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Microsoft Launches New Copilot, Shares Surge Over 3% to Lead Big Tech
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On September 25, US stock indices opened slightly higher, led by the semiconductor sector. Microsoft shares rose over 3%, leading the 'Magnificent Seven' tech giants, after announcing the launch of a new Copilot application. The app integrates tools like Word, Excel, and PowerPoint, and introduces three core capabilities: Home, Code, and Autopilot. Autopilot is described as a continuously running, proactive AI agent. The 30-year US Treasury yield surged above 5.5%, a 2004 high. Gold prices showed mixed performance, with spot gold down 0.2% and futures up slightly. Oil prices fell. Separately, Iranian Foreign Minister Araghchi stated that Iran has submitted a new negotiation draft to the US to reopen the Strait of Hormuz in exchange for sanctions relief. TD Securities forecasts gold could break above $5,000 per ounce by 2027, citing strong investment demand despite rising interest rates.
Source report
On the evening of September 25 (Beijing time), the three major U.S. stock indexes opened slightly higher, with the semiconductor sector leading gains. In the bond market, the yield on the 30-year U.S. Treasury bond surged past 5.5%, reaching its highest level since 2004.
Market Performance
According to Wind data, as of 22:25 Beijing time:
- Dow Jones Industrial Average: Up 0.16%, at 51,431.8 points
- Nasdaq Composite: Up 0.1%, at 26,967.29 points
- S&P 500: Up 0.03%, at 7,706.55 points
Semiconductor Sector Leads
The semiconductor sector led the market higher. As of press time, the Philadelphia Semiconductor Index rose 1.26%, according to Wind data.
- ARM: Up over 4%
- ON Semiconductor, Microchip Technology, Qualcomm: Each up over 3%
- Micron Technology: Slightly higher
Big Tech Stocks Show Mixed Performance
Major technology stocks displayed divergent trends, per Wind data:
- Microsoft: Up over 3%, leading the "Magnificent Seven," with a market cap of $3.8096 trillion
- Apple: Slightly higher
- Meta: Down over 3%
- Tesla: Down nearly 2%
- Google-C, Nvidia, Amazon: Slightly lower
Microsoft Launches New Copilot Application
On September 25, local time, Microsoft announced the launch of a new version of its Copilot application, integrating various tools users rely on daily and offering new capabilities for the future. The update enables users to build, customize, and scale AI applications in work scenarios.
The new Copilot introduces three core capabilities:
- Home: A new starting page that integrates chat and cowork functions. Leveraging the "Copilot embedded in Office" capability, full functionality for Word, Excel, and PowerPoint is now built in.
- Code: Allows anyone to build customized solutions that can run securely, using the same underlying technology as GitHub Copilot.
- Autopilot: A continuously running, proactively responsive, personalized AI agent that can continue working even without user input.
The Home and Code features will roll out gradually in the coming weeks within the Frontier program. Autopilot will enter private preview at the end of this month. Additionally, Microsoft has embedded its Office applications—Word, Excel, and PowerPoint—directly into Copilot, enabling users to collaborate on these apps without leaving the AI tool.
Precious Metals Show Mixed Performance
International gold futures and spot prices diverged. As of press time, according to Wind data:
- London spot gold: Down 0.2%, at $4,268.92 per ounce
- COMEX gold futures: Up 0.07%, at $4,300.8 per ounce
- London spot silver: Down 0.07%
- COMEX silver futures: Up 0.19%
Oil Prices Decline
International oil prices fell:
- WTI crude oil futures: Down 1%, at $93.66 per barrel
- ICE Brent crude oil futures: Down 1.16%, at $99.06 per barrel
Analyst Outlook on Precious Metals
TD Securities believes that downside for precious metals is limited, as the current market environment is favorable for gold to break above $5,000 per ounce again. Ryan McKay, Senior Commodity Strategist at TD Securities, noted that while gold continues to face headwinds from rising interest rates, underlying investment demand remains strong.
"Gold prices are poised for the next rally. Despite the Federal Reserve's rate hikes, gold has shown strong resilience. With renewed demand from investors and central banks, gold is expected to challenge above $5,000 per ounce again by 2027," McKay said.
Iran Submits New Negotiation Draft to U.S.
According to Xinhua News Agency, Iranian Foreign Minister Abbas Araghchi told media on September 24 during the United Nations General Assembly general debate that Iran has submitted a new negotiation draft to the United States, proposing to "reopen" the Strait of Hormuz and restart negotiations. Separately, sources told Reuters that U.S. and Iranian negotiators are discussing a phased agreement in New York, which would include Iran reopening the Strait of Hormuz in exchange for the U.S. lifting economic sanctions.
Araghchi declined to disclose the specific content of the draft, stating only that the negotiation terms are no different from those in the memorandum of understanding reached by both sides in June.
(All market charts in this article are sourced from Wind.)
Source
中国证券报Eastern
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Iran Proposes Seven-Day Plan to Reopen Strait of Hormuz, Oil Prices Drop