On Tuesday, July 23, small-cap stock indexes rose more than 1%, leading the way, while other major stock indexes rose slightly before turning down several times in the short term.
The Russell 2000 small-cap index stubbornly turned higher and rose more than 1%, with the largest relative increase among major stock indexes; the tech-heavy Nasdaq initially fell more than 0.2% and then rose more than 0.5%, but later turned down several times in the short term; the Nasdaq 100 rose more than 0.2% before falling more than 0.3%; the S&amp;P 500 fell 0.1% before rising more than 0.2%, then briefly turned down; the Dow Jones Industrial Average, which gathers blue-chip stocks, fell more than 0.2% before rising more than 0.2%, then resumed its decline.
&#34;Tech Seven Sisters&#34; mostly rose. Amazon surged more than 3.6% in the early trading session; Apple initially fell nearly 0.6% before stubbornly turning higher, expanding its gains by over 0.4%; Microsoft rose nearly 1.1% before giving back some of the gains; Google A maintained its upward trend overall, rising nearly 1% at one point; Nvidia rebounded from an initial drop of nearly 0.68% to a rise of nearly 1%, then gave back more than half of the gains, briefly turning down; &#34;metaverse&#34; Meta rose nearly 1.4% in the early trading session before halving its gains; while Tesla opened high and then fell, dropping over 1.5% after an initial rise of nearly 1.7%.
Most chip stocks did not continue yesterday's general rise and returned to decline. The Philadelphia Semiconductor Index fell more than 1.4%, the industry ETF SOXX fell more than 1.6%, and both later erased some of the declines; Nvidia's double long ETF fell nearly 1.7%; ASML ADR fell nearly 1%; TSMC's US stock rose nearly 0.6% before falling more than 0.8%, while Arm Holdings surged more than 3.3% and Broadcom rose more than 2.3%.
Most AI concept stocks rebounded. &#34;Nvidia concept stock&#34; SoundHound fell more than 2.3% before rising more than 2.2%, CrowdStrike rose more than 3.5%, Oracle rose more than 2%, while AMD fell more than 2.8% before erasing most of the decline.
Chinese concept stocks collectively fell. The Nasdaq Golden Dragon China Index (HXC) fell nearly 2.2%; the Chinese Internet Index ETF (KWEB) fell more than 2.4%; the China Technology Index ETF (CQQQ) fell more than 3.5%.
Among popular Chinese concept stocks, Nio fell more than 4.5%, ZEEKR fell more than 4.2%, XPeng fell more than 6.1%, Li Auto fell more than 3.4%, and JD.com and Tencent Holdings (ADR) both fell more than 3%.
Among the companies that announced earnings before the U.S. market opened:
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Coca-Cola rose more than 2% at the opening before giving back most of the gains. Coca-Cola's Q2 revenue increased by 2.9% year-on-year, exceeding expectations, while net profit declined by 28.8%, and the full-year guidance was raised.
Philip Morris rose more than 3.8% before halving its gains. Data showed the company's Q2 revenue was $9.468 billion, a 5.6% year-on-year increase, exceeding consensus expectations, with diluted earnings per share of $1.54 in Q2, surpassing consensus expectations
In addition, due to the increasing enthusiasm for tobacco alternatives and the growing demand for its Zyn nicotine pouches, the company has raised its full-year earnings growth forecast to 11% to 13%.
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Comcast fell more than 6.4% at one point, with second-quarter revenue slightly down to $29.7 billion as the performance of its film and theme park business was lackluster.
United Parcel Service (UPS) saw its intraday decline expand by over 13.3%, with second-quarter revenue and adjusted earnings per share both falling short of expectations. UPS's Chief Financial Officer stated that the number of layoffs has reached 11,500 people, with a target of 12,000 people.
General Motors (GM) fell more than 7% at one point, benefiting from strong demand for its main vehicle models. GM's Q2 revenue hit a quarterly record high, with adjusted net profit increasing by 37% year-on-year, and the full-year profit guidance being raised. However, the company announced a delay in the launch of the Buick electric vehicle planned for 2024 and a 6-month delay in the opening of the electric pickup truck factory to 2026, leading to a decline in stock price.
SAP rose more than 6.2%, mainly driven by AI demand, with SAP's cloud revenue surging by 25% in the second quarter.
NXP Semiconductors declined all the way, falling by over 10%, mainly due to weakness in the automotive industry and poor revenue guidance for the third quarter. In terms of performance guidance, NXP expects, on a non-GAAP basis, third-quarter revenue to be between $3.15 billion and $3.35 billion, with a midpoint of $3.25 billion, while analysts expect the high end of the guidance range to be $3.35 billion. Based on this guidance, NXP's third-quarter revenue may accelerate its decline, with a maximum year-on-year decrease of nearly 8.2% and a minimum decrease of over 2.3%.
Spotify rose nearly 16.2% at one point, mainly due to better-than-expected growth in quarterly paid users after implementing price increase measures. The company's second-quarter paid users increased by 12% year-on-year to 246 million, exceeding the market's expected 245.2 million.
Updated content before 21:50 Beijing time
On Tuesday, July 23, US stocks opened mixed, with the Dow up 0.03%, the S&amp;P 500 up 0.02%, and the Nasdaq down 0.1%.
After the US stock market today, Tesla and Google's parent company Alphabet will release their second-quarter financial reports.
<h2>Semiconductor stocks lead the decline</h2>
Major sectors of US stocks are mostly down, with semiconductors, biotechnology, and electric vehicle sectors leading the decline.
Semiconductor stocks are mixed, with AMD down more than 2%.
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Tech stocks &#34;Seven Sisters&#34; collectively rose, with NVIDIA up about 0.7%, Tesla and Google up about 0.5%.
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Chinese concept stocks generally fell, with XPeng down about 3%.
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SAP rose about 6%, boosted by AI demand, with SAP's cloud revenue in the second quarter surging by 25%.
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NXP Semiconductors fell about 7%, with the company's third-quarter revenue guidance disappointing.
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Spotify rose about 15%, with quarterly paid users growth exceeding expectations.
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UPS fell by over 12%, with second-quarter revenue and adjusted earnings per share both below expectations.
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Coca-Cola rose over 1%, Q2 revenue increased by 2.9% year-on-year, exceeding expectations, net profit declined by 28.8%, and full-year guidance was raised.
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General Motors exceeded profit expectations in the second quarter, raised full-year profit guidance, but delayed delivery of Buick electric vehicles, causing the stock price to fall by over 5%.
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<h2>Steady Recovery of the US Dollar</h2>
The US Dollar Index rose by 0.19% intraday, closing at 104.49.
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<h2>U.S. Treasury Bonds Holding Steady</h2>
The yield on the 10-year U.S. Treasury bond fell more than 2 basis points intraday, to 4.238%.
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<h2>Gold Price Surpasses $2400 Again</h2>
Spot gold rose over $6 intraday, reaching $2402.88 per ounce.
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Except for the Russell 2000 small-cap index, which rose more than 1% and led the gains, the other major indices all rose slightly before turning lower several times in the short term. Tesla turned lower. Most AI concept stocks rebounded, chip stocks fell, Chinese concept stocks declined, and XPeng fell more than 6.1%. Among the companies that announced earnings before the U.S. market opened, UPS fell more than 13.3%, and General Motors fell more than 7%

- Small-cap stocks surged over 1% on Tuesday, with Russell 2000 leading the gains. Tech-heavy Nasdaq initially dropped over 0.2% but later rose over 0.5%, while Nasdaq 100 fluctuated. S&P 500 dipped 0.1% before rising over 0.2%, and Dow Jones, driven by blue-chips, saw similar fluctuations.
- Among tech giants, Amazon surged over 3.6%, Apple reversed an initial drop to rise over 0.4%, and Microsoft saw gains before retracing. Chip stocks, however, mostly reversed previous gains. Nvidia, for instance, initially dropped but later rose, while AMD and TSMC fluctuated.
- In earnings reports, Coca-Cola exceeded revenue expectations but saw a 28.8% profit decline. Philip Morris surpassed revenue expectations, raising its full-year earnings outlook. Comcast's revenue dipped, UPS missed revenue and earnings expectations, and General Motors delayed its Buick electric vehicle launch.

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The U.S. stock market edged higher, with small-cap indices leading the way with a rise of over 1%. Tesla declined, while Chinese concept stocks index dropped by over 2%