On Friday, the US stock market experienced a significant correction, especially with the Nasdaq index falling 4.77% in a single day, marking the largest single-day decline since April 2025. Technology stocks and chip stocks faced concentrated selling, becoming the main factors dragging down the market.
In the short term, this decline is related to the latest US employment data. The data shows that in May, the US added 172k non-farm jobs, far exceeding the market expectation of 85k, indicating that the US economy still has strong resilience. Strong employment data itself is not a bad thing, but for the capital markets, it means the urgency for the Federal Reserve to cut interest rates may further decrease, and market expectations for future interest rate paths may also adjust.
For technology growth stocks that have already risen for several consecutive months, a high-interest-rate environment is obviously not the most favorable factor. Of course, besides the impact of data, the recent rise in US stocks has also been quite substantial. Especially in AI, semiconductors, and large tech sectors, a large amount of profit-taking has accumulated over the past few months, so a phased correction is not surprising.
It is worth noting that the Nasdaq-related QDII ETFs have recently been adjusting for several days, and the previously high premium rates have also noticeably fallen back.
Taking a few popular products as examples: GF Nasdaq ETF currently has a premium rate of about 5.67%;
Guotai Nasdaq ETF currently has a premium rate of about 6.49%. Compared to the previous premium levels of over 10% or even higher, the current prices have clearly returned to rationality. Recently, many investors have been discussing whether Nasdaq ETFs and US tech stocks are overheated, and with this correction, market sentiment has also begun to cool down gradually.
From an investment perspective, although it cannot be simply considered that “a drop is an opportunity,” at least compared to previous highs, the safety margin has indeed improved.
As for next week, short-term volatility is likely to continue. On one hand, the market is still reassessing interest rate expectations and tech stock valuations; on the other hand, the highly anticipated SpaceX IPO on June 12 is about to officially debut, with the market expecting a fundraising scale reaching hundreds of billions of dollars. Such a heavyweight new stock listing may objectively attract some funds to reposition in advance, preparing for subscription or post-listing trading.
Of course, in the long run, the core factors influencing US stock trends are still corporate earnings and the development speed of the AI industry, not a single non-farm payroll report or an IPO. For long-term investors, rather than obsessing over short-term fluctuations, it’s better to focus more on observing corporate fundamentals and valuation changes. Markets tend to fall after rises and rise after falls. For investors optimistic about US tech innovation and long-term AI development, corrections are often more worth paying attention to than frenzy. $SPCX

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