The Dow Jones plunges nearly 500 points late at night, chip stocks fall across the board, Micron Technology drops over 6%, gold plunges 3%, and crude oil surges 13%.

Reporter | Zhang Jiayu Wu Bin

Editor | Li Yutong

On April 2, the three major U.S. stock indexes opened lower across the board. As of 22:10 Beijing time, the declines had all narrowed. The Dow fell 1.02%, down nearly 500 points; the Nasdaq fell 1.12%; and the S&P 500 Index fell 0.82%. Tech stocks generally fell, with chip stocks dropping across the board. Micron Technology fell more than 6%. International crude oil surged 13%. U.S. oil stocks jumped sharply against the trend.

Major European stock indexes all moved lower. The UK’s FTSE 100 Index fell 0.24%, France’s CAC 40 Index fell 1.37%, and Germany’s DAX 30 Index fell 2.3%.

Large-cap tech stocks fell broadly. Tesla’s Q1 deliveries were 358,023 vehicles, up 6.3% year over year, but below the market estimate of 372,160 vehicles. The stock price fell nearly 4%. Facebook fell more than 3%. Google A, Nvidia, and Amazon fell more than 2%. Apple and Facebook fell more than 1%.

U.S. chip stocks declined across the board, with the Philadelphia Semiconductor Index falling more than 3%. TSMC, Broadcom, and ASML fell more than 3%. In memory stocks, Micron Technology fell more than 6%, SanDisk fell more than 5%, Western Digital fell more than 4%, and Seagate Technology fell more than 3%.

Airline stocks fell. United Airlines and Southwest Airlines dropped more than 6%.

Oil stocks rose against the trend. Western Oil rose more than 4%, and ConocoPhillips rose more than 3%.

Satellite operator Globalstar rose more than 11%. According to a report by Caixin Finance and Economics, Amazon is in talks with the company regarding an acquisition, in order to compete with Starlink.

Popular Chinese concept stocks fell across the board. The Nasdaq China Golden Dragon Index was down 1.26%. China Kingboard Industrial fell more than 6%. Pony.ai fell nearly 4%. Xiaomi and Kingsoft Cloud fell more than 3%. Meituan, Tencent, and Alibaba fell more than 2%. Baidu Group fell nearly 2%. In terms of gainers, Bawang Chaji rose more than 4%, and Zhihu rose more than 3%.

On commodities, spot gold fell 3.44%, to $4,594.34 per ounce; spot silver fell 6.32%, to $70.293 per ounce.

The WTI crude oil futures’ gain widened to 13%, at $113.28 per barrel, continuing to hit a new high since March 9. ICE Brent crude rose more than 8% to $109.32 per barrel. According to a report by Caixin Finance and Economics, Citigroup expects global oil supply could be short by 4.4 million barrels per day; if some Gulf countries refuse to agree to Iran’s so-called “transit fees,” the shortage could reach 8 million barrels per day.

Cryptocurrencies plunged across the board. As of the time of this release, Bitcoin fell nearly 3% to $66,128.9, while Ethereum fell 4.1% and Solana fell more than 6%. According to CoinGlass data, over the past 24 hours, more than 180,000 people worldwide were liquidated, with a total liquidation amount of $408 million.

According to a report by Xinhua News Agency, in his speech, Trump took it upon himself to claim that the Iran conflict had achieved a “quick, decisive, overwhelming victory.” The core strategic goal for the U.S. in the Iran conflict—“nearing completion.” All military objectives could be completed for the Iran conflict “within a very short time.” “In the next two to three weeks, we will hit them extremely hard… and at the same time, negotiations are also underway.”

Regarding the Strait of Hormuz, citing Xinhua News Agency’s reference to a report by the UK’s Financial Times on day 2, due to the Strait of Hormuz being “unclear in outlook,” some Gulf countries are considering building new oil pipelines.

Also, according to a report by Xinhua Finance, the International Monetary Fund (IMF) expects U.S. economic growth in 2026 to rise to 2.4%. As the effects of tariffs fade and oil prices fall, core personal consumption expenditure inflation should decline to 2% in the first half of 2027.

While the U.S.-Iran conflict is unlikely to be resolved quickly, in the medium to long term it may gradually de-escalate. The markets for uncertain energy and FX in stocks and bonds are still waiting for the situation to become clear. Li Huihui, a professor of management practices at Lyon Business School, analyzed for a reporter from 21st Century Business Herald that, in the short term, the market will continue to trade this as an “oil price shock + declining risk appetite,” so stocks will face pressure, the dollar will likely be relatively strong, bonds may not necessarily benefit, and gold may not keep rising all the time. For the energy market, it is expected that in the short term it will still be tight, but it does not support the conclusion of “a long-term super oil price.”【Details】

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