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Last night, global assets surged.

As of closing,Dow JonesUp 0.24% to 40842.79 points,S&P 500Up 1.58% to 5522.3 points,NasdaqIt rose 2.64% to 17599.4 points.Dow JonesUp 4.41%,S&P 500Up 1.13%,NasdaqDown 0.75%.

Technology stocks mostly rose.appleUp 1.5%,AmazonUp 2.9%,NetflixUp 0.93%,GoogleUp 0.73%,FacebookUp 2.51%,MicrosoftDown 1.08%.

Energy stocks rose collectively, with Exxon Mobil up 0.36%, Chevron up 0.64%, ConocoPhillips up 1.11%, Schlumberger up 1.41% and Occidental Petroleum up 0.9%.

Airline stocks generally fell, with Boeing up 2.05%, American Airlines down 1.12%, Delta Air Lines down 0.46%, Southwest Airlines down 0.44%, and United Airlines down 2.55%.

Chip stocks performed strongly, with Nvidia up 12.81% and its market value surging by US$329 billion (about RMB 2.4 trillion) in a single day; Broadcom up 11.96%, ASML up 8.89%, Qualcomm up 8.39%, TSMC up 7.28%, Micron Technology up 7.08%, AMD up 4.36% and Intel up 2.02%.

It is worth noting that former U.S. House Speaker Pelosi increased her holdings of Nvidia shares by 10,000 shares and sold 5,000 shares of Microsoft on July 26.

Most of the popular Chinese stocks rose.21VianetUp 12.5%,Bit NumberUp 7.93%,BeiGeneUp 6.12%GDSUp 6.04%,Futu HoldingsUp 5.13%; Chinese concept new energy vehicle stocks rose collectively,NIOUp 0.57%,Xpeng MotorsUp 1.57%,Ideal AutoUp 5.11%.

In addition, international oil prices and international gold prices also generally rose.

Fed keeps interest rates unchanged

The U.S. Federal Reserve ended its two-day monetary policy meeting on July 31 and announced that it would maintain the target range of the federal funds rate at 5.25% to 5.5%. The Fed also said that if the fight against inflation continues to make the desired progress, the Fed may announce a rate cut at its meeting in September this year.

As inflation has not fallen as fast as expected, the Fed has kept its target interest rate range between 5.25% and 5.5% since late July last year, the highest level in 23 years.

The Federal Open Market Committee, the policymaking body of the Federal Reserve, said in a statement after the meeting that day that inflation has eased over the past year, but remains at a relatively high level. In recent months, "some further progress" has been made in achieving the 2% inflation target. In the statement of the June meeting, the Fed's wording was "modest further progress" in fighting inflation.

Powell: Rate cut as early as September

On July 31st local time, Federal Reserve Chairman Powell held a press conference on the federal funds rate policy released by the Federal Reserve that day.

He said that the second quarter inflation data increased the Fed's confidence and made "some further progress" in achieving the 2% inflation target. If the inflation test is met, the Fed may cut interest rates as early as September, and stressed that all decisions of the Fed are "absolutely" non-political and have nothing to do with the upcoming presidential election. Powell also hinted in his answer to questions that a 50 basis point rate cut is unlikely.

Powell said the U.S. economy now looks very different than it did a year ago. He described the current economy as "historically unusual" and a "welcome outcome." He said Fed members are paying close attention to the recent rise in unemployment and possible weakness in the labor market, and as inflation cools, the Fed will be able to weigh prices and the labor market more equally. He pointed out that currently, low unemployment and low layoff levels indicate that "the labor market is normalizing."

Editor: Peng Bo

Proofreading: Li Lingfeng