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On September 21st, driven by continued growth in demand for artificial intelligence, chip stocks generally rose during the US trading session. AMD (AMD.O) shares surged over 9% intraday, reaching a record high of $613.92, pushing the companys market capitalization past $1 trillion. AMD is considered one of the main competitors of Nvidia (NVDA.O), a leader in the artificial intelligence field, in the graphics processing unit (GPU) market. AMD became the fourth US chipmaker to surpass a $1 trillion market capitalization, joining Nvidia, Broadcom (AVGO.O), and Micron Technology (MU.O). Nvidia aims to reach a $1 trillion market capitalization in 2023 and is currently the worlds most valuable company, with a market capitalization exceeding $5 trillion. On Monday, most chip stocks rose in tandem. Intel (INTC.O) shares rose approximately 11% intraday, Qualcomm (QCOM.O) rose 4.1%, and the Philadelphia Semiconductor Index rose 2.6%, reaching a one-month high.On September 21st, gold futures fell after rising for three consecutive trading days, with the market currently focused on the trend of US Treasury yields and the Federal Reserves interest rate policy. Chris Weston, head of research at Pepperstone, stated in a report, "In the short term, gold faces a challenging environment." He pointed out that traditional macroeconomic trends affecting gold prices suggest that investors and traders may reduce their gold allocations until relevant factors become more favorable. Weston noted that a stronger dollar is putting slight pressure on gold. Furthermore, although oil prices have retreated from recent highs, a renewed rise in oil prices and subsequent inflation expectations would "further strengthen the interest rate logic." Gold futures for December delivery in New York fell 1.1% to $4,375.50 per ounce. Silver futures fell 0.8% to $66.605 per ounce.According to The Information: OpenAI is developing new features to compete with Grok Bot and is considering how to respond to Metas launch of Muse.The Federal Aviation Administration has extended the grounding order at Newark Airport until 11:15 a.m. Eastern Time.The UK Maritime Trade Operations Office reported that the captain reported all crew members were safe and there was no environmental impact; the tanker will continue to the next port of call.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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