U.S. stocks fluctuate and rebound, while crude oil continues to surge

On March 2nd, local time, the U.S. stock market experienced a dramatic reversal. Influenced by global risk aversion, the three major U.S. stock indices initially opened sharply lower, but then rallied on bargain buying, gradually recovering lost ground. By the close, the Dow fell slightly by 0.15%, the S&P 500 rose modestly by 0.04%, and the Nasdaq gained 0.36%. Overall, market sentiment has improved, with major indices closing near flat.

International crude oil futures settled significantly higher, up over 6%. WTI crude oil futures for April closed up 6.28% at $71.23 per barrel; Brent crude oil futures for May rose 6.68% to $77.74 per barrel.

International precious metals fluctuated. At the New York close on March 2nd, spot gold rose 0.81% to $5,320.94 per ounce; spot silver fell 4.78% to $89.26 per ounce.

Additionally, on March 2nd, Qatar Energy announced on its official website that production of liquefied natural gas (LNG) and related products had been halted due to attacks on two of its energy facilities. Futures markets surged, with European natural gas prices spiking over 50% intraday on the same day.

Crude Oil Prices Surge on Monday

On March 2nd, the three major U.S. stock indices closed mixed. The Dow fell 0.15% to 48,904.78 points, the S&P 500 rose 0.04% to 6,881.62 points, and the Nasdaq increased 0.36% to 22,748.86 points.

In sectors, most large tech stocks gained. Notable individual stocks: Nvidia rose nearly 3%, Microsoft up over 1%, Meta up 0.83%, Apple and Tesla up 0.2%, Google down over 1%, Amazon down 0.77%.

Tesla announced on March 2nd that its humanoid robot continues to iterate, with mass production of Cybercab accelerating.

Energy stocks generally rose due to rising oil prices and improved profit outlooks, with ExxonMobil and Chevron up over 1%, ConocoPhillips up over 4%, and Western Oil up more than 2%.

Crude oil prices surged on Monday. Brent crude futures jumped about 6.7%, nearing $78 per barrel, marking the largest single-day gain since June 2025. WTI April futures rose 6.28% to $71.23 per barrel, approaching the June 20, 2025, close of $74.03.

JPMorgan analysts stated that if the Strait of Hormuz were to close entirely due to Middle East tensions, Middle Eastern oil producers might only be able to sustain production for at most 25 days. Beyond that, storage bottlenecks would force shutdowns. JPMorgan’s commodities team reports that oil exports through the Strait have fallen to 4 million barrels per day, from a normal level of 16 million barrels.

Most Chinese concept stocks declined, with the Nasdaq China Golden Dragon Index down 1.08%. Individual stocks: Kingsoft Cloud fell nearly 5%, Zhaopin Medicine down over 4%, Vipshop, GDS, and Miniso down more than 3%, Qifu Technology up over 5%, KE Holdings up over 2%, Jinko Solar up over 2%, Hesai Technology up nearly 2%.

Qatar Energy Halts LNG Production

European Natural Gas Prices Surge

On March 2nd, Qatar Energy announced that two of its energy facilities had been attacked, leading to a halt in LNG and related product production.

Futures markets responded sharply, with European natural gas prices surging over 50% intraday.

According to Xinhua, as one of the top three LNG exporters globally, Qatar ships nearly all LNG via the Strait of Hormuz, accounting for about 20% of global supply.

For China, according to the Ministry of Foreign Affairs’ official website in November 2025, Qatar is China’s second-largest LNG import source. In 2024, China imported 18.346 million tons of LNG from Qatar. From January to September 2025, China imported 14.19 million tons from Qatar.

It is noteworthy that previous disruptions in Strait of Hormuz shipping have triggered strong concerns about global natural gas supply. Driven by this sentiment, by the close on March 2nd, the overall gas concept in A-shares rose 7.66%, with many stocks hitting daily limit-ups.

It is currently unpredictable when Qatar Energy can resume production. However, Goldman Sachs recently reported that the disruption of tanker traffic through the Strait could nearly double European natural gas prices, causing severe supply interruptions in the global LNG market.

Goldman’s commodities analysts estimate that if LNG flow through the Strait is completely halted for a month, TTF natural gas prices could rise by 130% from current levels.

Nvidia Invests $4 Billion in Optical Sector

On Monday, Nvidia announced on its official website that it has reached strategic agreements with Lumentum and Coherent, investing $2 billion in each company.

Nvidia stated that it has a multi-year strategic agreement with Lumentum Holdings Inc. to jointly develop cutting-edge optical technologies for next-generation AI infrastructure and system design. The agreement includes billions of dollars in procurement commitments and future capacity rights for advanced laser components. Nvidia is investing $2 billion to support R&D, future capacity, and operations, including building a new wafer fab in the U.S. to expand manufacturing.

Both statements explain that optical interconnects and advanced packaging are fundamental to next-generation AI infrastructure, enabling ultra-high bandwidth and energy-efficient connections for AI factories.

Apple Launches iPhone 17e: Starting at ¥4,499

On March 2nd, Apple announced the new entry-level smartphone iPhone 17e and a new iPad Air equipped with the M4 chip on its official website.

Apple China’s official site shows the 256GB version of iPhone 17e is priced at ¥4,499, and the 512GB version at ¥6,499. Pre-sales start at 10:15 PM on March 4th, with official release on March 11th.

In appearance, the iPhone 17e offers three colors: pink, black, and white. Its overall look (including a 6.1-inch screen) is similar to last year’s iPhone 16e, retaining the “notch” design, and is slightly smaller than the 6.3-inch iPhone 17.

Hardware-wise, the iPhone 17e features the A19 chip, a 6.1-inch Super Retina XDR display, a 48MP single-camera system supporting Night mode and Smart HDR. It starts at 256GB storage, with no 128GB option, supporting single nano SIM and eSIM.

SpaceX Anticipates Starship Launch by Mid-2027

At the Mobile World Congress in Spain, SpaceX executives provided a clear timeline for the first commercial flight of its next-generation rocket.

Michael Nicolls, SVP of Starlink, said Starship will be ready to align with the “mid-2027” schedule for launching upgraded Starlink mobile communication satellites.

Gwynne Shotwell, SpaceX President, stated in an interview that the next test flight of Starship is expected to occur “within the next four to six weeks.”