Bitget UEX Daily Report | Short-term surge in crude oil with increased volatility; Nasdaq and S&P reach new highs; Tesla's performance exceeds expectations (April 23, 2026)

# 1. Hot News

Federal Reserve Dynamics

Trump sets no final deadline for Iran ceasefire extension

• Trump stated that US-Iran negotiations could restart as early as Friday without setting a final deadline; Israeli media reported that the ceasefire period expires on the 26th, while Iran denied any change in its negotiation plans but mentioned receiving "signals" from the US regarding the lifting of maritime blockades; under Pakistan's mediation, the probability of restarting negotiations in the next 36-72 hours has increased.
• Trump's approval rating has dropped to 33% (down 5 percentage points since March), with 73% of respondents believing the US economy is in bad shape and 72% thinking it is heading in the wrong direction.
• Market Impact: Geopolitical easing temporarily boosts risk appetite, leading to rebounds in US stocks and cryptocurrencies, but the multifaceted geopolitical games in the Middle East remain unresolved, causing continued volatility in oil prices; the Federal Reserve's policy path may face dual tests from inflation and growth.

Macroeconomic Policy

Goldman Sachs and Howard Marks warn that "easy money" is gone

• Goldman Sachs trading desk stated that the systematic buying that drove the rebound in US stocks has entered the "final stage," with unusual movements in junk stocks indicating chaotic positions, as the market shifts from passive chasing to active judgment of fundamentals.
• Howard Marks pointed out that the S&P 500's price-to-earnings ratio of about 22 times is still above the historical average, making it "not cheap"; under geopolitical tensions and AI impacts, sentiment has turned pessimistic, suggesting a focus on "whether to buy at current prices" rather than waiting for a bottom.
• Market Impact: Despite strong corporate earnings supporting the rebound, institutional views are becoming cautious under multiple pressures; shortages of electricity, water resources, and metals like copper and aluminum triggered by the expansion of AI data centers (Bank of America predicts that data center electricity consumption will exceed Japan by 2030) have not been fully priced in, and mid-to-long-term fundamental pricing power will dominate trends.

# 2. Market Review

Commodity and Forex Performance

• Spot Gold: Slightly up 0.13%, rebounding to $4,745 after dropping to $4,694.
• Spot Silver: Slightly up 0.56%, reported at $78, following a similar trend to gold.
• WTI Crude Oil: Up 0.6%, reported at $93.45.
• Brent Crude Oil: Up 0.68% to $102.61.
• US Dollar Index: Rebounded for two consecutive days, reported at $98.55.

Cryptocurrency Performance

• BTC: Up about 2.5% in 24 hours, reported at approximately $78,274, breaking through $79,000 during trading to reach a new high since February 2; geopolitical easing and the rebound of US tech stocks contributed to the rise.
• ETH: Up about 1.77% in 24 hours, reported at approximately $2,366, following a mild rebound in the broader market, with improved sentiment in altcoins.
• Total Cryptocurrency Market Cap: Up about 1.9% in 24 hours to approximately $2.7 trillion.
• Market Liquidation Situation: Total liquidation of about $462 million in 24 hours, with short positions liquidating about $352 million (indicating significant short squeezes).
• Bitget BTC/USDT Liquidation Map: Current price around $78,200, at the edge of a concentrated area for long liquidations, making it prone to sharp fluctuations in both directions in the short term. The cumulative scale of short liquidations above is larger and continues to rise; once this range is broken, the probability of triggering a short squeeze is high, with prices likely to continue rising.

• Spot ETF Net Inflow/Outflow: BTC spot ETF saw a net inflow of about $85 million yesterday; ETH spot ETF saw a net inflow of about $42.8 million yesterday (with contributions mainly from BlackRock).
• BTC Spot Inflow/Outflow: Inflows of $2.783 billion yesterday, outflows of $2.568 billion, with a net inflow of about $214 million yesterday, indicating significant accumulation by institutions.

US Stock Index Performance

• Dow Jones: Up 0.69% to 49,490.03 points, continuing to rise but with a relatively moderate increase.
• S&P 500: Up 1.05% to 7,137.90 points, reaching a new closing high, driven by corporate earnings and geopolitical easing.
• Nasdaq: Up 1.64% to 24,657.57 points, reaching a new closing high, with tech stocks leading this round of gains.

Tech Giants Dynamics

• NVIDIA (NVDA): Up about 1.2% to $200.50, with strong ongoing AI demand.
• Microsoft (MSFT): Up 1.5% to $424.22, with stable cloud and AI business.
• Apple (AAPL): Up 0.8% to $268.00, supported by resilient services and hardware.
• Amazon (AMZN): Up 0.6% to $249.84, with growth in cloud computing.
• Google (GOOGL): Up 2.2% to $330.47, boosted by the release of AI agents and new TPU products at the Cloud Next conference.
• Meta (META): Up 0.9% to $668.53, with returns from advertising and AI investments becoming evident.
• Tesla (TSLA): After initially rising over 4% in after-hours trading, it turned to a decline of over 2%, reported at approximately $386.42, with strong Q1 performance but high capital expenditure guidance causing volatility.

Core Reason Summary: Strong demand for AI and semiconductors combined with geopolitical easing led to a broad rise among the seven major tech giants, with software stocks rising for the eighth consecutive trading day, rebounding nearly 20% from April lows.

Sector Movement Observation

Semiconductor Sector up about 2.7%

• Representative stocks: Micron (MU) +8.48%, AMD +6.67%, Broadcom (AVGO) +5.09%.
• Driving Factors: Continued explosive demand for high-performance storage and computing power in AI, with the Philadelphia Semiconductor Index rising for 16 consecutive trading days, setting a record for the longest streak in history; optical communication stocks like POET and IPWR saw single-day gains exceeding 20%.

SaaS and Software Sector saw some pullback

• Representative stock: ServiceNow fell over 13.55% after hours.
• Driving Factors: Middle East conflicts dragging down large order deliveries, mergers and acquisitions temporarily compressing profit margins, combined with Wall Street's ongoing doubts about the prospects of enterprise software in the AI era.

# 3. In-Depth Stock Analysis

1. Tesla - Q1 performance achieves highest growth rate in nearly three years, but capital expenditure guidance causes volatility

Event Overview: Tesla's Q1 total revenue and automotive business revenue both increased by 16% year-on-year, with demand rebounding in Europe and North America; energy business revenue decreased by 12% year-on-year; service revenue accelerated growth by 42%, with paid Robotaxi mileage nearly doubling quarter-on-quarter; gross margin rose to 21%, a three-year high; capital expenditures were below expectations, with a $2 billion investment in SpaceX. The company's Cortex 2 has gone live, Dojo 3 is advancing, and preparations for the Optimus factory (Phase 1 annual production of 1 million units, Phase 2 target of 10 million units) will start in Q2. After the earnings report, the stock price initially jumped 4% in after-hours trading, but Musk stated that capital expenditures would increase significantly, and the CFO confirmed that it would exceed $25 billion this year, leading to a decline of over 2%. Market Interpretation: Institutions believe that the recovery in automotive demand and the long-term narrative of Robotaxi/Optimus support valuation, but high capital expenditures and a slowdown in the energy business triggered short-term profit-taking; some analysts maintain a "buy" rating but lower short-term price targets, focusing on Q2 deliveries and capacity ramp-up. Investment Insight: Short-term volatility is increasing; it is recommended to pay attention to the progress of Robotaxi and Optimus, while the long-term potential of the AI + robotics track remains, but position control is necessary.

2. SK Hynix - Q1 net profit surges 500% year-on-year, setting a historical record

Event Overview: SK Hynix's Q1 revenue for the fiscal year 2026 was 52.58 trillion won (up 60% quarter-on-quarter, up 198% year-on-year), operating profit was 37.61 trillion won (up 96% quarter-on-quarter, up 405% year-on-year), and net profit was 40.35 trillion won, with operating profit margin at 72% and net profit margin at 77%, both setting seasonal peaks. The core drivers were significant increases in DRAM and NAND prices and a higher proportion of high-value-added products; the company stated that AI computing has highlighted the demand for high-performance storage, with supply still constrained, and a favorable pricing environment will continue. Market Interpretation: Wall Street is generally optimistic about the continuation of the storage cycle, with the expansion of AI data centers driving demand for HBM and high-performance DRAM, enhancing SK Hynix's pricing power as a major supplier; some institutions have raised price targets, believing that the tight supply-demand situation in 2026 will continue to support profitability. Investment Insight: A core beneficiary of AI infrastructure, the current performance verification cycle is on the rise, suitable for mid-to-long-term allocation, with attention to subsequent price and inventory data.

3. ServiceNow - Performance meets expectations but plummets 13.55% after hours, dragging down the sector

Event Overview: ServiceNow's Q1 revenue was $3.77 billion (up 22% year-on-year), meeting expectations, with Q2 guidance slightly exceeding expectations; however, the Middle East conflict dragged down large order deliveries, and mergers and acquisitions temporarily compressed profit margins, combined with ongoing doubts from Wall Street about the prospects of enterprise software in the AI era. After the earnings report, the stock price fell 13.55% in after-hours trading, dragging the SaaS sector down collectively. Market Interpretation: Analysts believe that short-term execution combined with geopolitical factors adds macro uncertainty, and concerns about AI disrupting traditional SaaS are rising; despite stable guidance, high valuations have accelerated profit-taking, with some institutions downgrading ratings or price targets. Investment Insight: High-valuation growth stocks need to be wary of macro and industry transformation risks; it is recommended to wait for a pullback before assessing the fundamental recovery situation.

4. Boeing - Q1 revenue increases by 14%, backlog reaches a new high of $695 billion

Event Overview: Boeing's Q1 revenue was $22.2 billion (up 14% year-on-year), exceeding expectations, with net losses narrowing to $7 million; commercial aircraft deliveries increased by 10%, and the backlog across three major segments reached a new high of $695 billion; operating cash flow remains negative but debt repayment was $7 billion for the quarter, with capital expenditures doubling to $1.275 billion. Market Interpretation: Institutions view this as a signal of recovery in aviation, with capacity ramp-up and deleveraging progressing simultaneously, and the backlog providing long-term visibility; despite ongoing cash flow pressures, accelerated deliveries of models like the 787 and 777X may restore confidence. Investment Insight: A long-term beneficiary of the aviation cycle, suitable for patient holding, with attention to delivery progress and supply chain improvements.

5. IBM - Q1 performance exceeds expectations but concerns about AI disruption persist

Event Overview: IBM's Q1 total revenue grew by 9% to $15.9 billion (exceeding expectations), with software revenue growing by 11% to $7.05 billion; adjusted EPS of $1.91 exceeded expectations; the company maintained its full-year guidance, but overall and software revenue growth rates both slowed, failing to fully alleviate investor concerns about the impact of artificial intelligence on traditional businesses. Market Interpretation: Wall Street believes that the cloud and AI transformation is underway but at a slower pace than expected, with the resilience of hybrid cloud and consulting businesses supporting valuations; some analysts maintain a "neutral" rating, believing that growth premiums need further verification of AI contributions. Investment Insight: A value-oriented tech stock with strong dividend appeal, suitable for defensive allocation, but the growth ceiling still needs to be observed in terms of AI implementation effectiveness.

# 4. Cryptocurrency Project Dynamics

1. On-chain analysts monitor that the hacker from KelpDAO has now basically converted 75,700 ETH ($175 million) into BTC. The protocol primarily used by the hacker to cross-chain exchange ETH for BTC is THORChain, and the hacker's actions have also brought $800 million in trading volume and $910,000 in platform fee revenue to THORChain.

2. Token Terminal data shows that the total locked amount of tokenized US Treasury bonds on-chain has exceeded $14 billion, setting a new historical high. The Benji fund under Franklin Templeton has seen its on-chain assets grow over 381% in the past month, becoming the fastest-growing tokenized debt issuer.

3. The Thai Securities and Exchange Commission announced that it is revising the licensing rules for digital asset derivatives trading, allowing digital asset operators to provide derivative contract services referencing digital assets without the need to establish new companies, aiming to promote digital assets as a recognized asset class and provide investors with additional risk hedging tools.

4. Investment bank TD Cowen pointed out that, in addition to stablecoin yield issues, the passage of the Clarity Act faces five other major obstacles. First, the US Commodity Futures Trading Commission (CFTC) currently has only one commissioner, and the process of expanding commissioner nominations and confirmations may take months, while the deadline for legislative action is in late July. Second, there are regulatory issues regarding prediction markets; including them in the bill may alienate Democrats. Third, the World Liberty Financial crypto project associated with the Trump family continues to attract attention, making it difficult for Democrats to support the bill. Fourth, Iran is reportedly discussing requiring ships to pay tolls in cryptocurrency for passage through the Strait of Hormuz, which may increase pressure on anti-money laundering provisions. Fifth, the Credit Card Competition Act may be attempted to be included in the crypto bill. Senator Tillis stated that the Senate Banking Committee may not vote on the bill until early May, and the compromise text on stablecoin yields may only be released before deliberation.

5. Tesla made no adjustments to its Bitcoin holdings in Q1 2026, still holding 11,509 bitcoins, valued at approximately $880 million at the current price of about $78,000. Due to Bitcoin's drop from about $90,000 at the beginning of the year to about $68,000 at the end of March, Tesla reported a post-tax impairment loss of $173 million on its digital assets.

6. BlackRock has recently continued to increase its Bitcoin holdings, which have now risen to approximately 806,700 BTC, valued at about $63.73 billion, setting a new historical high.

# 5. Today's Market Calendar

Data Release Schedule

Important Event Forecast

Thursday (April 23)

1. US initial jobless claims for the week ending April 18: Focus on labor market data's guidance on Federal Reserve policy expectations.
2. Intel INTC will release Q1 earnings after hours ★★★★ (pay attention to chip demand and AI-related dynamics, which may have a significant impact on the semiconductor sector).

Institutional Views:

Goldman Sachs trading desk clearly warns that "the final stage of systemic support" has arrived, and after easy money has been made, the market is shifting to fundamental pricing, with rising energy costs eroding profits and purchasing power; Howard Marks bluntly stated that the S&P's 22 times price-to-earnings ratio is still not cheap, and sentiment has turned pessimistic under multiple pressures from geopolitics and AI, advising investors to forget about buying costs and only ask, "Is it worth buying at the current price?" Meanwhile, Bank of America pointed out that the expansion of AI data centers will trigger a full-chain crisis in electricity, water resources, and key metals, predicting that by 2030, data center electricity consumption may exceed that of Japan, with the real bottleneck being "deliverability" rather than cost. Despite companies like Tesla and SK Hynix exceeding earnings expectations, validating AI demand resilience, uncertainties in the Middle East and the reality of high valuations may limit short-term upside potential. Overall, short-term risk assets are boosted by geopolitical easing, while mid-term monitoring of Federal Reserve policy signals and the continuity of Q2 earnings season is necessary, recommending a balanced allocation of tech growth and value defensive assets.

Disclaimer: The above content is organized by AI search, with human verification for publication, and does not constitute any investment advice.