Hot news

• On Friday pre-market trading, the three major futures indices showed mixed movements, with the Dow Jones futures edging up slightly.

Star technology stocks rise and fall before trading.

China concept stocks fell before market.

Overseas listed China ETFs continue to pull back.$Direxion Daily FTSE China Bull 3X Shares ETF (YINN.US)$Fell nearly 6% in pre-market trading,$Direxion Daily FTSE China Bear 3X Shares ETF (YANG.US)$Pre-market trading rose more than 5%.

• Tesla fell over 6% pre-market, announcing the launch of self-driving taxis, which industry insiders say are very expensive.

$Tesla (TSLA.US)$ Pre-market trading fell nearly 6% to $225.09. On the news front, Tesla CEO Elon Musk announced the launch of a self-driving taxi named CyberCab and a self-driving Model Y at today's conference. Musk stated that Cybercab has no steering wheel or pedals, with a cost of less than $0.03 million. Some industry insiders pointed out that buying a pure vision electric car for $0.03 million is actually 'very expensive.' The founder of a domestic self-driving car company said: "Tesla's latest release of this pure vision self-driving car only has cameras. At this price point in China, you can buy a good car that doesn't just have two seats."

• Trump Media Technology Group continues to soar in pre-market trading.

$Trump Media & Technology (DJT.US)$ US stocks rose again pre-market, now up over 10%, with the stock closing up over 17% yesterday. With less than a month left until the US election, polls show that Trump and Vice President Kamala Harris are almost neck and neck in terms of support.

• HSBC: Reiterates that nvidia is the top choice in the semiconductor field, with strong business and very high visibility of the future.

摩根士丹利分析师最新表示，与 $NVIDIA (NVDA.US)$ 首席执行官黄仁勋和其他管理层的会面后，强化该股仍是半导体领域首选的观点，指英伟达仍处于人工智能创新的前端，并拥有获得新市场份额的机会。他称，对英伟达长期前景仍然非常看好，但考虑到目前的股价反弹，料短期上涨会在一定程度上提高盈利门槛。该行对英伟达150美元的目标价，即有约13%的潜在上涨空间。

• 摩根大通三季度营收42.7 billion美元，同比增长7%

$JPMorgan (JPM.US)$ Q3 2024 revenue was $42.654 billion, a 7% year-on-year increase; net income was $12.898 billion, a 2% year-on-year decrease. Earnings per share for the third quarter were $4.37; loans amounted to $1.34 trillion, with the market estimating $1.33 trillion; total deposits were $2.43 trillion, with the market estimating $2.4 trillion; investment banking business revenue was $2.35 billion, with the market estimating $2.13 billion. After the financial report was released, the stock price rose over 1% in pre-market trading.

• 贝莱德Q3营收高于市场预期，资产管理规模创历史新高

贝莱德 $Blackrock (BLK.US)$ Announcing third-quarter performance, the company's Q3 revenue was $5.2 billion, market expectations were $5 billion. Adjusted earnings per share were $11.46, higher than the market's expected $10.33. The company's total assets under management (AUM) at the end of the period were $11.48 trillion, exceeding the market's expected $11.19 trillion, hitting a historical high for the third consecutive quarter. This was mainly attributed to a significant increase in inflows into the company's exchange-traded funds and the substantial stock market rally which boosted clients' investment value. Following the performance announcement, BlackRock rose nearly 2% in pre-market trading.

• Uber Technologies rose over 5% in pre-market trading, with Bank of America suggesting it stands to benefit from the competition in the self-driving car market.

$Uber Technologies (UBER.US)$ Pre-market trading in the US rose by nearly 3%, reaching $82.13. In terms of news, Tesla unveiled a self-driving rental car called CyberCab and a self-driving Model Y at today's event. In response, analysts at Bank of America believe that Uber's network could benefit from the competition in the self-driving car market. As self-driving car companies seek to establish and enhance their technologies, the fiercely competitive self-driving car market will make Uber's network more valuable.

• Tesla fell nearly 6% in pre-market trading! Large bearish options orders appeared the night before the conference.

$Tesla (TSLA.US)$Yesterday, the options trading volume reached 1.5794 million contracts, with the implied volatility rising from the previous day's 80.50% to 81.28%, with a bullish ratio of 59.5%. On the options chain, the most traded contract is the call option with a strike price of $250 expiring this Friday, with a total of 0.0531 million contracts traded. Furthermore, a significant inflow of tens of millions of dollars in options revealed a large investor placing a bearish bet of $28 million. This includes buying 2,500 put options expiring on January 16, 2026, with a strike price of $240, and selling 2,500 call options with the same strike price and expiration date, involving $12.77 million and $16.14 million respectively.

Global macro

• Data unreliable? After the release of the September CPI in the usa, traders increased their bets on a rate cut in November instead.

Despite the overall higher-than-expected US CPI announced last night, traders increased their bets on a rate cut. The CME Group's FedWatch tool shows that the probability of a 25 basis point rate cut or no cut before the report was close to 76%:24%, changing to 87%:13% after the report. Analysts believe thatFutures Trading Commission (CFTC)'s latest data shows that investors are significantly reducing their net short positions in US soybean, corn, and wheat contracts, easing bearish sentiment in the market.The market currently believes that "data is unstable". FOMC voter Raphael Bostic said it's important to see if the data can form a significant trend, otherwise it could just be temporary fluctuations.

• The US banking sector has ample profit potential, with analysts raising the target for the S&P 500 index.

S&p 500 index futures held steady on Friday, with major U.S. banks including JPMorgan and Wells Fargo & Co reporting third-quarter earnings that exceeded expectations, soothing market sentiment. Stock strategist Wolf von Rotberg of Bank J.Safra Sarasin raised the target for the s&p 500 index for the coming quarters and believes the banking industry has 'surprisingly high upside in earnings, as there has been overall improvement in the economic cycle since early September.' Investors will now focus on the producer price data to be released later on Friday.

• After the CPI data was released, Trump directly criticized the Fed: "Cut interest rates too quickly".

After Thursday's CPI data showed inflation higher than expected, Trump and his senior allies quickly criticized the Biden-Harris administration, the Fed, and Fed Chair Powell. Trump publicly stated on Thursday: "The fact is, the Fed's rate cuts are a bit too fast." He said: "The cut is too big, everyone knows this is a political strategy they are trying to adopt before the election." This is Trump's most direct criticism of Powell in months.

• Pullbacks bring opportunities? Bank of America: Buy Chinese stocks on dips

BofA strategist Michael Hartnett suggests buying Chinese stocks on dips. The BofA team stated that with the upward revision of economic growth forecasts and rising bond yields, they expect increased asset allocation to China. The BofA team cited EPFR Global data, stating that in the week ending October 9th, investors poured a record $39.1 billion into Chinese stock funds. The CSI 300 index rose by over 20% from the closing on September 23rd. September 23rd was the day before the PBOC first introduced a package of monetary stimulus measures.

• Goldman Sachs: MSCI Emerging Markets Index could rise another 12%.

Goldman Sachs stated that the recent rebound in emerging market stocks was mainly driven by the surge in the Chinese stock market from its lows, with China's performance reaching its highest level in 25 years compared to other emerging markets. Despite geopolitical risks such as the US election and tensions in the Middle East that may bring volatility, Goldman Sachs remains optimistic, expecting the MSCI Emerging Markets Index to reach 1300 points in the next 12 months. The current MSCI Emerging Markets Index is around 1160 points, and Goldman Sachs anticipates a potential increase of about 12% for this index.

Bilibili rose more than 3% pre-market trading and was upgraded to "buy" by UBS, which raised its EPS estimate per share.

Reminder for US Macro Events

(All in Peking Time)

20:30 US September PPI annual rate and monthly rate

21:45 2025 FOMC voting members, Chicago Fed President Charles Evans, and Director Bowman participate in the 18th Annual Community Bankers Conference

22:00 US October initial value of one-year inflation expectations, US October University of Michigan Consumer Confidence Index preliminary value

22:45 2026 FOMC voting members, Dallas Fed President Robert Kaplan participate in an expert panel discussion

At 01:10, Fed Governor Bowman delivered a speech.

Editor/new