Technology stocks led the decline. At one point, the chip index fell 2.6%, Nvidia fell nearly 2%, Apple fell nearly 3%, Lingyun Semiconductor once fell more than 10%, and Intel rose more than 6% and then rose more than 11% after the market. The Chinese General Index fell 0.6%, and NIO fell 2.7%. The market is betting that the Federal Reserve will cut interest rates drastically. The US dollar is close to its lowest level in 52 weeks, the yen once rose above 140 to the highest in more than a year, the offshore renminbi once rose above 7.09 yuan, and Bitcoin fell 4% below 0.058 million dollars. Oil prices rose more than 2%, and US oil rose above $70.
On the eve of the Federal Reserve's FOMC meeting, US stocks continued to rotate. Investors sold technology stocks and bought blue-chip stocks and small-cap stocks. The NASDAQ closed down 0.52% after falling nearly 1.5% at the beginning of the session, while the Dow rose more than 0.8% or 340 points, closing up 0.55% to a record high in mid-session and closing history. The general decline in fruit chains dragged the chip stock index down 1.41% after falling nearly 2.5%. Among the Apple Seven Sisters, Lingyun Semiconductor closed down 5.97% after falling close to 10.5%, Qorvo fell 6.68%, and Nvidia cut the decline in half after falling more than 3.9%:
Only the NASDAQ fell, and all major indices rose after early trading: the S&P 500 closed up 7.07 points, or 0.13%, to 5633.09 points. The Dow, which is closely related to the economic cycle, closed up 228.30 points, or 0.55%, to 41622.08 points. The NASDAQ, which has the majority of technology stocks, closed down 91.85 points, or 0.52%, to 17592.13 points. The NASDAQ 100 closed down 0.47%, and the NASDAQ Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of NASDAQ 100 technology constituents, closed down 0.78%. More sensitive to economic cyclesRussell 2000 IndexIt closed up 0.31%. The VIX Panic Index closed up 3.50% to 17.14.
The NASDAQ was the only stock index that fell. The biggest decline was over 1%, while the Dow and small-cap stock indexes performed well, and the S&P index fluctuated around 10%
Most ETFs in the US stock industry closed higher. Financial ETFs, regional bank ETFs, banking ETFs, and energy ETFs each increased by more than 1%, while utility ETFs, medical ETFs, and online stock index ETFs each increased by at least 0.5%. Meanwhile, semiconductor ETFs fell more than 1%, and global technology stock ETFs also fell by more than 0.5%.
The 11 sectors of the S&P 500 index generally closed higher. The financial sector closed up 1.22%, the energy sector rose 1.2%, the raw materials and telecommunications sector rose about 0.9%, the optional consumer sector closed down 0.32%, and the information technology/technology sector fell 0.95%.
Wall Street opinion: Goldman Sachs said it is expected that the S&P 500 index will rise by about 6% to 6,000 points in the next 12 months. However, Citigroup pointed out that both Trump's and Harris' campaign platforms are bad for the US stock market. In particular, the Democratic candidate's plan to raise corporate taxes is expected to reduce the fair value of US stocks by 4% to 6%. The impact of the policies planned by the Republican candidate is expected to be between 0% and minus 4%. However, the election results and impact are viewed as incremental factors, and investors are rightsoft landingFactors such as confidence, the Federal Reserve's actions, and the push of artificial intelligence are even more important.
The “Seven Sisters of Science and Technology” has declined a lot and increased little. Meta “metaverse” closed up 1.75%, Google A closed up 0.38%, Microsoft closed up 0.17%, Microsoft Copilot customers surged 60% last quarter, and signed an agreement with European telecom giant Vodafone to launch AI assistants for 0.068 million Vodafone employees.
Meanwhile, Amazon closed down 0.86%, Tesla closed down 1.52%, Nvidia closed down 1.95%, Apple closed down 2.78%, and pre-order sales of the iPhone 16 series fell by about 12.7% year over year on the first weekend. The key point was that the iPhone 16 Pro series fell short of expectations, causing the fruit chain to run wild. After falling nearly 10.5%, Lingyun Semiconductor closed down 5.97%, and Qorvo fell 6.68%. Also, Apple's iOS 18 operating system is now available. Starting next month, iOS 18 is expected to introduce Apple's smart features.
After five days of continuous gains, the stock prices of the Big Seven technology companies fell on Monday, losing a total of about 170 billion US dollars in market capitalization. Among them, Apple and Nvidia led the decline, while Meta led the way
Driven by concerns about iPhone demand, chip stocks fell collectively. The Philadelphia Semiconductor Index closed down 1.41%. The industry ETF SOXX closed down 1.33%; Nvidia doubled and the ETF closed down 3.99%. Intel closed up 6.36%, and US stocks rose more than 10% after the market. Reports say that the company finally satisfied the qualification to manufacture semiconductor components for the Pentagon and is expected to obtain a contract of up to 3.5 billion US dollars. Intel manufactures and customizes AI chips for Amazon, and the two sides have reached a multi-year cooperation framework on products and wafers. Plans to lay off 0.015 million workers have already been half implemented.
Meanwhile, Ansemi Semiconductors closed down 1.88%, Arm Holdings closed down 6.09%, Micron Technology closed down 4.43%, Broadcom closed down 2.01%, TSMC US stocks closed down 1.98%, Asmak 1.63%, Maywell Technology closed down 1.45%, Qualcomm closed down 0.67%, AMD closed down 0.15%, NOVA closed down 8.44%, Qorvo closed down 6.68%, Wolfspeed closed down 5.5%, Scantech closed down 5.09%, and Latydis Semiconductors closed up 12.32%.
AI concept stocks had mixed ups and downs. Oracle closed up 5.12% to a record high, CrowdStrike closed up 3.35%, Palantir closed 2.02%, Dell Technology closed up 0.96%, C3.ai closed up 1.22%, and ultra-microcomputers closed down 1.76%. BigBear.ai remained flat, Serve Robotics closed down 9%, Snowflake closed down 0.73%, SoundHound AI, an AI voice company owned by Nvidia, closed 1.86%, and BullFrog AI closed down 3.81%.
Chinese securities outperformed the US stock market. The Nasdaq Golden Dragon China Index closed down 0.58%. Among ETFs, the China Technology Index ETF (CQQQ) closed up 0.94%. The China General Internet Index ETF (KWEB) closed up 0.51%.
Among popular Chinese securities, Meituan ADR closed up 2.95%, and S&P upgraded Meituan's rating to BBB+ as the company's local commercial business continued to grow. Pinduoduo closed up 2.33%, Tencent Holdings ADR closed up 0.9%, Baidu up 0.51%, Vipshop closed up 0.31%, JD up 0.23%, while Ideal Auto closed down 0.37%, Xiaopeng Auto closed down 0.56%, NetEase 0.7%, Bilibili 1.08%, Alibaba closed down 1.29%, Gekrypt closed down 1.44%, and NIO closed down 2.7%.
Among other key individual stocks: (1) Boeing closed down 0.78%. The company is considering freezing recruitment, stopping work for some employees, and cutting supplier expenses to cut costs and ease the company's financial pressure. (2) Alcoa (AA) once rose more than 9.47% in the intraday period, the biggest intraday gain since February, and eventually closed up 6.09%. The company will sell Saudi assets at a cost of 1.1 billion US dollars. (3) Trump's concept stock, DJT shares, rose nearly 9% before the market. After rising nearly 2.7% at the beginning of the market, they fell more than 4.6%, and eventually closed down 3.84%. A shooting incident occurred near Trump's Florida Golf Club over the weekend, and Trump is suspected to have been assassinated. (4) Global mining giant BHP Billiton closed up 1.23%. The company said AI stimulates demand, and the world will face a “copper shortage” in the future. (5) American household goods manufacturer Tupperware filed for bankruptcy after unsuccessful attempts to recover from death. Tupperware (TUP) closed down 57.51%. (6) The decline in cryptocurrencies dragged down blockchain concept stocks. China Network Cable closed down 2.61%, Canan Technology closed down 3.74%, and MARA Holdings closed down 1.55%.
On the eve of this week's interest rate meeting between the Federal Reserve and the Bank of England, European stocks collectively opened lower and moved lower:
The Pan-European Stoxx 600 Index closed down 0.16% and ended three days of continuous gains at 515.11 points. The poor performance of the technology sector fell 1.26%. Among them, “Fruit Chain” chip stock Infineon closed down 2.60% and ams Osram AG fell 4.58% due to weak demand for Apple phones. Among other constituent stocks, Volkswagen closed down 1.52%. Efferies analysts said that Volkswagen is considering layoffs of 0.015 million employees due to the shutdown of the factory. Deutsche Bank's European shares closed down 0.21%, while Yushin Bank closed up 0.53%. Reports suggest that Deutsche Bank is considering blocking the acquisition of Commerzbank.
The German stock index closed down 0.35%. The French stock index closed down 0.21%. The Italian stock index closed up less than 0.01%. The Spanish stock index closed up 0.35%. The UK stock index closed up 0.06%, and the Dutch AEX index closed down 0.43%.
On the eve of the opening of the Federal Reserve policy meeting, two-year and 10-year US Treasury yields both fell by more than 2 basis points:
US debt: At the end of the session, the two-year US Treasury yield, which is more sensitive to monetary policy, fell 2.11 basis points to 3.5613%. It was in a state of decline throughout the day. It was as low as 3.5238% on the new day at 20:33 Beijing time. The yield on the US 10-year benchmark treasury bond fell 2.81 basis points to 3.6232%, and intraday trading was in the 3.6607%-3.6158% range.
According to the news, BlackRock Group downgraded the US short-term treasury bond rating from “overrated” to “underrated,” believing that the market's expectations for the Fed to cut interest rates are too aggressive.
10-year US Treasury yields closed at their lowest level since June 2023
European bond yields continued their downward trend: the 10-year German bond yield, which is the benchmark for the Eurozone, fell 2.6 basis points. The two-year German bond yield fell 2.8 basis points. French 10-year Treasury yields fell 1.1 basis points, while Italian 10-year Treasury yields fell 3.2 basis points. UK 10-year Treasury yields fell 0.9 basis points, and 2-year UK bond yields fell 1.2 basis points.
According to the news, ECB Executive Director Kazimir said that it will almost certainly wait until December to be in a position to cut interest rates again. I will only consider supporting another rate cut in October if there is a major shift in the outlook and there are strong signals. But the truth is that there is very little new information to be released. Meanwhile, ECB Management Committee Kazaks believes that the ECB will cut interest rates further. There is no reason to disagree on monetary policy in 2025.
Sources say there has been no progress in the cease-fire agreement in Gaza recently. Combined with the impact of the Gulf of Mexico hurricane, US oil rose more than 2% to return to the $70 mark, and the oil increase of about 1.6% was the highest in more than a week:
US Oil: WTI crude oil futures closed up $1.44 in October, or nearly 2.10%, to $70.09 per barrel. US oil continued its earlier gains. US stocks rose nearly 3% to 70.70 US dollars in early trading, the highest in more than a week.
Oil: Brent crude oil futures closed up $1.14 in November, or more than 1.59%, to $72.75 per barrel. Oil continued its earlier gains. US stocks rose nearly 2.5% to 73.39 US dollars in early trading, the highest in more than a week.
According to the news, according to CCTV news reports, sources say that the cease-fire negotiations in the Gaza Strip have “not progressed” in recent weeks, and Netanyahu put forward new demands during the negotiations, including the Israeli military maintaining control over the “Philadelphia Corridor” in the Gaza Strip, to disrupt the negotiation process. Affected by Hurricane Francine, 12% of oil and 16% of natural gas production capacity in the US Gulf region was temporarily suspended.
Natural gas: US natural gas futures closed up more than 2.95% in October, at 2.3050 US dollars/million British thermal units.
Oil prices continued to rebound, and US oil once again returned above $70
Spot gold hovers near historic highs. There are prospects for the Federal Reserve to cut interest rates drastically. At a time of economic and political uncertainty such as Trump's suspected assassination, spot gold rose above $2,589 in the market and reached a record high:
Gold: COMEX December gold futures fell slightly by 0.04% at the end of the session to $2609.7 per ounce. Spot gold initially continued to rise. European stocks hit a record high of more than 0.5% before the market, hitting a record high of 2589.69 US dollars, then falling back. US stocks fell slightly to a low of nearly 0.05% in early trading to 2575.31 US dollars.
Gold is consolidating at an all-time high
Silver: COMEX December silver futures rose 0.15% to $31.120 per ounce at the end of the session, rising 10.26% this week. Spot silver continued to rise at the beginning. European stocks rose more than 1.4% before the market, rising above $31, the highest since July 17, then continued to decline. US stocks fell to a low of nearly 0.2% in early trading, falling to 30.50 US dollars, and rebounded and turned higher at the end of the session.
Over the past few days, silver has been performing better than gold
The analysis points out that Trump's suspected assassination again over the weekend heightened political uncertainty. In a period of political and economic instability, gold was regarded as a safe asset. ANZ analysts said that interest rate cuts of 100 basis points may cause net exchange-traded fund (ETF) inflows to reach 200-250 tons in the next few months. Gold prices are expected to rise to 2,700 US dollars in the short term and reach a high of 2,900 US dollars by the end of 2025.
Most of London's industrial base metals rose. The economic weather vane “Dr. Copper” rose 0.88% to $9,390 per ton. Lunzine rose more than 1.42%. Lunan aluminum rose by about 2.35%. Lunnickel rose more than 2.13%. Renxi closed higher at $124. Meanwhile, London's lead closed down by $5.
edit/lambor