---
title: "US Market Open: Nasdaq down 1.2%, Philadelphia Semiconductor Index down 3.6%, memory chip stocks broadly lower, Baidu down about 9%"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296236535.md"
description: "Major US indices fell at the open, with the Nasdaq down 1.2% and the Philadelphia Semiconductor Index down 3.6%. Memory chip stocks weakened broadly, with Sandisk and SK Hynix falling about 4%-5%. Among Chinese concept stocks, Baidu dropped about 9% as its second-quarter revenue missed expectations, while iQIYI and Pony AI fell about 3% and 9% respectively, with the latter having previously reported its financial results"
datetime: "2026-08-18T13:31:55.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296236535.md)
  - [en](https://longbridge.com/en/news/296236535.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296236535.md)
---

# US Market Open: Nasdaq down 1.2%, Philadelphia Semiconductor Index down 3.6%, memory chip stocks broadly lower, Baidu down about 9%

The Dow Jones Industrial Average fell 0.1%, and the S&P 500 Index dropped 0.5%. Memory chip stocks declined broadly, with Sandisk down about 5%, SK Hynix down about 5%, Western Digital down about 4%, Micron Technology down about 4%, and Seagate Technology down about 4%. Baidu fell about 9%, as the company's second-quarter revenue missed expectations. iQIYI dropped about 3%, as the company's second-quarter revenue missed expectations. Pony AI fell about 9%, after the company previously announced its second-quarter financial results.

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