NVIDIA's stock plunges straight down, Chinese concept stocks tumble, and silver and oil prices are also falling! The US and Iran are entering the final showdown stage.

On the evening of February 26 Beijing time, the three major U.S. stock indices opened mixed: the Dow Jones rose 0.38%, the Nasdaq fell 0.24%, and the S&P 500 declined 0.04%. As of the time of writing, the Dow is up 0.27%, the Nasdaq down 0.84%, and the S&P 500 down 0.36%. A total of 2,712 stocks rose, while 2,381 stocks fell.

Nvidia’s earnings report exceeded expectations again but received a冷淡 response, with the stock price plunging sharply, down more than 3.6%.

The Nasdaq China Golden Dragon Index fell 0.85%.

Most popular Chinese concept stocks declined. As of the time of writing, BeiGene dropped 6.56%, KE Holdings fell 5.85%; Baidu declined 4.83%, with the company’s fiscal year 2025 revenue down 3% year-over-year; Luckin Coffee fell 4.71%, Li Auto dropped 4.66%, and Bilibili declined 3.47%.

In commodities, on February 26, international silver prices continued to fall. COMEX silver futures once dropped over 5%, spot silver fell more than 3% at one point. As of the time of writing, COMEX silver futures declined 4.6%, and spot silver fell 2.55%. Gold prices also dipped slightly, with COMEX gold futures dropping over 1% at one point.

WTI crude oil fell nearly 3% at one point, and Brent crude oil dropped over 2%.

Regarding geopolitical developments, according to CCTV News, on February 26 local time, Iran’s Foreign Ministry spokesperson Bahram Qasemi stated that the Iranian delegation is fully prepared to participate in the current round of Iran-U.S. talks, focusing on nuclear issues. Iran’s stance is clear, and they have expressed to Oman their willingness to lift sanctions and maintain Iran’s nuclear rights.

Qasemi said that the US and Oman talks began on the morning of the 26th. Indirect negotiations between Iran and the US will continue, and the Director-General of the International Atomic Energy Agency is likely to participate in the upcoming negotiations.

Iran and the US held their third round of indirect talks in Geneva, Switzerland, on the 26th. The negotiations were mediated by Oman. Iranian Foreign Minister Amir Abdollahian met with Omani Foreign Minister Badr in Geneva on the evening of the 25th.

As of the time of writing, according to CCTV News, the third round of Iran-U.S. talks has been paused and will resume later that day.

On the eve of the third round of indirect negotiations, on February 25, Iran’s Parliament Speaker Mohammad Bagher Ghalibaf said in an event in Tehran that if the US chooses to respect Iran and the common interests through diplomatic means, Iran will stay at the negotiating table; but if the US tries to deceive Iran and launch attacks midway through negotiations, Iran will respond strongly. Recently, the US has been massing troops in the Middle East to pressure Iran. Iran previously announced that if attacked, all US military bases in the Middle East would be considered legitimate targets.

On February 26 local time, a new round of US-Iran talks began in Geneva, Switzerland. Both sides have entered the final stage: if substantial progress is made, a temporary or phased agreement could be reached, significantly easing regional tensions; if core disagreements cannot be resolved, diplomatic talks may break down, and US military options could become more likely, increasing the risk of conflict.

Additionally, Ukrainian President Zelensky stated on February 25 local time that during negotiations in Geneva with the US delegation, Ukraine will not only raise issues related to ending the Russia-Ukraine conflict but also discuss economic cooperation with the US. This bilateral meeting is preparing for a new round of trilateral talks among Ukraine, Russia, and the US expected in March.

According to China Securities Journal, looking ahead, some institutions pointed out that recent global precious metals markets have experienced intense volatility, making short-term price movements increasingly unpredictable amid multiple factors. Guotai Haitong Macro Analysis noted that, based on the gold-silver ratio, the recent rally in silver may be a short-term overbought correction, warning of a potential pullback in silver prices.

Meanwhile, Bank of America stated in a report that the price of gold could rise to $6,000 per ounce within the next 12 months.

Bank of America further indicated that in the short term, silver prices may continue to decline, but there is still a chance to rebound above $100 per ounce within the year.