On October 14, Financial Associated Press (Editor Zhao Hao) before the US stock market on Monday (October 14), the three major index futures showed mixed movements. As of the time of publication, Dow Jones index futures fell by 0.13%, S&P 500 index futures rose by 0.23%, and Nasdaq 100 index futures rose by 0.42%.

The previous trading day, the three major indices all closed higher, with the S&P 500 index and the Dow closing at historic highs, extending the US stock market bull run for two years. Since the closing low point in October 2022, the S&P has risen by 62.6%.

According to Carson Group's Chief Market Strategist Ryan Detrick's research, the total return of this bull market so far is 60%, which is only a fraction of the historical average increase of 180%, indicating it is relatively modest.

Earlier this month, Goldman Sachs' Chief Equity Strategist David Kostin pointed out that the already high valuations may limit the index's upside potential next year. However, Citigroup's Equity Strategist Scott Chronert believes that an important part is the expectation of a soft landing.

Vital Knowledge founder Adam Crisafulli stated that the four major macro tailwinds – economic stimulus, resilient growth, slowing inflation, and strong corporate earnings – are still present, strong enough to overcome high valuations and geopolitical risks, keeping the S&P on an upward trajectory.

Last Friday, JPMorgan and Wells Fargo kicked off the Q3 earnings season strongly. According to Bank of America's data, so far, 30 S&P 500 companies have reported earnings, beating expectations by an average of about 5%, stronger than the 3% from the same period in the previous quarter.

But Bernstein pointed out that the year-on-year growth rate of EPS this quarter is still "far lower" than the previous quarter. Looking ahead, factors such as the Federal Reserve's monetary policy, fierce competition in the US election, and geopolitical risks in the Middle East are making investors anxious.

Most European stock markets currently trading are rising, with the German DAX30 index up 0.49%, the UK FTSE100 index up 0.16%, and the France CAC40 index down 0.13%.

Company news

Apple is expected to launch a $2000 Vision headset as early as next year.

Tech journalist Mark Gurman wrote that the Apple Vision product group is developing at least four new devices. He expects the low-end Vision wearable device to be unveiled as early as next year, while the second-generation VisionPro with faster chips is expected to debut in 2026. The entry-level model will be priced at around $2000, potentially with lower-performing processors and cheaper materials, and will eliminate the "EyeSight" feature. Due to its lower price, Apple expects sales of this device to be at least double that of the VisionPro.

Google has applied to delay the enforcement of the open access to third-party app stores order.

Google recently filed a court document requesting a temporary stay on the enforcement of the Google third-party app store opening order with a federal judge in California, USA. Reports say Google has officially appealed a ruling issued by Federal Judge James Donato on the 7th of this month. The ruling requires Google to overhaul its mobile app business, open the Android operating system to industry competitors' app stores, in order to provide users with more choices for downloading apps and payment channels. This ruling is set to take effect on November 1st. Google stated that this opening order would damage the company's interests and pose a serious risk to the Android ecosystem, thus applying for a temporary stay during the appeal period.

Citigroup has hired two former high-ranking executives from JPMorgan to oversee Asian market operations.

According to a statement, Citigroup has hired two former JPMorgan executives. Anand Goyal will serve as the head of forex sales at institutions in South Asia, Japan, North Asia, and Australia, and Hooi Wan Ng has been appointed as the market lead for Malaysia.

GlaxoSmithKline's experimental drug Depemokimab for treating rhinitis has shown positive results.

GlaxoSmithKline's experimental drug used to treat a common type of rhinitis has shown positive results in two late-stage trials, which has advanced the research and development pipeline of this United Kingdom pharmaceutical company. Depemokimab is reported to help reduce nasal congestion and polyp size in patients with chronic sinusitis accompanied by nasal polyps, a common condition affecting up to 4% of the population. The pharmaceutical company stated in a statement on Monday that approximately 40% of these patients have uncontrolled symptoms.

Reports French government intervention in private equity giant CD&R's acquisition of the consumer health department of Sanofi.

Sources revealed that the French government is considering options, including state-owned investment bank BNP Paribas acquiring a stake in Opella, the consumer health department of Sanofi. Opella sells over-the-counter drugs, including the commonly used pain reliever Doliprane in France. Previously, private equity giant Clayton Dubilier & Rice (CD&R) was set to acquire Sanofi's consumer health division Opella for about 15 billion euros. Sources citing the finance ministry mentioned a screening process where unauthorized transactions will not proceed.

Taiwan Semiconductor plans to establish more chip factories in Europe.

Taiwan Semiconductor is planning to establish more factories in Europe, focusing on the artificial intelligence chip market to expand its global business map. It is reported that Taiwan Semiconductor has begun construction of its first wafer fab in Dresden, Germany, and plans to build several wafer fabs in the future for different market sectors.

JinkoSolar: Cumulative new borrowing amount from January to September is 9.932 billion yuan.

JinkoSolar announced that the cumulative new borrowing amount from January to September 2024 was 9.932 billion yuan, accounting for 28.91% of the net assets attributable to shareholders of the listed company at the end of 2023. The new loans are to ensure the production and operation needs of the company and its subsidiaries, and are beneficial for promoting the sustainable development of the company's existing business. As of now, the company's operational status is stable, all business operations are normal, and all debts are being repaid on time, ensuring that the new loans will not have a significant adverse impact on the company's debt repayment ability.

Events to watch during the US stock market hours (Beijing time)

October 14th

21:00 Minneapolis Fed President Kashkari (2026 FOMC voting member) participates in expert panel discussion.

23:00 USA new york fed 1-year inflation expectations for september

October 15th

03:00 federal reserve board governor warsh speech on economic outlook

05:00 Minneapolis Fed President Kashkari participates in a symposium on the current status of US monetary policy.