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US stock market closing: US stocks staged a "V-shaped" big reversal, with Nvidia soaring more than 8%; solar concept stocks and lithium stocks rose across the board, with first solar rising more than 15% and Albemarle rising more than 13%
The core CPI in the US in August exceeded expectations, and the market believes that the Federal Reserve will not make a significant interest rate cut next week. The US stock market fell at the beginning of trading, with the Dow Jones Industrial Average falling more than 740 points at one point. Huang Renxun emphasized the high demand for AI chips, and Nvidia, which had the largest increase in six weeks, led the US stock market to rebound in a V-shape, with the Nasdaq rising more than 2% and chip stocks rising nearly 5%. The US presidential debate boosted solar stocks, while Trump media fell more than 10% to the lowest level since its backdoor listing in March. Brent oil climbed back above $70, breaking away from a three-year low.
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US stocks close | On the "non-farm day", US stocks plummeted, with the Nasdaq down 2.55%, and NVIDIA down more than 4%; US bonds surged, with Brent oil hitting a nearly three-year low.
The poor non-farm payroll data in August may lead the Fed to support a significant interest rate cut. The S&P fell 1.7% for the week, dropping over 4%, while the Dow fell 1% for the week, dropping nearly 3%, and the Nasdaq fell 2.6% for the week, dropping 5.8%, entering a technical consolidation phase.
US stocks closed with mixed performance for the three major indexes. Tesla rose more than 9% over the past two days, while NIO soared 14% after its performance announcement.
Before the non-farm data, there is new evidence of the cooling of the US job market, and economic concerns support a substantial rate cut bet. The yield curve of the 2-year/10-year US Treasury bonds, which briefly inverted for the third time in two years. The S&P 500 fell for the third consecutive day, with Broadcom falling more than 4% after hours, Tesla rising nearly 5%, and Nvidia and Chinese concept stocks rising nearly 1%. The yen reached a one-month high, and the offshore renminbi rose by 300 points to break 7.09 yuan. Gold rose briefly by 1%, and oil prices rose more than 2% before falling. US oil fell below $70 for the first time in 15 months over two days.
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