Dow Jones drops nearly 500 points late at night, Chinese concept stocks mostly decline, Pony.ai falls 6%, and over 120,000 cryptocurrency traders get liquidated.

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Reporter丨Jin Shan Hu Huiyin

Editor丨Li Yutong

On March 27, the three major U.S. stock indexes opened lower across the board and fell throughout the session. As of the time of this release, the Dow Jones is down 1.07%, the S&P 500 index is down 0.97%, and the Nasdaq is down 1.34%.

Large-cap technology stocks fell more than they rose. Tesla, Microsoft, and Amazon are down more than 2%.

Storage chip stocks, which were broadly weaker in pre-market trading, opened stronger. Among them, SanDisk was up by more than 4% at one point, Western Digital is up more than 2%, and Micron Technology and Seagate Technology are up by more than 1%.

U.S. network security stocks broadly fell. Palo Alto Networks, CrowdStrike, and Zscaler are down more than 5%, and Okta is down more than 4%.

China concept stocks broadly fell. The Nasdaq China Golden Dragon Index is down 0.81%. Among popular individual stocks, Pony.ai is down more than 6%, WeRide is down more than 5%, Kingsoft Cloud is down more than 4%, and Bawang Chaji and Alibaba are down more than 1%.

Spot gold is up 1.67%, to $4,453 per ounce; spot silver is up 0.65%, with the latest quote at $68.5 per ounce.

International crude oil futures have continued to climb. U.S. oil is up more than 3% at one point, holding above $97 per barrel. Brent’s gain is nearing 3%, with the latest at $104.3 per barrel. In its latest research report, Goldman Sachs raised its energy price forecasts, expecting that over the remaining period in 2026, crude oil prices will rise by more than 20%, natural gas prices will rise by more than 30%, and risks will still be skewed to the upside.

Mingming, chief economist at Citic Securities, told a reporter from 21st Century Business Herald that as the United States is an energy power, the U.S.-Iran conflict has a relatively limited impact on it compared with countries in Asia, Europe, and elsewhere. However, higher crude oil prices will still increase pressure on U.S. gasoline and other prices, thereby delaying expectations for Fed rate cuts and pushing up U.S. Treasury yields, further intensifying the pressure of the U.S. fiscal deficit. See more>>

In the cryptocurrency sector, the declines in major coins have further widened. Bitcoin is down more than 5%, with the latest at $66,000 per coin. Coinglass data shows that over the past 24 hours, more than 120,000 traders across the entire market have been liquidated.

According to CCTV’s international news program citing Mehr News Agency, on March 27, the Iranian Mehr News Agency reported that the U.S. and Israel carried out airstrikes on Iran’s Khuzestan steel plant and Isfahan Mobarak steel plant. The power plant supporting the Mobarak steel plant was also hit.

Also, according to Xinhua News Agency, Israel’s Minister of Defense Katz said on March 27 that Israel’s strike against Iran will be “upgraded.” Katz said at a situation assessment meeting that same day with commanders of the Israel Defense Forces that he and Israeli Prime Minister Netanyahu had “warned the Iranian regime to stop firing missiles at Israeli civilians,” but missile launches are still continuing. Therefore, the Israel Defense Forces “will upgrade its strikes against Iran, and expand the scope of its strikes to targets that assist the regime in producing and using weapons against Israeli civilians.”

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