Nasdaq surges over 300 points in late night trading, semiconductor stocks explode, SanDisk rises 11%, Kingsoft Cloud surges nearly 19%, gold and silver rally

On Monday, March 9, the three major U.S. stock indexes all closed higher. The Dow Jones rose 0.5%; the S&P 500 increased 0.83%, after initially dropping more than 1.5%; the Nasdaq gained 1.38%, essentially recovering all losses since the Iran conflict. According to CCTV News, Trump stated that the U.S. conflict with Iran has basically ended.

Large tech stocks all rose, with the U.S. Big Seven Tech Index up 1.32%. Nvidia and Google A both increased by over 2%.

The semiconductor industry chain rose across the board, with the Philadelphia Semiconductor Index up nearly 4%. Storage chip stocks performed especially well, with SanDisk up over 11%, TSMC up over 8%, Western Digital up over 6%, Micron Technology, Powerchip Semiconductor, ASML, and AMD each up over 5%, Intel and Broadcom up over 4%, and TSMC up nearly 3%.

Chinese concept stocks generally rose, with the NASDAQ Golden Dragon China Index up 1.76%. Among popular Chinese stocks, Kingsoft Cloud surged over 19%, Brain Rebirth increased over 10%, Bilibili and Xpeng Motors both rose over 6%. On the downside, iQIYI fell nearly 7%.

In commodities, on March 10, gold and silver opened lower but recovered by 7:01 Beijing time. Spot gold rose 0.35% to $5,151.75 per ounce, and spot silver increased 0.55% to $87.454 per ounce.

WTI crude oil opened sharply down 10% to $85.52 per barrel. As of 6:56 Beijing time, WTI crude oil fell 6.62% to $88.5 per barrel.

In cryptocurrencies, several well-known assets surged, with Bitcoin up over 4% and Ethereum up over 3% in the past 24 hours. Over 80,000 traders were liquidated globally, with total liquidation amounting to $350 million.

According to Xinhua News Agency, U.S. President Trump stated at a press conference on the 9th that due to market turmoil caused by the U.S. and Israel’s attacks on Iran, he will lift some oil-related sanctions to stabilize oil prices.

CCTV News reported that Iran’s Supreme National Security Council Secretary Ali Shamkhani said on the 9th that as long as the U.S. and Israel continue military strikes on Iran, the security of the Strait of Hormuz cannot be restored. French President Macron earlier that day said France and its allies are preparing to carry out a “defensive” naval operation aimed at restoring normal navigation in the Strait of Hormuz. The G7 finance ministers issued a statement on March 9, saying that all parties are ready to take necessary measures, including releasing reserves, to support global energy supply.