Bitget UEX Daily | Nasdaq Hits New High; Apple Surpasses $5T Intraday; SanDisk Surges 6.81%

I. Key Hot News

Federal Reserve Developments

U.S. September PMI to be Released Tonight, “Higher Rates for Longer” Remains Market Focus

• The preliminary S&P Global U.S. Manufacturing and Services PMI for September will be released at 21:45 Beijing Time today. Market expectations place the Manufacturing PMI around 53.6 and the Services PMI around 55.8.
• Federal Reserve Financial Supervision Vice Chair Michael Barr is scheduled to speak at 22:05 Beijing Time, with markets focusing on his comments regarding inflation, financial conditions, and the subsequent interest rate trajectory.
• Following the Fed’s recent rate decisions, multiple officials have continued to emphasize the importance of controlling inflation. Energy prices and demand resilience may still limit the scope for a policy shift.

Market Impact: If the PMI shows economic activity continues to expand steadily, markets may further adjust upward their expectations for how long rates will remain elevated, placing valuation pressure on highly valued tech stocks and crypto assets; if the services sector cools significantly, it could alleviate upside risks for U.S. Treasury yields.

International Commodities

Saudi Arabia Restarts East-West Pipeline, Supply Recovery Expectations Weigh on Oil Prices

• Saudi Arabia has resumed operations of the East-West Pipeline, though initial throughput capacity remains constrained. The pipeline can transport crude oil to Red Sea ports, bypassing the Strait of Hormuz.
• The pipeline’s designed capacity is approximately 7 million barrels per day, but full restoration of damaged facilities is expected to take another six to eight weeks.
• Iran has proposed reopening the Strait of Hormuz under the condition that the U.S. eases military pressure and lifts port blockades, further alleviating some supply concerns.

Market Impact: Supply recovery expectations have kept WTI near $90/barrel, with Brent fluctuating around $99. The pullback from recent highs helps ease inflation expectations and supports tech stock valuations, but with Middle East tensions yet to fully subside, the energy market may remain highly volatile.

International Economic & Trade Policy

Trump-Xi Summit Approaches, Trade Truce and AI Policy Take Center Stage

• U.S. President Trump and Chinese President Xi Jinping are expected to meet in Washington on September 24.
• Anticipated topics include extending the trade truce expiring in November, agricultural and aircraft purchases, rare earth supply, restrictions on advanced technologies, and AI risk management.
• Both sides may also discuss the situation in Iran and cross-strait issues, though markets are currently more focused on whether phased achievements for a stable economic and trade relationship can be reached.

Market Impact: If the trade truce is extended, sectors such as semiconductors, cloud computing, consumer electronics, and cross-border e-commerce could benefit; if further signals of tightening tech restrictions emerge, risk premiums for the AI supply chain could see renewed increases.

II. Market Review

Commodities & Forex Performance

• Gold Futures: ~$4,395.95/oz, up 0.45%.
• Silver Futures: ~$67.92/oz, up 2.09%.
• WTI Crude Oil Futures: ~$90.00/bbl, down 0.57%.
• Brent Crude Oil Futures: ~$99.12/bbl, up 0.52%.
• US Dollar Index (DXY): ~100.55.
• U.S. 10-Year Treasury Yield: ~4.96%.

Driver Analysis: Expectations of Middle Eastern supply recovery cap crude’s upside, though geopolitical risks continue to support a premium for Brent. Gold is supported by safe-haven demand, but constrained by high rates and a strong dollar; silver’s outperformance reflects improving expectations for both precious metals and industrial demand.

Cryptocurrency Performance

• BTC: ~$86,443 USDT, up 0.64% over 24 hours, 24h volume ~$40.07 billion.
• ETH: ~$2,760 USDT, up 0.21% over 24 hours, 24h volume ~$15.24 billion.
• Crypto Market Cap: ~$2.94 trillion, up ~0.82% over 24 hours.
• Global 24h Trading Volume: ~$113 billion, down ~23% from the previous day.

Volume-Price & Main Force Fund Observation: BTC and ETH continue to rise, but global trading volume has notably cooled, indicating fading momentum for short-term chasing. The market is largely consolidating at higher levels. Latest weekly disclosures show Strategy bought 950 BTC between Sept 14–20, investing ~$75.7 million; BitMine added 27,562 ETH during the same period, raising its holdings to 5,983,940 ETH. These represent the latest reported weekly accumulation data, not intraday buying on Sept 23.

Driver Analysis: Bitcoin remains near an eight-month high, with institutional buying and crypto ETF inflows providing support, though the $90,000 level may pose a new psychological resistance. ETH continues to be supported by corporate treasury demand, staking yields, and asset tokenization themes, but its 24-hour gain temporarily trails BTC.

Major US Stock Index Performance

• Dow Jones Industrial Average: Closed at 51,863.69, down 0.36%.
• S&P 500 Index: Closed at 7,764.64, flat.
• Nasdaq Composite Index: Closed at 27,244.28, up 0.45%, setting a new closing record.

Tech Giant Developments

• NVIDIA (NVDA): $228.87, up 0.64%.
• Apple (AAPL): $339.75, up 0.21%.
• Microsoft (MSFT): $498.00, down 0.71%.
• Alphabet (GOOGL): $351.16, down 1.07%.
• Amazon (AMZN): $254.98, down 1.30%.
• Meta (META): $736.60, down 0.65%.
• Tesla (TSLA): $378.90, up 0.94%.

Performance Summary & Driver Analysis: Three of the Magnificent Seven rose while four fell, with Tesla leading gains and NVIDIA maintaining relative strength driven by AI demand. Apple’s intraday price breached the $5 trillion market cap threshold but closed back below it. Profit-taking was seen in Microsoft, Alphabet, Amazon, and Meta, though the semiconductor and storage chip sector continues to prop the Nasdaq to new closing highs.

Sector Movement Observations

Memory Chips: AI Demand and Price Increase Expectations Drive Sector Strength

• Representative Stocks: SanDisk +6.81%; Micron Technology +5.00%.
• Drivers: Rosenblatt initiated coverage on SanDisk with a “Buy” rating and a $2,400 price target, forecasting that AI infrastructure demand will tighten NAND flash supply. Markets are also positioning ahead of Micron’s earnings, anticipating continued improvement in HBM, DRAM, and data center storage demand.

Financial Sector: Margin and Profitability Concerns Drag Large Banks

• Representative Stocks: JPMorgan Chase -3.40%; Wells Fargo -3.92%.
• Drivers: Markets worry that slowing loan demand, rising funding costs, and yield curve shifts in a high-rate environment could compress bank profitability, making financials one of the main drags on the Dow.

III. In-Depth Analysis of US Stocks Deep Dive

1. Apple (AAPL) — Breaches $5T Intraday, Fails to Hold Threshold at Close

Event Overview: Apple rose 0.21% on Sept 22 to close at $339.75. Its intraday price briefly surged above the level required for a $5 trillion market cap but failed to hold. Markets continue to assess trade-up demand from the foldable iPhone Duo, AI-enhanced Siri, and the premium product lineup.

Market Interpretation: Apple’s more conservative AI capex strategy compared to peers lends it certain defensive qualities during tech sector volatility. However, valuations nearing $5 trillion imply that markets have already priced in robust product upgrade cycles and margin expansion expectations.

Investment Implications: Monitor iPhone Duo order volume, delivery timelines, AI feature adoption rates, and gross margin guidance. If ASP increases for premium products but volume growth remains muted, further multiple expansion may face limits.

2. SanDisk (SNDK) — Strengthening AI Memory Demand, NAND Pricing Becomes Key Variable

Event Overview: SanDisk surged 6.81%, closing at $1,887.04. Rosenblatt initiated coverage with a “Buy” rating and a $2,400 target price.

Market Interpretation: Analysts expect demand from AI servers and data centers for high-performance storage to keep NAND supply tight, driving Q3 ASPs up over 20%. SanDisk’s technology partnership with Kioxia is also expected to enhance product performance and lower production costs.

Investment Implications: Subsequent monitoring should focus on NAND contract prices, shipment volumes, capex, and inventory changes. With the stock up significantly YTD, actual earnings growth must consistently meet or exceed raised market estimates.

3. Micron Technology (MU) — Funds Position Ahead of Earnings, HBM Execution is Key

Event Overview: Micron Technology rose 5.00%, closing at $1,096.16. The company is set to report Q4 fiscal year results on Sept 30, with markets front-running improvements in AI data center and memory chip demand.

Market Interpretation: HBM, DRAM, and data center storage demand have significantly boosted earnings expectations, but current pricing already reflects strong assumptions for price cycles and margin expansion. Markets will distinguish between broad industry quote hikes and Micron’s actual booked orders, shipments, and cash flow.

Investment Implications: Key focuses include HBM contract size, FY revenue guidance, gross margins, and capex. If earnings upgrades rely primarily on price rather than volume growth, stock volatility may amplify with shifts in storage cycle expectations.

IV. Market & Project Developments

1. Binance Invests in Circle: Binance announced a $100 million equity stake in USDC issuer Circle, further deepening collaboration on stablecoin liquidity, trading, and payment applications.
2. U.S. Opens Pilot for Tokenized Stocks: The SEC granted eligible tokenized securities trading venues a temporary, conditional exemption, permitting them to trade tokenized U.S. equities via permitted automated market makers and liquidity pools.
3. BitMine Continues Accumulating ETH: BitMine purchased 27,562 ETH in the week ending Sept 20, bringing total holdings to 5,983,940, approaching its goal of acquiring 5% of the Ethereum supply.
4. Strategy Resumes BTC Purchases: Strategy bought 950 BTC between Sept 14–20 at an average price of ~$79,670, raising its total holdings to 846,000 BTC.
5. ECB Recommends Adjusting Stablecoin Reserve Rules: The ECB and several EU central banks recommend eliminating the requirement for issuers to hold fixed reserve ratios in banks, shifting focus to ensuring reserve assets can be quickly liquidated within one to five business days.

V. Today's Market Calendar

All times are listed in Beijing Time (UTC+8).

Key Event Previews

• Trump-Xi Summit: Scheduled for Sept 24 in Washington, with focus on trade truces, AI risk management, tech restrictions, and commodity procurement.
• U.S. Employment & Housing Data: Initial jobless claims to be released at 20:30 on Sept 24, followed by August housing starts at 22:00.
• Costco Earnings: Scheduled to report after U.S. market close on Sept 24; watch membership fee revenue, comp sales, and consumer spending trends.
• Micron Earnings: Scheduled to report after U.S. market close on Sept 30; key focuses will include HBM orders, memory pricing, and margin guidance.

Institutional Views

UBS Global Wealth Management states that the AI investment theme remains supported by adoption expansion, commercialization progress, and growing capex. Meanwhile, markets are raising hurdles for earnings realization, requiring more concrete evidence from actual revenues, profits, and cash flows to justify further multiple expansion for tech stocks. For memory chips, investors need to critically assess whether supply tightness and price hikes can translate into sustainable volume and profit growth.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Market prices are subject to change at any time; please refer to real-time quotes at the time of trading.