Global macro

• Before Friday's trading, the futures of the three major US stock indexes were flat.

Due to the Thanksgiving holiday, trading in US stocks today will close early at 02:00 Beijing time the next day. Because of the Thanksgiving holiday, liquidity in the US market is weaker than usual, and trading sentiment is lukewarm. As of press time, the pre-market trend of the three major indexes was flat, with Dow futures up 0.22%, S & P 500 index futures up 0.12% and Nasdaq 100 index futures down 0.22%.

• Can the S & P 500 rise another 12% by the end of the year? Wall Street bulls: look at this rare reverse signal

Tom Lee, co-founder of Fundstrat Global Advisors, the US investment firm, said there was an extremely rare reverse signal for US stocks on Tuesday-the bearish-bullish ratio surged above 1.0 on Tuesday, while the S & P 500 rose more than 1 per cent on the same day. It points out that since 1997, the bearish-bullish ratio has soared to more than 1 on the same day that the s & p 500 rose more than 1%, and since then "forward returns on stocks are very good". This reverse signal, coupled with strong seasonality at the end of the year, led Lee to believe that the S & P could soar to 4500 by the end of the year, up about 12 per cent from its current level.

• The market is too optimistic! Analyst: us inflation will not fall to the FED target until 2024

Despite the recent rally in the US stock market, inflation could still pose a threat to the market over the next two years, according to Federated Hermes's chief market strategist. At present, the market is eager to get out of the trough and expect the best to happen. Our best guess is that we will eventually return to the 2% level, but this trajectory may not be until the end of 2024.

• The cooling of US housing market accelerates: transaction cancellation rate and price reduction hit an all-time high in October

As interest rates on home mortgages rose, the cancellation rate and price cuts in US housing transactions rose to an all-time high, while the number of outstanding sales of existing homes hit a record low.Data show that pending home sales in the United States plunged 32.1% in October from a year earlier, the biggest drop since 2013.At the same time, nearly 60,000 home purchase agreements failed, equivalent to 17.9 per cent of the total housing contracts signed last month, an all-time high.In addition, nearly 1/4 of homes for sale cut their prices, double the proportion in the same period last year.

• The outlook for the holiday shopping season is bleak, and the US job market is "sluggish".

Under the influence of stubborn inflation, the outlook for retail during the peak season of traditional holiday shopping in the United States is bleak, further causing US retailers to reduce their seasonal employees. According to the latest data released by job search website Indeed, the number of holiday vacancies posted by employers this year is 8.2% lower than that of last year. At the same time, there is still a large influx of labour into the job market, with seasonal job seekers rising 33 per cent this year from 2021 to the highest level since 2019, according to Indeed. The tight employment situation is moving in the opposite direction.

Hot news

• Most star technology stocks fell before Friday's trading.

• Tesla, Inc. rose nearly 2% before trading, and the company's FSD Beta autopilot function is open to all North American paying car owners.

Tesla, Inc. (TSLA.US) $CEO Musk announced that Tesla, Inc. FSD (Full Self-Driving) Beta version has been launched for all North American paid car owners. Previously, Tesla, Inc. 's FSD Beta version began testing in 2020, initially open to a small number of customers, and then gradually expanded to about 160000 car owners. As of press time, Tesla, Inc. was up nearly 2 per cent before trading.

• Rumors were refuted by Apple Inc's acquisition of Manchester United? Foreign media say there is sufficient evidence that Apple Inc will not buy Manchester United.

Local time on November 24th, $Apple Inc (AAPL.US) $related news website MacRumors dismissed the rumor that Apple Inc has no plans to acquire Premier League club $MANU.US $at this stage, according to several people familiar with the matter.Joe Rossignol, a senior Apple Inc reporter on the website, tweeted: "I am an Apple Inc reporter, not a sports reporter." If you don't believe me, laugh at me, but I have ample evidence that Apple Inc is not going to buy Manchester United. "

• Manchester United rose more than 9% before trading, and it is reported that former Manchester United star David Beckham may be interested in buying.

Apple Inc has no plans to buy Premier League club Manchester United at this stage, according to media and people familiar with the matter. In addition, it is reported that former Manchester United star David Beckham may be interested in buying and is in talks with potential buyers. As of press time, $MANU.US (Manchester United) $was up more than 9% before trading.

• Activision Blizzard fell more than 3% before trading or filed an antitrust lawsuit against Microsoft Corp's acquisition company.

According to sources, the US Federal Trade Commission (FTC) may file an antitrust lawsuit to prevent$Microsoft (MSFT.US)$Buy for $69 billion$Activision Blizzard (ATVI.US)$. Activision Blizzard executives responded that the acquisition was good for the industry and players and vowed to defend the deal. As of press time, Activision Blizzard was down more than 3% before trading.

• Bank of America Securities: raise Best Buy's target price to $80, maintain neutral rating

Bank of America Securities analyst Elizabeth Suzuki will$Best Buy (BBY.US)$Raised its target price to $80 from $75 and maintained its neutral rating on the stock. The analyst adjusted his forecast for the 2023-25 fiscal year after the company reported better-than-expected third-quarter results. The analyst told investors that the slightly higher multiples reflected her belief that Best Buy's negative estimate revision cycle "will stop at least in the medium term", although she remains cautious about the outlook for broad demand for consumer electronics in the coming year.

Focus on China-listed stocks

• Most of the hot Chinese stocks fell before the day.

• Lufax Holding Q3 revenue decreased by 17.2% year on year, and net profit decreased by 67.1% year on year.

$Lufax (LU.US)$It was announced that the company's revenue in the third quarter decreased by 17.2% to 13.193 billion yuan from the same period last year, and its net profit decreased by 67.1% to 1.355 billion yuan from the same period last year. The company expects net profit in 2022 to be 8.5 billion yuan to 8.9 billion yuan, down 47% from the same period last year. As of press time, Lufax Holding Ltd fell nearly 14% before trading.

• HSBC: lower the target price of iQIYI, Inc. to US $2.60 and maintain its rating

HSBC analyst Charlene Liu will$iQIYI (IQ.US)$Lowered its target price to $2.60 from $4.00 and maintained its holding rating on the stock. The analyst told investors in a research note that reduced content investment and marketing spending were the main drivers of profitability and cash flow, but he still saw top-line challenges from the macro environment, weak users and advertising sentiment.

Pre-market turnover of US stocks TOP20