U.S. Stocks End Mixed as China Nears Key 3,800 Level; Oil Eases After U.S.-Iran De-escalation

Market Overview

U.S. equities finished last Friday on a mixed note. The Dow Jones Industrial Average rose 0.46% to 51,947.25, while the S&P 500 edged up 0.05% to 7,411.98. The Nasdaq Composite fell 0.64% to 24,975.82. Despite Friday's mixed performance, all three major indexes ended the week in negative territory, with the Nasdaq leading losses, down 2.13% for the week, reflecting a broader shift toward defensive positioning.

Chinese equities pulled back sharply. The Shanghai Composite declined 1.61% to 3,814.20, hovering just above the psychologically important 3,800 level. The Shenzhen Component Index fell 2.47%, while the ChiNext Index dropped 2.65%. Hong Kong equities also closed lower in tandem.

Crude oil retreated on Friday but still posted nearly 10% weekly gains. Brent crude fell 3.88% to $96.78 per barrel. Over the weekend, the United States and Iran temporarily halted direct military strikes, easing immediate geopolitical tensions. However, Yemen's Houthi forces launched two separate attacks on Saudi ports along the Red Sea, leaving supply disruption risks firmly on investors' radar.

Precious metals extended their advance, with COMEX Gold rising 0.52% to $4,067.60 per ounce, while COMEX Silver gained 1.48%. Bitcoin briefly slipped below the $64,000 level during intraday trading.

On the macro front, the preliminary U.S. July Composite PMI climbed to 53.6, marking an eight-month high and signaling continued economic resilience. Meanwhile, the Eurozone Composite PMI returned to expansion territory.

In corporate news, Chinese online travel giant Trip.com Group was fined RMB 5.179 billion for abusing its dominant market position.

Market OutlookWill China's Shanghai Composite Hold Above 3,800？

After falling 1.61% on Friday, the Shanghai Composite is approaching the critical 3,800 threshold. The recent bullish momentum has cooled, and today's opening session will be closely watched. Trading volume and price action around this key psychological level could determine whether the latest pullback represents routine profit-taking or the beginning of a broader trend reversal. Investors should pay particular attention to the performance of the ChiNext Index and high-growth thematic sectors.

Semiconductor Memory Pricing Signals in Focus

ChangXin Technology is scheduled to debut today on Shanghai's STAR Market. At the same time, Samsung Electronics and SK Hynix are reportedly preparing to sign major semiconductor supply agreements with U.S. technology companies, reinforcing expectations of continued strength across the memory chip industry.

The pricing performance of ChangXin Technology's IPO, together with developments in AI-related memory partnerships, may provide early clues about capital flows into the semiconductor sector.

Key Events to Watch

• ChangXin Technology debuts on the Shanghai STAR Market

• China's June Industrial Profits data for major industrial enterprises

• China's Ministry of Industry and Information Technology (MIIT) holds a two-day discussion on solid-state lithium battery industry standards

• Multiple U.S. mega-cap technology companies release quarterly earnings this week

• Market reaction to Middle East developments and oil prices following the weekend's U.S.-Iran de-escalation