U.S. stocks rise, gold and silver plummet

On February 17th local time, stock markets in Europe and the United States closed higher across the board. Major U.S. tech stocks showed mixed performance, with Apple rising over 3%, Amazon and Nvidia up more than 1%. U.S. chip stocks also fluctuated; Broadcom gained over 2%, while Qualcomm, ARM, and Applied Materials rose more than 1%.

In commodities, precious metals generally declined, with London spot gold falling over 2%, London spot silver dropping over 4%, and U.S. WTI crude oil futures main contract down over 2%.

The three major U.S. stock indices closed slightly higher

Data shows that at the close, the Dow rose 0.07%, the Nasdaq increased 0.14%, and the S&P 500 gained 0.1%.

Major U.S. tech stocks showed mixed results, with the seven giants of U.S. technology up 0.53%. In individual stocks, Apple rose over 3%, Amazon and Nvidia gained more than 1%, while Tesla and Microsoft fell over 1%.

U.S. chip stocks also fluctuated; the Philadelphia Semiconductor Index fell 0.02%. Individual stocks saw Broadcom up over 2%, Qualcomm, ARM, and Applied Materials up more than 1%, while Micron Technology and Power Semiconductor declined over 2%.

Chinese concept stocks showed mixed performance; the Nasdaq Golden Dragon China Index fell 0.1%. Notable stocks included land control stocks up nearly 16%, Xinyesh Technology up over 4%, and Hesai Technology up nearly 4%.

In Europe, the three major stock indices all closed higher. By the end of the session, France’s CAC40 rose 0.54%, the UK’s FTSE 100 increased 0.79%, and Germany’s DAX gained 0.8%.

Investors will receive more key information on the U.S. inflation path this week, with the Federal Reserve’s monetary policy meeting minutes scheduled for release this Wednesday.

Precious metal prices generally declined

In commodities, as of 6:00 AM Beijing time on February 18, London spot gold was at $4,878.69 per ounce, and COMEX gold futures at $4,898.3 per ounce, both down over 2%. London spot silver fell over 4%, and COMEX silver futures declined nearly 4%.

According to CCTV Finance, on the 17th local time, many major markets around the world were closed for traditional holidays, resulting in light trading in precious metals. Amid expectations of a less aggressive Fed rate cut, gold faced resistance at the psychological level of $5,000 per ounce. Coupled with some investors taking profits, this intensified downward pressure on precious metals prices.

International crude oil futures prices also declined. As of 6:00 AM Beijing time on February 18, U.S. WTI crude oil futures main contract fell over 2%, and Brent crude futures main contract declined nearly 2%.

Japan’s Takashi Sano Cabinet resigns collectively

According to CCTV News, on the morning of February 18, Japan’s government held a cabinet meeting, and the Takashi Sano Cabinet resigned collectively.

The House of Representatives and the House of Councillors will hold prime minister nominations on the same day. According to Japan’s constitution, a special session of the National Diet must be convened within 30 days after the House of Representatives election to nominate the prime minister. On the day of this special session, the current cabinet will resign collectively, and the newly elected members of the House of Representatives and the existing Senate will vote separately to select a new prime minister and reassemble the cabinet accordingly.

U.S. officials say U.S.-Iran negotiations are “progressing in some areas”

According to CCTV News, on the 17th, the Central Television reporter learned that the second round of Iran-U.S. negotiations has concluded. Iran’s Foreign Ministry spokesperson Baghayi stated during a break in negotiations that Iran remains open, and both sides discussed nuclear issues and sanctions relief. Baghayi also said that Iran’s delegation is prepared to stay in Geneva for days or even weeks to reach an agreement.

On February 17th local time, U.S. Vice President Kamala Harris said that the Iran-U.S. negotiations are “progressing in some areas,” but Iran has not yet been willing to acknowledge some of the “red lines” proposed by Trump. Harris stated that Trump hopes to find a solution “whether through diplomatic means or other options.”

On the same day, Iranian President Ebrahim Raisi said that the Iran-U.S. negotiation process is proceeding with full coordination and approval from Iran’s leadership. Iran’s goal is to genuinely resolve issues, not just negotiate for the sake of negotiations, and hopes that talks will lead to tangible results.

The second round of indirect Iran-U.S. talks concluded in Geneva on the 17th. Iran’s foreign minister said the negotiations are progressing well, and after some text discussions, the timing for the third round will be determined.