The U.S. temporarily suspends some tariffs, gold, copper, and oil rebound significantly, the Nasdaq rises over 12%, Chinese concept stocks and the renminbi surge, and the yield on the 10-year U.S. Treasury bond spikes and then retreats

After Trump announced the suspension of some tariffs, investor panic reversed completely within just a few hours, with U.S. stocks surging during the session, led by tech giants like Tesla, Nvidia, and Apple. Commodities like crude oil rebounded sharply, halting their decline. Emerging market currencies such as the Mexican peso strengthened, while safe-haven currencies like the yen and Swiss franc fell. The yield on the 10-year U.S. Treasury rose sharply before retreating, giving back most of its intraday gains.

The three major U.S. stock indices closed up nearly 8%, with the S&P 500 posting its largest gain since 2008 and the third-largest daily gain since World War II. The Dow Jones Industrial Average soared nearly 3,000 points, while the Nasdaq rose over 10%, narrowing the gap to just 2% from before Trump's tariff announcement. U.S. stock trading volume hit a record high, surpassing 30 billion shares for the first time in a single day. The "seven tech sisters" performed particularly well, with the market capitalization of the seven companies increasing an astonishing $1.85 trillion in one day, breaking previous records.

With the stock market's frenzy, the bond market also experienced significant volatility. The yield on the 10-year U.S. Treasury rose over 20 basis points during the session but gradually gave back most of its gains after Trump's speech. During the lunch break, the Federal Reserve released the minutes of its meeting, mentioning that most officials were concerned that the impact of tariffs on inflation would be more persistent than expected. After the minutes were released, the yield on the 2-year U.S. Treasury hit a daily high, with intraday gains expanding to 30 basis points.

Safe-haven assets were sold off, with the VIX index recording its largest single-day drop in history, closing down 35.75% at 32.29. At the end of trading in New York, the dollar rose 1.03% against the yen and 1.15% against the Swiss franc, indicating a significant decline in investor demand for safe havens.

Commodities rebounded sharply, with international crude oil recovering from recent lows. WTI crude oil futures and Brent crude oil futures, which had fallen at least 7% during the session, turned strong and surged over 10% from their intraday lows. Gold, silver, and copper rose significantly, with New York gold futures climbing over 4% at one point. Cryptocurrencies also joined the celebration, with Bitcoin surpassing the $80,000 mark.

The Nasdaq index closed up 1,857.06 points, a gain of 12.16%, marking the largest single-day increase since 2001 and the second-largest in history. The S&P 500 index also surged, rising 9.52% in one day, while the Dow Jones Industrial Average soared nearly 3,000 points, with a gain of 7.87%. Xiaomi led the popular Chinese concept stocks, rising nearly 14%, while JD and Alibaba rose 5.9%.

U.S. Stock Market Indices:

• The S&P 500 index closed up 474.13 points, an increase of 9.52%, at 5456.90 points; the Dow Jones index rose 2962.86 points, an increase of 7.87%, at 40608.45 points.

• The Nasdaq index closed up 1857.06 points, an increase of 12.16%, marking the largest single-day increase since 2001 and the second-largest single-day increase in history, at 17124.97 points.

• The Nasdaq 100 index closed up 2054.66 points, an increase of 12.02%. The Nasdaq technology market capitalization-weighted index closed up 14.46%, at 1563.1105 points.

• The Russell 2000 index closed up 8.66%, at 1913.16 points.

• The VIX (Volatility Index) closed down 35.75%, marking the largest single-day decrease in history, at 33.62.

U.S. Sector ETFs Broadly Rise:

• Chips led the rise among U.S. sector ETFs, with an increase of 18.57%. AI robotics rose 12.16%, consumer discretionary ETFs rose 10.89%, and banks and S&P industrials rose nearly 9%.

"Tech Seven Sisters":

• The index of the seven tech giants in the U.S. (Magnificent 7) rose 14.00%, at 144.38 points.

• Tesla rose 22.64%, Nvidia rose 18.72%, Apple rose 15.33%, Meta Platforms rose 14.76%, Amazon rose 11.98%, Microsoft rose 10.13%, and Google A rose 9.63%.

Chip Stocks:

• The Philadelphia Semiconductor Index closed up 18.73%, marking the largest single-day increase in history, at 4230.45 points.

• AMD rose 23.82%, and TSMC ADR rose 12.29%.

AI Concept Stocks:

• Applovin closed up significantly, reaching 16.87%. Tempus AI soared 17.62%.

Chinese Concept Stocks:

• The Nasdaq Golden Dragon China Index closed up 4.53%, at 6478.86 points.

• Popular Chinese concept stocks: Xiaomi ADR rose 14.6%, Fangdd rose 9.7%, Bilibili and Li Auto rose 6.5%, JD.com and Alibaba rose 5.9%, Baidu rose 4.9%, Tencent ADR rose 3.8%.

Other key stocks:

• Berkshire Hathaway Class B shares under Buffett rose 5.84%

• The "Trump Tariff Losers" index rose 12.57%, closing at 82.99 points. Component stocks Wayfair rose 22.87%, SharkNinja rose 19.97%, Gap rose 16.11%, Nike and Coach rose about 10%.

European stock markets remain in a "haze," with the Danish stock index down 6.3%, and the German, French, and Dutch stock indices down at least 3%.

Pan-European stocks:

• The European STOXX 600 index closed down 3.5%, at 469.89 points.

• The Eurozone STOXX 50 index closed down 3.17%, at 4622.14 points.

National stock indices:

• The German, French, British, and Italian stock indices closed down around 3%.

• The Danish stock index closed down 6.30%, with the Copenhagen 25 index down 5.64%.

Sectors and stocks:

• The FTSE MIB index in Italy closed down 1.46%.

• MSCI Nordic Countries Index fell 4.6%, closing at 301.53 points, marking at least a one-year closing low.

• Nordic healthcare stocks saw significant declines, with all sectors down and all 81 component stocks down. Transportation and logistics service provider DSV A/S fell 8.6%, performing the worst among the components.

U.S. Treasuries are still in a selling wave, with the 10-year benchmark Treasury yield rising 3.86 basis points to 4.3315%. The Federal Reserve's meeting minutes indicated uncertainty regarding tariffs, and expectations for interest rate cuts being delayed pushed the U.S. 2-year Treasury yield up significantly by 18.22 basis points to 3.9077%. Risk aversion sentiment dominated European bond prices, leading to a decline in the German 10-year Treasury yield by 4.0 basis points.

U.S. Treasuries:

• At the New York close, the U.S. 10-year benchmark Treasury yield rose 3.86 basis points, at 4.3315%, remaining mostly in an upward trend throughout the day.

• The 2-year U.S. Treasury yield rose 18.22 basis points, at 3.9077%

European bonds:

• In the European market's late trading, the yield on Germany's 10-year government bonds fell by 4.0 basis points to 2.591%, trading within a range of 2.690%-2.558% during the day, showing a downward trend throughout the day.

• The yield on 2-year German bonds dropped by 10.9 basis points to 1.725%, nearing its lowest level since late 2022; the yield on 30-year German bonds fell by 5.7 basis points to 2.965%.

• The yield on Italy's 10-year government bonds rose by 2.5 basis points to 3.882%; Greece's 10-year government bond yield increased by 2.4 basis points to 3.567%.

The US dollar index rebounded but failed to maintain gains after Trump announced tariff news, briefly turning positive. The Japanese yen and Swiss franc both rose over 1% during the day but turned negative after Trump's speech, indicating a sharp decline in investors' demand for safe-haven assets. Bitcoin surged significantly, returning above $82,000, briefly approaching the $83,000 mark, rising over $8,000 from the day's low in the Asian market.

US Dollar:

• In late New York trading, the dollar index fell by 0.10% to 102.859 points, briefly rising after the Federal Reserve released the meeting minutes.

• The Bloomberg dollar index dropped by 0.47% to 1263.44 points, trading within a range of 1269.18-1259.36 points during the day.

Non-USD Currencies:

• In late New York trading, the euro against the dollar fell by 0.07% to 1.0950.

• The British pound against the dollar rose by 0.41% to 1.2820; the dollar against the Swiss franc rose by 1.15% to 0.8576.

• Commodity currencies saw the Australian dollar against the dollar rise by 3.23% to 0.6153; the New Zealand dollar against the dollar rose by 1.96%; the dollar against the Canadian dollar fell by 1.26%.

Japanese Yen:

• In late New York trading, the dollar against the yen rose by 1.03% to 147.78 yen, trading within a range of 144.00-148.27 yen during the day.

• The euro against the yen rose by 0.96% to 161.83 yen; the British pound against the yen rose by 1.52% to 189.557 yen.

Offshore Renminbi:

• In late New York trading, the offshore renminbi (CNH) against the dollar was reported at 7.3460 yuan, rising 797 points from Tuesday's New York close, trading overall within a range of 7.4273-7.3433 yuan during the day.

Cryptocurrency:

• In late New York trading, the CME Bitcoin futures BTC main contract rose by 7.53% from Tuesday's New York close to $82,600.

• CME Ether futures DCR main contract rose 12.49%, reported at $1,648.50.

International crude oil rebounded strongly during the session. European stocks hit a daily low during the session, with WTI and Brent crude oil down nearly 7.5% and about 7% respectively. U.S. stocks quickly turned positive after Trump's speech at midday, with all major indices rising over 5% at their daily highs and closing up over 4%. U.S. natural gas futures rose over 10%.

Crude Oil:

• At the end of trading in New York, WTI crude oil futures rose 5.25%, reported at $62.71 per barrel.

• Brent crude oil futures rose 4.73%, reported at $65.79.

Natural Gas:

• NYMEX natural gas futures rose 7.82%, reported at $3.736 per million British thermal units.

Gold, silver, and copper surged after Trump announced tariff news, with New York futures gold briefly rising above $3,100 and gaining over 4% during the session. U.S. stocks hit daily highs at the end of trading, with New York silver rising over 4.6% and New York copper rising nearly 7.7%.

Gold:

• At the end of trading in New York, spot gold rose 3.27%, reported at $3,080.00 per ounce, fluctuating upward throughout the day, peaking at $3,099.60.

• COMEX gold futures rose 3.69%, reported at $3,100.70 per ounce.

Silver Surge:

• At the end of trading in New York, spot silver rose 4%, reported at $30.9982 per ounce.

• COMEX silver futures rose 4.09%, reported at $30.905 per ounce.

Other Metals:

• At the end of trading in New York, COMEX copper futures rose 7.46%, reported at $4.4530 per pound.

• LME copper futures closed down $42, reported at $8,613 per ton. LME aluminum futures closed down $33, reported at $2,316 per ton. LME zinc futures closed down $5, reported at $2,558 per ton.

• LME tin futures closed down $2,779, reported at $29,824 per ton