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U.S. stock market preview | The Federal Reserve's "favorite" inflation data is about to be released! Most Chinese concept stocks are rising before the market opens, with jd.com up nearly 4%; cryptos concept stocks are generally rising, with MSTR increasin

Futu News · 21:43

热点要闻

周三美股，三大期指涨势分化

明星科技股盘前涨跌不一， $英伟达 (NVDA.US)$ 跌1.15%

热门中概股普涨， $京东 (JD.US)$ 涨近4%， $阿里巴巴 (BABA.US)$ 、 $拼多多 (PDD.US)$ 涨近2%

加密货币概念股盘前齐升， $MicroStrategy (MSTR.US)$ 涨近7%

量子计算概念股盘前拉升， $昆腾 (QMCO.US)$ 暴涨34%、 $Rigetti Computing (RGTI.US)$ 涨9.5%

美国司法部无视特朗普，声称不会推迟审判谷歌搜索反垄断案

负责 $谷歌-C (GOOG.US)$ 案件的法官周二表示，对美国司法部削弱谷歌在在线搜索领域主导地位的提议的审判不会推迟，以给特朗普政府官员更多时间来修改请求。据了解，美国司法部提议迫使谷歌出售其Chrome浏览器，并可能出售安卓移动操作系统，以结束其在在线搜索领域的垄断。但候任总统特朗普曾于10月对拆分谷歌表示怀疑。

巴克莱：苹果或因美司法部对谷歌反垄断案遭受“附带损害”

巴克莱银行分析师Tim Long表示：“虽然 $苹果 (AAPL.US)$ 没有直接卷入谷歌与美国司法部之间的法律纠纷，但其结果可能会对苹果的模式产生重大影响。”分析师指出，谷歌支付给苹果的流量获取成本收入可能会受到影响，这对苹果来说是一个重大问题，因为据信它占苹果营业利润的15%左右。分析师予苹果“减持”评级，目标价为184美元。

超微电脑盘前一度上涨3%，提前偿还两家银行贷款

$超微电脑 (SMCI.US)$ 宣布终止两项主要贷款协议。该公司在证券交易委员会的备案中披露，已于11月20日提前偿还并终止了与美国国泰银行和美国银行的贷款协议。此举是公司应对纳斯达克上市要求和财务报告延迟相关持续挑战的策略的一部分。截至发稿，超微电脑盘前上涨2%。

SpaceX劲敌Rocket Lab盘前涨1.5%，昨日创历史新高，美国商务部或给予补贴与注资

美国商务部表示，正在敲定向BAE Systems和Rocket Lab提供近6000万美元政府补贴。美国商务部还将敲定向Rocket Lab旗下的SolAero Technologies Corp 注资2390万美元，这笔资金将在未来三年将该公司的太阳能电池产量提高50%。截至发稿， $Rocket Lab (RKLB.US)$ 盘前涨1.2%。

安霸盘前大涨20%，第三季度业绩超预期，人工智能业务增长强劲

芯片股 $安霸 (AMBA.US)$ 第三财季亏损为2410万美元，而去年同期亏损4,170万美元。首席执行官Fermi Wang表示，公司特定因素足以抵消本季度整个市场的疲软。他列举了其Edge AI产品的强劲销售额，他说该产品约占该公司总收入的70％。分析师Quinn Bolton表示，虽然汽车芯片的整体市场看起来疲软，但一波新产品和与小鹏汽车和本田汽车等汽车制造商的合作将提振该股。截至发稿，安霸盘前大涨20%。

CrowdStrike盘前跌2%，第四财季调整后每股盈测不及预期

$CrowdStrike (CRWD.US)$ 盘前跌幅收窄至2%，该公司公布2025财年第三季度业绩，营收10.1亿美元，好于分析师预期的9.83亿美元；经调整每股收益0.93美元，亦好于分析师预期的0.81美元。公司于7月发生因软件更新导致全球系统中断的事件后，上财季内录年度经常性收入(ARR)为40.2亿美元，略高于市场预期的40.1亿美元。指引方面，该公司预计第四季度调整后每股收益将在0.84至0.86美元之间，低于分析师预期的0.87美元。

戴尔科技盘前跌12%，三季度营收、四季度业绩指引均不佳

$戴尔科技 (DELL.US)$ 盘前大跌12%。戴尔科技三季度调整后EPS为2.15美元，分析师预期2.05美元；三季度基建解决方案集团营收113.7亿美元，分析师预期113.4亿美元。预计第四财季营业收入在240亿美元至250亿美元之间，低于市场预期的255.7亿美元；预计调整后每股收益为2.50美元，市场预期为2.65美元。

个人电脑市场复苏缓慢，惠普Q1盈利指引逊于预期，盘前下跌近9%

$惠普 (HPQ.US)$ Q4营收同比增长1.7%至141亿美元，略高于市场预期，这是该公司连续第二个季度实现营收同比增长，此前连续八个季度下滑；惠普公布的当前季度利润指引低于预期，表明个人电脑市场从多年低迷中复苏的进程遭遇挫折。惠普预测，2025财年第一季度不计部分项目的每股收益为0.70美元至0.76美元，市场预期为0.86美元。惠普还预计2025财年每股收益为3.45美元至3.75美元，市场预期为3.60美元。截至发稿，惠普盘前下跌近9%。

柯达盘前涨18%，拟出售大幅高于其公司总市值的资产

周一， $柯达 (KODK.US)$ 表示其养老金计划以约7.64亿美元的价格出售了大约5.51亿美元的“非流动资产”。它还以8,700万美元的标价出售了价值6,200万美元的其他一些资产。柯达还在考虑终结其退休人员养老金计划、柯达退休收入计划，并获取多余现金。根据文件，柯达可能会获得大约9亿到10亿美元，这对于市值约4.5亿美元的公司来说，这是一个很大的数额。截至发稿，柯达盘前涨18%。

全球宏观

美国就业市场降温，续请失业金人数走高；第三季度实际GDP修正值2.8%，符合预期

美国至11月23日当周初请失业金人数 21.3万人，预期21.6万人，前值由21.3万人修正为21.5万人。财经网站Forexlive评美国失业申请数据：尽管初次申请失业救济人数仍然很低，但续请失业救济人数正在上升。续请失业救济人数处于2021年11月以来的最高水平。指标显示就业市场正在降温。此外，美国第三季度实际GDP年化季率修正值 2.8%，预期2.80%，前值2.80%。

特朗普任命哈塞特和格里尔，经济团队两大关键职位尘埃落定

美国当选总统特朗普在当地时间周二提名凯文·哈塞特（Kevin Hassett）担任国家经济委员会主任，提名贾米森·格里尔（Jamieson Greer）担任美国贸易代表，填补了其经济团队中的两个关键职位。这两个职位将直接左右特朗普的大部分经济议程：征收新关税和减税。格里尔是罗伯特·莱特希泽（Robert Lighthizer）的长期得意门生和副手，莱特希泽曾担任特朗普的美国贸易代表四年。他的当选突显出关税将在特朗普的经济议程中发挥核心作用。

高盛：预计特朗普加关税建议将导致PCE上升0.9%

高盛经济师Jan Hatzius称，倘若美国总统当选人特朗普按照他所说，上任后对墨西哥和加拿大进入美国的所有产品征收25%关税并对中国商品额外征收10%的关税，推算美国核心个人消费开支(PCE)指数将上升0.9%。PCE被美联储视为通胀指标，其变动幅度可能影响利率政策。根据高盛估计，中国、加拿大与墨西哥三国占美国整体进口货量的43%，加征关税可让美国收取略少于3000亿美元的关税税款。不过Hatzius估计，特朗普政府最终对加拿大及墨西哥货不会全面加征关税。

芝加哥联储主席：在美联储接近中性利率水平之际放缓降息步伐是明智的

芝加哥联储主席古尔斯比在接受采访时表示：“要搞清楚什么是中性水平、什么是限制性，实地指南版本包括环顾四周，看看条件是如何表现的。”“你不可能在两周的时间内做到这一点，这需要一点时间。所以在这种情况下放慢速度可能是有道理的。”古尔斯比是2025年FOMC票委。他一直是美联储较为直言不讳的鸽派之一。古尔斯比周一表示，“很明显”美联储“走在一条道路上，这条道路将导致更低的利率，更接近你可能称之为中性的水平”。

瑞银财管：美国关税冲击或导致滞胀，预期标指明年底将涨至6600点

瑞银指，在下行情景中，关税冲击甚至可能导致滞胀。另一方面，美国与贸易伙伴的谈判受国内相关立法受阻，可能有助于缓和关税实施范围和影响，而潜在减税和放松监管等措施，则可能为市场带来额外助力。在基准情景中，基于美国经济增长稳健、利率下降和人工智能热潮等因素，看好明年美股，预期标普500指数或于明年底将上升至6600点。

美股盘前成交额TOP20

美股宏观事历提醒

（以下均为北京时间）

22:45 美国11月芝加哥PMI

23:00 美国10月核心PCE物价指数

23:00 美国10月成屋签约销售指数月率

编辑/Rocky

Hot News

On Wednesday, US stocks, the three major futures indexes showed divergent trends.

Growth tech stocks showed mixed movements in pre-market trading. $NVIDIA (NVDA.US)$ Decrease by 1.15%

Hot China concept stocks rose across the board, $JD.com (JD.US)$ up nearly 4%, $Alibaba (BABA.US)$ 、 $PDD Holdings (PDD.US)$ Rising nearly 2%.

Cryptocurrency concept stocks rose across the board in pre-market trading. $MicroStrategy (MSTR.US)$ Rising nearly 7%.

Quantum computing concept stocks surged in pre-market trading. $Quantum (QMCO.US)$ Surged 34% $Rigetti Computing (RGTI.US)$ Rose 9.5%

The usa Department of Justice ignores Trump and claims not to postpone the trial of the Google search antitrust case.

In charge of $Alphabet-C (GOOG.US)$ The judge handling the case stated on Tuesday that the trial regarding the U.S. Department of Justice's proposal to weaken Google's dominant position in online search will not be delayed to give more time for Trump administration officials to make changes to the request. It is understood that the U.S. Department of Justice is proposing to force Google to sell its Chrome browser and may potentially sell the Android mobile operating system to end its monopoly in the online search field. However, President-elect Trump expressed doubts in October about breaking up Google.

Barclays: Apple may suffer 'collateral damage' due to the US Department of Justice's antitrust case against Google.

巴克莱银行分析师Tim Long表示：“虽然 $Apple (AAPL.US)$ 没有直接卷入谷歌与美国司法部之间的法律纠纷，但其结果可能会对苹果的模式产生重大影响。”分析师指出，谷歌支付给苹果的流量获取成本收入可能会受到影响，这对苹果来说是一个重大问题，因为据信它占苹果营业利润的15%左右。分析师予苹果“减持”评级，目标价为184美元。

超微电脑盘前一度上涨3%，提前偿还两家银行贷款

$Super Micro Computer (SMCI.US)$ 宣布终止两项主要贷款协议。该公司在证券交易委员会的备案中披露，已于11月20日提前偿还并终止了与美国国泰银行和美国银行的贷款协议。此举是公司应对纳斯达克上市要求和财务报告延迟相关持续挑战的策略的一部分。截至发稿，超微电脑盘前上涨2%。

SpaceX劲敌Rocket Lab盘前涨1.5%，昨日创历史新高，美国商务部或给予补贴与注资

The US Department of Commerce is finalizing nearly $60 million in government subsidies to BAE Systems and Rocket Lab. The US Department of Commerce will also finalize a $23.9 million investment in SolAero Technologies Corp, a subsidiary of Rocket Lab, which will increase the company's solar cell production by 50% over the next three years. As of the time of publication, $Rocket Lab (RKLB.US)$ pre-market trading up 1.2%.

Ambarella surged 20% in pre-market trading, with strong growth in its artificial intelligence business in the third quarter exceeding expectations.

Chip stocks $Ambarella (AMBA.US)$ The company reported a loss of $24.1 million in the third fiscal quarter, compared to a loss of $41.7 million in the same period last year. CEO Fermi Wang stated that specific factors within the company were enough to offset overall market weakness this quarter. He highlighted the strong sales of their Edge AI products, which he said accounted for about 70% of the company's total revenue. Analyst Quinn Bolton noted that although the overall market for automotive chips seems weak, a wave of new products and partnerships with companies like XPeng Motors and Honda Motor will boost the stock. As of the time of publication, Ambarella surged 20% in pre-market trading.

CrowdStrike fell 2% in pre-market trading as the fourth fiscal quarter's adjusted EPS missed expectations.

$CrowdStrike (CRWD.US)$ Pre-market trading losses narrowed to 2%, the company announced its third-quarter performance for the 2025 fiscal year, with revenue of 1.01 billion US dollars, better than the analyst's expected 0.983 billion US dollars; adjusted earnings per share of 0.93 US dollars, also better than the analyst's expected 0.81 US dollars. After the event of a global system interruption caused by a software update in July, the company's annual recurring revenue (ARR) in the last fiscal quarter was 4.02 billion US dollars, slightly higher than the market's expected 4.01 billion US dollars. In terms of guidance, the company expects adjusted earnings per share for the fourth quarter to be between 0.84 and 0.86 US dollars, lower than the analyst's expected 0.87 US dollars.

Dell Technologies fell 12% pre-market, with weak third-quarter revenue and fourth-quarter performance guidance.

$Dell Technologies (DELL.US)$ Pre-market plunged 12%. Dell Technologies' adjusted EPS for the third quarter was $2.15, higher than the analyst's expected $2.05; third-quarter revenue of the Infrastructure Solutions Group was $11.37 billion, slightly higher than the analyst's expected $11.34 billion. Expected fourth-quarter revenue to be between $24 billion and $25 billion, lower than the market's expected $25.57 billion; expected adjusted earnings per share to be $2.50, market expectations were $2.65.

The personal computer market is recovering slowly, HP Q1 profit guidance is lower than expected, down nearly 9% pre-market.

$HP Inc (HPQ.US)$ Q4 revenue increased by 1.7% year-on-year to $14.1 billion, slightly higher than the market's expectations, marking the company's second consecutive quarter of year-on-year revenue growth after eight consecutive quarters of decline; HP's profit guidance for the current quarter is lower than expected, indicating a setback in the recovery process of the personal computer market from years of downturn. HP forecasts earnings per share for the first quarter of the 2025 fiscal year, excluding some items, to be between $0.70 and $0.76, with market expectations at $0.86. HP also expects earnings per share for the 2025 fiscal year to be between $3.45 and $3.75, against market expectations of $3.60. As of the time of writing, HP fell nearly 9% pre-market.

Kodak rose 18% in pre-market trading, planning to sell assets significantly higher than its total market cap.

On Monday, the stock price soared and investors broke free from the fiercer competition from peers. $Eastman Kodak (KODK.US)$ It indicated that its retirement plan sold approximately $0.764 billion non-current assets for around $0.551 billion. It also priced some other assets at $87 million, which are valued at $62 million. Kodak is also considering terminating its retirement pension plan, the Kodak Retirement Income Plan, and acquiring excess cash. According to the documents, Kodak may receive around $0.9 billion to $1 billion, which is a substantial amount for a company with a market cap of about $0.45 billion. As of the time of the report, Kodak rose 18% in pre-market trading.

Global macro

The U.S. job market has cooled off, with ongoing jobless claims on the rise; the third quarter real GDP revised to 2.8%, in line with expectations

In the U.S., initial jobless claims as of November 23 totaled 0.213 million, expected at 0.216 million, with the previous figure revised from 0.213 million to 0.215 million. The financial website Forexlive evaluated the U.S. jobless claims data: while the initial jobless claims remain very low, ongoing jobless claims are increasing. Ongoing jobless claims are at their highest level since November 2021, indicating a cooling job market. Additionally, the U.S. third-quarter real GDP annualized seasonally adjusted revised value is 2.8%, matching expectations and the previous figure.

Trump appoints Haseltine and Greer, key economic team positions settled

U.S. President-elect Donald Trump nominated Kevin Hassett as the director of the National Economic Council on Tuesday local time, and nominated Jamieson Greer as the U.S. Trade Representative, filling two key positions in his economic team. These two positions will directly influence most of Trump's economic agenda: imposing new tariffs and tax cuts. Greer is a long-time protege and deputy of Robert Lighthizer, who served as Trump's U.S. Trade Representative for four years. His selection highlights the central role tariffs will play in Trump's economic agenda.

Goldman Sachs: Expects Trump's tariff proposal to lead to a 0.9% increase in PCE.

Goldman Sachs economist Jan Hatzius stated that if U.S. President-elect Trump follows through on his plans to impose a 25% tariff on all products entering the U.S. from Mexico and Canada and an additional 10% tariff on Chinese goods after taking office, the U.S. core Personal Consumption Expenditures (PCE) index is estimated to rise by 0.9%. PCE is considered an inflation indicator by the Federal Reserve, and the magnitude of its changes may affect interest rate policy. According to Goldman Sachs estimates, the three countries of China, Canada, and Mexico make up 43% of the total U.S. import volume, and imposing tariffs could generate just under $300 billion in tariff revenue for the U.S. However, Hatzius estimates that the Trump administration will not ultimately impose tariffs on all goods from Canada and Mexico.

Chicago Fed President: It is wise to slow down the rate of interest rate cuts as the Federal Reserve approaches a neutral interest rate level.

Chicago Fed President Gulsby said in an interview: "We need to figure out what the neutral level is, what constraining is, the playbook version involves looking around and seeing how things are going." "You can't do that in two weeks, it takes a bit of time. So it might make sense to slow down in this situation." Gulsby is an FOMC voter for 2025. He has always been one of the more outspoken doves of the Federal Reserve. Gulsby said on Monday, "It's clear" that the Federal Reserve is "on a path that will lead to lower rates, closer to what you might call a neutral level."

UBS Wealth Management: U.S. tariff impact may lead to stagflation, with the S&P 500 index expected to rise to 6600 by the end of next year.

UBS pointed out that in a downside scenario, tariff impacts could even lead to stagflation. On the other hand, negotiations between the U.S. and trading partners are hindered by relevant domestic legislation, which may help mitigate the scope and impact of tariffs. Potential tax reductions and regulatory relaxations may provide additional support to the market. In the base scenario, based on robust U.S. economic growth, declining interest rates, and factors such as the artificial intelligence boom, next year's outlook for U.S. stocks is bullish, with the S&P 500 index expected to rise to 6600 by the end of next year.

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)

22:45 USA November Chicago PMI

23:00 USA October Core PCE Price Index

23:00 USA October Pending Home Sales Index MoM

Editor/Rocky

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