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Here is the translated content: US Stocks Close Lower, S&P and Dow Drop for Second Day, Nasdaq Ends Five-Day Rally, AI Stocks Buoyed, Nvidia Hits New Closing HighOn March 26, the last week of the month, the US stock market failed to open higher, with all three major indices closing lower. The Dow Jones Industrial Average fell 162

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US Stocks Close Lower, S&P and Dow Drop for Second Day, Nasdaq Ends Five-Day Rally, AI Stocks Buoyed, Nvidia Hits New Closing High

On March 26, the last week of the month, the US stock market failed to open higher, with all three major indices closing lower. The Dow Jones Industrial Average fell 162.26 points, or 0.41%, to close at 39,313.64; the S&P 500 Index fell 0.31% to close at 5,218.19, both indices continuing their two-day losing streak, further away from their all-time closing highs reached last Thursday. The Nasdaq Composite, which had rallied for five consecutive trading days, fell 0.27% to close at 16,384.47, losing ground after hitting a new record high for three consecutive days.

The tech-heavy Nasdaq 100 fell 0.34%, retreating after five days of gains and two days of record closing highs. The Nasdaq Technology Sector Weighted Index (NDXTMC), which measures the performance of technology stocks in the Nasdaq 100, fell 0.5%, ending its five-day streak of record closing highs. The Russell 2000, a small-cap index dominated by value stocks, rose 0.1%, outperforming the broader market and not falling further from its high since April 2022, which it reached last Thursday.

On Monday, only three of the S&P 500 sectors remained in the green: Energy rose 0.9% as oil prices rebounded; Utilities rose nearly 0.5%; and Materials gained slightly. Among the eight sectors that fell, Industrials, home to United Airlines, dropped nearly 0.7% to lead the decline, falling over 3%; IT, home to Microsoft and Apple, fell over 0.5%; Real Estate fell over 0.4%; Healthcare fell nearly 0.2%; and the rest of the sectors fell between 0.2% and 0.4%.

All seven tech giants traded lower in the early session, including Microsoft, Apple, Nvidia, Alphabet (Google's parent company), Amazon, Meta (Facebook's parent company), and Tesla. Tesla, which was downgraded from "Buy" to "Neutral" by Mizuho, initially turned positive and briefly rose nearly 2.6% before switching directions a few times in the morning session. Towards the end of the morning session, it rebounded and did not fall further, ending the day up about 1% after two days of declines.

Among the FAANMG six tech giants, Alphabet fell nearly 2% and Meta fell over 1.8% early after the European Union launched antitrust investigations into Apple, Google, and Meta. Apple also fell over 1.6%. At the close, Alphabet, which rebounded to its highest level since January 30 last Friday, fell nearly 0.5%; Meta, which hit a new high since March 7 for two consecutive days, fell 1.3%; Apple, which rebounded slightly last Friday, fell over 0.8%; Microsoft fell nearly 1.4%, continuing to retreat from its all-time closing high last Thursday; Netflix, which rebounded to its highest level since November 2021 last Friday, fell less than 0.1%; Amazon, which initially fell over 0.9%, turned positive in the morning session and ended the day up nearly 0.5%, hitting a new closing high since November 2021 for two consecutive days.

Chip stocks generally turned positive in the session. The Philadelphia Semiconductor Index and the semiconductor ETF SOXX initially fell nearly 1.5% and 1.7%, respectively, briefly turning positive in the morning and afternoon sessions before turning negative again in the late session, closing down about 0.3% and 0.3%, respectively, retreating after three days of gains, hitting a new closing high since March 12 for two days.

Among individual stocks, AMD initially fell nearly 4.3% and Intel fell about 4.7% after reports that China was restricting the use of US-made chips in some computers. Early in the session, AMD turned positive and rose over 1% before turning negative again in the afternoon, ending the day down nearly 0.6%; Intel closed down 1.7%. After being reiterated as a "Buy" by Bank of America and included in its second-quarter best stock picks list, Nvidia initially fell over 0.8% before quickly turning positive, rising over 2.6% in the morning session before giving up most of its gains and closing up nearly 0.8%, hitting a new closing high since last Friday.

Most AI stocks rose. Advanced Micro Devices (SMCI) rose 10.2% early after being initiated with an "Overweight" rating and a $1150 price target, over 18% higher than its closing price on Friday, by JPMorgan Chase. Adobe (ADBE) rose nearly 2% in the early session, closing up 1.5% after being reiterated as "Overweight" by Morgan Stanley, citing its optimistic outlook for generative AI capabilities. Astera Labs (ALAB), dubbed the "little Nvidia" and selling data center interconnect chips, rose 21.4%; BigBear.ai (BBAI) rose 8.5%; Palantir (PLTR) rose over 1%; while SoundHound.ai (SOUN) fell over 4%, Oracle (ORCL) fell over 1%, and C3.ai (AI) fell nearly 0.7%.

Most popular Chinese ADRs initially turned negative. The Nasdaq Golden Dragon China Index (HXC) rose nearly 1% in the early session before turning negative and closing down less than 0.1%, hitting a new low since March 8 for two consecutive days after three days of declines. The Chinese ADR ETFs KWEB and CQQQ closed down about 0.5% and 1%, respectively.

Among individual stocks, by the close, Pinduoduo, which initially turned negative, fell over 2%; NetEase fell nearly 2%; Alibaba, which initially turned negative, fell nearly 1%; Baidu rose over 3%; and JD.com rose over 1%. All three Chinese EV makers ended the day higher; XPeng Motors, which rose over 3% in the early session, ended up 0.6%; Nio, which rose over 4% in the early session, ended up 0.4%; and Li Auto, which rose over 2% in the early session, closed flat.

Bank stock indices were mixed. The KBW Bank Index (BKX), an overall banking industry benchmark that hit a new high since March 3, 2023, last Thursday, fell 0.2%,

continuing its two-day losing streak after a five-day rally; the KBW Nasdaq Regional Banking Index (KRX) rose 0.2%, and the regional bank ETF SPDR S&P Regional Banking ETF (KRE) rose over 0.1%, both rebounding after falling over 2% last Friday, hitting a new low since March 7.

Among the more volatile stocks, Lucid (LCID), an electric vehicle maker, rose nearly 21% early after announcing that Ayar Third Investment Company, a company linked to its major shareholder PIF, would invest $1 billion in the form of convertible preferred shares. The stock then gave back most of its gains and closed up 5.4%. Fisker (FSR), another EV maker, fell 28.2% after announcing it was terminating talks with a major auto manufacturer and would explore strategic options, including restructuring both in and out of court and capital market transactions. Digital World Acquisition (DWAC), which could go public on Tuesday under the ticker symbol DJT through a merger with former President Donald Trump's social media company Trump Media & Technology Group (TMTG), rose 40.1% in the afternoon session and closed up 35.2%. Reddit (RDDT), in its third day of trading after going public, closed up 30%. Foot Locker (FL), a sporting goods retailer, rose nearly 6.1% after being upgraded to "Outperform" by Evercore, which cited its optimistic outlook for profitability and reinvesting in growth. GameStop (GME) rose over 10% during the session ahead of its fourth-quarter earnings report on Tuesday. Boeing (BA) rose nearly 3.9% in the early session and closed up 1.4% after announcing a management shakeup in the face of the 737 Max safety crisis, with the chairman stepping down in May and the CEO set to leave at the end of the year.

European stocks closed slightly higher. The pan-European Stoxx 600 Index, which fell slightly last Friday, rose slightly, hitting a new closing high since last Thursday. Most major European indices continued to rise. The German, Italian, and Spanish indices rallied for five consecutive trading days, hitting new closing highs for five consecutive days. The French stock index, which fell back last Friday, fell slightly by 0.32 points, essentially closing flat, failing to approach its