At 23:10 Beijing time on September 11, the three major U.S. stock indices hovered near their highs during the trading session, with the Dow Jones Industrial Average up 0.93%, the Nasdaq Composite rising over 1%, and the S&P 500 gaining nearly 1%.
The "Magnificent Seven" tech stocks all advanced today, with Alphabet and Apple each rising over 2%, while Amazon and Meta Platforms, Inc. gained more than 1%. The Philadelphia Semiconductor Index climbed nearly 2%, with semiconductor stocks broadly higher as ON Semiconductor surged over 5%, Texas Instruments gained nearly 5%, Marvell Technology and Qualcomm advanced over 3%, and Intel rose nearly 3%.
However, several memory chip stocks reversed course during intraday trading, with Seagate Technology falling over 4%, SanDisk dropping more than 3%, and Western Digital declining nearly 3%.
The Nasdaq Golden Dragon China Index gained nearly 1%, as Chinese stocks listed in the U.S. rebounded collectively today. NIO rose over 3%, while Xunlei, New Oriental, and Xiaomi Group advanced more than 2%. Li Auto, Baidu, and XPeng gained nearly 2%, with Tencent Holdings, Kingsoft Cloud, BYD, and Meituan each rising over 1%.
Following the release of U.S. August CPI data, gold and silver initially surged before paring some gains. Spot gold was up 1.1% at $4,363.773 per ounce, while spot silver rose 1.33% to $64.422 per ounce.
International oil prices declined, with both Brent and WTI crude falling over 2%. WTI crude futures traded at $99.44 per barrel, while Brent crude broke above $104.77 per barrel.
On the data front, the U.S. Bureau of Labor Statistics reported that August CPI rose 3.4% year-over-year, matching the previous reading, with a 0.4% month-over-month increase. Core CPI, excluding food and energy, climbed 2.4% annually, down from 2.5% previously, while rising 0.3% month-over-month, marking the highest level since May and exceeding market expectations.
Following the CPI release, traders priced in roughly a 90% probability of a Fed rate hike next week, with markets fully anticipating two rate increases by the end of the year.