In early trading hours on April 17, Beijing time, the three major US stock indices staged a significant V-shaped recovery. The Dow Jones Industrial Average rose by 0.24%, while the Nasdaq Composite increased by 0.36%, marking its 12th consecutive day of gains and reaching a new all-time high. The S&P 500 also climbed 0.26%, setting a fresh record.
Technology stocks displayed mixed performance. Intel surged over 5%, and Microsoft advanced more than 2%. Conversely, Nvidia, Google, Tesla, and Apple experienced minor declines.
The majority of chip stocks registered gains, with the Philadelphia Semiconductor Index rising 0.97% to a new peak. Intel jumped over 5%, while ON Semiconductor increased nearly 10%. Advanced Micro Devices (AMD) saw a 7.8% rise, with its stock price hitting a record high. Analysis suggests AMD is poised to be the primary beneficiary of a surge in CPU demand, as its EPYC 'Turin' processors utilizing a chiplet architecture face supply constraints. ASML and TSMC both declined over 3%.
Netflix dropped nearly 9% in after-hours trading after its second-quarter profit forecast fell short of market expectations.
Oil and gas stocks, lithium battery companies, and computer hardware firms led the gains, with Oracle soaring 5%. Cruise line concepts and aviation services were among the notable decliners.
Chinese assets experienced a strong rally during the late session. The Nasdaq Golden Dragon China Index surged 2.76%. Major Chinese tech leaders saw gains: Alibaba rose 4%, while BYD, Xiaomi, and Baidu each increased over 3%. Baozun and Youdao climbed more than 10%, NIO advanced 7%, and TAL Education and New Oriental gained over 5%. Dexin saw a sharp decline of 44%.
By the market open on the 17th, gold and silver prices experienced a short-term spike. Spot gold reached $4,796 per ounce, and spot silver traded at $78.8 per ounce.
International oil prices surged in the previous session. WTI crude futures settled 3.72% higher at $94.69 per barrel, while Brent crude futures closed up 4.7% at $99.39 per barrel.
Most cryptocurrencies traded higher. Bitcoin was priced at $74,882, up 0.69% for the day, with Ethereum and Dogecoin also posting gains. According to data from CoinGlass, approximately 170,000 traders were liquidated globally over the past 24 hours, with total liquidations amounting to $436 million.
According to the CME FedWatch Tool, the probability of a 25 basis point rate hike by the Fed in April is 0.5%, while the likelihood of rates remaining unchanged is 99.5%. The probability of a cumulative 25 basis point rate cut by June is 1.4%, with a 98% chance of unchanged rates and a 0.5% probability of a cumulative 25 basis point hike.
New York Fed President John Williams stated that the current monetary policy stance is "well positioned" to handle the risks of persistent supply shocks potentially triggered by the Middle East conflict. Fed Governor Michelle Bowman noted she still believes the Fed should cut rates perhaps three or four times this year and sees no reason to delay.
It was reported that the US President announced via social media that Lebanon and Israel would begin a ceasefire, effective at 17:00 Eastern US time, lasting for ten days. He later wrote that he would invite the leaders to the White House for talks, describing them as the "first meaningful talks" between the two nations since 1983, and expressed belief they would occur soon.
The US President also suggested that US-Iran talks could resume over the weekend, stating during a media interview at the White House that the next round of discussions might take place then.