On November 8th, the Financial Federation News (Editor Shi Zhengcheng) yesterday morning, with the Federal Reserve cutting interest rates by 25 basis points as scheduled, US stocks, US bonds, and commodity markets experienced a round of simultaneous gains. After the Federal Reserve press conference, the recent spotlight on the 10-year US Treasury yield dropped nearly 10 basis points, alleviating the pressure on risk assets.

As of the Thursday close, the S&P 500 Index rose by 0.74% to 5973.10 points. According to statistics, this is the 49th time this year that the index has set a new closing high, with just a step away from historically reaching the 6000-point milestone.

(S&P 500 index daily chart, source: TradingView)

The Nasdaq index continued to rise by 1.51%, reaching 19269.46 points; unfortunately, the Dow Jones index gave back its slight intraday gains in the last few minutes before the close, ultimately falling by 0.59 points to 43279.34 points.

For investors, the Federal Reserve's interest rate meeting did not bring much surprise, and Powell did not express any intention of not cutting interest rates in December, which is enough to continue the momentum.

George Goncalves, the head of global strategy at Mitsubishi UFJ Financial Group in the US, believes that the Federal Reserve may cut interest rates by another 25 basis points in December, and then "reconsider" the path forward.

Goncalves noted that from a macro perspective, the US economy is facing further deterioration in the transition to the new government, with inflation temporarily taking a back seat. The easing of election uncertainties has been helpful to the market, but it is still too early to say that everything is clear now. It is currently unknown whether the labor force employers have been hoarding will eventually lead to layoffs.

For Chinese investors, it is at least a good thing that the sentiment in the external markets remains stable as this important day arrives on Friday.

Similar to the strong surge in A-shares on Thursday, Chinese concept stocks performed well on Thursday, with the Nasdaq Golden Dragon Index rising by 3.5%. Alibaba increased by 3.53%, Baidu by 2.87%, PDD Holdings by 4.40%, JD.com by 6.62%, Xpeng by 15.61%, Futu Holdings Ltd by 12.42%, Bilibili by 8.89%, Nio Inc by 6.20%, and KE Holdings by 4.49%.

Popular stocks performance

U.S. technology giants collectively strengthened. Apple rose by 2.14%, Microsoft by 1.25%, Amazon by 1.43%, Meta by 3.44%, Google Class A by 2.40%, Tesla by 2.90%, Nvidia by 2.25%, and Intel by 4.71%. Nvidia and Amazon hit new historical highs again.

Trump's media technology conglomerate fell by 22.97% on Thursday, unrelated to the election, becoming the target of intraday traders harvesting from each other for the past two days.

(Daily chart of Trump Media Technology Group, Source: TradingView)

Several semiconductor industry companies released earnings reports. Qualcomm opened high but closed down 0.05% after moving lower; in contrast, ARM, with relatively flat financial guidance, opened low but closed up by 4.13%; SiTime, a MEMS clock product company, surged by 18.99% after releasing strong performance, while Wolfspeed, a wide-bandgap semiconductor developer, plummeted by 39.24% after releasing poor guidance.

Other news

nvidia significantly adjusts its cloud gaming service.

Nvidia announced major changes to its cloud gaming streaming service GeForce Now on Thursday, including offering 2K and ultra-wide resolution streaming support. However, starting January 1st next year with no price increase, new members will have a monthly 100-hour limit on game time, while existing members will continue to have unlimited game time until January 2026.

anthropic joins forces with palantir and aws to sell ai to defense clients.

AI startup Anthropic announced on Thursday a collaboration with intelligence analysis company Palantir and Amazon Web Services (AWS) to provide Anthropic's Claude series AI models to US intelligence and defense agencies. This partnership aims to integrate Claude into the Palantir platform and utilize AWS's hosting services.

Taiwan Semiconductor and GlobalFoundries have finalized talks on the Chips Act fund of billions of dollars for semiconductors.

According to reports, Taiwan Semiconductor (TSMC) and GlobalFoundries have completed final negotiations on billions of dollars in grants and loans for the Chips Act in the United States. These agreements, announced earlier this year, come as the Biden administration is eager to distribute semiconductor funding before the end of January to support the construction of US factories. US officials are expected to announce these agreements in the coming weeks.