Buying on dips resumes, chip stocks propel the Nasdaq to break 23,000 points for the first time, gold and silver rise together, and the yen falls for five consecutive days

The market saw a surge in buying on dips, driving a strong rebound in U.S. stocks on Wednesday, with the S&P 500 and Nasdaq recovering all losses from the previous day. Enthusiasm for AI once again overshadowed concerns about its bubble, with the Nasdaq closing above 23,000 points for the first time in history. Chip stocks led the rally, with NVIDIA nearing its historical high and AMD continuing its strong trend.

The yield on the two-year U.S. Treasury rose by more than 2 basis points, reaching a daily high after the release of the Federal Reserve's meeting minutes. Amid concerns over Japan's fiscal spending, the yen fell for five consecutive days. Bitcoin briefly rebounded to $124,000, erasing most of Tuesday's losses. Driven by both government shutdown and interest rate cut expectations, gold maintained its upward momentum after breaking through $4,000, while silver rose by as much as 3.7% during the day.

Here are the movements of core assets:

• Pre-market U.S. stocks, NVIDIA CEO Jensen Huang expressed optimistic remarks, stating that demand for the Blackwell series products is very high and confirmed investments in Elon Musk's xAI. Boosted by this, NVIDIA's stock price rebounded in pre-market trading after three consecutive days of decline.

• Early trading in U.S. stocks, the three major U.S. indices opened higher collectively, with NVIDIA leading tech stocks, driving the Philadelphia Semiconductor Index up more than 1%, and AMD rising over 6% at one point. Wall Street Journal mentioned that Dell Tech saw a significant upgrade in its earnings guidance, with investment banks collectively bullish, reaching an intraday increase of up to 10%.

• The U.S. Energy Information Administration (EIA) released data showing that U.S. crude oil inventories rose significantly more than expected last week. After the data was released, the international crude oil futures price initially narrowed its gains but then rebounded, expanding to over 1%.

• Midday U.S. stocks, Wall Street Journal reported that the U.S. government shutdown entered its second week, with the Senate again rejecting a temporary funding bill for the government. Gold continued its upward momentum, with spot gold nearing $4,060 at one point. Silver prices also rose in tandem, increasing over 3% during the day and reaching their highest level since 2011.

• During U.S. stock trading, the Federal Reserve released the September meeting minutes, which conveyed a cautious sentiment regarding inflation. The minutes indicated that most officials believe continued easing this year is appropriate but emphasized that the inflation outlook faces upward risks. Following the release of the minutes, the yield on the two-year U.S. Treasury rose, increasing by more than 2 basis points to reach a daily high.

(Daily movement of U.S. stock benchmark indices)

On Wednesday, U.S. stocks rebounded, with the Nasdaq Technology Index rising over 1.4% and the Philadelphia Semiconductor Index up 3.4%, both setting closing historical highs. Oracle, which "flash crashed" yesterday, rebounded by 1.54% today. Mining company Trilogy Metals, which received investment from the U.S. government, opened high but closed down 2.92%. **

U.S. Stock Market Benchmark Indices:

• The S&P 500 index rose by 39.13 points, an increase of 0.58%, closing at 6753.72 points, setting a new closing historical high after one trading day.

• The Dow Jones Industrial Average fell by 1.20 points, a decrease of 0.00%, closing at 46601.78 points.

• The Nasdaq index rose by 255.015 points, an increase of 1.12%, closing at 23043.378 points, setting a new closing historical high after one day. The Nasdaq 100 index rose by 296.396 points, an increase of 1.19%, closing at 25136.623 points, also setting a new closing historical high.

• The Russell 2000 index rose by 1.04%, closing at 2483.989 points.

• The VIX (Volatility Index) fell by 5.45%, closing at 16.30.

U.S. Sector ETFs:

• The semiconductor sector ETF rose by 2.68%, closing at $346.07, setting a new closing historical high; the technology sector ETF, global technology stock index ETF, and internet stock index ETF rose at least 1.53%, while the biotechnology index ETF rose by 1%.

(October 8, U.S. stock market sector ETFs)

Tech Giants:

• The Magnificent 7 index of U.S. tech stocks rose by 0.89%, closing at 202.28 points, setting a new closing historical high after one trading day.

• NVIDIA rose by 2.22%, Amazon and Tesla rose by up to 1.55%, Meta, Apple, and Microsoft rose by up to 0.67%, while Alphabet A fell by 0.46%.

Chip Stocks:

• The Philadelphia Semiconductor Index rose by 3.40%, closing at 6860.195 points, setting a new closing historical high after one day.

• AMD rose by 11.37%, closing at $235.56, setting a new closing historical high for two consecutive trading days, with a cumulative increase of 43% over the last three trading days, marking the best performance for the same period in the last nine years.

• TSMC ADR rose by 3.57%, closing at $304.52, setting a new closing historical high after one trading day.

Chinese Concept Stocks:

• The Nasdaq Golden Dragon China Index rose by 0.87%, closing at 8716.26 points.

• Among popular Chinese concept stocks, WeRide rose by 12.04%, Pony.ai rose by 8.61%, Nio rose by 4.67%, and New Oriental rose by 3.03%.

Other Individual Stocks:

• Eli Lilly rose by 0.25%, while Berkshire Hathaway Class B shares under Warren Buffett fell by 0.49%.

The German stock index rose by about 0.9%, setting a new closing historical high after two months. The European STOXX 600 index rose by about 0.8%, also setting a new closing historical high, with components Puma, MT, and Umicore leading the way.

Pan-European Stocks:

• The European STOXX 600 index closed up 0.79% at 573.79 points, breaking the previous closing record high of 570.45 points set on October 3.

• The Eurozone STOXX 50 index closed up 0.64% at 5649.73 points, approaching the previous closing record high of 5651.71 points set on October 3.

National Indices:

• The German DAX 30 index closed up 0.87% at 24597.13 points, surpassing the previous closing record high of 24549.56 points set on July 9.

• The French CAC 40 index closed up 1.07% at 8060.13 points.

• The UK FTSE 100 index closed up 0.69% at 9548.87 points, reaching a new closing record high after two days.

  (Performance of major US and European stock indices on October 8)

Individual Stocks:

• Among the blue-chip stocks in the Eurozone, Siemens Energy rose 3.34%, Adidas increased by 3.32%, and LVMH, Rheinmetall, Deutsche Bank, and UniCredit rose between 2.77% and 2.01%.

• Among all components of the European STOXX 600 index, Puma rose 6.78%, ArcelorMittal increased by 6.55%, and Umicore rose 5.51%, ranking third