Hot news

• Pre-market trading on Tuesday, the three major indices are mixed.

• China concept stocks see a general rise in pre-market trading.

• Tesla's end-of-year target is getting closer, with delivery volumes in China dropping again.

Preliminary data released by the China Passenger Car Association on Tuesday show... $Tesla (TSLA.US)$ In November, Shanghai's Super Factory delivered 0.079 million electric vehicles, a 15% increase month-on-month but a 4.3% decrease year-on-year. Tesla's performance in China this quarter will be crucial to whether it can end 2024 with record sales. According to statistics, Tesla must sell a record number of electric vehicles of at least 0.515 million globally in the last three months of 2024 to achieve its guidance of a 'slight increase' in annual sales, compared to last year's sales of 1.81 million vehicles.

• Elon Musk's high pay case rejected again by a judge, Tesla plans to appeal.

A judge in Delaware ruled on Monday that even though Tesla shareholders voted in June to reinstate CEO Musk's 56 billion dollar compensation plan, Musk still does not have the right to receive this compensation. The ruling was made by Delaware Chancery Court Chancellor Kathaleen McCormick, who had previously ruled in January that Musk's compensation plan was too high and revoked it. Following the announcement of the ruling, Musk posted on the X platform, "Shareholders should control company voting, not judges." Tesla stated in a release, "The ruling is incorrect, and we will appeal," adding that the judge disregarded the opinions of the vast majority of shareholders.

• United States Steel fell more than 7% in pre-market trading, with Trump opposing Nippon Steel's acquisition of United States Steel. Trading at $37.89. On the news front, US President-elect Trump stated on social media on the 2nd that he completely opposes the acquisition of United States Steel by Japan's Nippon Steel. "Through a series of tax incentives and tariff measures, we will make American steel strong and great again, and it will happen quickly! As President, I will stop this deal from happening."

$United States Steel (X.US)$ Dropping over 7% in pre-market trading to $37.89. On the news front, US President-elect Trump stated on social media on the 2nd that he completely opposes the acquisition of United States Steel by Japan's Nippon Steel. "Through a series of tax incentives and tariff measures, we will make American steel strong and great again, and it will happen quickly! As President, I will stop this deal from happening."

• According to reports, Donald Trump's eldest son has joined the board of directors of PublicSquare's parent company.

According to sources, Donald, who recently became a partner at investment firm 1789 Capital, is expected to join the board of directors as early as Tuesday.$PSQ Holdings (PSQH.US)$ board of directors. PSQ, headquartered in West Palm Beach, Florida, declined to comment. Donald himself did not respond to requests for comments. The website operator PublicSquare aims to connect "patriotic" businesses and consumers, seeking to establish a so-called "parallel economy" that prioritizes faith and family. As of press time, the stock rose over 130% in pre-market trading.

• Intel CEO Kaesing retires, analysts bullish on new leadership for transformational opportunities.

$Intel (INTC.US)$ Announced that its CEO Pat Kaesing will retire. This change has sparked widespread attention in the investment community. Many analysts believe that this move marks Intel's imminent 'thorough transformation.' Truist analyst William Stein pointed out in the report that, although Kaesing's performance during his tenure was not as good as the previous CEOs, he did drive some significant changes, just not quickly and profoundly enough. Vijay Laksh, an analyst at Nomura, believes that the new leadership may bring a new vision to Intel, although the company still faces many challenges.

Global macro

• Can it still rise 4% this year? Morgan Stanley predicts that the s&p 500 index will reach a maximum of 6,300 points by the end of the year.

According to data from JPMorgan's trading department, despite the strongest rebound since the early days of the internet bubble, there is still room for further gains in the S&P 500 index by the end of the year. The bank's derivatives analyst stated that the most popular options trades are betting that the U.S. stock market benchmark index will reach 6200 to 6300 points this month, implying a further increase of about 2.5% to 4% based on Monday's closing price of about 6047 points by the end of the year. The bank stated that given the positive macro environment, profit growth, and continued support from the Fed, a strategic bullish attitude is still held until the end of the year.

• Is the US stock market's upward trend over? The "fear indicator": it can still rise!

The Volatility Index (VIX), often referred to as Wall Street's 'fear indicator,' measures the expected volatility of the S&P 500 index in the next 30 days. The VIX reached a four-month low at the close last Friday, below 14. Wall Street analysts point out that this is the first time the index has closed below 14 since breaking 20 in early August, when the market experienced a brief but sharp pullback; historical data shows that the last time the VIX fell below 14 after breaking 20 was in the autumn of 2023, after which the S&P 500 index rose by 10% over the next three months.

• Renowned valuation experts suggest buying the magnificent 7 during market corrections.

Professor Aswath Damodaran, a renowned professor at New York University known for his expertise in valuation analysis, stated that the 'Magnificent 7' in the U.S. stock market are excellent buying opportunities during market corrections, as most of them will continue to experience strong profit growth trends with fundamentally solid fundamentals. He said: 'As a long-time value investor, I have never seen profit-generating cash machines like these large technology companies, their fundamentals are so strong. And I believe the growth momentum of these cash machines will not diminish.'

• "Shopping spree" continues! "Cyber Monday" sales hit record high.

According to Adobe, U.S. shoppers are expected to spend a record-breaking $13.5 billion online during 'Cyber Monday,' slightly higher than the company's initial forecast of $13.2 billion. Adobe attributes the strong performance on Cyber Monday to shoppers waiting for the biggest discounts and using buy now, pay later financing to purchase expensive items. Meanwhile, the total online sales on ‘Black Friday’ in the U.S. exceeded the $10 billion mark, growing by over 10% compared to last year. Most of the retailers' sales and profits come from the holiday shopping season. Analysts are closely monitoring this result to understand if lower interest rates and easing inflation are prompting price-sensitive consumers to increase spending.

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)

23:00 USA October JOLTs Job Openings Report

Federal Reserve Director Kuglac will give a speech on the labor market and monetary policy on the next day at 01:35.

The next day at 02:30, 2025 FOMC voting member and Chicago Fed President Gulsby will participate in a Q&A session on the Midwest economy and US monetary policy.

On the next day at 05:30, the API crude oil inventory changes for the week ending November 29 in the United States.

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