Dow surges 1000 points, Chinese assets explode, Trump says US-Iran may reach agreement within 5 days

How does Trump’s statement on the US-Iran agreement trigger global asset price fluctuations?

Reporter | Liu Xueying Intern Reporter | Lin Qianwei

Editor | Wu Guixing

On March 23, Beijing time, the three major US stock indices opened higher collectively. As of 10:23 PM, the Dow surged by 1,000 points, up over 2%, the Nasdaq rose 2.34%, and the S&P 500 increased by 2.08%. Previously, US stock futures had already rebounded sharply.

Large technology stocks and chip stocks all rose: Tesla up nearly 4%, Amazon up over 3%, Nvidia up over 2%, ASML up over 5%, and Blue Doctor Semiconductor, Applied Materials, ARM up over 4%.

Cruise and airline stocks rose collectively at the opening: Norwegian Cruise Line up over 6%, Carnival Cruise Line up over 5%, United Continental Airlines and American Airlines up 4%.

New energy vehicle concept stocks increased: Xpeng Motors up over 7%, NIO up nearly 6%, Rivian up over 8%.

Energy stocks declined: Devon Energy fell 7%, ConocoPhillips down over 4%.

Chinese concept stocks surged: Yipeng Energy up over 20%, Nasdaq China Golden Dragon Index up 1.46%, Zhihu up nearly 7%, Pony.ai up over 5%, Chinese tech giants Tencent, Alibaba, and BYD up over 2%. FTSE China A50 Index futures once rose nearly 2%, with analysts optimistic about the safety of Chinese assets.

Trump’s remarks stirred the capital markets, causing significant intra-day fluctuations in international gold, silver, and oil prices. Spot gold turned positive: as of 10:20 PM, spot gold was at $4,490 per ounce, after briefly falling below $4,100 earlier today; spot silver rose above $70, up 3%.

International oil prices fell about 10%. NYMEX crude oil was at $88.27 per barrel, Brent crude futures at $98.65 per barrel. US natural gas futures continued to decline, with a nearly 5% drop.

Cryptocurrencies all rose across the board: Bitcoin at $70,984, up 3.51% for the day; Ethereum up 3.77%; SOL up 3.86%.

According to Xinhua News Agency, US President Trump told US media on the 23rd that Iran “really wants to reach an agreement,” and the US and Iran “may reach an agreement within 5 days or even sooner.” Trump also said the US is “very interested in reaching an agreement with Iran.” Iran denied having engaged in talks with the US.

According to Caixin, traders increased bets on the Federal Reserve raising interest rates, expecting a 20 basis point hike by the end of the year. The swap market shows the Fed will raise rates by 20 basis points this year, higher than last Friday’s 8 basis points, and compared to a week ago, which indicated a 25 basis point cut.

(Disclaimer: The content of this article is for reference only and does not constitute investment advice. Investors operate at their own risk.)

Produced by | 21 Financial Client, 21st Century Business Herald