CXMT Soars 471% | A-Shares Rally | Oil Prices Plunge | Nvidia Drops 5% Below IPO Level

Market Overview

Global markets were driven by three major themes on Monday.

First, Chinese equities rallied broadly as ChangXin Memory Technologies (CXMT) surged 471% on its debut on the STAR Market. The company's market capitalization climbed to RMB 3.31 trillion, surpassing Industrial and Commercial Bank of China (ICBC) to become the largest listed company in China's A-share market. The Shanghai Composite Index gained 1.15% to 3,858.25, the Shenzhen Component Index advanced 2.72%, and the ChiNext Index rose 3.16%.

Second, crude oil prices posted a sharp decline. WTI September crude fell 7.50% to $82.61 per barrel, while Brent crude dropped 8.70% to $88.36 per barrel, after President Trump paused military strikes against Iran, easing geopolitical tensions across the Middle East.

Third, U.S. equities delivered mixed performance. The Dow Jones Industrial Average gained 0.51% to 52,210.08, extending its record highs. The S&P 500 edged up 0.02%, while the Nasdaq Composite slipped 0.18%.

Semiconductor stocks came under pressure globally. Nvidia fell 5%, while SK Hynix plunged as much as 10% intraday, dropping below its IPO price. SanDisk also declined 11%.

Meanwhile, precious metals remained resilient, with spot gold rising 0.60% to $4,076.96 per ounce. In China, industrial profits at major enterprises increased 15.1% YoY in June, while profits in the electronics sector surged 96.9% during the first half of the year.

Market OutlookCXMT's Debut Could Reshape Memory Chip Valuations

CXMT's spectacular 471% first-day gain has reignited investor enthusiasm for China's domestic memory semiconductor industry. The key question now is whether this momentum can translate into sustained valuation expansion across the entire memory supply chain.

With overseas memory leaders such as SK Hynix and Micron retreating, investors will be watching closely to see whether China's semiconductor sector can decouple from global peers and maintain today's strong trading momentum.

Oil's Next Move After Middle East De-escalation

President Trump's decision to suspend military action against Iran triggered a more than 7% one-day collapse in crude oil prices, erasing much of last week's geopolitical risk premium.

However, easing tensions should not be mistaken for a complete resolution. Saudi energy facilities remain vulnerable to attacks, while negotiations continue to focus on restoring safe navigation through the Strait of Hormuz. Any setbacks in diplomatic talks or disruptions to global oil supply could quickly reignite volatility in energy markets.

Key Events to Watch

• U.S. July Conference Board Consumer Confidence Index

• U.S. May S&P CoreLogic 20-City Home Price Index

• U.S. June Goods Trade Balance

• Earnings releases from Coca-Cola, Boeing, Corning, Seagate, and KLA

• CXMT's second trading day and whether China's semiconductor memory sector can sustain its recent momentum

• Developments in the Middle East following the U.S.-Iran ceasefire and their impact on crude oil prices

• Global memory chip pricing, particularly whether AI-driven memory demand can offset continued weakness among overseas semiconductor manufacturers