Following the US presidential debate on television, 63% of the audience believed that Harris had won, further alleviating the "Trump trade" and causing the US dollar to temporarily weaken. US bond yields fell to a two-year low, leading to a drop of over 17% in Trump's media stocks.

Although the US August CPI increased by 2.5% year-on-year, the lowest since 2021, the core CPI rose 0.3% month-on-month, higher than expected, showing that US inflation remains sticky. Traders slashed aggressive rate cut expectations, betting that the probability of a 25 basis-point rate cut by the Fed next week rose from 66% to 85%. The US dollar index and US bond yields rose in the short term, with US stocks falling more than 1% in the initial trading session. The Dow hit a low of over 743 points, breaking the 0.04 million-point mark.

After noon, the US stock market made a V-shaped reversal under the strong boost from Nvidia. With Huang Renxun's exaggerated emphasis on the massive demand for the product, Nvidia rose 8%, marking the largest single-day increase in six weeks. The Nasdaq stopped its decline and rose more than 2%, while the S&P 500 and Nasdaq 100 indices completely erased at least a 1.5% intraday decline for the first time in two years, and the chip index rose nearly 5%.

Internationally, the UK's GDP growth remained stagnant for two consecutive months in July, falling short of expectations. The currency market increased bets on the Bank of England's interest rate cuts, with expectations of two rate cuts later this year. As a result, UK government bond yields fell, with the 2-year government bond yield falling as much as 8 basis points to 3.78% intraday.

The CPI data dispelled the possibility of a significant rate cut by the Fed next week. US stocks fell more than 1% in the initial trading session, with the S&P 500 falling the most by over 1.6%. The Dow hit a low of over 743 points, breaking the 0.04 million-point mark, while the Nasdaq hit a low of nearly 1.4%. Small-cap stocks fell the most by over 1.8%. At noon, Huang Renxun affirmed the 'massive demand for chips', with Nvidia leading a V-shaped rebound in the US stock market and closing at a daily high, while chip stocks rose 4.9%.

The three major US stock indices rose across the board: the S&P 500 index closed up 58.61 points, an increase of 1.07%, at 5554.13 points. The Dow, which is closely related to the economic cycle, closed up 124.75 points, an increase of 0.31%, at 40861.75 points. The Nasdaq, which is dominated by tech stocks, closed up 369.65 points, an increase of 2.17%, at 17395.53 points. The Nasdaq 100 rose by 2.17%. The Nasdaq Technology Market Cap Weighted Index (NDXTMC) measuring the performance of the Nasdaq 100 tech sector stocks, closed up by 3.17%. The Russell 2000 index, which is more sensitive to the economic cycle, closed up by 0.31%. The VIX panic index fell by 7.29%, at 17.69.

Most US industry ETFs closed up. The semiconductor ETF rose by 5.16%, the technology industry ETF by over 3.4%, the global tech stock index ETF by over 3.3%, the internet stock index ETF and the consumer discretionary ETF by at least 1%, the medical industry ETF, financial industry ETF, and daily consumer goods ETF fell by over 0.9% at most, the banking ETF fell by over 1%, and the regional banking ETF fell by 1.17%.

The 11 sectors of the S&P 500 saw mixed gains and losses. The information technology/tech sector closed up by 3.25%, the consumer discretionary sector was up by 1.32%, the telecom sector by 1.03%, while the financial sector fell by 0.39% - ranking third from bottom, continuing the slump from yesterday, and the energy sector fell by 0.93%.

"The Seven Sisters of Technology" rose across the board. Nvidia rose by 8.15%, achieving the largest single-day increase in the past six weeks. CEO Huang Renxun stated at a Goldman Sachs meeting that Nvidia's products have become the most sought-after in the tech industry, with limited supply leading to intense competition among customers, especially for Blackwell's AI chips, which have limited supply, causing frustration for some customers. He also hinted that if necessary, Nvidia would reduce its reliance on Taiwan Semiconductor and turn to other chip manufacturers. Amazon rose by 2.77%, Microsoft by 2.13%, Google Class A shares by 1.68%, "Metaverse" Meta by 1.39%, Apple by 1.16%, and Tesla by 0.87%.

Chip stocks led the way. The Philadelphia Semiconductor Index rose 4.9%. The SOXX industry ETF rose 4.64%; the double-long NVIDIA ETF rose 16.17%. ON Semiconductor rose 3.44%, Intel rose 3.48%, TSMC's US stock rose 4.8%, ASML Holding rose 6.49%, KLA Corp rose 4.96%, Qualcomm rose 3.02%, Micron Technology rose 4.38%, Arm Holdings rose 10.3%, AMD rose 4.91%, Marvell Technology rose 4.59%, Broadcom rose 6.79%.

AI concept stocks had more gains than losses. Oracle rose 0.83% to a record high at the close, launching the Zettascale cloud computing cluster, claiming the company can obtain up to 131,072 Blackwell chips from NVIDIA. BigBear.ai rose 4.03%, Dell Technologies rose 2.03%, Super Micro Computer rose 7.92%, CrowdStrike rose 2.34%, Palantir rose 0.26%, Snowflake rose 1.57%, NVIDIA-backed AI voice company SoundHound AI rose 5.22%, Serve Robotics rose 3.13%, while BullFrog AI fell 0.81%, and C3.ai fell 0.42%.

Chinese concept stocks showed mixed gains and losses. NASDAQ Golden Dragon China Index rose 1.02%. In ETFs, the China Technology Index ETF (CQQQ) rose 1.19%. The China Concept Internet Index ETF (KWEB) rose 1.15%.

In popular Chinese concept stocks, Mengniu Dairy ADR rose 0.64%, NetEase rose 2.29%, Tencent Holdings ADR rose 1.41%, Meituan ADR rose 1.75%, Trip.com rose 0.45%, Bilibili rose 3.78%, JD.com rose 2.23%, Baidu rose 2.32%, Pinduoduo rose 2.39%, Alibaba rose 1.21%, GSX Techedu rose 3.87%, XPeng rose 4.46%, NIO rose 2.19%, while Li Auto fell 0.1%, Vipshop fell 1.31%, and New Oriental fell 1.46%.

Solar concept stocks rose across the board, with FTC Solar's stock price doubling. The day after the Trump-Harris TV debate, FTC Solar rose 101.29%, Array Tech rose 15.99%, First Solar rose 15.19%, MAXN, ASML Holding ADR, and SHLS rose at most by 13.75%, SolarEdge rose by over 8.4%, solar energy ETFs rose by approximately 6.3%, Daqo New Energy ADR and solar inverter supplier Enphase Energy rose by over 5.7%, and JinkoSolar ADR rose 4.6%.

Other key stocks include:

(1) Trump Media & Technology Group fell 10.47%, hitting its lowest point since March after a backdoor listing, with Trump's trading activity further decreasing after the U.S. presidential debate.

(2) GameStop fell 11.98%, with net sales in the second quarter falling short of market expectations and a stock offering.

(3) Albemarle's lithium stock rose by 13.58% due to the production adjustment at Contemporary Amperex Technology.

(4) Roche mentioned that slowly increasing the dosage can reduce the side effects of weight loss drugs. Roche ADR fell by 6.02%, while Novo-Nordisk ADR rose by 4.2%, and Eli Lilly and Co. rose by 2.18%.

(5) Bank of America fell by 0.71%. Berkshire Hathaway sold $0.2287 billion worth of Bank of America stocks from last Friday to this Tuesday.

Investors turned to the European Central Bank and its interest rate decision on Thursday. The STOXX 600 index in Europe closed roughly flat, with only the German DAX index rising. Deutsche Bank AG led with a rise of over 16%.

The pan-European Stoxx 600 index closed up 0.01% at 508.02 points. In the industry sector, industrial and household goods stocks fell by 0.4%, while technology stocks rose by 1.21%. Among the component stocks, Deutsche Bank, which liquidated its shares held by the German government, rose by 16.55%, surging over 19% intraday, marking the largest increase in over four years.

The German stock index rose by 0.35%. The French stock index fell by 0.14%. The Italian stock index fell by 0.12%. The Spanish stock index rose by 0.67%. The UK stock index fell by 0.15%. The Netherlands AEX index rose by 0.30%.

U.S. inflation data dampened expectations for aggressive interest rate cuts. U.S. bond yields first fell and then rose, with the 2-year U.S. bond yield rising by about 5 basis points at the close, moving away from the near two-year low prior to the release of U.S. CPI data.

• U.S. Bonds: Near the close, the more interest rate-sensitive 2-year U.S. bond yield rose by 4.74 basis points, reaching 3.6415%, trading in the range of 3.5462%-3.6892% intraday. After the release of the U.S. CPI data at 20:30 Beijing time, it rebounded from below 3.61% and quickly hit a day's high of 3.6853% at 20:49. The benchmark 10-year U.S. Treasury note yield rose by 1.12 basis points, reaching 3.6534%.

• Eurozone benchmark 10-year German bond yield fell by 1.9 basis points. 2-year German bond yield fell by 2.5 basis points, and French 10-year Treasury yield fell by 1.7 basis points. 10-year Italian Treasury yield fell by 4.1 basis points, and UK 10-year Treasury yield fell by 5.8 basis points. 2-year UK bond yield fell by 6.9 basis points.

• Bets on a rate cut by the Bank of England have intensified, as traders have fully digested the scenario of the central bank implementing two 25-basis point rate cuts this year. UBS says the market underestimates the risk of the Bank of England implementing more aggressive rate cuts and favors 2-year UK government bonds.

The US Dollar Index (DXY) rose 0.05% as the US Consumer Price Index (CPI) was released. A Bank of Japan board member stated that as long as the economy meets expectations, further rate hikes will continue. The Japanese yen exchange rate jumped more than 1% to break through 141. The British pound fell 0.3% due to disappointing GDP data.

The US Dollar Index (DXY), which measures the value of the US dollar against six major currencies, rose 0.05% to 101.725 points. At 13:24 Beijing time, it hit a daily low of 101.267 points. During the release of US CPI inflation data at 20:30, it significantly rebounded and turned higher, reaching a daily high of 101.820 points at 20:49.

The Bloomberg Dollar Index fell by 0.11% to 1235.11 points. At 13:24, it hit a daily low of 1232.78 points. The decline narrowed significantly when the US CPI data was released, and it spent most of the day in a downtrend.

Non-US currencies: Euro against the US dollar fell by 0.05%, deviating from the daily high of 1.1055 set before the release of US CPI data. British pound against the US dollar fell by 0.27%, reaching a daily low of 1.3002 at 22:48 before narrowing its decline. US dollar against the Swiss franc rose by 0.59%.

The yen to the US dollar rose 0.07% at the close, at 142.34 yen, erasing most of the earlier over 1% gains, rising above 141 at its peak and erasing the year's decline.

Offshore Renminbi (CNH) rose 63 points against the US dollar at the close, to 7.1293 yuan, with overall trading in the range of 7.1367-7.1076 yuan during the session.

Most cryptocurrencies saw a V-shaped recovery. The largest market cap leader, Bitcoin, fell 0.88% at the close, to $57,685.00. Following the release of US CPI inflation data at 20:30 Beijing time, it hit a daily low of $55,645.00 at 22:47, gradually narrowing the decline. The second largest, Ethereum, fell 1.26% at the close, at $2,356.50.

Last week, US EIA crude oil inventories surged by over 0.8 million barrels, causing oil prices to partially give back their gains in the short term. However, the impact of Hurricane 'Nicholas' causing production halts in the Gulf of Mexico oil fields was greater, prompting oil prices to bid farewell to nearly three-year lows. US crude rebounded by almost 2.4%, rising above $67 per barrel, while Brent crude rose by over 2%, surpassing the psychological barrier of $70 per barrel.

WTI October crude oil futures closed up $1.56, an increase of 2.37%, at $67.31 per barrel. US crude maintained its upward trend throughout the day, with mid-day trading of US stocks hitting a daily high, up nearly 3.4% to approach the $68 psychological level.

Brent November crude oil futures closed up $1.42, an increase of 2.05%, at $70.61 per barrel. Brent crude maintained its upward trajectory throughout the day, with mid-day trading of US stocks hitting a daily high, up over 2.7%, surpassing the $71 psychological level.

On the news front, according to the US Energy Information Administration (EIA), US crude oil inventories increased by 0.833 million barrels last week, exceeding analysts' expectations of an increase of 0.7105 million barrels, following a decrease of 6.873 million barrels the week before. Citigroup indicates that the sharp drop in oil prices indicates that the market does not have room for additional supply. With a substantial increase in OPEC+ supply, OPEC+ may need to cut an additional 1 million barrels next year to balance the market. Traders are currently generally bearish about the outlook for next year.

Natural gas: US October natural gas futures closed up 1.70%, at $2.2700 per million British thermal units.

US core CPI data for August dashed hopes of a significant rate cut, with the US dollar and bond yields strengthening, thereby suppressing spot gold, which nearly dropped below $2,500 during the day.

Gold: COMEX December gold futures fell 0.13% to $2,539.9 per ounce in the closing session. Spot gold rose nearly 0.5% to approach $2,530 in early European stock trading, then continued to decline, with US stocks falling over 0.6% to approach $2,500 in early trading.

Silver: COMEX December silver futures rose 1.12% to $28.935 per ounce in the closing session. The trend of spot silver follows that of spot gold, with early European stocks rising by nearly 1.7% to approach $28.90, and US stocks falling by over 1.1% to approach the $28 integer level in early trading. The upward trend turned into an increase during the closing session.

London industrial base metals collectively rose. The "copper doctor", a leading indicator of the economy, rose $64 to $9,090 per ton. Zinc in London rose by approximately 2.14%. Nickel in London rose by over 2.35%. Aluminum in London rose by over 1.45%. Tin in London rose by approximately 2.19%, while lead in London rose by approximately 1.74%. According to a report by CCTV News, on September 11th local time, Russian President Putin stated in a working meeting with the government that he requested the government to study measures to restrict the export of strategic resources, including uranium, titanium ore, and nickel ore, on the condition of safeguarding its own interests.

Editor/Somer