Dow Jones surges 800 points to new high, semiconductor stocks rally across the board, Chinese concept stocks mostly rise, NIO up over 10%, silver jumps 8%

On the evening of February 6th Beijing time, the U.S. stock market’s three major indices opened higher across the board. By around 11:00 PM, all three indices had risen over 1%, with the Dow Jones Industrial Average reaching a new record high, up nearly 850 points, an increase of over 1.7%.

Most tech stocks rose, with the Philadelphia Semiconductor Index up about 3%. Semiconductors like Power Semiconductor, Ceyuan Semiconductor, Applied Materials, and NVIDIA gained around 5%. Amazon dropped more than 9% again, sparking market concerns over its $200 billion capital expenditure plan. (Related: “The Biggest Money Burner” Amazon: $200 Billion Spending, Where Does the Confidence Come From?)

Chinese concept stocks mostly gained, with the NASDAQ China Golden Dragon Index up over 2%. NIO rose over 10%, Canaan Creative increased over 7%, and Li Auto and GDS Holdings gained more than 5%.

Precious metals rebounded rapidly. Spot silver rose above $76 per ounce, nearly 8% intraday, though COMEX silver continued to decline; spot gold broke through $4,950 per ounce. Citic Securities’ chief analyst of non-ferrous metals, Ao Chong, told 21st Century Business Herald that the current upward trend in gold has not yet ended, and gold may hit new highs again in the future.

Cryptocurrencies continued to decline, with liquidation numbers expanding. By around 10:50 PM, in the past 24 hours, Bitcoin fell 2.7%, Ethereum dropped about 4%, and nearly 550,000 people worldwide were liquidated, with total liquidation amounting to $2.443 billion.

Bitcoin experienced a sharp plunge in the early hours of February 6th. Compared to its all-time high of $125,000 in October last year, its market value has nearly halved. Market analysts believe that this broad decline was driven not only by the unwinding of leveraged bets and increased overall market sell-offs but also by investors’ concerns over a shift in monetary policy. (Details)

On the news front, it was explicitly stated that activities related to the tokenization of RWA (Real-World Assets) within the country are prohibited, along with providing related services.