According to Zhongtong Finance, on Thursday, all three major indexes reached historical highs during trading. The Nasdaq closed above 19,000 points for the first time, and the S&P 500 index approached the 6,000-point mark. The Fed cut interest rates by 25 basis points as scheduled.

[US Stocks] At the close, the Dow Jones index fell slightly to 43729.34 points; the Nasdaq rose by 285.99 points, or 1.51%, to 19269.46 points; the S&P 500 index rose by 44.06 points, or 0.74%, to 5973.10 points. Trump Media Technology Group (DJT.US) dropped by 22.9%, Tesla (TSLA.US) rose by 2.9%, Nvidia (NVDA.US) rose by 2%. The Nasdaq Golden Dragon Index rose by 3.5%, Xpeng (XPEV.US) rose by 15%, Bilibili (BILI.US) rose by 8.8%, JD.com (JD.US) rose by over 6.5%.

[European Stocks] The German DAX30 index rose by 1.7%, the UK FTSE100 index fell by 0.32%, the France CAC40 index rose by 0.76%, the Euro Stoxx 50 index rose by 1.07%, the Spain IBEX35 index rose by 0.65%, the Italy FTSE MIB index rose by 0.12%.

[Asia-Pacific Stock Markets] The Nikkei 225 index fell by 0.25%, the Jakarta Composite Index fell by 1.9%, and the South Korea KOSPI index edged up.

[Cryptocurrencies] Bitcoin rose by 0.07% to 75646.1; Ethereum surged by over 5.7% to $2878.58 per unit.

[Crude Oil] NYMEX December delivery WTI crude oil futures price rose by 67 cents, up by 0.93%, closing at $72.36 per barrel. ICE December delivery Brent crude oil futures settlement price rose by 71 cents, up by 0.95%, closing at $75.63 per barrel.

Gold COMEX futures rose 1.45%, at $2715.00 per ounce. COMEX silver futures rose 2.73%, at $32.115 per ounce.

London metals closed higher, with copper up 3.89%, nickel up 2.48%, zinc up 3.37%, and aluminum up 3.63%.

Macro news

The asset size of US money market funds has risen to a record high of $6.59 trillion. As the Fed enters a rate-cutting cycle, investors continue to flock to such assets to seek relatively higher returns. Data released by the Investment Company Institute shows that around $79.5 billion flowed into US money market funds by the week ending November 6, boosting total assets to $6.59 trillion. The inflow coincides with the eve of the Fed's Thursday decision, expected to cut rates by 25 basis points. Money market funds continue to attract new funds even after the Fed's 50 basis point rate cut in September, as their yields are higher than other investment tools, especially bank deposits. Compared to banks, money market funds usually transmit the Fed's rate-cutting impact more slowly. Additionally, investors like corporate treasurers often prefer to outsource cash management rather than do it themselves to earn profits. Many market participants believe that the assets of this kind are only a matter of time before reaching $7 trillion.

US wholesale inventories in September fell more than expected. Data from the US Commerce Department shows that US wholesale inventories fell slightly more than expected in September. According to the adjusted data released on Thursday, wholesale inventories fell by 0.2% on a monthly basis, offsetting the 0.2% growth in August, with the market expecting a decrease of 0.1%. The data indicates that the drop in inventories was due to a 0.5% decline in durable goods inventories, while nondurable goods inventories rose by 0.3%.

Fed cuts rates by 25 basis points as scheduled, drops 'more confident' phrasing. According to reports from IFR, a media outlet under Reuters, as widely expected by the market, the Fed lowered the federal funds rate target range by 25 basis points to 4.50%-4.75% and made some modifications to the statement. While their overall outlook remains unchanged as they continue to assert the uncertainty of the economic outlook, they dropped a sentence that said they were 'more confident that inflation is moving sustainably towards the target'.

Fed's balance sheet falls below $7 trillion mark. The total size of the Fed's balance sheet dropped below $7 trillion for the first time since August 2020, marking a reduction of about $2 trillion in this round of tapering. In its latest statement, the Fed announced maintaining the current tapering pace of selling $25 billion in US Treasuries and $35 billion in MBS monthly.

The asset size of US money market funds has risen to a record high of $6.59 trillion. Facing the Fed's rate-cutting cycle, investors continue to flock to such assets to seek relatively higher returns. Data released by the Investment Company Institute shows that around $79.5 billion flowed into US money market funds by the week ending November 6, boosting total assets to $6.59 trillion. The inflow coincides with the eve of the Fed's Thursday decision, expected to cut rates by 25 basis points.

Powell takes the lead: Trump forces me to resign and I won't resign. At a press conference at the Federal Reserve, Federal Reserve Chairman Powell directly stated that if the 'elected president' Trump asks him to leave, he will not resign. CNN previously reported that a senior advisor to Trump revealed that Trump may allow Powell to complete his remaining term. Federal Reserve observers speculated that if Trump forces Powell to resign, Powell would resign before his term ends in May 2026. But Powell's response has left no doubts for the market, he will continue to serve in this position until the end of his term. Some analysts note that Powell was once a lawyer. Powell is very firm in the face of any political threats to the Federal Reserve. He is obviously prepared to withstand any political pressure they may face. Some analysts also suggest that we should now see if Trump himself will respond to Powell's comments regarding the president's lack of authority to dismiss the Fed chairman or vice chairman.

Global top ten billionaires see record wealth increase after Trump's victory. Wednesday was not only a good day for Trump, but also marked a historic surge in the wealth of the world's ten richest individuals. The world's richest person, and one of Trump's most loyal supporters Elon Musk saw his wealth skyrocket by $26.5 billion on Wednesday, reaching $290 billion. Amazon founder Jeff Bezos' fortune grew by $7.1 billion, after his newspaper The Washington Post announced its refusal to endorse Harris. Oracle co-founder Larry Ellison, another supporter of Trump, saw his wealth increase by $5.5 billion on Wednesday. Other beneficiaries include former Microsoft executives Bill Gates and Steve Ballmer, former Google executives Larry Page and Sergey Brin, as well as Warren Buffett of Berkshire Hathaway. According to statistics, the wealth of the world's top ten richest individuals increased by a total of $64 billion, setting a record for daily growth.

[Individual stock news]

Intel (INTC.US) CEO buys company shares before Trump's victory, realizing a 15% increase in book value. Intel's CEO Pat Gelsinger voted for his own company on Election Day. On November 4th, Gelsinger purchased 11,150 shares of Intel stock for $0.2512 million, at an average price of $22.53 per share. According to a form he submitted to the SEC, he currently holds 105,033 shares of Intel stock in his personal account. He also holds 540,840 shares through a trust. Reports indicate that his purchase of stock on the open market occurred before the first round of voting stations opened for the US election, much earlier than the announcement of Trump's victory over Harris. Intel's stock, along with the three major US indices, has since soared. The stock's recent trading price is $25.97, representing a 15% increase in book value compared to Gelsinger's previous purchase.

HSBC (HSBC.US) executives: first round of layoffs to take place in a few weeks, focusing mainly on senior positions. Michael Roberts, head of the newly formed Global Wholesale Banking Division at HSBC Holdings, stated that the bank plans to complete the ongoing restructuring 'very rapidly' and may announce the first round of layoffs within weeks. The CEO of the Corporate and Institutional Banking Business and Western Markets mentioned that the layoffs will primarily target senior positions, and the restructuring plan announced by CEO Eamon Chawke last month will be carried out in a 'deliberate manner'.

Boeing (BA.US) 737 MAX aircraft production set to resume soon, FAA states it will enhance supervision. The US Federal Aviation Administration announced that due to Boeing employees ending a 7-week strike, production of the Boeing 737 MAX aircraft will resume, with the agency committing to strengthen oversight of Boeing. The FAA stated that this week the FAA Administrator had a conversation with Boeing CEO Kelly Ortberg, emphasizing the importance of Boeing using a safety risk management system when resuming production. The FAA pointed out that as Boeing begins to implement its return-to-work plan, the agency will further enhance targeted oversight. At present, Boeing has not disclosed when production will resume.