Late-night US stock chip stocks surge across the board, Chinese concept stocks rally strongly, Xunlei rises over 10%, Bitcoin breaks above $73,000

On the evening of March 13 Beijing time, the three major U.S. stock indices opened higher across the board. As of 10:05 p.m., the Nasdaq rose 0.78%, the Dow Jones increased 0.70%, and the S&P 500 gained 0.77%.

Large technology stocks showed mixed performance, with Nvidia up about 1%, and Google, Tesla, and others rising slightly. Meta opened down 3%, but by the time of this report, the decline had narrowed to around 2%.

The Philadelphia Semiconductor Index quickly surged after opening and is now up about 2%. Micron Technology rose over 5%, SanDisk increased over 3%, Applied Materials, NOVA, and Mawi Technology each gained over 2%.

The Nasdaq China Golden Dragon Index rose 1.8%, Xunlei surged over 10%, Huya increased over 7%, NIO rose over 4%, Tencent Music, Baidu Group, and Bilibili each gained over 3%.

In individual stocks, Adobe initially fell over 7%, but the decline narrowed to 5%. According to Cailian Press, the company’s long-serving CEO decided to step down due to disruptive changes in AI, and several brokerages have lowered their target prices.

PayPay, an electronic payment company under SoftBank Group, listed on Nasdaq on the 12th, with its stock price rising about 14% on the first day. Today, PayPay continued its strong momentum, currently up over 18%.

Gold and silver prices dipped in the short term. Spot gold is at $5,088 per ounce; spot silver is at $82.46 per ounce, down 1.6% intraday.

International oil prices declined in the evening but then slightly rebounded. As of 10:27 p.m., NYMEX crude oil was at $94.4 per barrel, and Brent crude oscillated around $100 per barrel. 【Details】

Cryptocurrency prices surged across the board, with Bitcoin up over 5%, surpassing $73,000. Ethereum rose nearly 6%, trading at $2,184 per coin; SOL and Dogecoin each gained over 6%. In the past 24 hours, a total of 93,768 traders were liquidated globally.

The Middle East conflict continues. According to Xinhua News Agency, U.S. Secretary of Defense Lloyd Austin stated on the 13th that the U.S. plans to destroy all threatening military capabilities of Iran.

Regarding future developments, Lyon Business School management professor Li Huihui believes that the most likely scenario is not a full escalation or an immediate ceasefire, but a deadlock characterized by “high-pressure deterrence + limited strikes + warming negotiations.” Trump needs to maintain a “tough” narrative and cannot admit defeat immediately; however, he also faces difficulties due to prolonged obstacles in the Strait of Hormuz, high oil prices, and continued rate cuts by the Federal Reserve. The White House is likely to shift its goal from “expanding military achievements” to “controlling spillover, restoring shipping, and creating room for negotiations.”

As recent developments have reached a deadlock, the U.S. stock market briefly entered a “sell-off mode.” Short-term market outlook remains pessimistic, and the alarm has not been fully lifted. Especially in sectors like industrials, consumer discretionary, airlines, transportation, and banking—most sensitive to costs, credit, and interest rates—pressure may be greater than on the indices themselves.

Despite the earlier market weakness, Wall Street remains optimistic about the long-term prospects of U.S. stocks. Goldman Sachs’ trading division stated that hedge fund short positions in the U.S. stock market have reached a nearly three-and-a-half-year high. If positive news about the end of Middle East conflicts emerges, it could trigger a large-scale short covering and send U.S. stocks soaring.