Late-night U.S. stock market semiconductor plunge, SanDisk drops over 6%, Chinese concept stocks broadly decline, Xiaopao Zhixing plunges 14%

Reporter丨Jin Shan

Editor丨Li Yutong

On March 26, the three major U.S. stock indexes opened lower across the board. Then, they saw a short-term rally. The Dow Jones Index was the first to turn positive. As of the time of writing, the Dow was up 0.1%, the Nasdaq was down 0.64%, and the S&P 500 was down 0.38%.

Large-cap tech stocks were mixed but leaned more toward declines. Nvidia and Google both fell by more than 1%, Tesla fell 0.7%, and Facebook’s share price hit its lowest level since May 2025. It was down 2.8% on the latest session. On the news front, the company lost a lawsuit against Google over alleged harm to teenagers via social media. See more >>

Chip-related stocks fell across the board. The Philadelphia Semiconductor Index dropped 2.45%. The memory-chip sector led the declines, with SanDisk down more than 6%, and Micron Technology, Western Digital, and Seagate Technology down more than 4%. In addition, ASML and TSMC fell by more than 3%, while Intel, AMD, and other companies fell by more than 2%.

For China concept stocks, the Nasdaq Golden Dragon China Index fell 1.47%. Several popular China concept stocks declined. Pony AI fell by more than 14%, XPeng Motors and Sohu fell by more than 4%, while Alibaba, Bilibili, and Baidu Group fell by more than 2%.

Spot gold was down more than 1.3% intraday, with the latest at $4,453 per ounce. Spot silver’s decline narrowed to 3%, with the latest at $69 per ounce.

In international oil prices, both WTI and Brent rose by more than 3%. WTI was at $93.5 per barrel, and Brent was at $101 per barrel.

In cryptocurrencies, major coins continued to slide. Bitcoin fell by more than 2.67%, trading at $69,542 per ounce. Over the past 24 hours, nearly 90,000 people across the whole market were liquidated.

According to the latest news from China Central Television (CCTV), reporters learned as of the local time on the 26th that Iran has, last night, through intermediaries, officially responded to the 15-point ceasefire proposal put forward by the United States. According to people familiar with the matter, in its response Iran clearly stated that it must stop the aggression and terrorist acts by the other side; it must create objective conditions to ensure the war does not happen again; it must clearly commit to compensating for war losses and implement that commitment; and it must push resistance organizations participating in fighting on all fronts and in all regions to end their actions. Iran emphasized that its sovereignty over the Strait of Hormuz is a natural and lawful right that cannot be changed, and the other side must acknowledge and fulfill its commitments. The conditions proposed by Iran are completely different from the demands made to the other side during the second round of negotiations in Geneva. See more >>

Also, according to Xinhua News Agency, on the 26th U.S. President Trump again threatened Iran regarding ceasefire talks, saying that Iran “had better take the negotiations seriously as soon as possible, otherwise it will be too late.”

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（Statement: The article content is for reference only and does not constitute investment advice. Investors act at their own risk, and risks are borne by them.）

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