--- title: "Overseas Market | The three major U.S. stock indices fell collectively, and gold prices fell below the $4,500 mark" type: "News" locale: "en" url: "https://longbridge.com/en/news/286985212.md" description: "All three major U.S. stock indexes fell, with the Nasdaq down 0.84%, the S&P 500 down 0.67%, and the Dow down 0.65%. Tech stocks broadly declined, and gold prices fell below the $4,500 mark. JP Morgan believes that the logic of the gold bull market remains intact, and the current pullback is a \"pause rather than a reversal.\" Institutions warn to be cautious of the impact of a high-interest-rate environment on tech stock earnings" datetime: "2026-05-20T01:16:34.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286985212.md) - [en](https://longbridge.com/en/news/286985212.md) - [zh-HK](https://longbridge.com/zh-HK/news/286985212.md) --- # Overseas Market | The three major U.S. stock indices fell collectively, and gold prices fell below the $4,500 mark All three major U.S. stock indexes closed lower, with the Nasdaq down 0.84%, the S&P 500 down 0.67%, and the Dow down 0.65%. Both the S&P and Nasdaq recorded three consecutive declines. Tech stocks fell broadly, dragging down U.S. stock performance, while soaring U.S. Treasury yields suppressed growth stock valuations. The combination of geopolitical tensions and high interest rate expectations put pressure on gold prices. Chinese concept stocks showed divergence, with Beike, JD.com, and Alibaba rising. Market risk aversion intensified, with rising U.S. Treasury yields and a stronger dollar directly pressuring non-yielding assets like gold, causing gold prices to break below a key psychological level and reach recent lows. Tech giants Google and Amazon led the declines as investors reassessed tech stock valuations under high interest rate expectations. JP Morgan's latest view suggests that the logic of the gold bull market remains intact, with the current pullback being a "pause rather than a reversal." They remain optimistic about central bank gold purchases providing support in the long term, but in the short term, gold is constrained by the dual pressures of real interest rates and the dollar. For U.S. stocks, institutions warn of the continued squeeze on tech stock earnings from the high interest rate environment, awaiting the market to digest the volatility of interest rate hike expectations. 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