Last night’s US stock trading was quite interesting—after the Federal Reserve announced a rate cut as scheduled, market sentiment was immediately ignited.

First, let’s look at the market performance: The Dow Jones Industrial Average surged 497 points in a single day, with an increase of over 1%, finally settling at 48,057 points; the S&P 500 also rose by 0.68%, closing at 6,886 points; the Nasdaq was more restrained, up only 0.33% to 23,654 points. The VIXY fear index dropped 4% in response, reporting 29.06—typical characteristics of a rate cut rally.

The performance of big tech giants showed some divergence. Tesla and Amazon led the gains, up 1.41% and 1.69% respectively; Google A shares also performed well, increasing nearly 1%. However, Microsoft wasn’t so lucky, falling sharply by 2.74% and dragging down the index. Meta and Nvidia also saw minor pullbacks. Apple managed to hold its ground, with a slight increase of 0.58%.

The real surprise was hidden in the sub-sectors. Storage concept stocks collectively exploded: Western Digital surged over 7%, Sandisk followed closely with gains over 6%, Seagate and Micron each gained 5% and 4% respectively.

Chinese concept stocks performed steadily, with the Nasdaq Golden Dragon Index up 0.65%. Pony.ai led the pack with a 3.45% increase, Alibaba and Baidu both grew about 1.7%, and iQiyi also rose 1.48%. Bilibili and Xpeng saw slight corrections, but the declines were less than 1%.

There was a small episode after hours—Oracle dropped over 6% due to lower-than-expected cloud sales data. It seems competition in cloud computing is becoming increasingly fierce.