Late night, US stocks surge across the board! Chinese assets rally!

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U.S. stocks opened higher and continued to rise.

As of press time, the Dow Jones Industrial Average increased by 1.02%, the S&P 500 rose by 1.09%, and the Nasdaq Composite gained 1.21%.

The Nasdaq China Golden Dragon Index widened its gains, now up 2.0%, latest at 7,292.87 points.

U.S. optical communication stocks surged across the board, with Coherent up over 7%, Lumentum and Ciena up more than 5%.

Cryptocurrency concept stocks opened higher, with Bitmine up nearly 12%, TeraWulf up over 9%, Circle up nearly 8%, and Strategy up nearly 5%.

International crude oil prices declined, with WTI crude down 4.12%, at $92.850 per barrel; Brent crude futures fell by 3%, at $99.926 per barrel.

From March 17 to 18, U.S. Federal Reserve will hold a two-day policy meeting.

According to the U.S. government’s February CPI data, inflation remains stable. However, the market generally believes this data reflects conditions before the geopolitical conflicts, and the surge in oil prices since late February will be reflected in inflation data over the coming months. Currently, market focus has shifted to the potential impact of energy price increases driven by geopolitical tensions on future prices.

U.S. February employment data significantly underperformed expectations: non-farm employment decreased by 92,000, far below the expected increase of 59,000, marking a return to negative growth since October 2025; at the same time, the unemployment rate hit a new high since December 2025. Although short-term factors like healthcare strikes and winter storms disturbed the data, the cooling trend in the job market has been largely confirmed.

Zhang Monan, Deputy Director of the European and American Research Department at the China Center for International Economic Exchanges, told CGTN’s Global News program “Flash Review” that escalating external geopolitical conflicts and the sharp downturn in the domestic economy put the U.S. at risk of stagflation. The Federal Reserve faces a dilemma, and the cycle of interest rate cuts may be delayed.

The most direct impact comes from external uncertainty. Military strikes by the U.S. and Israel on Iran could become prolonged, causing severe shocks to international oil prices. The blockade of the Strait of Hormuz has severely disrupted global logistics, further increasing inflationary pressures within the U.S.

The domestic situation in the U.S. is not optimistic, especially with the sharp downturn in the employment market, indicating that the resilience of the U.S. labor market has been significantly affected. If inflation further transmits externally to U.S. production costs, the country faces the risk of a second round of inflation. On one hand, employment and economic pressures are declining; on the other, inflation is rising, potentially putting the U.S. in a stagflation scenario.

External pressures combined with the downward risks in the U.S. economy put the Federal Reserve in a dilemma. It is likely to extend the cycle of interest rate cuts into the second half of the year or later, reflecting the current policy challenges faced by the U.S.

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Editor: Liu Wanli SF014