All three major U.S. stock indices decline across the board! Gold and silver rise

Wind data shows that on February 19th local time, the three major U.S. stock indices all closed lower, with the Dow down 0.54%, the S&P 500 down 0.28%, and the Nasdaq down 0.31%.

Large-cap U.S. technology stocks had mixed performances, with Apple falling more than 1%; most popular Chinese concept stocks declined.

In the commodities market, international precious metal prices and oil prices generally closed higher.

The Three Major U.S. Stock Indices All Closed Lower

On February 19th local time, the three major U.S. stock indices all closed lower. According to Wind data, by the close, the Dow fell 0.54% to 49,395.16 points; the S&P 500 declined 0.28% to 6,861.89 points; the Nasdaq dropped 0.31% to 22,682.73 points.

Large-cap U.S. tech stocks had mixed performances, with the Wind U.S. Tech Seven Giants Index down 0.29%. In individual stocks, Apple fell over 1%, while Google, Microsoft, and Nvidia saw slight declines; Meta, Tesla, and Amazon saw slight gains.

Most Chinese concept stocks declined, with the Nasdaq China Golden Dragon Index down 0.35%. Among individual stocks, Huya, Jinko Solar, Yum China, and Qifu Technology led declines, while Hesai Technology, Huazhu Group, and Xiaoma Zhixing saw notable gains.

International Precious Metal Prices Generally Rise

On February 19th local time, international precious metal prices generally rose. By the close, COMEX gold futures increased 0.12% to $5,015.50 per ounce; London gold spot prices rose 0.49% to $5,000.22 per ounce. COMEX silver futures rose 1.09% to $78.44 per ounce; London silver spot prices increased 1.74% to $78.549 per ounce.

Guoxin Securities stated that the short-term most volatile phase of gold has passed, and long-term prospects for gold assets are optimistic. With a weak dollar, a cycle of rate cuts, and added concerns over dollar trust crises, there is currently no reason to be bearish on gold assets in the medium to long term.

According to Xinhua News Agency, international oil prices rose on February 19th local time. By the close, the NYMEX light crude oil futures for March delivery rose $1.24 to $66.43 per barrel, a 1.9% increase; the London Brent crude oil futures for April delivery rose $1.31 to $71.66 per barrel, a 1.86% increase.

Tariffs Fail to Achieve Expected Results

U.S. 2025 Goods Trade Deficit Hits New High

According to Xinhua News Agency, data released by the U.S. Department of Commerce on the 19th shows that the U.S. goods trade deficit in 2025 reached a record $1.2409 trillion, an increase of $25.5 billion or 2.1% from the previous year.

The data shows that in 2025, the total U.S. goods exports and imports were $2.1975 trillion and $3.4384 trillion, respectively. The U.S.-EU goods trade deficit was $218.8 billion, a decrease of $17.1 billion compared to two years earlier, while the U.S.-Mexico and U.S.-Vietnam trade deficits were $196.9 billion and $178.2 billion, respectively, increasing by $25.4 billion and $54.7 billion from two years prior.

The data also revealed that in December 2025, the U.S. goods and services trade deficit was $70.3 billion, an increase of $17.3 billion or 32.6% month-over-month, marking the second consecutive month of significant month-over-month growth.

One of the main justifications for the Trump administration’s tariffs on trade partners was that tariffs would help reduce trade deficits. Eugene A. Gimon, Chief Economist at Reger Financial Group’s Investment Strategy Department, stated that the 2025 trade deficit indicates that tariffs have had little impact on overall deficit levels. As U.S. companies adapt to tariff changes, monthly trade flows are distorted.