Last night, against the backdrop of continued signs of cooling in the U.S. economy and geopolitical conflicts in the Middle East, risk aversion intensified on the opening day of the Federal Reserve's FOMC meeting. The Nasdaq and S&P 500 indices declined after opening at highs, with the Nasdaq falling more than 2% at one point, led by the technology sector. Despite this, the Dow Jones and small-cap stocks performed relatively better, reflecting mixed market sentiment. Although the U.S. June JOLTS job openings report was better than expected, voluntary resignations and hiring both declined significantly, while layoffs decreased. Goldman Sachs analysis suggests that despite the rise in the unemployment rate, there is no need for excessive concern.

The chip industry suffered heavy losses, with the chip stock index falling nearly 4%, Nvidia dropping 7%, and Tesla declining about 4%. Cybersecurity company CrowdStrike plunged nearly 10% due to claims from Delta Air Lines, while Apple's major suppliers such as Corning and Qualcomm also fell about 7% each. Chinese concept stocks overall declined 1.5%.

Microsoft$Microsoft(MSFT.US)'s second-quarter earnings report showed that its revenue, EPS profit, and operating profit all increased by 10% year-on-year, but the growth rate slowed compared to the first quarter, and cloud revenue unexpectedly decelerated, causing its after-hours stock price to plummet by 8% at one point. In contrast, AMD$AMD(AMD.US)'s second-quarter AI revenue doubled, and it raised its full-year sales outlook, with its after-hours stock price rising 9%.

Arista's second-quarter performance and future outlook both exceeded market expectations, and its after-hours stock price achieved a V-shaped rebound. Nvidia CEO Jensen Huang and Meta CEO Mark Zuckerberg discussed the future possibilities of AI at the SIGGRAPH 2024 conference, further sparking interest in AI technology.

Geopolitical tensions in the Middle East intensified market risk aversion, driving up the prices of U.S. Treasuries, gold, and the yen, but oil prices were not boosted, instead falling more than 1.4% to their lowest level since early June. Bitcoin prices also came under pressure, nearing the $65,000 low.

In the Asian market, A-shares experienced volatile declines, with energy and high-end liquor stocks such as Kweichow Moutai performing poorly, while the 30-year Treasury bond price hit a record high, reflecting the market's pursuit of long-term capital safety.