AI Stocks and Gold Surge, While U.S. Treasuries, Oil, and Cryptocurrencies Slide

Market Overview

NVIDIA reignited investor enthusiasm for artificial intelligence (AI), driving all three major U.S. equity benchmarks to fresh record closing highs for the third straight session. AI-related stocks posted strong gains, with NVIDIA climbing nearly 4% and Oracle advancing more than 6%. Apple also added over 4%, while weight-loss drug developer Metsera—set to be acquired by Pfizer—soared nearly 61%.

U.S. Treasury prices extended their decline for a fourth consecutive day, with the 10-year yield hitting a two-week high. In the currency markets, the U.S. Dollar Index reversed lower after briefly touching a one-week high in the first trading session following the Feds rate cut. Cryptocurrencies were hit hard, with Bitcoin briefly dropping below the $113,000 mark and Ethereum tumbling as much as 9%.

Commodities showed mixed performance. Crude oil fell for the fourth straight day, hitting its lowest level in over a week. Gold, on the other hand, extended its rally, with futures climbing more than 2% intraday to notch another all-time high.

Hot Topics to Watch

● Berkshire Hathaway Expands Stakes in Japans “Big Five” Trading Houses

Warren Buffetts Berkshire Hathaway has lifted its stake in Mitsui & Co. to above 10%, making it a major shareholder. The firm had previously raised its stake in Mitsubishi Corp. to the same level. Following the announcement, Mitsui shares rose as much as 2.2%, with other large Japanese trading companies also moving higher.

● Crypto Market Flash Crash

On Monday, the crypto market suffered a massive liquidation, with more than $1.5 billion in long positions wiped out—marking the most severe flash crash in nearly a month. The selloff was largely triggered by excessive leverage and overheated altcoin trading, with Ethereum bearing the brunt as nearly $500 million in leveraged longs were liquidated. Technical indicators now show oversold conditions, and analysts view this as a correction of prior market exuberance, signaling the end of a brief “altcoin season.”

Key Events Ahead

21:45 (GMT+8) U.S. September S&P Global Manufacturing & Services PMI (Preliminary)

22:00 (GMT+8) U.S. Richmond Fed Manufacturing Index

00:35 (GMT+8) Fed Chair Jerome Powell delivers remarks on the economic outlook