US stocks open with across-the-board gains, Chinese assets surge, oil plummets

Reporter | Du Bo

On the evening of March 16, Beijing time, the three major U.S. stock indices all opened higher.

As of press time, the Dow Jones rose 1.05%, the Nasdaq increased 1.28%, and the S&P 500 gained 1.15%. There were 3,984 advancing stocks and 1,125 declining stocks.

Goldman Sachs strategists recently stated that the U.S. stock market still has room to rise, and they expect the S&P 500 to reach 7,600 points by the end of 2026, implying about a 15% upside. Their forecast is based on an in-depth analysis of the earnings prospects of the S&P 500 component companies. Goldman Sachs predicts that the earnings per share of S&P 500 companies will grow to approximately $309 in 2026 and further increase to about $342 in 2027, representing annual growth rates of roughly 12% and 10%, respectively.

Most large tech stocks in the U.S. rose. As of press time, Intel surged 6.29%, Meta increased over 2.7%, Nvidia rose over 2%, Tesla gained over 1.9%, and Apple, Microsoft, Amazon, and Google all rose.

Additionally, the U.S. chip and memory sector mostly advanced. As of press time, Micron Technology rose over 5.5%, SanDisk and Seagate Technology both increased over 5%, and Western Digital rose over 4.9%.

Furthermore, Nebius soared over 14%. Reports indicate that Meta plans to spend up to $27 billion over the next five years on AI trading with Nebius.

The Nasdaq China Golden Dragon Index rose over 2%, with most popular Chinese concept stocks gaining. NIO, Li Auto, and Futu Holdings all increased over 4.4%.

Cryptocurrencies rose across the board. As of press time, Bitcoin increased 3.72%, trading at $74,112.8. Ethereum surged over 9%.

Bitcoin has attempted multiple rebounds this year but has failed each time, mostly fluctuating between $60,000 and $75,000, with a year-to-date decline of over 15%.

Bitcoin briefly showed a breakout trend amid US-Iran tensions but has since weakened again, though its overall performance remains better than stocks and gold. After the US-Iran conflict erupted in late February, Bitcoin’s price rose over 11.8%, while gold fell more than 3.5%, and the S&P 500 declined 4%.

Analysts note that recent Bitcoin rallies follow a similar pattern: sharp fluctuations in oil, metals, and commodities coincide with Bitcoin breaking out, but these gains are rarely sustained.

Jasper De Maere, an OTC trading strategist and trader at crypto market maker Wintermute, said this pattern is quite clear. Bitcoin markets see slight increases, but open interest rises, and the funding rate turns negative, indicating bearish market sentiment. Then, short covering pushes prices higher again.

He added that compared to Bitcoin trading volumes expected to fluctuate between $85,000 and $95,000 by the end of 2025, current trading volumes are much smaller, making Bitcoin more susceptible to sudden price swings.

In commodities, international gold and silver prices experienced a sharp V-shaped recovery after a plunge. Spot silver once fell over 4%, now up 1.2%, at $81.54 per ounce. Spot gold once dropped over 1%, now up 0.31%, at $5,033.61 per ounce.

On the evening of March 16, market sentiment was once again reversed. International oil prices erased intraday gains and turned lower. As of press time, WTI crude fell 3.72% to $95.04 per barrel; Brent crude dropped 0.88% to $102.23 per barrel.

In news, there are new developments in the Strait of Hormuz.

The main reason for the market rebound is optimism that more oil tankers may resume passage through the Strait of Hormuz. Negotiations are ongoing among various parties to ensure the safety of this critical route.

U.S. President Trump is pressuring countries to jointly reopen this vital oil transit route and has stated that the U.S. is in communication with Iran. NATO also said some member countries are discussing security issues in the Strait of Hormuz with the U.S. and others.

Despite ongoing attacks on oil facilities, crude oil prices remain well above $100 per barrel, though they have fallen about $4 from earlier intraday highs. After two tankers successfully passed over the weekend, India is trying to facilitate passage for six more tankers; meanwhile, several countries are communicating with Iran through back channels to ensure their ships can pass safely.

Additionally, reports indicate U.S. officials may announce as early as this week that multiple countries have agreed to form a coalition to escort ships passing through the Strait of Hormuz. However, discussions are still ongoing whether these escort operations will start before or after the conflict ends. Officials say the final arrangements could change depending on the battlefield situation.

On the diplomatic front, many countries remain cautious about participating in such escort missions. Given the ongoing hostilities, most countries have not made clear whether they will join due to the high risks involved.

UK Prime Minister Rishi Sunak called for a “rapid resolution” to the Iran conflict and said the UK is working with allies to develop a long-term plan to restore freedom of navigation in the Strait of Hormuz, including providing autonomous mine clearance technology. Sunak stated, “We are working with all allies, including our European partners, to develop a feasible collective plan to restore navigation freedom in the region as soon as possible and mitigate economic impacts.” He added that the UK already has unmanned vessels capable of identifying and destroying mines and is discussing support for counter-drone technology. Sunak also said, “We are not at the stage of making decisions yet.”

Italy’s foreign minister emphasized that diplomacy is the right approach to address the situation in the Strait of Hormuz.

A German government spokesperson said it is unclear whether the U.S. has formally requested assistance regarding the Strait of Hormuz.

German Defense Minister Pistorius stated that Germany will not send troops to participate in security operations in the Strait of Hormuz.

Greek officials said Greece has no plans to participate in military actions in the Strait of Hormuz.

Latest updates show that a ship carrying non-Iranian oil has successfully passed through the Strait of Hormuz, according to vessel tracking data.

MarineTraffic reports that the Pakistan-controlled oil tanker “Karachi,” loaded with crude oil from Abu Dhabi, has passed through the strait and is now in the Arabian Gulf.

India’s Ministry of Shipping announced Monday that a liquefied petroleum gas (LPG) vessel flying the Indian flag is expected to arrive at port later today with over 40,000 tons of fuel. The department also said another ship plans to dock on Tuesday; both ships passed through the Strait of Hormuz on Saturday.

Iran’s top diplomat stated that the Strait of Hormuz is only closed to U.S., Israeli, and their allies’ ships.

Iranian Foreign Minister Abbas Araghchi said, “From our perspective, the strait is open.” He added, “It is only closed to our enemies—those who unjustly attack our country—and their allies.”

Additionally, sources reveal that Abu Dhabi National Oil Company (ADNOC) has been forced to implement widespread shutdowns, with the country’s daily oil production dropping by more than half. (Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before use. Any operation is at your own risk.)