From BigGo Finance · BigGo Finance · · 1m 30s
US Stocks Rebound, Chinese ADRs Surge
US stocks rebounded Friday as Chinese assets and precious metals surged.
In brief
US stocks rebounded Friday as Chinese assets and precious metals surged. US stocks rose 0.83% on Friday with Chinese ADRs up 2.69% and gold up 1.52%. Originally reported by BigGo Finance.
US Stocks Rebound
US stocks rebounded on Friday, October 9, with the Dow rising 0.83% to 51,654.95, the S&P 500 up 0.59%, and the Nasdaq up 0.64%.
Chinese ADRs Surge
Chinese assets surged 2.69% with Xiaomi and Zhineng Weilai jumping over 9% and Alibaba, Li Auto, and NIO gaining more than 5%.
Precious Metals Rally
COMEX gold rose 1.52% to $4,220.30 per ounce and silver up 2.84% to $61.11 per ounce.
Apple Component Cuts
Apple reportedly cut iPhone 18 Pro component production due to soaring memory chip costs and reduced consumer demand.
SpaceX Spectrum Deal
SpaceX's acquisition of low-band spectrum licenses caused T-Mobile to plunge 13.27% and AT&T to drop 9.85%.
People's Bank of China Gold Reserves
The People's Bank of China added 740,000 ounces of gold reserves for the 23rd consecutive month.
Lumentum Optical Capacity
Lumentum's optical component capacity is fully sold out through early 2029 for AI data centers.
US Telecom Impact
US telecom operators took a heavy hit as SpaceX's spectrum deal hammered traditional mobile operators.
Geopolitical Shifts
US and Russia agreed on diesel supply while Iran expanded maritime enforcement in the Strait of Hormuz.
Gold Outlook
Gold prices expected to trade in a weak range amid hawkish Fed expectations and central bank demand.
The short version
US stocks rose 0.83% on Friday with Chinese ADRs up 2.69% and gold up 1.52%.
