AI Tech Stocks Lead the US Stock Market Opening Higher, Nokia Rises Nearly 8% to a Historical High

U.S. stocks opened on Friday with the Dow Jones up 0.5%, the S&P 500 up 0.4%, and the Nasdaq up 0.4%, with AI technology stocks being the main driving force. The quantum computing sector generally rose, with Rigetti Computing, Quantum Computing, and D-Wave Quantum each up about 5%, and IBM up about 3%. Optoelectronics-related stocks mostly increased. Nokia's gain approached 8%, hitting a historical high; CRDO rose by over 5%, and AXTI rose by over 2%.

Bloomberg strategist David Savage said that any signs of accelerating AI demand against the backdrop of mild volatility and strong U.S. economic growth will provide ongoing structural support for related technology stocks.

Chinese concept stocks are under obvious pressure. The China Securities Regulatory Commission announced on May 22nd that Futu Securities, Tiger Brokers, and Chang Bridge Securities engaged in illegal cross-border operations, and planned to confiscate all illegal income from the relevant entities and impose penalties according to the law, with the combined penalty amount for Futu expected to reach 1.85 billion yuan. Futu Holdings fell about 35% at the market open, Tiger Securities fell about 31%, the NASDAQ Golden Dragon China Index fell 2.2%, and Pinduoduo, Alibaba, and JD.com all fell between 3% and 4%. With the approval of the State Council, the CSRC and eight other departments jointly issued a rectification plan, making it clear that after two years of concentrated rectification, all illegal cross-border business activities of foreign institutions will be completely banned.

In terms of geopolitics, Saudi media, citing news, has learned about the draft of the U.S.-Iran ceasefire agreement, which includes an immediate, comprehensive, and unconditional ceasefire on all fronts, and negotiations on unresolved issues within 7 days, while gradually lifting U.S. sanctions on Iran in exchange for Iran's compliance. After the news spread, Brent crude fell $1.13 to $103.19 a barrel within 5 minutes, and WTI crude oil fell to $96.33 a barrel in sync, with the previous rise temporarily suppressed.

On other assets, the 10-year U.S. Treasury yield remained almost unchanged at 4.57%, spot gold fell 0.3% to $1,529.95 per ounce, and Bitcoin slightly fell by 0.1% to $77,553. The market is also focused on personnel movements at the Federal Reserve. Kevin Warsh will be sworn in as the chairman of the Federal Reserve today local time, and Federal Reserve Governor Waller will also give a speech, with the policy signals of the new leadership under current stagflation pressure being highly anticipated.