Recently, the US stock market has experienced significant volatility over the past one or two trading days. After the opening on Wednesday, the three major indices all declined, with the Nasdaq suffering the largest drop, dragged down mainly by the technology and financial sectors. Specifically, the Dow fell about 0.1%, the S&P 500 declined nearly 0.5%, and the Nasdaq dropped about 1%—indicating considerable downward pressure on tech stocks.

Investors in the market are cautious about high-valuation tech stocks, with some funds shifting towards defensive sectors such as utilities and consumer staples. Financial stocks also showed instability, and under these dual pressures, the market remained under stress.

However, on Thursday, a turning point emerged. From the morning session through to the close, chip and tech stocks rebounded strongly, and positive news related to a major exchange also boosted market confidence. Ultimately, the S&P 500 rose about 0.3%, the Dow Jones Industrial Average increased approximately 0.6%, and the Nasdaq edged up about 0.2%.

The main drivers of the rebound were the impressive earnings reports from TSMC and other chip stocks, with industry leaders like Nvidia and Applied Materials climbing higher. Market focus remained on corporate earnings, economic data, and interest rate expectations. Trading volume and volatility significantly increased compared to previous days, indicating that investors are actively adjusting their risk positions.

Meanwhile, the cryptocurrency market showed even greater activity. Mainstream assets like Bitcoin and Ethereum maintained upward momentum, with Bitcoin recently stabilizing within the 96,000–98,000 USD range, demonstrating solid support.