U.S. stock markets experienced a sharp decline, while gold and silver prices surged, driven by geopolitical tensions and weaker-than-expected U.S. non-farm payroll data.
At the opening on the evening of March 6, the three major U.S. stock indices collectively fell sharply.
In contrast, the Nasdaq Golden Dragon China Index edged higher, rising approximately 0.45% at the time of reporting. Among individual stocks, JD.com gained over 4%, while Gaotu Techedu and NetEase both rose more than 3%.
Gold and silver, which had been trending lower, suddenly reversed direction and saw a rapid upward movement. At the time of writing, spot gold increased by 0.11%, and spot silver rose by 0.2%.
Crude oil prices also continued to extend gains, with Brent crude rising over 6% and surpassing $90 per barrel.
On the economic data front, the latest report from the U.S. Bureau of Labor Statistics showed that U.S. seasonally adjusted non-farm payrolls decreased by 92,000 in February, marking the first negative reading since October 2025. Market expectations had projected an increase of 59,000 jobs.
Additionally, the U.S. unemployment rate for February stood at 4.4%, the highest level since December 2025, slightly above the market forecast of 4.3%.
Due to the unexpected weakness in the data, traders have increased the probability of a Federal Reserve interest rate cut in June to approximately 50%, up from just 35% prior to the jobs report release.
Federal Reserve official Mary Daly commented that a single month’s economic data is not conclusive. She noted that the economy currently faces dual risks of persistent inflation and labor market fragility, requiring a balanced approach. Daly emphasized that employment data should be analyzed comprehensively, as recent reports are difficult to interpret. She pointed out that wage growth does not appear overheated and must align with productivity and inflation trends. She also expressed concerns about the impact of rising oil prices and potential weakness in the labor market. Daly stressed the need for two-sided risk assessment and indicated that she would continue to monitor upcoming economic data.
In other developments, former U.S. President Donald Trump stated on social media on March 6 that "no deal will be made with Iran unless it surrenders unconditionally." He also claimed that the U.S. and "many of its allies" aim to "make Iran great again!"
Furthermore, Trump said on March 5 that he is not currently considering sending ground troops to Iran.
In an interview, Trump described the idea of deploying ground forces to Iran at this stage as a "waste of time," asserting that Iran "has lost its navy, lost everything," and that the U.S. will maintain the "pace and intensity of strikes" against Iran.
Trump reiterated his intention to select what he referred to as a "good leader" for Iran, claiming that the U.S. has several so-called "good leader candidates" but declining to disclose specific names.
Trump recently stated that some of his preferred "candidates" had been killed in U.S. and Israeli attacks on Iran. When questioned about this, Trump said he is taking measures to ensure that these "candidates" survive the conflict.
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