NVIDIA plummets, with a market capitalization loss of over 1.77 trillion yuan

On February 26, local time, most large-cap technology stocks in the U.S. stock market pulled back. The Nasdaq fell by more than 1%, and the three major U.S. stock indexes diverged in performance.

Judging from individual stocks, Nvidia dropped by more than 5% in a single day, with its total market value evaporating by over 1.77 trillion yuan. Dell Technologies reported a record-high revenue for fiscal year 2026, and its shares jumped sharply after hours.

In the commodities market, spot gold prices edged up, silver futures prices fell, and international oil prices were slightly stronger. Some institutions have judged that gold prices may continue their choppy but relatively strong trend in the near term, while oil prices will need to watch for unexpected shocks that geopolitical events could bring.

Nvidia plunges by more than 5%

On February 26, local time, the three major U.S. stock indexes diverged. The Dow edged up, while the Nasdaq fell by more than 1%. Data show that at the close, the Dow rose 0.03%, while the Nasdaq and the S&P 500 fell 1.18% and 0.54%, respectively.

Most large-cap technology stocks in the U.S. pulled back, and the U.S. technology “Magnificent Seven” index fell 1.87%. Among them, Nvidia dropped by more than 5%; its total market value shrank by nearly $260 billion in one day, equivalent to more than 1.77 trillion yuan. Tesla fell by more than 2%, while Google, Amazon, and Apple all moved lower together; only Microsoft and Meta posted slight gains.

Most NASDAQ-listed Chinese concept stocks fell, with the Nasdaq China Golden Dragon Index down 1.78%. 万国数据 fell by more than 7%, Miniso Group fell by nearly 6%, and Baidu Group, Shell, and Huya all fell by more than 5%. Zhipu Technologies (ChatGPT-like?) rose by nearly 18%, Pony.ai rose by more than 4%, and Huazhu Group, Youdao, and Niu Technologies all rose by more than 2%.

Dell Technologies’ share price closed down by more than 1%. However, thanks to strong performance, the company’s after-hours share-price gains continued to expand.

In terms of news, on February 26, local time, Dell Technologies disclosed its 2026 fiscal fourth-quarter and full-year results report for the period ended January 30, 2026. The company’s fiscal 2026 fourth-quarter revenue was $17.7k, up 39% year over year, beating market expectations. Full-year fiscal 2026 revenue was $17.7k, up 19% year over year, setting a record high.

Spot gold prices edge up

Silver futures prices pull back

Looking at commodities market performance, international precious metals prices diverged, with silver futures adjusting by a relatively larger margin.

Data show that as of 5:50 a.m. Beijing time on February 27, COMEX gold futures fell 0.45% to $5,202.8 per ounce; London spot gold rose 0.45% to $5,187.68 per ounce. COMEX silver futures and London spot silver fell 2.87% and 0.96% to $89 per ounce and $88.363 per ounce, respectively.

NYMEX crude oil futures’ front-month contract and ICE Brent futures’ front-month contract rose 0.05% and 0.44% to $65.45 per barrel and $71 per barrel, respectively.

Regarding gold’s outlook, a Fed Securities analysis suggests that in the near term it may continue to trade in a choppy but relatively strong pattern. The core logic that previously pushed gold higher—the impact on the U.S. dollar credit system from the wave of de-globalization—has not undergone a fundamental reversal. In addition, until clear signs of easing appear, for reasons of continuously hedging potential geopolitical risks, safe-haven funds tend to maintain their existing positions.

For the outlook on oil prices, CICC Securities (601696) believes that under pressures of oversupply, the international oil price mid-point may continue to drift lower. However, as the oil price mid-point moves down, the output of price-sensitive products such as shale oil may decline. At the same time, demand from strategic stockpiles in consuming countries may provide support to oil prices, so international oil prices may gradually stabilize. In addition, it will be necessary to watch for unexpected shocks that geopolitical events could cause to oil prices.

Iran-Iraq third round of indirect talks ends

The mediator says “significant progress” was made

According to a report by Xinhua News Agency, on the evening of the 26th, Oman’s Minister of Foreign Affairs Bader said on social media that the third round of indirect talks between the United States and Iran, held in Geneva, Switzerland, had ended that day and that “significant progress” was achieved.

Bader said that after the Iranian and U.S. representatives report back to their respective governments, the talks will be resumed as soon as possible, and “technical-level discussions” will be held next week in Vienna, the capital of Austria.

Earlier, Iran’s Mehr News Agency reported that the U.S. delegation had left the talks venue.

Mediated by Oman, Iran and the United States went through two stages on the day of the third round of indirect talks, with a break of several hours in between. A report by the U.S. news website Axios, citing sources, said that U.S. President Donald Trump’s special envoy Witkoff and son-in-law Kushner expressed “disappointment” with what the Iranian side was informed of earlier that morning.