US Stock Market Move | Popular Chinese concept stocks collectively decline, UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) drops more than 4%.

On Friday, the Nasdaq Golden Dragon Index in China opened down more than 2%, continuing the downtrend from the previous trading day. Popular Chinese concept stocks collectively fell, with CSI Solar Co., Ltd. CECEP Solar Energy (CSIQ.US) falling more than 7%, UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) falling more than 4%, XPeng, Inc. ADR Sponsored Class A (XPEV.US), Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) falling more than 3%, Alibaba Group Holding Limited Sponsored ADR (BABA.US), Li Auto, Inc. Sponsored ADR Class A (LI.US) falling more than 2%. Analysis points out that tonight's selling pressure on Chinese concept stocks has intensified, mainly due to three resonating factors: firstly, U.S. May non-farm payroll data far exceeded expectations - with an increase of 172,000 jobs, double the market's estimate of 88,000 jobs, and unemployment rate steady at 4.3%. After the data was released, traders significantly raised the probability of a Fed rate hike in December from 48% to 63%, and the expected timing of the rate hike was brought forward from March next year to January. The sudden increase in rate hike expectations has systematically suppressed high valuation growth stocks, with Chinese concept technology stocks at the forefront. Secondly, a broad decline in chip stocks dragged down market sentiment. The Philadelphia Semiconductor Index fell more than 5% during the session, with significant declines in ARM, Intel Corporation, and Broadcom Inc., which had already plummeted over 12% the previous day. The pessimistic atmosphere in the technology sector spread to Chinese concept stocks. Thirdly, the Golden Dragon Index had been declining for several days prior to the previous day's close. The rebound momentum of Chinese concept stocks in early June had faded, coupled with the simultaneous decline of the Hang Seng TECH Index in Hong Kong, intensifying downward pressure both domestically and internationally.