On Tuesday, May 26 (Beijing time), the US stock market saw mixed results. The S&P 500 and Nasdaq Composite reached new record highs, gaining 0.61% and 1.19% respectively, while the Dow Jones Industrial Average dipped 0.23%.

Semiconductor stocks led the charge with a powerful performance. The Philadelphia Semiconductor Index surged 5.53%, setting a fresh all-time high. Memory chip giant Micron Technology saw its stock price skyrocket over 19% at the close, marking its largest single-day gain since November 2011. The company's total market capitalization surpassed $1 trillion for the first time. Year-to-date, Micron's stock has soared 210%, allowing it to join the ranks of other semiconductor titans like Nvidia, Microsoft, TSMC, and Broadcom in the exclusive "trillion-dollar club." According to reports, UBS raised its price target for Micron from $535 to $1625, implying an upside potential of over 100%.

Other notable gainers in the sector included Western Digital, up over 8%; SanDisk and Advanced Micro Devices, both up more than 7%; Coherent and Marvell Technology, rising over 6%; and Qualcomm and Seagate Technology, gaining 4%. Intel also advanced more than 3%.

Space-related stock Rocket Lab climbed over 5%, continuing its record-breaking run. Optical communications company Ciena rose more than 3%, with its share price exceeding $600 for the first time.

Most Chinese concept stocks traded higher, with the Nasdaq Golden Dragon China Index increasing 0.57%. Futu Holdings jumped nearly 20%, ACM Research surged close to 18%, JOYY gained over 17%, UP Fintech Holding advanced nearly 15%, and Qifu Technology rose more than 8%. XPeng and NetEase both increased around 6%, while Pony.ai and Tencent Music climbed over 4%. On the downside, Kingsoft Cloud fell more than 8%, and MINISO Group declined over 4%.

In the commodities market, international oil prices were mixed. WTI crude oil closed down 2.81% overnight, while Brent crude futures rebounded to close up 3.6%.

Gold experienced a significant decline, with spot prices falling below the $4500 per ounce mark. Spot silver posted a modest gain. Concerns over potential production cuts, coupled with ongoing supply disruptions in the Middle East, pushed LME aluminum futures up 0.8%, after earlier hitting a more than four-year high.

Cryptocurrencies faced a broad sell-off. Bitcoin dropped below $76,000, falling over 2% in the past 24 hours as of 6:20 AM Beijing time on the 27th. Ethereum and Solana both declined around 2%, while Hype fell more than 4%. The downturn led to the liquidation of over 97,000 traders globally, with total liquidated positions nearing $350 million.

On the news front, reports cited a statement from Iranian Deputy Navy Commander of the Islamic Revolutionary Guard Corps, Mohammad Akbarzadeh, on the evening of the 26th. He noted that US and European economies are highly dependent on energy prices and vulnerable to regional developments, suggesting this pressure gives the US a "supplicant" position in negotiations with Iran.

Separately, the Iranian Revolutionary Guard Corps Navy's public relations department reported that in 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 guarantee of the Iranian forces.

Other analysis pointed to risks stemming from the US national debt reaching $39 trillion and the soaring cost of government borrowing. A senior analyst warned that in a worst-case scenario, a crisis in the US Treasury market—which sees daily trading volumes exceeding $1 trillion, far surpassing the stock market—could trigger widespread panic and selling across all financial markets.

(Disclaimer: The content is for reference only and does not constitute investment advice. Investors assume all risks for their own actions.)