Market Overview
Risk appetite rebounded but the market remained cautious, with US stocks rallying but trimming gains by the close. $.SPX.US$ , $.IXIC.US$ , and $.RUT.US$ all surged over 2.3% at their peaks, and $.DJI.US$ rose nearly 750 points. The "fear index" $.VIX.US$ fell 28% at one point.
Chip and Chinese concept stock indices rose over 3.6%. $NVDA.US$ surged over 7% before closing up nearly 4%, $META.US$ also rose nearly 4%, $TSLA.US$ turned up nearly 1% after falling over 3%, $AAPL.US$ fell 3.9% before closing down nearly 1%, and $AMD.US$ 's mixed earnings report saw its stock rise 17% post-market before quickly reversing and dropping. $EDU.US$ rose over 13%, $YUMC.US$ rose 12%.
The flight from safe havens caused declines in US Treasuries and gold. US Treasury yields rose over 10 basis points across the board, and gold fell 1%.
The yen fell for the first time in six days, easing the volatility in risk assets caused by the unwinding of carry trades.
In the Asian session, A-shares rose amid volatility, with Dazhong Transportation slumping to the limit down, and Chinese government bond futures fell across the board. Japanese stocks soared.
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