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U.S. stock market outlook: Bullish on weight loss drugs concept stocks! eli lilly and co, novo-nordisk a/s rose more than 4% in pre-market trading; Tesla's rival Rivian rose 10% in pre-market trading, approved for a loan of $6.6 billion.

Futu News · Nov 26 21:21

热点要闻

周二美股，三大期指涨跌不一

明星科技股盘前普涨，英伟达、AMD涨1%

加密货币概念股集体下跌， $MARA Holdings (MARA.US)$、 $CleanSpark (CLSK.US)$ 跌近5%。

Meta摊上大事情！或失去Instagram和WhatsApp

11月25日消息， $Meta Platforms (META.US)$ 将在2025年4月面临美国联邦贸易委员会的审判，如果反垄断监管机构获胜，Meta可能被迫出售Instagram和WhatsApp。美国联邦贸易委员会（FTC）等反垄断监管机构认为Meta在2012年收购Instagram以及2014年收购WhatsApp的交易可能存在消除竞争、巩固自身垄断地位的问题。FTC认为Meta通过收购Instagram和WhatsApp，消灭了潜在竞争对手，使得用户在个人社交网络领域的选择受限，从而巩固了Meta在该市场的垄断地位，阻碍了行业的创新和竞争。

礼来、诺和诺德盘前一度涨超4%，拜登提议医疗保险和医疗补助覆盖减肥药物

据美联社，根据拜登政府周二上午提出的一项新规定，数百万肥胖的美国人将有资格获得医疗保险或医疗补助计划覆盖的流行减肥药，如Wegovy或Ozempic。美国卫生与公众服务部提出的这项耗资巨大的提案，为强大的制药行业与小罗伯特·肯尼迪之间的潜在摊牌奠定了基础。小罗伯特·肯尼迪直言不讳地反对减肥药，作为特朗普提名的卫生与公众服务部负责人，他可能会试图阻止这项措施。周二美股盘前， $礼来 (LLY.US)$ 、 $诺和诺德 (NVO.US)$ 盘前一度涨超4%。

量子计算概念$Rigetti Computing (RGTI.US)$ 盘前跌近15%

消息面上，Rigetti Computing宣布价值1亿美元的普通股直接注册发行定价，根据纳斯达克规则按市价定价。

巴西监管机构要求苹果取消对应用内购买支付方式的限制

巴西反垄断监管机构Cade周一表示， $苹果 (AAPL.US)$ 必须取消对应用内购买支付方式的限制，因为该监管机构正在着手调查拉丁美洲电子商务巨头MercadoLibre 提出的投诉。MercadoLibre于2022年在巴西和墨西哥提起诉讼，指控苹果对数字商品的分发和应用内购买施加了一系列限制，包括禁止应用分发第三方数字商品和服务。MercadoLibre还批评这家加州科技巨头要求开发商使用苹果的支付系统，并阻止他们将买家重定向到他们的网站。

英特尔盘前一度涨近2%，锁定79亿美元美国芯片补贴用于先进芯片厂

$英特尔 (INTC.US)$ 26日宣布，美国商务部和英特尔公司已就有关条款达成协议，美国商务部将根据“芯片法案”为英特尔公司的商业半导体制造项目提供高达78.6亿美元的直接资助。这笔资金将用于支持英特尔此前宣布的在亚利桑那州、新墨西哥州、俄亥俄州和俄勒冈州推进关键半导体制造和先进封装项目的计划。英特尔还计划申请美国财政部的投资税收抵免，预计最高可获得超过1000亿美元合格投资额的25%。截至发稿，英特尔涨0.16%。

台积电高雄2纳米新厂今天进机，苹果、AMD可望是首批客户

$台积电 (TSM.US)$ 高雄2纳米新厂今天将举行设备进机典礼，该厂比预期早逾半年进机，预料苹果、AMD等大厂都将是首批客户。据了解，台积电今天高雄厂2奈纳新厂进机典礼公司定义为“内部不对外公开活动”，公司公关窗口昨（25）日对相关议题三缄其口，保密到家。台积电在台布局2奈米，新竹宝山、高雄新厂两路并进，预计2025年量产。

电动汽车制造商Rivian盘前涨近10%，获66亿美元贷款批准加速佐治亚州工厂建设

美国电动汽车制造商 $Rivian Automotive (RIVN.US)$ 周一宣布，已获得美国能源部有条件批准的66亿美元贷款，这笔资金将用于在佐治亚州建设其电动汽车生产设施。这一消息发布于当选总统唐纳德·特朗普就职之前，市场普遍预期特朗普将取消拜登政府的诸多电动汽车友好政策和激励措施。然而，Rivian表示，佐治亚州工厂计划于2028年投产，主要生产体型更小、价格更低的R2 SUV和R3跨界车，以扩大其在美国的生产规模和产品线。截至发稿，Rivian盘前涨9.3%。

Zoom盘前一度跌近11%，2025财年第三季营收同比增长3.6%

$Zoom视频通讯 (ZM.US)$ 2025财年第三季营收同比增长3.6%，至11.8亿美元，分析师预期11.6亿美元；净利润2.071亿美元，同比增长46.5%；宣布更名为Zoom Communication。截至发稿，Zoom盘前跌7.35%。

罗氏将以高达15亿美元收购Poseida Therapeutics，后者盘前暴涨超230%

$Poseida Therapeutics (PSTX.US)$ 盘前暴涨230%。消息面上， $罗氏(ADR) (RHHBY.US)$ 周二宣布，将以每股9美元的价格收购位于美国生物制药公司Poseida Therapeutics，收购完成后的总股本价值为10亿美元。如果达到特定里程碑，股东还将以每股4美元的不可交易的或有价值权(CVR)，交易总价值高达约15亿美元。交易预计将于2025年第一季度完成。

全球宏观

美联储11月货币政策会议纪要将于11月27日（周三）03:00公布

受美国感恩节假期影响，美联储11月货币政策会议纪要提前于北京时间11月27日（周三）03:00公布。尽管本月美联储并不对利率进行调整，但其会议纪要中对于通胀数据、政策立场、经济前景等内容的描述颇受重视。同时，10月个人消费支出（PCE）价格指数也将揭晓。美联储官员一系列偏“鹰”发言，使得备受关注的美联储12月降息前景蒙上阴影。芝加哥联储主席古尔斯比在一场讲话中表示，他支持进一步降息，并对以更慢的步伐行动持开放态度。这意味着未来降息速度和幅度比是否降息更值得美联储官员重视。

特朗普考虑任命人工智能部长，让美国保持在AI领域的前沿低位

据AXIOS网站，特朗普过渡团队消息人士称，当选总统特朗普考虑在白宫任命一位人工智能负责人，以协调联邦政策和政府对新兴技术的使用。消息人士称，埃隆·马斯克不会担任该职位，但预计他将密切参与未来的辩论和用例。据悉，该职位将负责集中公共和私人资源，使美国保持在人工智能的前沿地位。

德银策略师预计标普500指数明年年底前将能触及7000点

根据德意志银行的数据，由于投资者对股票的强劲需求以及回购和其他支出等强劲的企业活动，美股牛市有望持续到2025年。德意志银行首席全球策略师宾基·查达（Binky Chadha）写道，“我们预计，标普500指数成分股公司的回购规模将从目前的年化1.1万亿美元增至明年的约1.3万亿美元，与收益同步增长。我们认为，即便在保守的估计下，美股的供需背景仍然坚挺，这将推动标普500指数明年升至7000点左右。”由于对候任总统特朗普的市场友好政策持乐观态度，标普500指数有望以强劲的表现结束2024年。

拜登和马克龙据报将宣布以色列与真主党停火

路透引述4名黎巴嫩消息人士称，美国总统拜登和法国总统马克龙预计将宣布黎巴嫩真主党和以色列停火。白宫国家安全委员会发言人柯比(John Kirby)表示，“我们接近达成协议”。法国总统府表示，停火谈判取得了重大进展。一名以色列官员表示，以色列内阁将于周二开会批准与黎巴嫩真主党的停火协议。黎巴嫩议会副议长Elias Bou Saab表示，在落实由美国提议、为期60天的休战协议，以结束黎巴嫩真主党和以色列之间的战斗方面，目前并不存在严重障碍。

小摩：预计明年金价将升至3000美元/盎司

摩根大通维持对黄金多年看涨的预期，预计明年金价将升至3000美元/盎司；预计到2025年底，银价将升至38美元/盎司；预计铂金将强势反弹，向1200美元/盎司迈进。摩根大通表示，贵金属的反弹仍将继续；供应受限为2025年晚些时候基础金属价格走强奠定了基础。

高盛建议投资者将资金留在美国股市

高盛策略师建议投资者将资金留在美国股市，但考虑到标普500指数今年以来涨幅中有接近一半归功于“科技七巨头”，建议调整持仓以弱化这一因素。高盛策略师认为，美国股市的高度集中和高估值是实施跨策略和跨地区多元化的理由。不过，监于对2025年经济和盈利增长的稳健预期，超配美国股票仍然是合理的。高盛策略师表示，最佳投资组合结构可能仍然是通常包含60%股票和40%债券的资产组合，但在这些资产类别中具体配置可能有所不同。

美股盘前成交额TOP20

美股宏观事历提醒

（以下均为北京时间）

22:00 美国FHFA房价指数月率、美国S&P/CS20座大城市未季调房价指数年率

23:00 美国新屋销售总数年化、美国咨商会消费者信心指数、美国里奇蒙德联储制造业指数

次日3:00 美联储公布11月货币政策会议纪要

编辑/Rocky

Hot news

On Tuesday, us stocks, the three major futures indexes had mixed results.

Growth tech stocks rose sharply in pre-market trading, with nvidia and AMD up 1%.

Crypto concept stocks fell collectively, $MARA Holdings (MARA.US)$、 $CleanSpark (CLSK.US)$ dropping nearly 5%.

Meta is facing a serious situation! It may lose Instagram and WhatsApp.

On November 25, news broke that $Meta Platforms (META.US)$ Meta will face a trial by the US Federal Trade Commission in April 2025. If the antitrust regulator wins, Meta may be forced to sell Instagram and WhatsApp. The US Federal Trade Commission (FTC) and other antitrust regulators believe that the acquisitions of Instagram in 2012 and WhatsApp in 2014 by Meta may eliminate competition and consolidate its monopolistic position. The FTC argues that by acquiring Instagram and WhatsApp, Meta has eliminated potential competitors, limiting user choices in the personal social network domain, thus reinforcing Meta's monopoly in this market and stifling innovation and competition in the industry.

Eli Lilly and Co and novo-nordisk a/s pre-market trading once rose over 4%, following Biden's proposal for insurance and Medicaid coverage of weight loss medications.

According to the Associated Press, under a new regulation proposed by the Biden administration on Tuesday morning, millions of obese Americans will be eligible for coverage of popular weight loss drugs like Wegovy or Ozempic through Medicare or Medicaid. This costly proposal put forward by the US Department of Health and Human Services lays the groundwork for a potential showdown between the powerful pharmaceutical industry and Robert F. Kennedy Jr. Robert F. Kennedy Jr. has been outspoken against weight loss drugs, and as the Trump-nominated head of the Department of Health and Human Services, he may try to halt this measure. In pre-market trading on Tuesday, $Eli Lilly and Co (LLY.US)$ 、 $Novo-Nordisk A/S (NVO.US)$ the index briefly rose over 4%.

Quantum computing concept$Rigetti Computing (RGTI.US)$ Pre-market trading fell nearly 15%

On the news front, Rigetti Computing announced the direct registration and pricing of common stock worth 0.1 billion USD, priced according to Nasdaq rules based on market value.

Brazilian institutions require apple to remove restrictions on in-app purchase payment methods.

Brazil's antitrust regulator Cade announced on Monday, $Apple (AAPL.US)$ The restriction on in-app purchase payment methods must be lifted, as the regulator is investigating the complaints made by the Latin American e-commerce giant Mercadolibre. Mercadolibre sued in Brazil and Mexico in 2022, accusing apple of imposing a series of restrictions on the distribution of digital goods and in-app purchases, including prohibiting apps from distributing third-party digital goods and services. Mercadolibre also criticized the California technology giant for requiring developers to use apple's payment system and preventing them from redirecting buyers to their own websites.

intel rose nearly 2% in pre-market trading, securing a $7.9 billion US chip subsidy for advanced chip factories.

$Intel (INTC.US)$ On the 26th, it was announced that the US Department of Commerce and intel have reached an agreement on relevant terms, with the US Department of Commerce providing up to $7.86 billion in direct funding for intel's commercial semiconductor manufacturing projects under the "Chips Act." This funding will support intel's previously announced plans to advance critical semiconductor manufacturing and advanced packaging projects in Arizona, New Mexico, Ohio, and Oregon. intel also plans to apply for investment tax credits from the US Treasury, which could provide up to 25% of eligible investments exceeding $100 billion. As of the time of publication, intel has risen by 0.16%.

Taiwan Semiconductor's new 2-nanometer factory in Kaohsiung begins equipment installation today, with apple and AMD expected to be among the first customers.

$Taiwan Semiconductor (TSM.US)$ The equipment installation ceremony for the new 2-nanometer factory in Kaohsiung will be held today, which is over six months ahead of schedule for equipment installation. apple, AMD, and other major companies are expected to be among the first customers. It is understood that Taiwan Semiconductor has defined today’s Kaohsiung 2-nanometer factory installation ceremony as an "internal non-public event," and the company’s public relations department was tight-lipped about related issues, ensuring confidentiality to the highest degree. Taiwan Semiconductor is laying out a 2-nanometer process in Taiwan, with the Hsinchu Baoshan and Kaohsiung new plants progressing in parallel, expected to start mass production in 2025.

Electric car manufacturer Rivian rose nearly 10% in pre-market trading, receiving approval for a $6.6 billion loan to accelerate the construction of its Georgia factory.

American electric car manufacturer $Rivian Automotive (RIVN.US)$ On Monday, it was announced that a conditional approval from the US Department of Energy had been received for a loan of 6.6 billion dollars, which will be used to build its electric vehicle manufacturing facility in Georgia. This news was released before the inauguration of President Donald Trump, and the market generally anticipated that Trump would cancel many of the electric vehicle-friendly policies and incentives of the Biden administration. However, Rivian indicated that the Georgia plant is scheduled to start production in 2028, primarily manufacturing the smaller, lower-priced R2 SUV and R3 crossover to expand its production scale and product line in the USA. As of the issuance of this report, Rivian's pre-market trading rose by 9.3%.

Zoom dropped nearly 11% in pre-market trading, with a year-on-year revenue growth of 3.6% in the third quarter of the fiscal year 2025.

$Zoom Video Communications (ZM.US)$ Revenue for the third quarter of the 2025 fiscal year increased by 3.6% year-on-year to 1.18 billion dollars, analysts expected 1.16 billion dollars; net income was 0.2071 billion dollars, a year-on-year increase of 46.5%; it was announced that the name would be changed to Zoom Communication. As of the issuance of this report, Zoom's pre-market trading fell by 7.35%.

Roche will acquire Poseida Therapeutics for up to 1.5 billion dollars, the latter's stock surged over 230% in pre-market trading.

$Poseida Therapeutics (PSTX.US)$ Pre-market trading surged 230%. In terms of news, $ROCHE HOLDING AG (RHHBY.US)$ On Tuesday, it was announced that the acquisition of the US biopharmaceutical company poseida therapeutics would be at a price of $9 per share, with a total equity value of 1 billion dollars upon completion. If certain milestones are met, shareholders will also receive an untradeable or contingent value right (CVR) of $4 per share, making the total transaction value reach approximately 1.5 billion dollars. The transaction is expected to be completed in the first quarter of 2025.

Global macro

The minutes from the Federal Reserve's monetary policy meeting in November will be released on November 27 (Wednesday) at 03:00.

Due to the impact of the Thanksgiving holiday in the USA, the Federal Reserve's minutes from the November monetary policy meeting will be released earlier on November 27 (Wednesday) at 03:00 Beijing time. Although the Federal Reserve did not adjust interest rates this month, the minutes' descriptions regarding inflation data, policy stance, and economic outlook are highly regarded. Meanwhile, the October personal consumption expenditures (PCE) price index will also be unveiled. A series of hawkish remarks from Federal Reserve officials have cast a shadow over the much-watched rate cut prospects in December. Chicago Fed President Goolsbee stated in a speech that he supports further rate cuts and is open to taking action at a slower pace. This means that in the future, the speed and magnitude of rate cuts will be more important for Federal Reserve officials than whether or not to cut rates.

Trump is considering appointing an ai minister to keep the usa at the forefront of the ai field.

According to AXIOS, sources from Trump's transition team say that President-elect Trump is considering appointing a head of ai in the White House to coordinate federal policies and the government's use of emerging technologies. Sources say that Elon Musk will not take the position but is expected to be closely involved in future debates and use cases. It is reported that the position will be responsible for consolidating public and private resources to keep the USA at the forefront of artificial intelligence.

Deutsche Bank strategist expects the s&p 500 index to reach 7000 points by the end of next year.

根据德意志银行的数据，由于投资者对股票的强劲需求以及回购和其他支出等强劲的企业活动，美股牛市有望持续到2025年。德意志银行首席全球策略师宾基·查达（Binky Chadha）写道，“我们预计，标普500指数成分股公司的回购规模将从目前的年化1.1 trillion美元增至明年的约1.3 trillion美元，与收益同步增长。我们认为，即便在保守的估计下，美股的供需背景仍然坚挺，这将推动标普500指数明年升至7000点左右。”由于对候任总统特朗普的市场友好政策持乐观态度，标普500指数有望以强劲的表现结束2024年。

拜登和马克龙据报将宣布以色列与真主党停火

Reuters quoted four Lebanese sources stating that US President Biden and French President Macron are expected to announce a ceasefire between Hezbollah and Israel. White House National Security Council spokesman John Kirby stated, "We are close to reaching an agreement." The French presidential office said that significant progress has been made in the ceasefire negotiations. An Israeli official indicated that the Israeli cabinet will meet on Tuesday to approve the ceasefire agreement with Hezbollah. Lebanese Parliament Vice President Elias Bou Saab stated that there are currently no serious obstacles to implementing the 60-day ceasefire agreement proposed by the US to end the fighting between Hezbollah and Israel.

小摩：预计明年金价将升至3000美元/盎司

高盛建议投资者将资金留在美国股市

Goldman Sachs strategists advise investors to keep their funds in the US stock market, but considering that nearly half of the S&P 500 index's gains this year can be attributed to the 'Magnificent 7' technology giants, they suggest adjusting their positions to weaken this factor. The Goldman Sachs strategists believe that the high concentration and overvaluation of the US stock market are reasons to implement cross-strategy and cross-regional diversification. However, given the robust expectations for economic and earnings growth in 2025, being overweight in US stocks still makes sense. The Goldman Sachs strategists state that the optimal investment portfolio structure may still typically consist of 60% stocks and 40% bonds, but the specific allocation within these asset classes may vary.

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)

22:00 USA FHFA house price index monthly rate, USA S&P/CS 20 cities unadjusted house price index annual rate.

23:00 USA new home sales total annualized, USA Conference Board consumer confidence index, USA Richmond Fed manufacturing index.

次日3:00 美联储公布11月货币政策会议纪要

Editor/Rocky

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