Global Markets: U.S. Major Indices All Decline, Nasdaq Falls Over 2%, Nvidia Drops More Than 4%

U.S. Stock Market: The three major U.S. stock indices all declined on March 26. By the close, the Dow Jones Industrial Average fell 469.38 points to 45,960.11, down 1.01%; the S&P 500 dropped 114.74 points to 6,477.16, down 1.74%; and the Nasdaq Composite decreased 521.75 points to 21,408.08, down 2.38%.

Large tech stocks mostly fell, with META down nearly 8%, AMD down over 7%, Intel and TSMC down over 6%, Nvidia down over 4%, Tesla and Google down over 3%, Amazon and Microsoft down over 1%.

Storage and optical communication concept stocks in the U.S. also declined sharply, with Applied Optoelectronics dropping nearly 15%, Lumentum and SanDisk down over 11%, Coherent down over 10%, Seagate Technology down over 8%, Western Digital down over 7%, Micron Technology down nearly 7%.

Popular Chinese concept stocks closed collectively lower, with the Nasdaq Golden Dragon China Index down 2.55%. XPeng Motors fell over 6%, Bilibili and Baidu down over 4%, Alibaba and NIO down over 3%.

European Markets: The three major European stock indices all declined on March 26. The FTSE 100 in London closed at 9,972.17, down 134.67 points or 1.33%; France’s CAC 40 closed at 7,769.31, down 77.24 points or 0.98%; Germany’s DAX closed at 22,612.97, down 344.11 points or 1.5%.

Commodity Markets: International oil prices rose on March 26. At the close, NYMEX WTI crude futures for the current month increased $3.47 to $93.79 per barrel, up 3.84%. COMEX gold futures for the current month fell $175.40 to $4,376.90 per ounce, down 3.85%. COMEX silver futures for the current month declined $4.52 to $68.125 per ounce, down 6.22%. Spot gold dropped $127.72 to $4,378.81 per ounce, down 2.83%. Spot silver fell $3.28 to $67.97 per ounce, down 4.60%.

Overnight Headlines

Trump Denies Urgency in Reaching Deal, Continues Military Actions Against Iran

On March 26, U.S. President Trump denied rushing to reach an agreement with Iran and stated that U.S. military actions against Iran are ongoing. Earlier, Iran said it had officially responded to the U.S. “15-Point Plan,” calling U.S. claims of negotiations a “deception.” During a cabinet meeting, Trump sharply criticized U.S. media reports claiming he is eager to end the war diplomatically, insisting it is Iran seeking to restart negotiations. He said whether a ceasefire occurs depends on Iran, and U.S. bombings will continue in the meantime. He also stated he is not concerned about reaching an agreement with Iran, “I’m in no rush at all.”

Trump Delays Strike on Iranian Power Plants by Another 10 Days

On the afternoon of March 26 local time (early morning March 27 Beijing time), President Trump posted on his social media platform “Truth Social” that “at the request of the Iranian government, I am hereby announcing that I will delay the strike on Iran’s energy facilities for another 10 days, until 8 p.m. Eastern Time on April 6, 2026.” Trump added, “Negotiations with Iran are ongoing, and despite false reports from the fake news media and others, progress is very good.”

Elon Musk Disrupts Wall Street Norms? SpaceX Reportedly Plans to Allocate Up to 30% of New Shares to Retail Investors

Renowned for breaking conventions, Elon Musk appears to be preparing to shake up Wall Street with SpaceX’s IPO. According to the latest reports early Friday Beijing time, Musk is discussing allocating up to 30% of SpaceX’s new shares to individual investors, relying on his enthusiastic fan base to help stabilize the stock price after listing. Typically, U.S. IPOs allocate only 5-10% of shares to unrestricted retail investors.

Trump Reveals So-Called “Gift” from Iran, Says Controlling Iran’s Oil Is “An Option”

On March 26 local time, during a cabinet meeting, U.S. President Trump revealed what he called Iran’s “big gift”: allowing 10 oil tankers to pass through the Strait of Hormuz. He also said controlling Iran’s oil is “an option,” but he is not discussing it now. Trump stated that the U.S. is in substantive talks with “relevant key figures.” A few days earlier, Iran proposed allowing 8 oil tankers to pass through the Strait of Hormuz. Subsequently, reports indicated that 8 tankers flying Pakistani flags had passed through, and later 2 more, totaling 10 ships.

Tesla Again Manages Market Expectations, Lowers Outlook for Electric Vehicle Sales Rebound

As Q1 vehicle delivery data approaches, Tesla, once the world’s leading EV maker, released a “sell-side analyst expectations compilation” on Thursday, quietly lowering market expectations for a rebound in EV sales this year.

OpenAI Suspends “Adult Mode” Development Indefinitely, Returns Focus to Core Products

OpenAI has indefinitely suspended plans to introduce an “adult mode” in ChatGPT and is refocusing on core products. Previously, internal staff and investors expressed concerns about the social impact of “AI adult content.” According to multiple insiders, CEO Altman had delayed the “adult mode” release due to internal discussions and is now considering whether to cancel the plan altogether.

Japan Rumored to Consider Shorting Crude Oil to Support Yen, Global Analysts Question the Move

Amid ongoing rumors that the Japanese government is considering shorting crude oil futures to intervene in the forex market, global analysts are expressing confusion, skepticism, and bearish views. As background, since Monday, there have been reports that Japan is weighing direct use of foreign exchange reserves to short oil in the crude futures market to suppress oil prices and indirectly ease yen depreciation, as conventional intervention tools have become less effective against stubborn inflation pressures.

U.S. Defense Startup Shield AI Completes $2 Billion Funding Round, Valuation Reaches $12.7 Billion

U.S. defense tech startup Shield AI announced it has completed a new $2 billion funding round, valuing the company at $12.7 billion—doubling its valuation from a year ago, highlighting strong investor interest in defense technology and AI. The round, a Series G, was led by Advent International with strategic investment from JPMorgan’s group, and existing investors including Snowpoint Ventures and Riot Ventures participated.

OECD: Middle East Conflict Could Significantly Boost U.S. Inflation, Global Economy Faces Downward Risks

On March 26, the OECD released a report stating that if the Middle East conflict causes energy prices to rise further and remain high, global economic growth will suffer, and U.S. inflation will rise sharply. The latest Economic Outlook significantly raised inflation forecasts for major economies, with the G20’s average inflation expected to reach 4% this year—well above the December 2022 forecast of 2.8%. U.S. inflation is projected at 4.2%, more than double the Federal Reserve’s target.

South Korea to Ban All Naphtha Exports for Five Months Starting March 27

The South Korean Ministry of Trade, Industry and Energy announced that starting at midnight on March 27 local time, all naphtha exports will be banned to alleviate domestic supply tightness. The new regulation, effective immediately, will last for five months. It mandates that all domestically produced naphtha be restricted from export, with existing contracts also suspended unless approved by the Minister of Industry. Previously, about 11% of South Korea’s naphtha was exported; under the new rules, this capacity will be redirected entirely to domestic markets.

Russian and U.S. Lawmakers Meet in Washington After Several Years; Russia Calls It “Better Than Expected”

According to Russian reports on March 26, Vyacheslav Nikonov, head of the State Duma’s International Affairs Committee, stated that Russian and U.S. lawmakers held their first meeting in Washington in several years. Nikonov said, “The current situation is better than I expected.” He indicated that restoring parliamentary contacts is possible, and the Russian delegation will continue to push forward as planned.

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