讀後心得

U.S. stocks plummeted on the 4th, with the Dow Jones Industrial Average falling 2,231.07 points, a decline of 5.5%, once again dropping below 40,000 points. Influenced by Trump's tariff policy, China announced a 34% retaliatory tariff on American goods, escalating the trade war and increasing investor concerns, leading to heightened market panic. The S&P 500 index and the Nasdaq also suffered significant losses, dropping 5.97% and 5.82%, respectively, with a total market value evaporation of $5 trillion within two days. Technology stocks were severely impacted, with Apple, Nvidia, and Tesla all experiencing significant declines. Due to investors seeking refuge, demand in the bond market rose, causing the yield on 10-year U.S. Treasuries to fall below 4%.

The Dow Jones Industrial Average in the US fell by 2231.07 points on the 4th. As the US President's tariff policy impacts the global market, China announced a retaliatory tariff of 34% on all US imports, triggering a full escalation of the trade war, intensifying investors' anxieties, and sending recession alarms throughout the global financial markets, with investors' panic also erupting accordingly.

In trading on the 4th, the US stock market continued to plummet sharply, with major indices opening lower and dropping over 5%. The Dow Jones Industrial Average plunged by 2231.07 points, falling below 40,000 points again since last August, and TSMC's ADR also dropped by 6.72%. After a decline of 1679 points on the 3rd, the Dow continued to slide on the 4th, ultimately falling by 5.5%, marking the largest drop since the pandemic in June 2020.

The S&P 500 index decreased by 4.84% on Thursday and then fell another 5.97% on Friday, representing the largest drop since March 2020; currently, the S&P 500 index has declined over 17% from its recent high, with a market value loss of $5 trillion within two days. The Nasdaq index also dropped nearly 6% on Thursday and further declined by 5.82% on Friday. The Philadelphia Semiconductor Index fell by 7.6%.

Trump's tariff policy had a particularly significant impact on technology stocks, with iPhone manufacturer Apple down by 7.29% on the 4th, accumulating a loss of 13.27% for the week; AI leader Nvidia dropped by 7.36%, and electric vehicle giant Tesla fell by 10.42%. These three companies have substantial business operations in China, making them some of the companies most severely affected by Beijing's retaliatory tariffs, with TSMC's ADR also suffering a heavy loss of 6.72%, closing at $146.80.

Beyond technology stocks, Boeing and Caterpillar, which are significantly impacted by exports to China, also led the Dow index downward, falling by 9.48% and 5.79%, respectively. As investors turned to the bond market for safety, bond prices rose, and yields fell, with the yield on 10-year US Treasuries retreating below 4%.

The volatility index of the Chicago Options Exchange soared above 40, a level typically seen only during rapid market declines. On the 4th, the Chinese Ministry of Commerce announced that it would impose a 34% tariff on all US products and place several companies on the so-called "unreliable entity list," accusing these companies of violating market rules or contractual commitments. China also initiated an antitrust investigation into a major chemical company, which saw its stock price drop by 12.75%.

On the 4th, Trump strongly condemned China's retaliatory actions on his social media, reaffirming that his economic policies would not change. Ultimately, the US stock market closed on the 4th with the Dow Jones Industrial Average down by 2231.07 points, or 5.50%, closing at 38314.86 points; the S&P 500 index fell by 322.44 points, or 5.97%, closing at 5074.08 points; the Nasdaq index, dominated by tech stocks, declined by 962.82 points, or 5.82%, finishing at 15587.79 points; the Philadelphia Semiconductor Index dropped by 296.030 points, or 7.60%, closing at 3597.655 points.