According to the Securities Times, on May 5, local time, the three major U.S. stock indexes suffered a sharp setback, ending the three-day winning streak since May. The Dow and Nasdaq both posted their biggest one-day losses since 2020. As of the close, the Dow fell 3.12%, or more than 1,000 points; the Nasdaq fell 4.99% to 12,317.69 points; the S&P 500 fell 3.56%. Among them, Internet retail concept stocks, large technology stocks, and popular Chinese concept stocks collectively tumbled. Apple closed down 5.57%, and its total market value has evaporated by more than 160 billion US dollars (about one trillion yuan) compared with the previous day. In addition, Tesla fell 8.33%, Amazon and NVIDIA fell more than 7%, and Facebook parent company Meta fell 6.77%. Amazon once bottomed out at $2,301.45, a 52-week low. Disappointing results and outlooks from eBay, Shopify, Etsy and Wayfair also weighed on Amazon shares, all of which warned of slowing demand for online shopping and the need to invest aggressively to meet emerging demand. Amazon’s stock price has fallen 30% this year, more than the 21% drop in the Nasdaq. In terms of Chinese concept stocks, major technology stocks fell across the board, among which Weilai fell by more than 15%, .
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