Tech stocks drag turbulent US markets lower Thursday after strong gains on Wednesday

U.S. stocks ended sharply lower on Thursday, with all of the so-called "Magnificent Seven" tech stocks seeing steep losses, just a day after turbulent U.S. markets notched substantial gains on Wednesday.

The Dow Jones Industrial Average fell by 2.50 percent, following a 7.87 percent gain on Wednesday, the Standard and Poor's 500 sank 3.46 percent, after jumping 9.52 percent the previous day, while the tech-heavy Nasdaq Composite Index shed 4.31 percent, after a 12.16 percent Wednesday hike.

The extreme volatility in the U.S. financial markets comes following a week of fast-changing and unpredictable tariff decisions from President Donald Trump's administration which have prompted widespread concerns for investors, businesses and governments across the globe.

Ten of the 11 primary Standard and Poor's 500 sectors ended Thursday in red, with energy and technology leading the laggards, dropping 6.40 percent and 4.55 percent respectively. Stocks in the consumer staples sector bucked the trend by rising 0.19 percent.

Major tech companies were under pressure again, with the "Magnificent Seven" stocks of Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia and Tesla all closing sharply down.

Tech stocks drag turbulent US markets lower Thursday after strong gains on Wednesday

Tech stocks drag turbulent US markets lower Thursday after strong gains on Wednesday

Tech stocks drag turbulent US markets lower Thursday after strong gains on Wednesday

Tech stocks drag turbulent US markets lower Thursday after strong gains on Wednesday

China's movie industry is increasingly deriving its earnings from broader consumer economy.

Released during the 2025 summer season, the film "Nobody" became China's highest-grossing two-dimensional animated film -- and its success went beyond theaters.

Through licensing and brand partnerships, the movie has generated 2.5 billion yuan (about 358.3 million U.S. dollars) in retail sales to consumers, with more than 800 licensed products on the market.

Ranging from plush toys to food and home goods, the movie-related merchandise can be purchased from over 3,000 online and offline outlets.

Meanwhile, souvenir stores are crowded at Shanghai Disneyland's Zootopia themed land, with hats, plush toys, and collectibles seeing steady demand from visitors.

"China's film industry is no longer defined by box office revenue alone. It has become a new growth engine that links and energizes multiple cultural sectors. At the heart of every successful film is strong storytelling. High-quality productions create cultural value, which in turn enhances the commercial value of intellectual property and opens up new consumption opportunities. I believe China's film industry delivered an outstanding performance in the past year," said Chen Xiaoda, vice dean of Shanghai Vancouver Film School.

Film IP fuels expansion of consumer market