1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The latest price data in January 2026 in China shows a mild recovery at a low level with structural differentiation, while the non - farm data in the US in January greatly exceeded expectations, leading to an adjustment of the market's expectations for the Fed's interest rate cuts. Domestic price repair depends on the optimization of "new supply" and the unblocking of the transmission chain in the middle and lower reaches. The economic opportunities from the visit and domestic growth - stabilizing policies may lead to a valuation repair of pro - cyclical sectors [2]. - In the short term, for the RMB exchange rate, pre - holiday seasonal settlement demand may support the RMB's appreciation, but after the holiday, its endogenous appreciation power may decline, and its linkage with the US dollar index may increase [3]. - For the stock index, the Fed's interest rate cut rhythm may be postponed, putting pressure on the stock index before the holiday. After the holiday, there may be opportunities for the IC contract [7]. - For the bond market, it is recommended to be cautious before the holiday, with a small amount of medium - term long positions in T2606 and to exit the March contract at high prices [8]. - For the container shipping European line, the market is in a small - scale shock, and funds are cautious. The spot price decline has slowed down, but there are still uncertainties in the market [11][12]. - For new energy products, the spot market for lithium carbonate is trading lightly, and it is recommended to sell volatility strategies before the holiday. For industrial silicon and polysilicon, due to high inventory, it is recommended to hold a light position or be empty before the holiday [15][17]. - For non - ferrous metals, aluminum, alumina, and cast aluminum alloy may be in a shock adjustment. Copper may be weak in its rebound, zinc may be in a shock, nickel - stainless steel may be affected by quota disturbances, tin may be adjusted in a wide - range shock, and lead may fluctuate weakly [20][26][28]. - For oilseeds and fats, for oilseeds, there are few unilateral opportunities, and it is recommended to pay attention to reverse arbitrage opportunities. For fats, the domestic market has limited driving forces and is expected to be in a shock before the holiday [31][33]. - For energy and oil and gas, for fuel oil and low - sulfur fuel oil, due to geopolitical uncertainties, it is recommended to control positions before the holiday. For asphalt, its price may follow the cost - end crude oil, and there may be a decline after the holiday [35][37][39]. - For precious metals, for platinum and palladium, the long - term bull market foundation still exists, and it is recommended to buy in steps at low prices and control positions. For gold and silver, the long - term upward trend remains, and it is recommended to reduce or empty positions before the holiday [43][45]. - For chemical products, for pulp and offset paper, it is recommended to conduct range trading. For pure benzene - styrene, pay attention to cost - end fluctuations. For LPG, pay attention to geopolitical uncertainties. For PTA - PX, it is advisable to buy at low prices. For MEG - bottle chips, it is expected to fluctuate in a wide range. For methanol, it is recommended to be empty before the holiday. For plastics and PP, the short - term driving force is limited, and it is expected to be in a shock before the holiday. For rubber, it is recommended to hold a light position before the long holiday, and it is expected to be in a range - bound shock. For urea, it is recommended to be empty before the holiday. For glass and soda ash, it is recommended to wait and see before the holiday. For propylene, pay attention to cost and risk [51][54][57][62][65][67][69][80][82][83][86]. - For black products, for rebar and hot - rolled coils, the price may be in a weak shock. For iron ore, it is advisable to wait and see cautiously before the holiday. For coking coal and coke, pay attention to the resumption rhythm after the holiday. For ferrosilicon and ferromanganese, they are in a bottom - shock state [88][91][94][95]. - For agricultural and soft commodities, for live pigs, it is recommended to go long on the 05 contract. For cotton, it is expected to be in a shock in the short term. For sugar, the upward space is limited. For eggs, the main contract is expected to decline in a shock. For rubber, it is recommended to hold a light position before the long holiday and is expected to be in a range - bound shock. For apples, the short - term demand weakens, but the decline space is limited. For red dates, the short - term price may be in a low - level shock, and the long - term price is under pressure. For logs, it is recommended to wait and see [99][100][103][104][111][113][114][116]. 3. Summaries According to Relevant Catalogs Financial Futures - **Macro**: China's CPI and PPI data in January 2026 showed a mild recovery at a low level. The US non - farm data in January was strong, affecting the market's expectations for the Fed's interest rate cuts. Indonesia plans to cut the output of the world's largest nickel mine by 70%, and the US Congressional Budget Office expects the 2026 deficit to be $1.9 trillion [1]. - **RMB Exchange Rate**: The US non - farm report in January was strong, delaying the market's expectations for the Fed's first interest rate cut. The RMB exchange rate was under the central bank's regulation and maintained a mild appreciation. Pre - holiday seasonal settlement demand may support the RMB's appreciation, but after the holiday, its endogenous appreciation power may decline [3]. - **Stock Index**: The Fed's interest rate cut rhythm may be postponed, putting pressure on the stock index before the holiday. After the holiday, there may be opportunities for the IC contract [7]. - **Treasury Bond**: It is recommended to be cautious before the holiday, with a small amount of medium - term long positions in T2606 and to exit the March contract at high prices [8]. - **Container Shipping European Line**: The market is in a small - scale shock, and funds are cautious. The spot price decline has slowed down, but there are still uncertainties in the market [11][12]. Commodities New Energy - **Lithium Carbonate**: The spot market is trading lightly. The downstream pre - holiday stocking is basically over, and the supply - demand pattern has not changed significantly. It is recommended to sell volatility strategies before the holiday [15]. - **Industrial Silicon and Polysilicon**: The market is in a wide - range shock. Due to high inventory, it is recommended to hold a light position or be empty before the holiday [16][17]. Non - Ferrous Metals - **Aluminum Industry Chain**: The non - farm data in the US was better than expected, reducing the probability of interest rate cuts. The fundamentals of aluminum have not changed much, and it may be in a shock adjustment. Alumina is expected to be weak in the long - term, and cast aluminum alloy may follow aluminum [20]. - **Copper**: The probability of a March interest rate cut has decreased, and the copper price's rebound is weak. It is recommended to hold a light position or wait and see before the holiday [20][23]. - **Zinc**: It follows the sector's adjustment, and the non - farm data suppresses the price. It is expected to be in a wide - range shock [26]. - **Nickel - Stainless Steel**: It is affected by quota disturbances. The market is in a supply - demand double - weak situation, and it is necessary to pay attention to the risk of capital withdrawal before the holiday [27][28]. - **Tin**: Its price is mainly driven by the macro situation and is expected to be in a wide - range shock adjustment [29][30]. - **Lead**: It follows the sector's fluctuation and is expected to be in a weak shock [30]. Oilseeds and Fats - **Oilseeds**: The external market of US soybeans is strong in the short - term, and the domestic soybean meal may rebound in the short - term but may be restricted by new supplies in the long - term. There are few unilateral opportunities, and it is recommended to pay attention to reverse arbitrage opportunities [31]. - **Fats**: The domestic market has limited driving forces. The palm oil market needs to observe the de - stocking process, the soybean oil has support from policies, and the rapeseed oil supply is loose. It is expected to be in a shock before the holiday [32][33]. Energy and Oil and Gas - **Fuel Oil**: It opened high and went high. The supply of high - sulfur fuel oil is being repaired, and the demand is weak in some areas. The logic is mainly related to geopolitics, and it is recommended to control positions before the holiday [35]. - **Low - Sulfur Fuel Oil**: The cost has increased, and it opened high and went high. The supply is relatively abundant in the short - term, the demand is stable, and the inventory has decreased. It is recommended to control positions before the holiday [36][37]. - **Asphalt**: Its price increase is weak. The demand has reached the freezing point before the holiday, and it may follow the cost - end crude oil. There may be a decline after the holiday [38][39]. Precious Metals - **Platinum and Palladium**: The long - term bull market foundation still exists. It is recommended to buy in steps at low prices and control positions. Pay attention to the impact of Fed officials' speeches and relevant events [43]. - **Gold and Silver**: The long - term upward trend remains, but the short - term operation is difficult. It is recommended to reduce or empty positions before the holiday [45]. Chemical Products - **Pulp - Offset Paper**: The pulp market is relatively neutral, and the offset paper futures may be in a range - bound shock. It is recommended to conduct range trading [51][52]. - **Pure Benzene - Styrene**: Pay attention to cost - end fluctuations. The supply of pure benzene increases, and the demand is flat. The supply of styrene will increase in February, and the demand will decrease during the Spring Festival [54][55]. - **LPG**: There are still uncertainties in geopolitics. The supply is neutral - low, and the demand is at a low level. It is necessary to pay attention to risk management before the holiday [56][57]. - **PTA - PX**: It benefits from the good supply - demand structure of PX. The first quarter may see inventory accumulation, and the second quarter may be in short supply. It is advisable to buy at low prices [59][62]. - **MEG - Bottle Chips**: The demand is seasonally weak, and the supply - demand balance has improved. It is expected to fluctuate in a wide range, and pay attention to geopolitical risks [63][65]. - **Methanol**: It follows geopolitics and non - ferrous metals. It is recommended to be empty before the holiday [66][67]. - **Plastics and PP**: The short - term driving force is limited. PE has a pattern of increasing supply and decreasing demand, and PP has limited supply pressure in the short - term. It is expected to be in a shock before the holiday [68][69]. - **Rubber**: It rose and then fell, with synthetic rubber leading the decline. The fundamentals have both support and pressure, and it is recommended to hold a light position before the long holiday and is expected to be in a range - bound shock [72][80]. - **Urea**: It is in a stage of over - supply due to new capacity release. The 05 contract may have a price increase expectation, but it is recommended to exit long positions and be empty before the holiday [81][82]. - **Glass and Soda Ash**: For soda ash, the demand is expected to weaken, and it is in a weak shock. For glass, there may be concentrated cold repairs before the Spring Festival, and it is recommended to wait and see before the holiday [83][84]. - **Propylene**: The fundamentals still have support, but the cost has uncertainties. Pay attention to cost, supply - demand, and risk [85][86]. Black Products - **Rebar and Hot - Rolled Coils**: The price may be in a weak shock. The supply is relatively strong compared to the demand, and the inventory is accumulating. The price may test the lower limit of the shock range [88][89]. - **Iron Ore**: The overall supply - demand is weak, and the iron water is expected to rise. It is advisable to wait and see cautiously before the holiday [90][91]. - **Coking Coal and Coke**: There are many disturbances in the overseas market, and the domestic driving force is insufficient. Pay attention to the resumption rhythm after the holiday [92][94]. - **Ferrosilicon and Ferromanganese**: They are in a bottom - shock state. The cost provides support, but the downstream inventory accumulation and high inventory of ferromanganese put pressure on the price [95]. Agricultural and Soft Commodities - **Live Pigs**: The futures price has rebounded, and it is recommended to go long on the 05 contract [98][99]. - **Cotton**: It is expected to be in a shock in the short term. The supply - demand is in a tight - balance state, and the external - internal cotton price difference restricts the upward space [99][100]. - **Sugar**: The international raw sugar price is weak, and the domestic sugar's upward space is limited [101][103]. - **Eggs**: The main contract is expected to decline in a shock. The pre - holiday demand has weakened, and the supply is sufficient [104]. - **Rubber**: It rose and then fell, with synthetic rubber leading the decline. The fundamentals have both support and pressure, and it is recommended to hold a light position before the long holiday and is expected to be in a range - bound shock [104][111]. - **Apples**: The pre - holiday stocking is basically over, and the short - term demand weakens, but the decline space is limited [112][113]. - **Red Dates**: The short - term price may be in a low - level shock, and the long - term price is under pressure due to sufficient supply [114]. - **Logs**: The liquidity is insufficient, and the industry is optimistic about the post - holiday market. It is recommended to wait and see [115][116].

Core Viewpoint - The article discusses the recent performance of gold prices and employment data in the U.S., highlighting the mixed signals from strong job growth and a significant downward revision in future employment projections, which may influence market expectations regarding interest rate decisions by the Federal Reserve [2][7]. Economic Data Summary - In January, the U.S. added 130,000 non-farm jobs, significantly exceeding the market consensus of 65,000, marking the largest monthly increase in over a year [2][7]. - The unemployment rate unexpectedly decreased to 4.3% in January, compared to expectations and the previous value of 4.4% [2][7]. - The U.S. Labor Department revised the total employment growth forecast for 2025 from an initial estimate of 584,000 down to 181,000, indicating an average monthly job addition of approximately 15,000, which would make 2025 the worst year for employment performance since 2003, excluding economic crises [2][7]. Market Reaction - Following the release of the employment data, the U.S. dollar showed some volatility but remained generally stable, which had a limited impact on gold prices [2][7]. - The market is now focusing on the upcoming U.S. Consumer Price Index (CPI) data, which may provide further guidance on interest rate expectations [2][7]. Geopolitical Context - Tensions in the Gulf region continue, with ongoing negotiations between the U.S. and Iran failing to reach effective consensus, maintaining the potential for conflict [3][8]. - The sell-off in precious metals is nearing its end, but there remains upward pressure in the market, complicating predictions due to the volatility of geopolitical situations [3][8].

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20260212 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：美国 1 月非农超预期，A 股延续缩量修复 海外方面，美国 1 月非农新增 13 万，显著高于预期的 7 万，创去年 4 月以来新高；失 业率降至 4.3%，时薪环比 0.4%，均强于预期，显示 1 月就业仍具韧性。与此同时，年度基 准修正力度较大：截至 2025 年 3 月的 12 个月非农就业总规模下调 86.2 万，经修正后，2025 年全年新增仅 18.1 万，远低于此前公布的 58.4 万，目前就业市场呈现"单月偏强"与"中 期动能放缓"的分化，后续仍待数据验证。数据发布后，市场降息预期有所延后，美股高开 低走，美元指数震荡上行，10Y 美债利率回升至 4.17%，金银铜延续震荡修复，油价上涨约 1%。今日关注最新初请失业金人数。 国内方面，1 月 CPI 同比录得 0.2%，弱于预期 0.4%，核心 CPI 回落至 0.8%，春节错月 推高上年同期基数，形成同比回落，其中猪肉、能源、旅游服务价格较为疲软；PPI 同比录 得-1.4%， ...

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints of the Report The weakening of the hawkish expectations trading on Wash has led to an upward trend in the prices of basic metals. Although the macro - outlook has improved, it is still unclear. The raw material supply remains tight, and there are still potential disturbances in the smelting process, providing strong support on the supply side. The terminal demand is weak currently, but there is an expectation of tightened supply - demand balance in the medium term. Overall, copper, aluminum, tin and other metals are expected to maintain a moderately strong oscillatory trend [1]. Summary by Relevant Catalogs 1. Market Outlook - **Copper**: High inventory levels will keep copper prices oscillating at a high level. The supply of copper ore is tight, and the expected reduction in refined copper supply is increasing. However, weak demand and high inventory limit the upward potential of copper prices. In the long - term, copper prices are expected to be moderately strong [6]. - **Alumina**: The expectation of production cuts is pitted against the reality of oversupply, causing alumina prices to oscillate. The average spot price has dropped, and the high - cost inland production capacity is facing losses, increasing the expectation of supply reduction. But the actual supply reduction is insufficient, and the cost is also decreasing [7]. - **Aluminum**: The repeated sentiment of funds causes aluminum prices to fluctuate within a narrow range. The macro - outlook is expected to be positive, but the current demand is weak, and the inventory is accumulating. In the medium - term, the supply is expected to be tight, and the price center is likely to rise [8][9]. - **Aluminum Alloy**: Cost support persists, and prices will oscillate. The cost of scrap aluminum is high, and the supply is tight. Although the demand is affected by high prices, the cost support and the expected supply - demand balance will keep prices moderately strong [10]. - **Zinc**: The significant accumulation of social inventory will keep zinc prices oscillating. The macro - outlook has improved, but the supply pressure has increased, and the demand is in the off - season. In the long - term, zinc prices are expected to decline [11]. - **Lead**: Solid cost support will keep lead prices oscillating. The production of lead ingots has decreased slightly, and the demand is weakening, but the high cost of waste batteries provides support [14]. - **Nickel**: The release of Indonesia's 2026 nickel ore quota has pushed nickel prices higher. The supply pressure is high, and the demand is in the off - season. However, the adjustment of Indonesia's policy on nickel ore has supported nickel prices, and it is expected to be moderately strong [15][16]. - **Stainless Steel**: The rise in nickel prices has led to an upward - oscillating trend in the stainless - steel market. The cost is supported, but the production is expected to decline in February due to the Spring Festival, and the demand is weak. Overall, it is expected to be moderately strong [17]. - **Tin**: The continuous supply contraction provides strong support for tin prices. The supply in some regions is still restricted, and the demand in semiconductor, photovoltaic and new - energy vehicle industries is increasing, so tin prices are expected to be moderately strong [19]. 2. Market Monitoring - **Commodity Index**: On February 11, 2026, the comprehensive index, the commodity 20 index, and the industrial product index of CITICS Futures all showed an upward trend, with increases of 0.32%, 0.27%, and 0.41% respectively. The non - ferrous metal index increased by 0.24% on the day, decreased by 0.08% in the past 5 days, decreased by 5.51% in the past month, and increased by 0.32% since the beginning of the year [147][148].

2月11日晚21：30公布的美国1月季调后非农就业人口新增13万人，远 超市场预期，失业率微降至 4.3%，就业市场整体表现强劲；叠加美国财长对美国经济及就业的乐观表态，市场对美联储降息预期 进一步降温，数据公布后夜盘 黄金白银价格短线跳水，短期或进入阶段性回调，本周五即将公布的CPI 数据仍是市场核心焦点。此外，美国1月财政收支与预算赤字数据同步出炉，2026财年迄今联邦赤字较 上一财年同期有所收窄。策略上暂时保持观望。 ...

1. Report Industry Investment Rating - No information provided in the given text 2. Core View of the Report - The U.S. January non - farm payrolls data was significantly better than expected, with 130,000 new jobs, and the unemployment rate dropped slightly to 4.3%. The market's expectation of the Fed's interest rate cut further cooled down, causing the prices of gold and silver to plunge in the night session. Precious metals may enter a stage of correction in the short term. The CPI data to be released this Friday remains the core focus of the market. It is recommended to remain on the sidelines for now. [2][3][4] 3. Summary by Relevant Catalogs 3.1. Market Quotes - **Domestic Futures**: Shanghai gold rose 0.44% to 1,130.70 yuan/gram, and Shanghai silver rose 1.88% to 20,965.00 yuan/kilogram. [2] - **International Futures**: COMEX gold rose 1.51% to $5,107.50 per ounce, and COMEX silver rose 4.56% to $84.05 per ounce. The U.S. 10 - year Treasury yield was 4.16%, and the U.S. dollar index was 96.90. [2] 3.2. U.S. Employment Data - The U.S. January seasonally - adjusted non - farm payrolls added 130,000 jobs, the largest increase since April 2025, far exceeding the market expectation of 70,000. The unemployment rate dropped slightly from 4.4% to 4.3%. [2][4] - Job growth in January was mainly driven by healthcare and social assistance. Healthcare added 82,000 jobs, social assistance added 42,000, and the construction industry added 33,000 jobs. [3] 3.3. U.S. Fiscal Data - In January, the U.S. budget expenditure was $655 billion and revenue was $560 billion, both reaching record highs for the same period. The government budget deficit was $95 billion, higher than the expected $86.5 billion. The federal deficit so far in fiscal year 2026 is $697 billion, narrowing compared to $840 billion in the same period of the previous fiscal year. [3] 3.4. Strategy Suggestion - Temporarily remain on the sidelines. The reference operating range for the main Shanghai gold contract is 1,100 - 1,200 yuan/gram, and for the main Shanghai silver contract is 20,000 - 21,800 yuan/kilogram. [4] 3.5. Key Data of Gold and Silver - **Gold**: COMEX gold's closing price, trading volume, open interest, and inventory all decreased; LBMA gold's closing price decreased slightly, while the closing price of Shanghai gold futures rose. [6] - **Silver**: COMEX silver's closing price and open interest decreased, and inventory decreased; LBMA silver's closing price rose, and the closing price of Shanghai silver futures also rose. [6] 3.6. ETF Holdings - **Gold ETF**: The holdings of most gold ETFs decreased slightly, while PHAU UK's holdings increased slightly. [62] - **Silver ETF**: The holdings of SLV US and ETPMAG Australia increased, while the holdings of PSLV Canada decreased slightly. [62]

Group 1 - The international precious metals futures experienced a general increase, with COMEX gold futures rising by 1.53% to $5107.80 per ounce and COMEX silver futures increasing by 4.60% to $84.08 per ounce [1] - Analysts attribute the rise in silver prices to expectations of supply shortages and strong investment demand, alongside delayed expectations for Federal Reserve interest rate cuts and inflation concerns enhancing the anti-inflation properties of precious metals [1] - The U.S. labor market showed strength with a non-farm payroll increase of 130,000 in January, significantly exceeding the market expectation of 70,000, and the unemployment rate fell to 4.3%, the lowest since August 2025 [1] Group 2 - The Kansas City Fed President indicated that inflation remains above target levels, suggesting a need to maintain a "slightly restrictive" interest rate stance, leading traders to push back their bets on Fed rate cuts from June to July [1] - Recent market behavior showed a notable inverse volatility in the gold and silver markets, with individual investors strongly buying during price declines; data from "Vanda Research" indicated a net inflow of approximately $4.3 billion into silver tracking index funds over just six trading days [1] - The World Silver Association forecasts that global silver demand will remain stable in 2026, with total supply expected to grow by 1.5% to 1.05 billion ounces, marking a ten-year high, yet the silver market is projected to experience structural shortages for the sixth consecutive year [4]

美国劳工统计局最新公布数据显示，1月美国非农就业人数新增13万人，为近13个月最大增速，远超市 场预期，去年12月数据经下修后为新增4.8万人。同期失业率从去年12月的4.4%降至4.3%，但受恶劣天 气影响，家庭调查回复率仅为64.3%，低于平均水平。 分项来看，1月新增岗位集中于少数行业，医疗保健行业新增8.2万人，为2020年7月以来最大增幅，远 超2025年月均1.5万人的水平；社会援助行业新增4.2万人；建筑业新增3.3万人，主要源于支撑人工智能 的数据中心建设相关招聘；专业与商业服务行业新增3.4万人。制造业就业小幅反弹，但自特朗普重返 白宫以来已累计减少逾8万个岗位。零售、公用事业、休闲与酒店业有小幅就业增长，金融行业减少2.2 万人，运输仓储、信息、采矿与伐木行业出现就业流失。联邦政府就业减少3.4万人，因2025年部分接 受延迟辞职的员工正式退出，自2024年10月触顶以来联邦政府就业已累计减少3.7万人。 1月约有38.7万人进入劳动力市场，家庭调查显示就业人数激增52.8万人，远超新增劳动力规模，推动失 业率下行。据测算，受人工智能发展和就业结构变化影响，美国经济每月只需新增约5万人甚至 ...

Group 1 - The overall sentiment towards the A-share market has shifted from optimistic to cautiously optimistic due to strong U.S. non-farm payroll data, which has weakened expectations for interest rate cuts by the Federal Reserve [1][3] - The A-share market is expected to maintain a trading volume exceeding 2 trillion yuan before the holiday, indicating that market sentiment remains strong and a continued rebound is possible as long as there is sufficient trading volume [3] - The Shanghai Composite Index is anticipated to open higher, potentially above 4134 points, with a strong possibility of closing with gains as the bullish forces are expected to prevail despite potential volatility during trading [5][6] Group 2 - There is a caution against chasing high prices during trading, as the likelihood of a pullback after initial gains is significant, suggesting that the market may not experience a continuous upward trend [5] - The trading session is expected to see a predominance of rising stocks, indicating a generally positive market environment for individual stocks [6]

Group 1 - The core point of the article highlights the strong performance of the U.S. labor market as indicated by the January non-farm payroll data, which exceeded market expectations and impacted market sentiment regarding the Federal Reserve's interest rate decisions [1][3] - The January non-farm payroll data showed an increase of 130,000 jobs, significantly above the market expectation of 70,000 jobs, and the unemployment rate decreased by 0.1 percentage points to 4.3%, lower than the expected 4.4% [3] - Average hourly earnings for private sector non-farm employees rose by $0.15 to $37.17, reflecting a year-on-year increase of 3.7%, also surpassing market expectations [3] Group 2 - The strong non-farm payroll data led to a rapid decline in the market's expectations for a rate cut by the Federal Reserve, with the probability of a 25 basis point cut in March dropping from 19.6% to 6%, while the probability of maintaining the current rate rose to 94% [3] - Following the release of the non-farm data, U.S. stock indices experienced a decline, with the Dow Jones Industrial Average closing at 50,121.40 points, down 0.13%, and the Nasdaq Composite Index down 0.16% [4] - Concerns regarding the AI industry and the cooling of rate cut expectations contributed to the downward pressure on U.S. stocks, with technology stocks particularly affected [4] Group 3 - In contrast to the pressure on U.S. stocks and bonds, precious metals such as gold and silver saw a V-shaped reversal, with gold prices rising from a low of $5,020.07 per ounce to $5,089.36 per ounce [5] - The rise in gold and silver prices is attributed to safe-haven demand amid ongoing AI industry concerns and a retreat in the U.S. dollar, despite the cooling rate cut expectations [5] - The oil market exhibited a volatile pattern, with Brent crude oil reaching nearly $70 per barrel before retreating due to global demand concerns and a strengthening dollar, ultimately closing at $69.40 per barrel [5] Group 4 - Market focus is shifting towards upcoming U.S. CPI data and statements from Federal Reserve officials to further assess the direction of monetary policy, while ongoing dynamics in the AI industry and geopolitical issues in the Middle East continue to influence market sentiment [6] - The sustained pressure on U.S. stocks and bonds, the momentum of gold and silver prices, and the potential for oil prices to break out of their current volatility remain to be validated by future data and events [6]