On Thursday, October 17th (local time), the release of upbeat financial reports from chip companies kindled market optimism regarding the profitability potential of artificial intelligence. This enthusiasm triggered a broad-based rally in chip and AI-related stocks, propelling the three major U.S. stock indices upward during the early trading session. However, the tide turned when two regional U.S. banks subsequently unveiled loan-related issues and became ensnared in fraud allegations. This development ignited investor apprehensions over the potential for bad debts within the banking sector. Consequently, bank stocks took a nosedive, pulling the U.S. stock market into a midday downturn, ultimately culminating in all three major indices closing in the red.

In the precious metals arena, Thursday saw the U.S. Senate reject the temporary funding bill for the tenth consecutive time, amplifying market fears that the U.S. government shutdown could etch its name into the historical record books. Compounding these anxieties, the delayed release of economic data further intensified market uncertainty. In response, investors continued to ramp up their gold holdings as a strategic risk-hedging move. As a result, international gold prices soared to a new all-time closing high on Thursday.