US stocks soar! Bitcoin soars!

On April 9th, during the trading session of the U.S. stock market in Eastern Time, the three major indices suddenly surged across the board. By the close, the Dow Jones Industrial Average soared more than 2900 points, a rise of 7.87%, marking the largest increase since March 25, 2020; the S&P 500 index surged 9.52%, the largest rise since October 29, 2008; and the Nasdaq jumped 12.16%, the second largest single-day gain in history.
The "Big Seven" tech stocks in the US market surged across the board, with Tesla skyrocketing by 22.69%, Nvidia rising by 18.72%, Apple increasing by 15.33%, reclaiming the title of the world's "most valuable company", Meta up by 14.76%, Amazon rising by 11.98%, Microsoft increasing by 10.13%, and Google C rising by 9.88%. The total market capitalization of the "Big Seven" tech stocks has increased by $1.85 trillion (approximately 13.4 trillion yuan).
During the U.S. stock market trading, President Trump stated that he has authorized a 90-day suspension of tariffs on countries or regions that do not take retaliatory actions. Analysts say that the "90-day tariff suspension order" has triggered a strong rebound in the U.S. stock market, and delaying its implementation will undoubtedly relieve the enormous pressure on the market, but the tariffs have not completely disappeared.
Former U.S. Treasury Secretary Summers, known as the "whistleblower of America's high inflation," stated: "We are far from being out of the woods, recklessly 'improvising' is not a useful strategy, after multiple market collapses, the Trump administration is now scared."
surge
On April 9, Eastern Time, the U.S. stock market surged significantly during the trading session, with all three major indices closing with a collective spike, among which the Nasdaq soared over 12%, marking the second-largest single-day increase in history.
At the close, the Dow Jones soared over 2,900 points, up 7.87%, marking the largest increase since March 25, 2020, with all 30 component stocks closing higher; the S&P 500 surged 9.52%, the largest gain since October 29, 2008, and the third-largest single-day increase since World War II; the Nasdaq rose 12.16%, the second-largest single-day gain in the index's history, only behind the 14.17% on January 3, 2001.
The "Big Tech Seven" in the US stock market surged across the board, with Tesla skyrocketing by 22.69%, Nvidia rising by 18.72%, Apple increasing by 15.33%, reclaiming the title of the world's "most valuable company", Meta up by 14.76%, Amazon rising by 11.98%, Microsoft up by 10.13%, and Google C increasing by 9.88%.
The Philadelphia Semiconductor Index surged by 18.73%, with all 30 constituent stocks rising by more than 12%. Among them, Microchip Technology rose by 27.05%, Arm Holdings by 24.2%, AMD by 23.82%, Intel by 18.75%, Broadcom by 18.66%, and TSMC ADR by 12.29%.
In terms of Chinese assets, the Nasdaq China Golden Dragon Index rose by 4.53%, the three-times leveraged FTSE China ETF surged by 19.86%, the two-times leveraged China Internet Stocks ETF increased by 12.2%, the two-times leveraged CSI 300 ETF jumped by 10%, and the China Technology ETF rose by more than 9%.
Most of the popular Chinese concept stocks rose, with Amphenol Sports up 15.02%, Kingsoft Cloud up 13.21%, iQIYI up 12.75%, Li Auto up 6.82%, JD.com up 6.22%, Xiaopeng Motors up 6.21%, Tencent Music up 5.51%, Alibaba up 5.44%, NIO up 5.41%, Baidu up 4.85%, New Oriental up 4.15%, Pinduoduo up 0.18%.
Other data shows that the trading volume in the US stock market reached 30 billion shares on Wednesday, marking the largest trading day since Wall Street began tracking this data nearly 18 years ago. The stock with the "most short positions" in the US market surged nearly 13%—the largest short squeeze day since the financial crisis.
It is worth mentioning that shortly after the opening of the US stock market, Trump posted on his social media platform, saying: "Now is a great time to buy." He also encouraged his fans to "stay calm" and predicted that "everything will be resolved smoothly."
Adam Crisafulli, the founder of Vital Knowledge, commented that the 90-day tariff suspension order triggered a strong rebound in the U.S. stock market, and delaying its implementation will undoubtedly alleviate significant pressure on the market. However, the tariffs have not completely disappeared.
BMO Private Wealth Management Chief Market Strategist Carol Schleif said: "The market is telling us — as long as there is optimistic news about tariffs, there will be buyers quickly entering the market. Although valuations have been re-adjusted, investors are still unsure whether this round of adjustments has reached a reasonable position. We currently do not have a script to reference — Trump has essentially redefined a whole set of game rules, and as players, investors have not received the instruction manual for this new game."
Former US Treasury Secretary: Far from being out of danger
Although the market reacted excitedly, former U.S. Treasury Secretary Summers stated that we are far from being out of danger, and recklessly "improvising" is not a useful strategy. After multiple market collapses, the Trump administration is now spooked.
Summers said: "The (U.S.) government was still boasting about the countries it wanted to negotiate with over the weekend. There was no delay in negotiations at that time. Now, after the market has collapsed, they understandably feel scared. This is reckless improvisation, not strategy, and it is completely dishonest."
On April 9 local time, "Wall Street's Big Brother" and JPMorgan Chase CEO Jamie Dimon stated that as Trump's tariff policy continues to disrupt the market, a recession in the U.S. economy has become a very likely outcome.
During the interview, Dimon warned: "I think a recession is likely because the market is indicating that. When the Dow Jones index drops by 2000 points, such a decline triggers a chain reaction that further exacerbates market panic. People see their 401(k) accounts losing money, your pension losing money, and you have to cut back on spending."
Dimon pointed out: "No one wants this situation to occur, but if it does, I hope it won't last too long." Dimon added, "Resolving these tariff issues and trade problems would be a good thing."
It is worth noting that Trump quoted a line from Dimon in his latest post on social media on Wednesday: "( resolving tariff and trade issues would be a good thing )," but did not mention an economic recession. Trump also stated: "Calm down! Everything will be fine. America will be greater and better than ever!"
J.P. Morgan's market-based recession indicator dashboard model shows that the Russell 2000 index, which is heavily weighted towards small-cap stocks and has been hit hard in the recent sell-off, currently indicates a 79% probability of a recession in the U.S.
JPMorgan economists expect that this year the United States' gross domestic product (GDP) will shrink by 0.3%, which is a mild recession forecast, but the economy grew strongly in the previous year.
Analysts point out that the last time the United States took a significant action like Trump's substantial increase in tariffs was in 1930. After then-President Herbert Hoover signed the Smoot-Hawley Tariff Act that year, global trade collapsed, and the trend towards a worldwide depression intensified.