Overseas Markets | Philadelphia Semiconductor Index sees sharp pullback, US-Iran pause in mutual attacks causes oil prices to plunge, gold trades in narrow range

The three major US stock indices showed divergent trends overnight: the Dow Jones rose 0.51%, the S&P 500 edged up 0.02%, and the Nasdaq fell 0.18%. Chip stocks collectively plunged, with the Philadelphia Semiconductor Index down 2.23% and SK Hynix dropping 7.47%.

The Nasdaq Golden Dragon China Index rose 2.51%, with Tencent Music up 5.30%, NetEase up 3.53%, and Bilibili up 4.02%; Chinese concept stocks generally gained. The US-Iran pause in mutual attacks eased geopolitical risks, causing Brent crude to plummet below $90 on Monday; London spot gold retreated to around $4,060.

Shenwan Hongyuan pointed out that while gold prices have been grinding at the bottom since June and recent geopolitical turbulence has exacerbated divergence, the long-term upward logic remains unchanged. Goldman Sachs noted that speculative long positions in gold have been washed out, central bank purchases are providing a floor, and support is emerging at the $4,000 level.

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