US Stock Market Close: S&P 500 Dives at End of Trading Day, Recording Three Consecutive Declines; PV Sector Takes a Hit from Policy Changes

As the sell-off in US Treasuries took a temporary pause, the US stock market made several attempts to rebound overnight and this morning, but ultimately closed nearly flat after a late-session dive.

By the close, the S&P 500 fell 0.04% to 5,842.01 points, marking its third consecutive session of losses; the Nasdaq Composite Index rose 0.28% to 18,925.73 points; and the Dow Jones Industrial Average dipped slightly by 1.35 points to 41,859.09 points.

As background, although Trump's "Big Beautiful Bill" was narrowly approved by the House of Representatives with just one vote, the market generally believes that the Senate is unlikely to easily accept the bill. From now until the self-imposed July 4 deadline set by the White House, wrangling over the bill will continue.

Therefore, although the US Treasury storm has temporarily abated for a day, the core issues remain unresolved.

Louis Navellier, Chief Investment Officer of Navellier & Associates, stated that,"although the pressure in the Treasury market has eased somewhat, the stock market may need a 'substantial decline' in bond yields to get the 'green light' to return to recent highs."

Jamie Dimon, the "Wall Street King" visiting China and CEO of JPMorgan Chase, also took time to tell US media thatthe US must "address the deficit issue."He also said he was not concerned about short-term fluctuations in the US dollar, buthe could understand why people might want to reduce their holdings of US dollar assets.

Dimon also mentioned trade issues, stating, "I don't think the US government wants to decouple from China. I hope the two countries can engage in a second, third, or fourth round of negotiations to ultimately reach a good outcome."

Federal Reserve Governor Christopher Waller also said on Thursday thatif the Trump administration can reduce tariffs to near 10% and finalize and implement all matters by July, the Federal Reserve could gradually implement interest rate cuts in the second half of the year.If Trump goes in the opposite direction and restores higher tariff levels, it will severely limit the Federal Reserve's room for maneuver in short-term interest rate policy.

Performance of Popular Stocks

US tech giants showed mixed performance on Thursday. Apple fell 0.36%, Microsoft rose 0.51%, Amazon rose 0.98%, NVIDIA rose 0.78%, Alphabet (Google-A) rose 1.37%, Tesla rose 1.92%, Meta rose 0.17%, and Advanced Micro Devices fell 1.2%.

The Nasdaq Golden Dragon China Index fell 1.18% on Thursday. By the close, Alibaba fell 1.71%, JD.com rose 0.12%, Baidu fell 1.65%, Pinduoduo rose 3.1%, Bilibili rose 0.71%, NIO fell 1.52%, NetEase fell 1.25%, Futu Holdings rose 2.06%, Li Auto fell 1.55%, XPeng Motors fell 7.87%, EHang Holdings rose 1.58%, Xiaomi Corporation fell 0.90%, and Weibo rose 7.18%.

Company News

[Fannie Mae, Freddie Mac Shares Surge After Trump Mentioned Privatization Plan]

Shares of Fannie Mae and Freddie Mac, two institutions under government control for nearly two decades, surged on the Pink Sheets market after US President Trump mentioned on social media after market close on Wednesday that he was considering privatizing the two entities. Fannie Mae shares rose by 50.60%, while Freddie Mac shares rose by 41.98%.

[PV Sector Plunges Due to "Big Beautiful Bill"]

Due to the significant reduction in green energy subsidies under the "Big Beautiful Bill" passed by the US House of Representatives, Sunrun, the largest residential solar company in the US, fell by 37.05% on Thursday. Equipment suppliers SolarEdge Technologies fell by 24.67%, and Enphase Energy fell by 19.63%. Additionally, Maxeon Solar Technologies fell by 9.42%, and NextEra Energy fell by 6.43%.

[Latest Scoop: Apple to Launch Smart Glasses Next Year]

Renowned tech journalist Mark Gurman revealed on Thursday that Apple plans to release smart glasses by the end of next year, while shelving its R&D plans for a smartwatch with a built-in camera capable of analyzing the surrounding environment. He stated that Apple's smart glasses will compete with the joint product of Meta and Ray-Ban, with plans to mass-produce prototypes by the end of this year. Apple's glasses will be equipped with cameras, microphones, and speakers, but the company is still "several years away" from launching AR glasses with built-in displays.

[UAE Collaborates with AI Giants like NVIDIA to Build "Stargate"]

G42, the state-owned AI company of the UAE, announced on Thursday that it will jointly develop the "Stargate UAE" project with OpenAI, NVIDIA, Cisco, and SoftBank, with a project scale of 1 gigawatt. The first 200-megawatt AI cluster is expected to become operational in 2026. According to estimates, this is equivalent to 100,000 of the most advanced NVIDIA computing chips.

[BYD's EV Sales in Europe Surpass Tesla for the First Time]

According to data from market research firm Jato Dynamics, BYD registered 7,231 new EV sales in Europe in April, representing a 169% increase compared to the same period last year. Tesla's registered sales plummeted by 49% to 7,165 units, marking the first time that BYD's EV sales in Europe have surpassed those of Tesla.