Financial联社 Nov. 22 (Editor Xia Junxiong) Eastern time on Thursday, the three major indexes collectively rose, with investors buying into cyclical stocks benefitting from the accelerating economy, helping the Dow rise 1%.

(Three major index minute chart, source: TradingView)

At the close, the Dow Jones Industrial Average rose 1.06% to 43,870.35 points; the S&P 500 Index rose 0.53% to 5,948.71 points; the Nasdaq Index rose 0.03% to 18,972.42 points.

The market expects that U.S. President-elect Trump will implement tax cuts and relax regulations, which will benefit American companies.

"This week everyone is rethinking the 'Trump trade,'" said Siebert's Chief Investment Officer Mark Malek. "People are taking it more seriously, just saying 'we think this sector will perform well' is not enough – you must have some specific answers."

Thursday's winners include banks like Goldman Sachs and industrial giant Caterpillar, but most tech giants did not perform well.

Google fell nearly 5%, with the U.S. Department of Justice formally proposing a partial breakup of Google, urging federal judges to force the sale of Google's Chrome web browser.

Nvidia closed up by 0.53%, once rose nearly 5% at the opening, hitting a new historical high, but turned downwards at one point during the session, with an intraday maximum decline of over 3%, but ultimately still recorded an increase.

Nvidia released its Q3 financial report on Wednesday, with both revenue and profit exceeding expectations. The Q4 performance guidance also surpassed the average expectations of analysts but fell below the highest expectations.

Snowflake surged nearly 33%, exceeding performance expectations and raising its performance guidance. The sharp rise in Snowflake's stock price drove up sectors such as software, cybersecurity, and cloud, with IBM rising over 3% and Salesforce gaining 3%.

Bitcoin broke through 0.099 million dollars for the first time during the day, continuously setting new historical highs. Investors are expecting Trump to introduce policies favorable to the crypto industry once in office.

Popular stocks performance

Most large-cap tech stocks fell, with Nvidia up by 0.53%, Apple down by 0.21%, Microsoft down by 0.43%, Google down by 4.74%, Amazon down by 2.22%, Meta down by 0.43%, Tesla down by 0.70%, and Netflix up by 1.54%.

Most popular China concept stocks declined, with the Nasdaq Golden Dragon Index falling by 1%, Alibaba dropping by 1.37%, JD.com rising by 0.57%, Pinduoduo falling by 10.64%, Nio rising by 1.08%, Xpeng down by 2.77%, Li Auto down by 0.79%, Bilibili down by 1.88%, Baidu down by 5.90%, Netease up by 1.27%, Tencent Music up by 0.70%, and iQiyi down by 7.34%.

Company news

【Apple plans to launch a redesigned Siri with more in-house artificial intelligence in 2026】

Sources revealed that Apple is developing a stronger conversational Siri digital assistant, aiming to surpass OpenAI's ChatGPT and other speech services. This new version of Siri, details of which have not been released to the public, adopts a more advanced large language model (LLM) that allows for back-and-forth conversation. The system can also process more complex requests more quickly. The new voice assistant, which will eventually be integrated into Apple Intelligence, is referred to by developers as 'LLM Siri.' Like the Apple Intelligence launched this fall, these new features will not be immediately incorporated into next year's hardware devices. Apple currently plans to introduce this new Siri to consumers as early as spring 2026.

MicroStrategy's stock price plummeted more than 16%. Citron stated that it is shorting the stock to hedge Bitcoin.

On Thursday, US Eastern Time, the stock price of MicroStrategy, a major holder of Bitcoin, dropped by 16.16% at the close. Prior to this, Andrew Left's Citron Research posted that it is currently shorting this software company, which has essentially transformed itself into a Bitcoin investment fund.

A company under Trump is considering developing encrypted payment services.

According to a trademark application submitted this week, the Trump Media and Technology Group has submitted an application for an encrypted currency payment service called Truth Fi, describing it as a platform for encrypted payments, financial custodial services, and digital asset trading. The application does not detail how the project will operate or how close it is to fruition, but this move seems to be an attempt by the group to diversify its business beyond the social media platform Truth Social. Any large-scale encryption project may very likely require the Trump Media and Technology Group to acquire another company, as it has fewer than 36 employees.

Negotiations at a standstill, Volkswagen workers in Germany warn of strikes starting in December.

Workers at Volkswagen's German factories plan to begin large-scale strikes from early next month, after union representatives and company management failed to reach an agreement on cost-cutting measures. Thorsten grger, the chief negotiator for IG Metall union, stated on Thursday in Wolfsburg that warning strikes will begin before the next round of negotiations scheduled for December 9th. While management believes it is necessary to close three German factories and lay off thousands of workers, union representatives have been pushing to keep the factories operational. Volkswagen's corporate structure gives employees significant influence in key decisions, making it difficult for management to advance cost-cutting plans.