On Wednesday, May 27th, Beijing time, the S&P 500 and Nasdaq Composite indices reached new highs, rising 0.61% and 1.19% respectively, while the Dow Jones Industrial Average fell 0.23%.
Chip stocks performed strongly, with the Philadelphia Semiconductor Index climbing 5.53%, setting a new record high. Memory chip giant Micron Technology (MU) closed up more than 19%, marking its largest single-day gain since November 2011, with its total market capitalization exceeding $1 trillion for the first time. Year-to-date, Micron's stock has surged approximately 210%, making it the latest semiconductor company to join the "trillion-dollar club" alongside giants like NVIDIA, Microsoft, Taiwan Semiconductor Manufacturing Company (TSMC), and Broadcom. UBS raised its price target for Micron from $535 to $1,625, implying an upside potential of over 100%. Western Digital (WDC) gained over 8%, while SanDisk (acquired by WDC) and Advanced Micro Devices (AMD) rose more than 7%. KLA Corporation (KLAC) and Marvell Technology (MRVL) increased over 6%. Qualcomm (QCOM) and Seagate Technology (STX) advanced 4%, and Intel (INTC) rose more than 3%.
Space-related stock Rocket Lab (RKLB) climbed over 5%, continuing its record-breaking run. Optical communications stock Ciena (CIEN) gained more than 3%, with its share price surpassing $600 for the first time. Most Chinese American Depositary Receipts (ADRs) traded higher, with the Nasdaq Golden Dragon China Index up 0.57%. Futu Holdings (FUTU) surged nearly 20%, ACM Research (ACMR) rose close to 18%, JOYY (YY) gained over 17%, UP Fintech Holding (TIGR) increased nearly 15%, and Qifu Technology (QFIN) advanced more than 8%. XPeng (XPEV) and NetEase (NTES) rose around 6%, while Pony.ai and Tencent Music Entertainment (TME) climbed over 4%. On the downside, Kingsoft Cloud (KC) fell more than 8%, and MINISO Group (MNSO) declined over 4%.
In commodities, international oil prices were mixed. WTI crude oil closed down 2.81% overnight, while Brent crude futures rebounded to close up 3.6%. Gold prices fell sharply. Spot gold dropped below $4,500 per ounce, while spot silver edged slightly higher. Concerns over potential production cuts, combined with ongoing supply disruptions in the Middle East, pushed LME aluminum futures up 0.8%, with prices hitting a more than four-year high during the session.
Cryptocurrencies experienced broad declines. Bitcoin fell below $76,000, down over 2% in the past 24 hours as of 6:20 AM Beijing time on the 27th. Ethereum and Solana (SOL) each dropped about 2%, while HYPE declined over 4%. Global liquidations affected more than 97,000 traders, with total liquidation amounts nearing $350 million.
On the news front, according to reports, Iranian Islamic Revolutionary Guard Corps Navy Deputy Commander Mohammad Akbarzadeh stated on the evening of the 26th that the U.S. and European economies are highly dependent on energy prices and vulnerable to regional geopolitical shifts. He suggested this pressure leverage puts the U.S. in a position of "requesting" an agreement with Iran. Additionally, reports indicated that the Iranian Islamic Revolutionary Guard Corps Navy Public Relations Department announced that over the past 24 hours, 25 vessels, including oil tankers, container ships, and other merchant ships, passed through the Strait of Hormuz with permission and under the coordination and security guarantees of the IRGC Navy. Separately, reports highlighted that U.S. national debt has reached $39 trillion. Jerry Chen, a senior analyst at FOREX.com, warned that the risks stemming from soaring U.S. government borrowing costs are immeasurable. He cautioned that in a worst-case scenario, if the U.S. Treasury market—which sees daily turnover exceeding $1 trillion, far surpassing the stock market—were to experience a crisis, panic and selling would undoubtedly spread to all corners of the financial markets.
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