U.S. tech stocks rebound, Intel rises over 5%, Bitcoin surges 7%, White House submits Federal Reserve chair nomination to the Senate

March 5, major European and U.S. stock indexes all rose collectively. Germany’s DAX index and Italy’s MIB index both rose more than 1.7%. In the U.S. stock market, equities ended two days of intense volatility, with all three major indexes rebounding across the board; the Nasdaq rose more than 1%, lifting nearly 300 points during the day.

U.S. tech stocks led the rebound. Most large-cap tech stocks moved higher: Intel rose more than 5%, Amazon and Tesla rose more than 3%, Meta and Nvidia rose more than 1%, while Microsoft and Netflix edged up. Apple and Google fell slightly.

Chip stocks generally rose, and most of the semiconductor industry chain stayed in the green. The Philadelphia Semiconductor Index rose nearly 2%, AMD rose nearly 6%, Intel and Micron rose more than 5%, and ASML and Lam Research rose more than 2%. Broadcom rose more than 1%; after-hours gains expanded to 3%. Its results slightly beat expectations, and its quarterly revenue guidance came in above expectations.

Among U.S. sector ETFs, the semiconductor ETF rose in sync by more than 2%.

Crypto-related stocks surged across the board. Coinbase rose more than 14%, Strategy rose more than 10%, Figure rose more than 7%, and Circle rose more than 5%. Key crypto assets surged in tandem. As of around 6:30 Beijing time, Bitcoin and SOL were up more than 7%, Ethereum rose more than 9%, Dogecoin jumped more than 14%, and in the past 24 hours alone, more than 120k people worldwide were liquidated.

Chinese concept stocks mostly rose. The Nasdaq China Golden Dragon Index rose 0.8%. NIO rose 5.5%. Xiaomi/Small/Smart Car—Xiaoma Zhixing and WeRide Smart Mobility—and Xiaomi rose more than 4%, while NetEase, Tencent, and Meituan rose more than 1%. iQIYI and SF Express (China) fell more than 2%.

Energy stocks fell across the board. ConocoPhillips fell more than 2%, while Exxon Mobil and Chevron fell more than 1%. Most airline stocks declined: United Airlines fell more than 2%, and Delta Air Lines fell more than 1%.

In commodities, gold and silver rose across the board. Spot gold briefly surged above 5200 USD during the session, then retreated to around 5140 USD; it was up more than 1% during the day. Spot silver was quoted at 83.5 USD/ounce, up nearly 2% during the day. The U.S. dollar index pulled back, falling below the 99 level.

International oil prices continued to rise. WTI crude rose more than 2% to 76.11 USD per barrel, and Brent crude rose more than 1.3% to 82.5 USD per barrel.

On the news front, according to Xinhua News Agency, U.S. Defense Secretary Hegseth said on the 4th that the United States and Israel would achieve “complete control” of Iran’s airspace within a week.

According to CCTV News, the Iranian Islamic Revolutionary Guard Corps released “True Commitment 4,” the 17th round of results, in the early hours of the 5th. Iran said that in this round of action, the high-speed hypersonic missiles and attack drones launched by Iran penetrated the U.S. “THAAD” system, and carried out strikes on the Israeli Ministry of Defense building and Ben Gurion International Airport.

Also according to CCTV News, the White House has submitted to the U.S. Senate in Congress a nomination for Kevin Warsh to serve as the next chair of the U.S. Federal Reserve, with a planned term of four years.

Wang Yingui, a professor at the Faculty of Finance, University of Macau, believes that given the current turmoil in the Middle East, the Federal Reserve is expected not to cut rates on March 18, and the chance of a rate cut in July is also not high.