#股票交易分享挑战

U.S. Stock Market Close: Nasdaq and Dow Jones Diverge, AI Hardware Sector Rallies Against the Trend

I. Overall Market Review

On Tuesday, August 12, U.S. Eastern Time, the three major U.S. stock indexes generally posted divergent gains, ending the broad-based decline seen in the previous session on August 11. The Dow Jones Industrial Average edged down 0.04% to close at 53770.27, essentially unchanged; the S&P 500 rose 0.26% to close at 7748.50; and the Nasdaq Composite performed the strongest, rising 0.54% to close at 26588.49.

The market was driven primarily by two factors: first, U.S. July CPI data released at 20:30 that evening showed a year-on-year increase of 3.4%, while core CPI rose 2.5% year-on-year. Both were lower than the previous readings, significantly cooling expectations of a September rate hike by the Federal Reserve and restoring risk appetite; second, continued strength across the AI infrastructure supply chain was confirmed, with memory chips, optical communications, and other subsectors rallying broadly to become the day’s biggest structural highlights. However, uncertainty remains in the Middle East. Progress in negotiations between Iran and Oman over navigation through the Strait of Hormuz was limited, while Tehran insisted on refusing direct talks with the United States until multiple conditions were met, placing some pressure on market sentiment.

Notably, on August 11, the previous session, all three major indexes closed lower, with the Dow Jones down 0.34% at 53791.85, the S&P 500 down 0.32% at 7728.20, and the Nasdaq down 0.60% at 26445.45. Large-cap technology stocks generally weakened, with Google falling more than 3% and Amazon declining more than 2%. The rebound on August 12 can be viewed as a technical recovery from the previous day’s oversold conditions, compounded by the positive CPI catalyst.

II. Technical Indicators and Sector Characteristics

Technically, after the Nasdaq broke below short-term moving-average support on August 11, it quickly recovered the lost ground on August 12 and moved back above the 26500 level. The short-term moving-average system is likely to flatten out and turn bullish again. The S&P 500 rebounded after receiving effective support near 7700, while its intraday range remained relatively narrow, indicating limited selling pressure. The Dow Jones repeatedly fluctuated around 53700, with the round-number level of 54000 still acting as strong short-term resistance.

In terms of volatility, the overall VIX level remained low on August 12. The market did not experience sharp fluctuations following the CPI data, indicating that inflation data had already been largely anticipated and priced in. The 10-year U.S. Treasury yield fell somewhat after the CPI release, supporting growth-stock valuations.

At the sector level, the most prominent feature of the day was the broad-based breakout across the AI hardware supply chain. The Philadelphia Semiconductor Index surged more than 3% in a single day, marking its biggest one-day gain in nearly half a month. Among its components, the specialty telecommunications sector soared 9.46%, while the media group sector jumped 7.81%, leading the entire market. The memory-chip sector continued to show strength, with SK hynix, SanDisk, and Micron Technology all rising sharply. The optical communications sector also performed impressively, with Lumentum surging more than 13%, Coherent rising more than 7%, and Marvell Technology gaining more than 5%. After undergoing a rapid correction in July, positioning congestion in the communications sector has been substantially reduced, and the sector has shown a clear recovery trend since August.

By contrast, traditional large-cap blue chips performed lacklusterly, while some heavyweight technology stocks remained under pressure.

III. Performance of Hot Stocks

Among the biggest gainers, AI infrastructure leader CoreWeave was the day’s biggest highlight. The company reported second-quarter revenue of $2.58 billion, up 112% year-on-year and exceeding market expectations of $2.56 billion. It also raised its full-year revenue guidance to $12.4 billion–$13.2 billion. Its stock price soared more than 17% after hours. Super Micro Computer reported adjusted earnings per share of $1.70 for the fourth fiscal quarter, above market expectations of $1.59, and issued strong first-quarter revenue guidance of $14.5 billion–$15.5 billion, far exceeding analysts’ estimate of $12 billion. Its stock rose more than 10% after hours and continued climbing nearly 9% in premarket trading. In the memory sector, SK hynix rose more than 8%, SanDisk gained more than 8%, Micron Technology advanced more than 6%, and ASML rose more than 3%. In optical communications, Lumentum gained more than 13% and Coherent rose more than 7%. Some financial stocks were also active, with KKR closing up 6.9% and APOLLO rising 6.3%.

On the downside, despite the broader market rebound, some heavyweight technology stocks remained in a corrective phase. Both Google-A and Google-C fell more than 3%, Amazon declined more than 2%, Apple dropped more than 1%, and Tesla edged lower. Popular Chinese concept stocks generally weakened, with Tencent Music falling more than 11%, JD.com and NIO dropping more than 4%, and Alibaba and Baidu declining more than 3%. In addition, AppLovin fell nearly 6%, Datadog dropped more than 5%, and Honeywell declined more than 5%, showing that internal market divergence remained significant.

IV. Key Support and Resistance Levels

For the Nasdaq Composite, short-term support is near 26200, corresponding to the August 11 low and the previous consolidation platform. If it falls further, the round-number level of 26000 should be watched. Resistance is near 26800, the upper boundary of the previous trading range; a breakout would target the psychological level of 27000.

For the S&P 500, 7700 is a strong short-term support level that has been repeatedly tested. A break below it could lead to a retest of 7650. Above, 7800 is a key resistance area near the historical high, and a short-term breakout may be difficult.

For the Dow Jones, 53500 is an important recent support level, while the round-number level of 54000 constitutes clear resistance and would require increased trading volume to break effectively.

For the Philadelphia Semiconductor Index, 4200 is a short-term support area, while 4400 is a resistance level near the previous high. Whether the sector can continue breaking higher will depend on further confirmation from AI capital expenditure data.

At the individual-stock level, CoreWeave faces short-term profit-taking pressure after its sharp after-hours rally. Following a series of corrections, Nvidia’s key support corresponds to the previous platform, while resistance lies near its historical high. Against the backdrop of a recovery in memory-sector strength, SK hynix’s upside will depend on the pace at which its HBM capacity expansion is implemented.

V. Outlook and Risk Warnings

Positive factors: July CPI came in below expectations, providing the Federal Reserve with more room to shift policy. Expectations of a September rate cut—or at least no rate hike—have strengthened, which is favorable for the recovery of growth-stock valuations. Capital expenditure in the AI industry remains strong. CoreWeave’s doubled revenue and Super Micro Computer’s significantly above-consensus guidance both confirmed the continued strength of demand for AI infrastructure. After undergoing a correction in July, positioning congestion in the semiconductor and optical communications sectors has been substantially reduced, and their recovery trend since August has been clear. They are still likely to become the market’s main themes going forward.

Risk factors: U.S.-Iran geopolitical tensions remain the biggest uncertainty. Repeated changes in negotiations over navigation through the Strait of Hormuz could push up oil prices and suppress market risk appetite. If subsequent data, such as the U.S. July PPI and retail sales, show unexpectedly strong growth, rate-hike expectations could be reignited. In addition, the market is currently trading at elevated levels, and some popular sectors have posted substantial short-term gains, creating a need for technical corrections. The continued weakness of Chinese concept stocks also reflects foreign investors’ cautious attitude toward Chinese assets and could affect the broader market through sentiment transmission.$SNDK $SKHYV