Gold and copper stocks surged across the board; three major events this week will determine the market's future direction

Market Overview

Last Friday, US stocks rebounded from lows, with the Dow Jones leading gains and the Nasdaq halting its decline to close higher, ending a multi-day correction. However, the weekly chart still closed lower. There was a clear rotation of capital, with value and cyclical stocks strengthening, while divergence widened among high-flying AI tech stocks.

- Dow Jones: +0.98% 53,277.01

- S&P 500: +0.43% 7,674.37

- Nasdaq: +0.43% 26,180.45

🔥 Core Market Focus

1. Super Event Week kicks off, with the entire market awaiting three major catalysts

1）NVIDIA (NVDA) reports earnings after the bell on Wednesday

The key market barometer this week centers on Rubin chip guidance, AI server shipments, gross margins, and memory demand expectations, which directly drive sentiment in the semiconductor and memory sectors. Market rumors suggest AI server prices will rise next year, with memory costs being a major driver. $NVIDIA (NVDA.US)$

2）PCE inflation data (Wednesday evening)

As the Federal Reserve's core inflation gauge, the data will directly impact expectations for a September rate cut and disrupt the trend of US Treasury yields.

3）Jackson Hole Central Bank Symposium (Friday)

Fed Chair's speech: Long-end US Treasury yields surged earlier; the market is focused on monetary policy signals, which will affect the valuation of global risk assets.

2. Sector Focus

✅Surge in precious metals and cyclical non-ferrous metal stocksCapital rotated from high-valuation tech stocks into the resources sector as a safe haven, sending gold and copper mining stocks soaring, with many hitting new closing highs. This reflects a resonance between safe-haven flows and commodity inflation logic.

✅Tesla (TSLA) rebounds sharply, up 5.14%The approval of robotaxis is a positive catalyst, helping to revive the consumer growth sector, while the rest of the AI Magnificent Seven show divergence, with mixed gains and losses. $Tesla (TSLA.US)$

⚠️Memory chip stocks remain volatile amid divergent viewsFor Micron (MU), Western Digital (WDC), and SanDisk ($SNDK), profit-taking from earlier gains continues. Despite a slight rebound, selling pressure remains. The market is debating whether this rebound signals a repair or the end of the correction, with NVIDIA's earnings needed to validate the strength of memory demand. $Micron Technology (MU.US)$$Western Digital (WDC.US)$

✅Banking and financial stocks strengthenUS services PMI data exceeded expectations, drawing capital inflows into banks and large-cap financial value sectors, with the Dow Jones outperforming the Nasdaq.

💡 Market Signals

Clear rotation from high to low valuations: profits are being taken on high-flying AI positions, with funds flowing into value and cyclical assets such as gold, copper, and banks. Sentiment in the tech sector remains weak in the short term; investors should wait for earnings reports to provide direction. Volatility is likely to increase, so avoid blind chase-selling or panic-selling.

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