Global Markets: U.S. Major Indices Close Higher, Nasdaq Up Over 1% "The First Stock of Stablecoins" Surges Over 35%

U.S. Stock Market: The three major U.S. stock indices all closed higher on February 25. At the close, the Dow Jones Industrial Average rose 307.65 points to 49,482.15, up 0.63%; the S&P 500 increased 56.06 points to 6,946.13, up 0.81%; the Nasdaq Composite gained 288.4 points to 23,152.08, up 1.26%.

Large tech stocks all rose, Netflix up nearly 6%, Microsoft up nearly 3%, Meta up over 2%, Tesla up nearly 2%, Nvidia and Intel up over 1%, Apple and Google saw slight gains.

In earnings reports, Nvidia’s Q4 revenue was $68.1 billion, exceeding market expectations of $65.684 billion and up from $39.331 billion last year; data center revenue was $62.3 billion, versus expected $60.62 billion and $35.58 billion last year. Nvidia forecasts Q1 revenue between $76.44 billion and $79.56 billion, with market estimates at $72.78 billion.

Cryptocurrency, optical communications, and lithium mining stocks all rose. “Stablecoin leader” Circle surged over 35%, Sigma Lithium nearly 30%, Coinbase up over 13%, BMNR over 10%, and Corning, Coherent, and Lumentum each up over 5%.

Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 0.47%. TSMC rose 0.51%, Alibaba fell 0.54%, Pinduoduo up 0.02%, Futu Holdings up 5.38%, YAMFEN Sports down 1.02%, Baidu down 0.73%, Ctrip down 0.20%, Tencent Holdings (ADR) down 0.15%, BeiGene down 4.54%, NIO down 2.08%.

European Markets: The three major European stock indices all closed higher on February 25. The FTSE 100 in London closed at 10,806.41, up 125.82 points or 1.18%; France’s CAC 40 closed at 8,559.07, up 39.86 points or 0.47%; Germany’s DAX closed at 25,175.94, up 189.69 points or 0.76%.

Commodity Markets: International oil prices declined on February 25. At the close, NYMEX WTI crude futures fell $0.06 to $65.57 per barrel, down 0.09%. COMEX gold futures rose $7.40 to $5,183.70 per ounce, up 0.14%. COMEX silver futures increased $1.70 to $89.21 per ounce, up 1.95%. Spot gold rose $20.96 to $5,164.96 per ounce, up 0.41%. Spot silver increased $2.02 to $89.20 per ounce, up 2.32%.

Overnight Headlines

Nvidia Reports $68.1 Billion in Q4 Revenue, Up 73% Year-over-Year

Nvidia’s Q4 revenue was $68.1 billion, surpassing expectations of $65.684 billion and up from $39.331 billion last year; data center revenue was $62.3 billion, versus expected $60.62 billion and $35.58 billion last year. Nvidia forecasts Q1 revenue between $76.44 billion and $79.56 billion, with market estimates at $72.78 billion.

US Government Reported to Be Drafting New Tariffs

Recently, the U.S. Supreme Court ruled that the government’s large-scale tariff policies are illegal. Several U.S. media outlets reported that the government is preparing to impose new tariffs on multiple industry products under other legal authorities. Sources disclosed that the Commerce Department is initiating new investigations under Section 232 of the Trade Expansion Act of 1962 on sectors including large batteries, cast iron and iron fittings, plastic pipes, industrial chemicals, and power grid and telecom equipment—known as “Section 232 investigations.” This section allows tariffs based on “national security risks.” The Wall Street Journal noted it’s unclear when the Commerce Department will officially announce the investigations or when the tariffs will be imposed.

Wans: US Holds Hope for Indirect US-Iran Negotiations but Does Not Rule Out Military Action

According to CCTV, U.S. Vice President Wans stated on February 25 that the U.S. is “hopeful” about the upcoming round of indirect talks with Iran in Geneva on February 26, aiming for a “good resolution” through diplomacy. Wans emphasized the U.S. stance that Iran must not possess nuclear weapons. He added that President Trump preferred diplomatic solutions but would consider military action if necessary.

Super Oil Tanker Daily Rental Rates Continue to Rise, Middle Eastern Oil Giants Quoting $200,000 per Day

The cost to rent a Very Large Crude Carrier (VLCC) to ship oil from the Middle East to Asia surpassed $170,000 per day on Tuesday and broke the $200,000 mark on Wednesday, reaching a new high since 2020. According to shipping trackers and brokers, Saudi Arabia’s Bahri has leased the DHT Jaguar VLCC at approximately $208,000 per day. The largest oil transporter in Saudi Arabia has also rented four additional VLCCs, which will deliver Middle Eastern crude to Asia in the coming weeks.

Samsung Unveils Gemini Smartphone at First-Ever Event, Apple iOS Anticipates

Early Thursday in California, Samsung Electronics held its annual flagship phone launch event, as usual, in Apple’s hometown. Since this year, Apple’s iPhone will also use Google’s Gemini AI assistant, making this event a preview of “Apple intelligence” upgrades. As a global storage leader, Samsung’s own phones also saw increased memory prices. Among three Galaxy S26 models, the base S26 and S26+ increased their starting prices by $100 from the previous generation, to $899 and $1,099 respectively, while the flagship Galaxy S26 Ultra’s starting price remains at $1,299.

U.S. Imposes Up to 143% Tariffs, Anti-Subsidy Duties on India, Indonesia, and Laos

On Tuesday, the U.S. Department of Commerce announced anti-subsidy duties on solar silicon photovoltaic modules imported from India, Indonesia, and Laos, citing government subsidies that allegedly harm U.S. domestic producers. The preliminary subsidy rates are set at 125.87% for India, 104.38% for Indonesia, and 80.67% for Laos.

JPMorgan Raises Long-Term Gold Price Forecast to $4,500, Maintains $6,300 Target by End of 2026

JPMorgan on Wednesday raised its long-term gold price forecast to $4,500 per ounce, maintaining its end-of-2026 target at $6,300. Since the start of the year, spot gold has risen about 20%, reaching a three-week high of $5,248.89 per ounce on Tuesday, and trading around $5,200 on Wednesday. Previously, on January 29, gold hit a record high of $5,594.82 per ounce.

Tensions Between US and Iran Push Oil Prices Higher; OPEC+ Reportedly Considering Resuming Production in April

According to sources, OPEC+ may consider increasing oil output by 137,000 barrels per day in April, ending a three-month pause in production. This move is in the context of preparations for summer demand and rising tensions between the US and Iran, which have driven up oil prices.

Former US Treasury Secretary Linked to Epstein to Resign from Harvard Faculty

Harvard’s student newspaper reported on February 25 that Lawrence Summers, former US Treasury Secretary and Harvard President, will resign from his faculty position at Harvard at the end of this academic year due to his connections with the late notorious financier Jeffrey Epstein. According to Harvard Crimson and The New York Times, Summers has been on leave since November last year and will not return to teaching before leaving Harvard.

Major Commodity Currencies Lead the Rally, Market Bets on Global Rate Hikes Resuming

As traders bet that global monetary policy will shift from easing to tightening, the Australian dollar, Norwegian krone, and New Zealand dollar have outperformed other major currencies this year. Since the start of the year, AUD/USD has gained over 6%, reaching its highest in nearly three years. Earlier this month, the Reserve Bank of Australia raised its benchmark rate by 25 basis points to 3.85%, its first hike in over two years.

Zelensky: Ukraine and US to Discuss Steps to End Russia-Ukraine Conflict on Thursday

According to CCTV, Ukrainian President Zelensky stated on February 25 that during negotiations in Geneva on Thursday, Ukraine will not only propose measures to end the Russia-Ukraine conflict but also discuss economic cooperation with the US. This bilateral meeting is a preparatory step for the upcoming trilateral talks involving Ukraine, Russia, and the US scheduled for March.

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