Dow Jones surges over 500 points, chip stocks celebrate, SanDisk soars 7%, Brent crude plunges below $100

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(Source: 21st Century Business Herald)

On March 16, U.S. stock market’s three major indices opened higher and continued to rise. By around 22:10 Beijing time, all gained over 1%. Popular Chinese concept stocks surged, with the Nasdaq Golden Dragon China Index up nearly 2%.

Tech stocks strengthened, Facebook rose over 3%, Tesla and Nvidia increased over 2%, Google and Apple gained over 1%. News reports that Meta and Nebius reached a $27 billion AI computing power supply agreement.

Chip stocks mostly rose, the Philadelphia Semiconductor Index up over 2.6%, Micron Technology nearly 5% higher, set to release earnings this week; SanDisk surged over 7%, Intel up over 4%.

Optical communication stocks all surged, Coherent up over 7%, Lumentum and Ciena over 5%.

Most popular Chinese concept stocks rose, with the Nasdaq China Golden Dragon Index up nearly 2%. Tencent Music gained over 5%, Li Auto and Dingdong Maicai over 4%, iQiyi, ZaiDing Medicine, and KE Holdings over 3%, JD.com and Alibaba over 2%. News reports that Alibaba’s new business division was revealed.

In commodities, due to ongoing geopolitical tensions, gold and silver prices turned positive. By around 22:05 Beijing time, spot gold surged to $5,030 per ounce, spot silver rose nearly 1% to $81.32 per ounce.

International crude oil prices plummeted, WTI crude down over 4.5%, Brent crude fell below $100 per barrel, dropping over 3% intraday.

Major cryptocurrencies surged across the board. At press time, Bitcoin rose over 3.6%, surpassing $74,000; ETFs up over 9%, SOL nearly 7%. In the past four hours, nearly 99,000 traders were liquidated globally, with a total liquidation amount of $429 million.

Regarding the Strait of Hormuz, according to Xinhua News Agency, no ships transited the strait on the 14th—first time since the outbreak of the US-Israel-Iran conflict—while before the conflict, an average of 77 ships passed daily.

Oil pipelines are the main alternative for transporting oil around the Strait of Hormuz, but there are few such pipelines, mainly two—belonging to the UAE and Saudi Arabia.

Regarding the reopening of the Strait of Hormuz, Xinhua reports that UK Prime Minister Rishi Sunak said on the 16th that restoring navigation through the strait “is not easy.” The UK is working with allies to develop feasible plans to restore free passage. German Defense Minister Pistorius stated that Germany refuses the US request for military support to ensure safe navigation through the Strait.

According to CCTV News, on the 16th local time, the UAE’s Fujeirah Emirate media office issued an official statement confirming that an important port’s oil facilities were attacked by drones and caught fire today. No casualties have been reported. The UAE’s Civil Defense team has immediately intervened to handle the incident.

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