in the morning, nearly 2% increase, Li Auto rising by over 2% in the morning, but most of the gains were given back.

Among the stocks with significant fluctuations, after announcing a $1 billion investment from its major shareholder - Ayar Third Investment Company, an affiliate of the Saudi sovereign wealth fund PIF, electric vehicle manufacturer Lucid (LCID) initially rose by nearly 21%, but later gave back more than half of the gains, ending the morning session with a gain of less than 7%; another electric vehicle company, Fisker (FSR), fell by nearly 30% in the morning after announcing the termination of negotiations with a large automaker and seeking strategic options including restructuring and capital market transactions both in and out of court; Boeing (BA) initially rose by nearly 3.9% after announcing management reshuffle following the safety crisis of the 737 Max, the resignation of the chairman in May, and the CEO's resignation by the end of the year, and rose by over 1% in the morning.

The Dow Jones opened down nearly 0.2%, the S&P 500 down nearly 0.3%, and the Nasdaq down nearly 0.6% in Beijing time.

In the early trading of the U.S. stock market, major industry ETFs showed mixed performance, with energy industry ETFs rising by over 1%, regional banking industry ETFs rising by nearly 1%, and technology industry ETFs falling by nearly 1%.

New energy vehicle stocks generally rose. Nio rose by over 3%, XPeng rose by nearly 3%, Tesla rose by nearly 2%, and Li Auto rose by nearly 1%.

Lucid Group rose by over 13%, after the company announced a $1 billion investment from the PIF affiliate Chip stocks in the US stock market mostly fell in early trading, with Intel narrowing its decline to 3.7%. AMD, KLA, NXP, ON Semiconductor, Qualcomm, Teradyne, and Analog Devices all fell by up to 1.9%. Nvidia rose by 0.4%, while the Nvidia double long ETF rose by 0.5%. ASML ADR rose by 0.5%, Micron Technology rose by 0.5%, Super Micro Computer SMCI rose by 4.3%, Arm Holdings rose by 4.2%, and Micron Technology rose by 5.0%.

Popular Chinese concept stocks had mixed performances, with Baidu rising by about 1%.

Boeing opened with a rise of about 4%. Earlier, Boeing's President and CEO Dave Calhoun announced his decision to step down as CEO by the end of 2024.

American electric vehicle company Fisker halted trading during the session to release news, dropping by 28% before the halt.

Spot gold rose by about $9 in the short term, hitting a daily high of $2181.34 per ounce.

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