According to the financial news platform, the selling off of tech giants dragged down the US stock market, pausing the 7-day rally that pushed the S&P 500 index to a historic high. The latest economic data supported the cautious stance of the Federal Reserve on interest rate cuts. Nasdaq and Nasdaq 100 both fell by nearly 1%, influenced by a series of poor financial reports from tech companies like Dell (DELL.US), HP (HPQ.US), and CrowdStrike (CRWD.US).

Shares of Dell Technologies and HP Inc. plummeted by at least 11% due to the disappointing performance of these two companies. The Federal Trade Commission in the USA has launched an antitrust investigation into Microsoft (MSFT.US), involving various aspects from the company's cloud computing and software licensing business to cybersecurity products and artificial intelligence products.

[US Stocks] Dow Jones Industrial Average closed down 138.25 points, a decrease of 0.31%, at 44,722.06 points; S&P 500 index closed down 22.89 points, a decrease of 0.38%, at 5,998.74 points; Nasdaq Composite Index closed down 115.10 points, a decrease of 0.60%, at 19,060.48 points. Tesla (TSLA.US) and Nvidia (NVDA.US) both dropped over 1%, while MicroStrategy (MSTR.US) rose by almost 10%, Dell (DELL.US) dropped by 12%. Nasdaq China Golden Dragon Index closed up 2.8%, Beigene (BGNE.US) rose by 7%, Alibaba (BABA.US) rose by 1.6%, iQiyi (IQ.US) rose by 8%.

[European Stocks] German DAX30 index closed down 30.63 points, a decrease of 0.16% at 19,274.25 points; UK FTSE 100 index closed up 17.50 points, an increase of 0.21%, at 8,276.11 points; France CAC40 index closed down 51.48 points, a decrease of 0.72%, at 7,143.03 points; Euro Stoxx 50 index closed down 29.34 points, a decrease of 0.62%, at 4,732.65 points; Spain IBEX35 index closed down 35.36 points, a decrease of 0.30%, at 11,582.54 points; Italy FTSE MIB index closed down 85.64 points, a decrease of 0.26%, at 33,082.00 points.

[Asia-Pacific Stock Markets] Nikkei 225 index fell by 0.8%, Indonesia's Jakarta Composite Index fell by 0.93%, and South Korea's KOSPI index fell by 0.69%.

[Cryptocurrencies] Bitcoin rose by 5.4%, to $96,643.37 per coin; Ethereum rose by 9.2%, to $3,627.61 per coin.

International precious metals futures generally closed higher, with COMEX gold futures up 0.56% at the close, at $2636.00 per ounce. COMEX silver futures fell 1.04% at the close, at $30.090 per ounce.

WTI January crude oil futures fell $0.05, or 0.07%, to $68.72 per barrel. Brent January crude oil futures rose $0.02, or approximately 0.03%, to $72.83 per barrel.

LME copper futures closed up $20 at $9020 per ton. LME aluminum futures closed down $17 at $2596 per ton. LME zinc futures closed up $56 at $3132 per ton. LME lead futures closed up $36 at $2056 per ton. LME nickel futures closed down $113 at $15883 per ton. LME tin futures closed down $954 at $27950 per ton. LME cobalt futures closed flat at $24300 per ton.

Macro news

US October core PCE inflation posted the largest increase since April, supporting the Fed's cautious stance. The Fed-favored potential inflation index accelerated year-on-year in October, which helps explain policymakers' more cautious attitude towards rate cuts. Data released on Wednesday showed the US October core PCE price index excluding volatile food and energy items rose 2.8% year-on-year, the largest increase since April 2024, matching market expectations, with the previous value at 2.7%; October core PCE price index rose 0.3% month-on-month, in line with market expectations, with the previous value unchanged at 0.3%. Additionally, October PCE price index rose 2.3% year-on-year, in line with market expectations, with the previous value up 2.1%; October PCE price index rose 0.2% month-on-month, in line with market expectations, with the previous value up 0.2%. Although inflation still needs time to fall to the Fed's 2% target, the Fed's future policy path will be complicated by President-elect Trump's economic agenda.

Strong consumer spending drove US GDP to a steady growth of 2.8% in the third quarter. The US economy expanded steadily in the third quarter, largely due to the widespread growth in consumer spending, while inflation continued to cool down. The second set of data released by the Bureau of Economic Analysis on Wednesday showed that the third-quarter GDP grew at an annual rate of 2.8%, slowing from 3% in the previous quarter but exceeding 2% in eight out of the past nine quarters. The economy's main growth engine, consumer spending, grew by 3.5%, reaching the highest level this year. However, some economists are concerned that Trump's fiscal plans could bring upward pressure on inflation. The GDP report showed that the Fed's preferred indicator, the Personal Consumption Expenditures Price Index, had an unadjusted annualized growth rate of 1.5% in the third quarter. Excluding food and energy, the core PCE index rose by 2.1%, slightly higher than the expected 2.2%. The GDP report revealed that the sustainability of economic expansion is being tested by persistent price pressures, high borrowing costs, and political uncertainty.

Canada is studying potential retaliatory tariffs against the US, with Goldman Sachs warning of a 'major' blow from tariffs. A senior Canadian official reportedly stated that if Trump follows through on his threat to impose comprehensive tariffs on Canadian products, Canada is already considering the possibility of imposing retaliatory tariffs on certain US products. Goldman Sachs expressed doubts about the consequences of the proposed tariffs on US consumers by President-elect Trump. The bank's head of commodity research, Daan Struyven, stated that Trump proposed a 25% tariff on all products from Canada, which could raise US fuel prices. He added that this strategy evokes memories of Trump's first term and could be a negotiation tool. Struyven stated that the tariffs 'could theoretically have quite severe consequences for three groups: US consumers, US refiners, and Canadian producers.' He further commented: 'Given Trump's focus on lowering energy costs, we believe Canada is unlikely to impose tariffs.'

Cryptocurrency advocate Atkins becomes a frontrunner for SEC chair according to reports. Sources revealed that the transition team of US President-elect Trump has interviewed veteran financial regulator and conservative finance figure Paul Atkins as a candidate for the Chairperson of the Securities and Exchange Commission (SEC). Sources indicate that Atkins is the top competitor to succeed the outgoing Gensler. They mentioned that Trump is expected to make a decision in the coming days with no decision made at present. Atkins served as an SEC commissioner during the George W. Bush administration, and later founded Patomak Global Partners, a company providing consulting services to major financial clients. He is a staunch supporter of digital assets and fintech companies. He has also testified in Congress discussing how to restructure the agency's operations and reduce some regulatory requirements considered redundant or overly burdensome by industry professionals.

J.P. Morgan: The U.S. stock market will maintain its global leadership position and continue to outperform other markets. Morgan Stanley strategist Mislav Matejka stated that unless geopolitical and trade policy risks recede, the dominant position of the U.S. stock market over other regions is unlikely to weaken. So far this year, driven by the technology and artificial intelligence boom, the U.S. stock market has continued to outperform international markets, while the U.S. economy remains resilient, with the Federal Reserve entering a rate-cutting cycle against the backdrop of declining inflation. Matejka and other strategists wrote, "The current situation of polarized regional market performance may continue, with international markets not appearing to have high P/E ratios, the U.S. market remaining at high levels, but relative differences may remain high for a period of time."

Trump nominates Keith Kellogg as a special envoy for the Russia-Ukraine conflict. U.S. President-elect Trump stated that he will choose Keith Kellogg as a special envoy for the Russia-Ukraine conflict. Retired U.S. Army Lieutenant General Kellogg previously served as Chief of Staff of the White House National Security Council during Trump's tenure from 2017 to 2021, and also served as National Security Advisor to then-Vice President Pence. Kellogg advocates for a peaceful resolution to the Ukraine conflict and has suggested that military aid be provided to Ukraine based on conditions of peace negotiations. Kellogg also called for Ukraine to be able to negotiate with Russia "from a position of strength" and to discuss "taxing energy sales to Russia to cover Ukraine's reconstruction costs." In February, Kellogg stated that Trump's return to the White House may lead to some NATO members not meeting the 2% of GDP for defense spending, thus losing the protection of Article 5 in the event of an external attack.

Trump team considering three major potential solutions to resolve the Russia-Ukraine conflict. Two sources told the media that in recent days, Trump's National Security Advisor pick Mike Waltz has been considering several proposals to end the Russia-Ukraine conflict. Although the specifics of the strategies are still being formulated, Trump officials may move to push for an early ceasefire to temporarily freeze the conflict during negotiations. The first proposal is that of the Russia-Ukraine conflict envoy candidate Kellogg, which involves continuing military aid to Ukraine on the condition that Kiev is involved in peaceful negotiations with Russia, and proposing a "U.S. policy of seeking a ceasefire and conflict resolution through negotiations." Meanwhile, Ukraine's desire to join NATO will be "placed on hold" for an extended period to encourage Russia's participation in negotiations. The second proposal is supported by former U.S. Ambassador to Germany Richard Grenell. Grenell had previously expressed support for establishing "autonomous regions" within Ukraine, although he did not elaborate on what this would entail. Another idea is to allow Russia to retain the areas it currently controls in exchange for Ukraine joining NATO, although within Trump's circle, few seem willing to invite Ukraine to join NATO in the short term.

[Individual stock news]

U.S. antitrust regulators reportedly launching a comprehensive investigation into Microsoft (MSFT.US). Sources revealed on November 27th local time that the U.S. Federal Trade Commission (FTC) has initiated a broad antitrust investigation into Microsoft, including its software licensing and cloud computing businesses. Earlier this month, sources confirmed that the FTC is investigating allegations that Microsoft may have abused its market dominance in the productivity software sector. Sources on the 27th also stated that the FTC is investigating practices related to cybersecurity and artificial intelligence products.

Autodesk (ADSK.US) forced to focus on cost reductions under pressure from activist shareholders, plunges over 8%. Autodesk CEO Andrew Anagnost stated that the company is focusing on reducing costs in its sales and marketing teams, a move made under pressure from activist investor Starboard Value LP. Earlier this year, scrutiny of the engineering software manufacturer intensified, with a previous accounting investigation delaying the company's financial reporting and leading to the replacement of its Chief Financial Officer. Starboard has been pushing for reforms such as profitability improvement and considering the removal of Anagnost. On Tuesday, Autodesk announced during its quarterly earnings report that it has authorized an additional $5 billion in share buybacks and raised its annual profit forecast. The company also appointed a new Chief Financial Officer, Janesh Moorjani. Anagnost stated on Wednesday, "We are very focused on sales and marketing optimization. We and all of the investment community view this as a key objective for Autodesk."

FTC investigating whether Uber Technologies Inc.'s (UBER.US) flagship subscription service violates consumer protection laws. According to documents, the U.S. Federal Trade Commission is investigating issues related to product registration and cancellations at Uber, an investigation that began earlier this year. The Uber One subscription plan offers discounts on rides and deliveries in exchange for an annual fee. In October of last year, Uber stated that about 25 million people subscribed to Uber One. Uber confirmed that it has received inquiries from the Federal Trade Commission regarding the program and stated that it is cooperating with the agency's review. Uber spokesperson Noah Edwards stated in an email declaration, "Uber One's cancellation process follows the letter and spirit of the law: Uber One members can easily cancel their subscription within the app— in fact, most cancellations only require 20 seconds or less."

Texas leads group of U.S. states in filing antitrust lawsuit against BlackRock (BLK.US), Vanguard, and State Street (ST.US). Led by Texas, a group of U.S. states accused BlackRock, Vanguard Group Inc., and State Street Corporation of violating antitrust laws by driving up electricity prices through investments. This is the most impactful lawsuit to date faced by the embattled ESG industry. Texas Attorney General Ken Paxton and 10 other states charged the three asset management firms with leveraging their market power and membership in climate organizations to pressure coal producers to reduce production. According to a lawsuit filed in a Texas federal court on Wednesday, power shortages have led to increased electricity prices paid by residents of Texas and other states.

Urban Outfitters (URBN.US) announced better-than-expected sales growth for the third quarter, with the stock price closing up over 18%. Thanks to the strong performance of its brand Anthropologie, Urban Outfitters reported a 1.5% increase in sales for stores open at least 12 months in the quarter ending on October 31, surpassing analysts' growth expectation of 1.3%. The company said in a statement on Tuesday that Anthropologie's sales increased by 5.8%. Excluding certain items, earnings per share for the quarter were $1.10, higher than analysts' average expectation of 86 cents. The gross margin also exceeded expectations. The results indicate that Urban Outfitters outperformed other clothing retailers, who are striving to attract increasingly budget-conscious consumers. As the crucial holiday shopping season approaches, many companies are reporting weak spending.