Last night, silver surged! The US stock market declined across the board, with the Dow plunging over 500 points.

U.S. stocks declined across the board.

On February 27, local time, all three major U.S. stock indices closed lower, with the Dow Jones Industrial Average falling more than 500 points. At the close, the Dow dropped 1.05% to 48,977.92, the S&P 500 declined 0.43% to 6,878.88, and the Nasdaq fell 0.92% to 22,668.21. This week, the Dow decreased 1.31%, the S&P 500 fell 0.44%, and the Nasdaq declined 0.95%. In February, the Dow rose 0.17%, the S&P 500 declined 0.87%, and the Nasdaq dropped 3.38%.

European major stock indices closed mixed, with Germany’s DAX down 0.02% at 25,284.26, France’s CAC 40 down 0.47% at 8,580.75, and the UK’s FTSE 100 up 0.59% at 10,910.55. This week, the DAX increased 0.09%, the CAC 40 rose 0.77%, and the FTSE 100 gained 2.09%. In February, the DAX rose 3.04%, the CAC 40 increased 5.59%, and the FTSE 100 gained 6.72%.

Most Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 1.81%. Among popular Chinese stocks, Artis Solar fell over 11%, iQIYI dropped more than 6%, Century Internet declined over 5%, and NIO and JinkoSolar fell more than 4%. Kingsoft Cloud rose nearly 7%, Tuya Smart gained nearly 5%, ZTO Express increased over 1%, and Pony.ai rose close to 1%.

Silver futures surged nearly 8%

On February 27, 2026, local time, precious metals futures generally closed higher, with COMEX gold futures up 1.97% at $5,296.40 per ounce, up 4.24% this week.

COMEX silver futures rose 7.77% to $94.385 per ounce, up 13.8% this week.

Regarding recent trends in precious metals prices, Shenwan Hongyuan Futures believes that the overall strength is driven by three main factors: first, the impact of U.S. tariff policy changes on dollar confidence, as the U.S. Supreme Court ruled that the Trump administration’s large-scale tariffs were illegal, prompting Trump to announce a 10% tariff on goods imported from around the world, later increased to 15%. Concerns over U.S. fiscal sustainability and trade policy uncertainty continue to shake dollar confidence. Second, ongoing tensions in Iran and regional conflicts have significantly boosted gold’s safe-haven demand. Third, stagflation risks have strengthened gold’s inflation-hedging properties, as recent U.S. data show inflation above expectations and economic growth slowing.

Overall, Shenwan Hongyuan Futures believes that in the short term, tariff rulings and geopolitical conflicts resonate to drive precious metals higher. In the medium to long term, de-dollarization and regional risks will support gold’s upward trajectory. Due to the combined industrial and financial attributes, silver is expected to continue its oscillating but strong trend in the near term.

Main U.S. crude oil futures rose 3.19%, to $67.29 per barrel.

Brent crude oil futures increased 3.35%, to $73.21 per barrel.

Guojin Securities released a research report stating that the crude oil market has shifted from supply and demand fundamentals to geopolitical risk-driven factors. High volatility is expected in the coming month. Before the Iran-U.S. situation clarifies, oil prices are in a state of being more likely to rise than fall. If oil prices continue to rise due to geopolitical issues, investors should focus on upstream oil and gas companies and offshore oil and gas service sectors benefiting from high industry prosperity. Conversely, rising oil prices may boost chemical product prices, and if geopolitical risk premiums decline, industry cost pressures will ease. Considering the future domestic policy direction of “anti-involution” in industries, this is favorable for the long-term optimization and high-quality development of the chemical industry.

OpenAI Completes $110 Billion Funding Round

OpenAI announced the completion of a new funding round, with a pre-money valuation of $730 billion and a total raise of $110 billion. The funding includes $30 billion from SoftBank, $30 billion from NVIDIA, and $50 billion from Amazon.

OpenAI stated that it has also signed a strategic partnership with Amazon and secured supply of NVIDIA’s next-generation inference computing power. As this round of funding progresses, more financial investors are expected to join. “These partnerships expand the company’s global reach, deepen infrastructure development, and strengthen the balance sheet, enabling us to bring cutting-edge AI to more people, businesses, and communities worldwide.”

OpenAI said, “We are entering a new phase where frontier AI is moving from laboratory research to everyday applications worldwide. Future leadership will depend on who can rapidly expand infrastructure to meet demand and turn that capacity into products people rely on.” The current funding and partnerships allow the company to balance these goals and accelerate its mission to ensure artificial general intelligence (AGI) benefits all humanity.

Previously, to expand computing power, OpenAI signed agreements worth over one trillion dollars with Oracle, NVIDIA, AMD, Microsoft, Amazon, and others, raising concerns about its ability to afford such huge costs.

Recently, OpenAI lowered its target funding amount, telling investors that it plans to invest approximately $600 billion in computing infrastructure by 2030.