US markets experienced a sharp reversal on Monday, with the Nasdaq turning negative after initially rising more than 1%. As of 10:44 AM Beijing Time, the Dow Jones was up 0.33%, the Nasdaq was down 0.32%, and the S&P 500 was down 0.11%.

The semiconductor sector led the decline, with many stocks moving into negative territory. Precious metals also saw significant selling pressure, with spot gold falling below the $4,300 per ounce level. International oil prices continued to trend lower.

Key Movers in the Semiconductor Sector

As of 10:46 AM, Marvell Technology, Inc. (NASDAQ: MRVL) was down more than 8%. QUALCOMM Incorporated (NASDAQ: QCOM) fell over 7%, and Arm Holdings plc (NASDAQ: ARM) dropped more than 6%. Advanced Micro Devices, Inc. (NASDAQ: AMD) declined 3%, while Intel Corporation (NASDAQ: INTC), Micron Technology, Inc. (NASDAQ: MU), and Broadcom Inc. (NASDAQ: AVGO) all fell more than 2%. Industry leader NVIDIA Corporation (NASDAQ: NVDA) was down over 1%.

Performance of Major Chinese ADRs

Popular US-listed Chinese stocks showed a mixed performance. As of 10:56 AM, 21Vianet Group, Inc. (NASDAQ: VNET) gained over 6%, Xunlei Limited (NASDAQ: XNET) rose more than 5%, and Kingsoft Cloud Holdings Limited (NASDAQ: KC) was up over 3%. JD.com, Inc. (NASDAQ: JD) advanced more than 1%. On the downside, Hesai Group (NASDAQ: HSAI) fell nearly 4%, while Pony.ai, WeRide, and Li Auto Inc. (NASDAQ: LI) all dropped more than 2%.

Commodity Market Update

In the commodities space, international oil prices extended their losses. As of 10:32 AM, WTI crude futures saw their decline widen to 4%, trading at $87.57 per barrel. Brent crude futures were down 3.50% at $90.95 per barrel.

In the precious metals market, spot gold reversed sharply after hitting an intraday high, breaking below the $4,300 per ounce level. As of 10:52 AM, spot gold was down 0.83% at $4,293.775 per ounce, while spot silver tumbled 3.43% to $65.788 per ounce.