Daily Market Update
Markets Rebound: Kospi Surges 10%, Wall Street Rises & AI Chip Demand Hits New Highs
05 March 2026
Today in Brief
Global markets staged a sharp recovery as South Korea's Kospi posted its best day since 2008 and Wall Street extended gains, even as the U.S.-Iran conflict entered its sixth day and oil prices pushed higher. Meanwhile, AI chip demand surged with Broadcom projecting over $100 billion in sales by 2027, and tech giants signed a White House energy pledge to power the next wave of data centers.
South Korea's Kospi Stages a Sharp Rebound, Surging 10%, on Course for Best Day Since 2008
South Korea's Kospi jumped as much as 12% on Thursday, staging a sharp rebound from its worst session, and on course to clock its best single-day gain since 2008. The index subsequently pared some gains to trade nearly 10% higher. Index heavyweights SK Hynix and Samsung Electronics surged more than 15% and 14%, respectively. The South Korean won strengthened 0.14%, last trading at 1,460.60 against the dollar. The small-cap Kosdaq rose more than 11%. The Korea Exchange briefly halted trading on both the Kospi and Kosdaq following the sharp rally — a mirror of the circuit breakers triggered during Wednesday's steep sell-off.
Dow Closes More Than 200 Points Higher, S&P 500 Rises as Traders Look Past Iran War
Stocks rose on Wednesday, building on late momentum from the prior session, as oil price gains pulled back and fears over a U.S. economic growth scare faded. The Dow Jones Industrial Average added 238.14 points (0.49%), closing at 48,739.41 and snapping a three-day losing streak. The S&P 500 gained 0.78% to end at 6,869.50, while the Nasdaq Composite climbed 1.29% to settle at 22,807.48. Technology stocks led the broader market, with Micron Technology and AMD each advancing more than 5%, and Broadcom and Nvidia climbing more than 1% apiece.
Gold Rises to Around $5,170 Per Ounce, Building on Prior Session's Advance
Gold rose to about $5,170 per ounce on Thursday, building on the prior session's advance as investors sought safety amid escalating Middle East tensions. The conflict entered a sixth day, with U.S. and Israeli forces striking targets across Iran and Tehran retaliating with missile attacks on several neighbouring states, including key energy facilities. U.S. officials confirmed that an Iranian warship was sunk in international waters, while Iran denied approaching Washington for negotiations. Separately, the Treasury Secretary confirmed a global 15% tariff will begin this week, with a possible reversion within five months.
WTI Crude Climbs More Than 3% to Around $77 Per Barrel, Extending This Week's Advance
WTI crude futures climbed more than 3% to around $77 per barrel on Thursday, extending this week's advance as hostilities between the U.S. and Iran escalated after a U.S. submarine reportedly sank an Iranian warship off the coast of Sri Lanka. Defense Secretary Pete Hegseth described the strike as the "first such attack on an enemy since World War II." The broader U.S.-Israeli campaign against Iran entered its sixth day, with commercial shipping through the Strait of Hormuz effectively halted after the IRGC warned it would target any vessel attempting transit.
War Powers Vote Fails in the Senate, Allowing Trump to Continue Iran Strikes
The U.S.-Iran war entered its fifth day, continuing to spread across the wider region. Treasury Secretary Scott Bessent said the U.S. will announce measures to stabilize oil shipments in the Gulf, while Defense Secretary Hegseth declared "America is winning decisively" with more forces arriving. Iranians began preparing a three-day funeral ceremony for Supreme Leader Ayatollah Ali Khamenei, killed in the opening salvos of the U.S.-Israeli campaign. Iran continued its drone and missile strikes on neighbouring countries for a fifth consecutive day, while Gulf nations stressed that their weapon stockpiles remain sufficient.
Judge Orders U.S. Customs to Process Refunds on Illegal Trump Tariffs
A U.S. trade court judge ordered the government to begin paying potentially billions of dollars in refunds to importers who paid tariffs the Supreme Court ruled were collected illegally last month. Judge Richard Eaton of the U.S. Court of International Trade directed Customs and Border Protection to finalize the entry cost on affected shipments without the tariff being assessed, resulting in a refund with interest. The ruling covers millions of shipments and follows a process known as liquidation, whereby an importer's estimated duty payment is finalized approximately 314 days after entry.
China Sets Its Lowest Annual Growth Target on Record at 4.5%–5% as Deflation and Tariffs Bite
China set its GDP growth target for 2026 at 4.5% to 5% — the lowest on record going back to the early 1990s — as Beijing grapples with persistent deflationary pressures and trade tensions with the U.S. The target marks a downgrade from the "around 5%" set in each of the past three years and is the most modest goal on record for the world's second-largest economy, barring 2020 when no target was set due to the pandemic. Beijing also kept its budget deficit target unchanged at "around 4%" of GDP, the highest since 2010, as the National People's Congress held its annual session.
Bessent Says Global 15% Tariff Starts This Week; Predicts Trump Duties Will Return to Old Levels Later This Year
Treasury Secretary Scott Bessent confirmed that President Trump's recently announced 15% global tariff will be implemented this week, rising from its current rate of 10%. Speaking on CNBC's "Squawk Box," Bessent also predicted that U.S. tariff rates would effectively return to pre-Supreme Court levels by August. "It's my strong belief that the tariff rates will be back to their old rate within five months," Bessent said, offering markets a degree of reassurance about the longer-term trade policy trajectory.
Nvidia CEO Huang Says $30 Billion OpenAI Investment 'Might Be the Last'
Nvidia CEO Jensen Huang said the company's recent $30 billion investment in OpenAI "might be the last time" it invests in the AI startup before a potential IPO later this year. Speaking at the Morgan Stanley Technology, Media & Telecom Conference, Huang said an earlier-discussed $100 billion investment is "probably not in the cards" given OpenAI's imminent public listing. He also noted that Nvidia's $10 billion investment in Anthropic would likely be its last in the company, following a joint announcement with Microsoft in November.
Broadcom Sees Over $100 Billion in AI Chip Sales by 2027 on Robust Custom Chip Demand
Chip designer Broadcom projected its AI chip revenue would exceed $100 billion by 2027, signalling surging demand for custom chips in a market dominated by Nvidia. Shares rose nearly 5% in extended trading after the company also announced a new $10 billion share repurchase program. Big Tech firms including Alphabet, Microsoft, Amazon, and Meta are expected to spend at least $630 billion on AI infrastructure this year. "Our visibility in 2027 has dramatically improved. Today, we have line of sight to achieve AI revenue from chips in excess of $100 billion," CEO Hock Tan said on a post-earnings call.
Tech Giants Sign Energy Pledge at White House Ahead of Midterms
Google, Microsoft, Meta, Amazon, and several AI companies signed a pledge at the White House on Wednesday to bear the cost of new electricity generation to power their data centers. The agreement is designed to prevent Big Tech's energy-intensive AI buildout from driving up electricity costs for homes and small businesses. "This means that the tech companies and the data centers will be able to get the electricity they need, all without driving up electricity costs for consumers," President Trump said at the signing event, calling it a historic win for American families and a boost to grid resilience.
Trade Desk Stock Shoots Up 13.5% as CEO Terry Green Reveals Major Stock Acquisition
Shares of The Trade Desk (TTD) rose 13.5% in after-hours trading to $28.57 on Wednesday, after an SEC filing disclosed that President and CEO Jeffrey Terry Green acquired 6,398,089 Class A common shares between March 2 and March 4. The acquisition comprised 6,000,000 shares purchased through a limited partnership and 398,089 shares received via a restricted stock award — a strong signal of insider confidence in the California-based programmatic advertising company.
