Sou Hu Cai Jing·2025-08-23 05:48Market Performance - On August 22, the US stock market experienced a significant rally, with the Dow Jones Industrial Average soaring by 846 points, or 1.89%, reaching a historic high of 45631 points [2] - The Nasdaq and S&P 500 indices also saw gains of 1.88% and 1.52%, respectively, indicating a broad market uptrend [2] - Semiconductor stocks led the charge, with Intel rising over 5% and ON Semiconductor increasing by 6%, while the Philadelphia Semiconductor Index surged by 2.7% [2] Policy Impact - The rally was triggered by Federal Reserve Chairman Jerome Powell's dovish remarks at the Jackson Hole Global Central Bank Conference, which indicated a reassessment of policy due to rising employment risks [2][8] - Market expectations for a 25 basis point rate cut in September jumped from 75% to 89% following Powell's comments, fueling enthusiasm in technology stocks [2] Chinese Market Response - Chinese stocks also rebounded, with the Nasdaq Golden Dragon China Index rising by 2.1%, driven by strong earnings reports from companies like Miniso and NIO [5] - Miniso's stock surged by 15% after reporting a net profit that exceeded expectations by 14%, while NIO's stock rose nearly 14% following the launch of its new ES8 model [5] Gold Market Dynamics - Gold prices surged, with COMEX gold futures rising by 1.05% to $3417 per ounce, and London spot gold breaking through $3370, marking a three-month high [6] - This increase was attributed to multiple factors, including a significant drop in the US dollar index and heightened market concerns over stagflation [6] Global Central Bank Strategies - The core of the market rally is linked to the strategic maneuvers of global central banks, particularly the Federal Reserve's balancing act between inflation and employment risks [8] - China's central bank has also indicated a commitment to maintaining a supportive monetary policy, with expectations of potential rate cuts in the fourth quarter [8] Future Outlook - The market is currently in a sensitive phase driven by policy changes, with the Dow Jones index showing signs of being overbought, which may lead to short-term volatility [10] - Despite potential short-term corrections, the long-term outlook remains positive due to ongoing expectations of rate cuts from the Federal Reserve and the Chinese central bank [10]