Chip Stocks Boost U.S. Equities, but Dollar Rebound Pressures Gold and Oil

Market Overview

Despite the absence of key economic data—such as weekly jobless claims—due to the government shutdown, U.S. equities managed to withstand the “data blackout” risk. All three major indexes rebounded from intraday losses and closed at fresh record highs for the first time this week.

Semiconductor stocks once again provided the strongest tailwind. NVIDIA extended its rally with a third consecutive record high, while Intel gained nearly 4%. Tesla, however, staged a sharp reversal—rising early in the session before ending down more than 5%.

In the Treasury market, yields initially climbed before retreating. The 10-year yield pulled back to a two-week low, while the more rate-sensitive 2-year yield posted its first increase of the week. Following comments from Fed officials urging caution on rate cuts, the U.S. Dollar Index accelerated its rebound to hit a new intraday high.

Meanwhile, cryptocurrencies saw strong gains, with Bitcoin jumping over 3% intraday and breaking above the $120,000 level for the first time in six weeks. Commodities came under broad pressure: gold, after hitting fresh intraday records for four consecutive sessions, reversed lower with futures down more than 1% at one point. Oil extended its slide for a fourth straight day to hit a four-month low, weighed down by renewed concerns over supply surplus.

Hot Topics Ahead

U.S. Nonfarm Payrolls May Still Be Released

Senator Elizabeth Warren has urged the acting Bureau of Labor Statistics (BLS) commissioner to release the September jobs report on schedule despite the government shutdown. According to reports citing Senate Banking Committee aides, the BLS has already completed data collection and may proceed with publication.

South Korean Memory Chipmakers Rally on OpenAI Partnership

Samsung and SK Hynix surged after announcing a memorandum of understanding signed with OpenAI CEO Sam Altman in Seoul. The agreement aims to integrate the two memory-chip leaders into the "Stargate" data center project, alongside giants like NVIDIA and Oracle.

The potential scale is enormous: according to the statement, as the Stargate project expands globally, OpenAIs demand could reach as high as 900,000 wafers per month—more than double the current global production capacity of high-bandwidth memory (HBM).

Key Events to Watch (GMT+8)

20:30 – U.S. September Unemployment Rate (TBD); U.S. September Nonfarm Payrolls (TBD)

21:45 – U.S. S&P Global Services PMI Final (September)

22:00 – U.S. ISM Non-Manufacturing PMI (September)

01:40 – Fed Vice Chair Philip Jefferson Speaks