# Market Recap for March 4, 2026: U.S. Major Indices Rise; Nasdaq Golden Dragon China Index +0.8%

On Wednesday Eastern Time, U.S. equities rebounded from two consecutive days of sharp volatility after oil prices halted their surge and positive economic data emerged. At market close, the Dow Jones Industrial Average rose 238.14 points, or 0.49%, to 48,739.41; the Nasdaq Composite gained 290.79 points, or 1.29%, to 22,807.48; and the S&P 500 advanced 52.87 points, or 0.78%, to 6,869.50. Most mega-cap tech stocks posted gains: Amazon rose 3.88%, Tesla climbed 3.44%, Meta gained 1.93%, NVIDIA rose 1.66%, Microsoft edged up 0.22%, while Google Class A declined 0.15% and Apple fell 0.47%. AI application software stocks strengthened: AppLovin surged over 10%, and Palantir rose more than 4%. Moderna jumped nearly 16% after reaching a settlement with Genevant and Arbutus, resolving patent litigation concerning core technologies behind its COVID-19 vaccine—freeing the company from legal uncertainty and boosting investor confidence in its cancer vaccine pipeline. Ross Stores soared over 8% after reporting quarterly profits and revenues that exceeded analyst expectations, and signaling it would enter 2026 with "solid momentum." Rising oil prices buoyed petrochemical stocks: Dow Chemical rose 5.2%, and LyondellBasell gained 6.4%. The Nasdaq Golden Dragon China Index rose 0.8%: NIO gained 5.5%; Pony.ai, WeRide, and Xiaomi each rose over 4%; New Oriental rose 2.7%; and XPeng, NetEase, Tencent, and Meituan all rose over 1%. The yield on the U.S. 10-year Treasury note rose 2.69 basis points to 4.0862%, marking a cumulative increase of 14.88 basis points over the past three trading days. The 2-year Treasury yield rose 2.49 basis points to 4.0843%. COMEX gold futures rose 0.5% to $5,149.20 per ounce; COMEX silver futures rose 0.15% to $83.60 per ounce. International crude oil futures settled nearly unchanged: WTI crude for April delivery rose 0.13% to $74.66 per barrel; Brent crude for May delivery was flat at $81.40 per barrel. Fed Beige Book: Mild-to-moderate growth across most U.S. regions; sales constrained; inflation moderate The Federal Reserve’s Beige Book reported that economic activity across most U.S. regions expanded at a mild-to-moderate pace over recent weeks—but an increasing number of districts reported flat or declining activity. In many districts, heightened economic uncertainty, rising price sensitivity, and reduced spending by low-income consumers weighed on sales performance.

How should we interpret the U.S. equity market performance on September 17, 2026?

On Thursday Eastern Time, U.S. equities rallied sharply as oil prices retreated, U.S. Treasury yields declined, and robust employment data eased market concerns about potential Federal Reserve rate hikes. At market close, the Dow Jones Industrial Average rose 317.95 points, or 0.62%, to 51,779.85; the S&P 500 gained 85.93 points, or 1.14%, to 7,637.74; and the Nasdaq Composite surged 439.87 points, or 1.69%, to 26,418.30. Mega-cap tech stocks broadly rose: NVIDIA gained 2.54%, Tesla rose 2.27%, Amazon climbed 2.13%, Microsoft rose 1.52%, Meta gained 1.34%, Apple rose 1.38%, and Google rose 1.3%. AI hardware and semiconductor stocks surged: Arm jumped over 8%, Intel rose over 7%, SanDisk and AMD each rose over 6%, Micron Technology rose over 5%, and SK Hynix, Dell Technologies, and Marvell Technology each rose over 4%. Generac, a U.S. backup generator manufacturer, saw its share price soar 18.34% after signing a long-term supply agreement with Amazon—the cumulative procurement value potentially reaching $8 billion. General Motors rose 2.7% after delivering the first batch of PAC-3 MSE interceptor missile body components in just 22 days, officially re-entering the missile manufacturing supply chain. Circle rose 5.8%, Robinhood rose 5.2%, and Coinbase rose 5.8%, following the U.S. Securities and Exchange Commission’s (SEC) announcement granting a five-year exemption for tokenized stock trading. 'Tokenized stocks' refer to traditional equities converted into digital tokens via blockchain technology, enabling their trading on blockchain platforms. CoreWeave, an AI cloud computing company, fell 4.2% after announcing plans to raise capital through equity issuance and convertible bonds—sparking market concerns over potential equity dilution.

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