Hot news

• America's “small non-farmers” fell short of expectations for the fourth month in a row, and the labor market is steadily slowing

According to the latest data released on Wednesday EST, the US ADP employment data, known as “small non-farmers,” fell short of expectations for the fourth month in a row. US private companies reduced their recruitment scale in November, which further proves that the labor market is cooling down. According to the data, the number of ADP employed in the US increased by 103,000 in November, compared to the market forecast of 130,000; in October, ADP was lowered to 106,000 instead of the 113,000 previously reported.

• The latest economists' survey: More than half are not optimistic that the Fed will cut interest rates in the first half of next year

As the end of the year approaches, the US stock market, which lacks fresh hot spots, is repeatedly entangled between “aggressive betting that the Fed will cut interest rates at the beginning of spring next year” and “concerns about whether betting on aggressive interest rate cuts will go too far”. According to the results of a survey of more than 100 economists released on Wednesday, slightly more than half of economists currently still believe that the historic moment when the Fed starts cutting interest rates will be at least eight months from now (FOMC in July next year).

• Bank of America: Customers bought $2.2 billion in US stocks last week, but there was a net outflow of capital from individual stocks

Bank of America's global research team said that the bank's customers injected a total of 2.2 billion US dollars into the US stock market last week, but among them, stock exchange traded funds (ETFs) showed a net inflow of capital, while individual stocks experienced a net outflow of capital. Bank of America pointed out that out of the 11 sectors of the S&P 500 index, its clients sold stocks in 7 sectors, with the healthcare sector leading the way. This sector experienced capital outflows for the fourth week in a row.

• The decline was severe! US gasoline inventories surged beyond expectations, and WTI crude oil prices fell above the 70 mark

According to data released by the US Energy Information Administration (EIA), in the week ending December 1, US gasoline inventories exceeded expectations and increased by 5.42 million barrels, far higher than market expectations of 1.027 million barrels. During Wednesday's New York session, the two major international crude oil benchmarks both fell by more than 3%. Among them, the US WTI crude oil futures price fell below the critical integer mark of $70 for the first time in more than five months.

Resumption of US stock trading

• The Nasdaq fell 0.58% and fell back to a two-week low, while the S&P 500 and Dow fell three times in a row

The three major US stock indices closed down collectively. The Dow fell 0.19%, the Nasdaq fell 0.58% and fell back to a two-week low, and the S&P 500 index fell 0.39%. Among them, the S&P 500 and Dow fell three times in a row.

Most of the big seven tech giants known as the “Magnificent 7” fell. Among them, Apple fell 0.57%, Microsoft fell 1%, Amazon fell 1.61%, META fell 0.26%, Google-A fell 0.74%, Tesla rose 0.27%, and Nvidia fell 2.28%.

The overall performance of China Securities Securities was better than the market, and the Nasdaq China Golden Dragon Index rose 0.51%. Alibaba fell 1.23%, Baidu fell 0.15%, Pinduoduo fell 1.02%, JD rose 1.84%, NetEase fell 0.17%, NIO rose 4.31%, Ideal Auto rose 0.84%, and Xiaopeng Motor rose 3.15%.

• Gurman: Apple will release a number of Mac and iPad products next spring

Mark Goulman, a well-known technology journalist, broke the news on Wednesday$Apple (AAPL.US)$The iPad Air, iPad Pro, and MacBook Air product lines are scheduled to be updated early next year. Among them, the iPad Air will add a new 12.9-inch size, and the Pro model will be equipped with an M3 chip and an OLED screen. The new MacBook Air will maintain the 13-inch and 15-inch versions. The main focus is on upgrading the M3 chip.

• Tesla's “fight” for the Swedish trade union has continued for six weeks: neighboring Denmark has joined

Swedish IF Metall union members target$Tesla (TSLA.US)$The strike has continued for six weeks and has received support from workers from all walks of life in Sweden. On December 5, Denmark's largest trade union, 3F, issued a statement saying that dock workers and truck drivers who are members of this trade union will stop unloading and transporting Tesla cars to prevent Tesla from circumventing the blockade of Swedish dock workers and transporting cars from Danish ports to Sweden.

• Google's most powerful AI model, Gemini, officially released: multiple modes, three versions

On Wednesday local time,$Alphabet-A (GOOGL.US)$/$Alphabet-C (GOOG.US)$Announced the launch of what it considers to be the largest and most powerful artificial intelligence model, Gemini. Google said that the company's highly anticipated artificial intelligence model is called Gemini. Compared with previous technology, it can make more complex inferences and understand more detailed information. By reading, filtering, and understanding information, it can extract key points from hundreds of thousands of documents and will help achieve new breakthroughs in many fields, from science to finance.

• AMD press conference: “The most powerful computing power” Instinct MI300X, new AI PC chip unveiled as scheduled

On Wednesday local time,$Advanced Micro Devices (AMD.US)$A press conference was held for “Enormous AI”. In addition to announcing processors such as the Instinct MI300X, MI300A, and Ryzen 8040 series processors as scheduled, a number of leading companies in the AI industry also came to the scene to cheer on the “Nvidia Challengers” platform.

• Video game demand is weak, and Game Station's Q3 revenue falls short of expectations

$GameStop (GME.US)$Earnings for the third quarter, which fell short of expectations, were announced. Consumers cut spending amid economic uncertainty, hindering the video game retailer's transition to a more web-based model. Financial reports show that the company's Q3 revenue was US$1,078 million, down from US$1,186 billion in the same period last year; market expectations were US$1,182 million; net loss was US$3.1 million, compared to US$94.7 million for the same period last year. As of press release, Gaming Station fell nearly 3% after the market.

• C3.ai's year-on-year increase of 17% in the second fiscal quarter fell short of market expectations, reaffirming revenue guidelines for the full year of 2024

AI software service provider$C3.ai (AI.US)$Revenue for the second fiscal quarter was US$73.2 million, up 17% year on year, falling short of market expectations of US$74.33 million; net loss of US$69.78 million, compared with loss of US$68.85 million for the same period last year; the company reiterated that it expects revenue for 2024 to remain between US$295 million and US$320 million. As of press release, C3.ai fell nearly 8% after the session.

Top 20 US stock turnover

Hong Kong Market Outlook

• Beishui bought Meituan for over HK$500 million and sold Tencent for over HK$300 million

On December 6 (Wednesday), South China Capital purchased a net Hong Kong stock of HK$5.611 billion.

$TRACKER FUND OF HONG KONG (02800.HK)$,$CSOP Hang Seng TECH Index ETF (03033.HK)$,$MEITUAN-W (03690.HK)$received net purchases of HK$1,873 million, HK$698 million and HK$532 million respectively;

$TENCENT (00700.HK)$,$WUXI BIO (02269.HK)$,$XIAOMI-W (01810.HK)$Net sales were HK$336 million, HK$191 million and HK$124 million, respectively.

Today's attention

Keywords: China's trade balance, China's annual import/export rate, China's foreign exchange reserves, the number of US jobless claims at the beginning of the week, the monthly rate of US wholesale sales/inventories; Broadcom, Lululemon earnings

On Thursday, in terms of economic data, the US will announce the monthly rate of wholesale sales/inventories for October, the number of layoffs of challenger companies in November, the number of jobless claims at the beginning of the week, and EIA gas inventories for the week; China will announce the annual import/export rate, trade balance, and foreign exchange reserves for November; and Hong Kong, China will announce foreign exchange reserves for November.

In terms of earnings, US stocks$Dollar General (DG.US)$The results will be announced before the market on December 7 EST.$Broadcom (AVGO.US)$,$Lululemon Athletica (LULU.US)$The results will be announced after the market on the same day.

In terms of IPOs, US stocks$EV Mobility (EVMO.US)$It will go on sale on the same day.

Niu Niu Chen read:

A great company is defined as follows: A company that can maintain its status as a great company in 25 or 30 years

—Warren Buffett

editor/tolk