The trend of U.S. stocks diverged, the Dow rose more than 260 points, Pinduoduo rose nearly 3%, and its market value surpassed Ali again in intraday trading

The trend of U.S. stocks diverged, the Dow rose more than 260 points, Pinduoduo rose nearly 3%, and its market value surpassed Ali again in intraday trading

On November 30, the financial community reported that investors paid attention to economic data such as PCE and the speeches of Federal Reserve officials, while technology giant Salesforce and cloud services giant Snowflake rose after the earnings report to boost market sentiment, U.S. stocks collectively opened higher, the Dow rose nearly 200 points, the S&P rose 0.12%, the Nasdaq rose 0.03%, and most of the technology stocks rose, VinFast rose more than 14%, Ford Motor rose nearly 1%, Ford Motor rose 0.76%, and General Motors rose 0.98% , Weibo fell nearly 7%, and lychee fell 22%.

As of press time, the three major U.S. stock indexes diverged, with the Dow up more than 260 points to 35,693, the Nasdaq Composite down 25 points to 14,232, and the S&P 500 up 5 points to 4,555. Some Chinese concept stocks rose, with NIO up 2%, Ctrip up 2%, and Pinduoduo up nearly 3% with a market value of $193.7 billion, once again surpassing the $190 billion market value of Alibaba's U.S. stocks in the intraday. Weibo bucked the trend and fell 12%.

US core PCE slowed to 3.5% in October, in line with expectations

The core PCE price index in the United States increased by 3.5% year-on-year in October, estimated at 3.5% and 3.7% in the previous month, and the core PCE price index in the United States increased by 0.2% month-on-month in October, with an estimate of 0.2% and a previous value of 0.3%.

The number of initial claims for unemployment benefits in the United States for the week to November 25 was 218,000, with an expectation of 220,000 and a previous value of 209,000.

Fed's Mester: U.S. inflation has cooled significantly

Eastern time on Wednesday, Cleveland Fed President Mester said that U.S. inflation has cooled, while economic activity and the labor market have slowed. This hints that she may support keeping interest rates unchanged at the Fed's December meeting. With the recent dovish shift in the stance of a number of Fed officials, more and more market participants are predicting that the Fed's rate hike cycle may be over.

Stimulated by the expectation of interest rate cuts, U.S. Treasuries are expected to perform their best monthly performance since 1980

At a time when U.S. Treasuries are facing losses for three consecutive years in 2023, the "expectation of interest rate cuts" and timely rain have boosted market confidence, and the Bloomberg U.S. Treasury Composite Index returned 4.9% in November, on track for its best monthly performance since 1980.

Barclays outlook for U.S. stocks: the "rush" at the end of the year overdrew the rally, and the increase next year will be in the single digits

The team led by Barclays equity strategist Venu Krishna released a report that raised the S&P 500 price target for 2024 by 300 points to 4,800 points. This also means that next year's U.S. stocks still have 5% upside from yesterday's closing price. In the report, Krishna warned of the continued rally in US stocks at the end of 2023, saying that if the stock market at the end of 2023 "goes too far and too fast", it will overdraw the upside in 2024 in advance, making next year's gains "smaller".

The only bearish on Wall Street appears?Xiaomo expects U.S. stocks to fall 8% next year

On Wednesday, Eastern time, Dubravko Lakos-Bujas, chief global equity strategist at JPMorgan Bank, released a forecast report saying that as global economic growth slows, household savings shrink and geopolitical risks remain high, elections in countries including the United States may exacerbate policy volatility, and the S&P 500 index will fall to 4,200 points by the end of 2024, about 8% below the current level.

Nearly 150,000 workers were caught up in the union turmoil

The United Auto Workers (UAW) launched an offensive on Wednesday against 13 non-union automakers in the United States, covering nearly 150,000 workers at BMW, Honda, Hyundai, Lucid, Mazda, Mercedes-Benz, Nissan, Rivian, Subaru, Tesla, Toyota, Volkswagen and Volvo. UAW President Fain Shawn said in a video that it's now the turn of all those auto workers who don't have union benefits!

OPEC+ reportedly reached a preliminary agreement to cut production by more than 1 million b/d further

OPEC+ will consider further production cuts next year at its meeting on Thursday to support crude oil prices, according to media reports citing sources. OPEC+ has reached a tentative agreement on further production cuts of more than 1 million b/d, two sources said.

CEO of Nvidia: It will take decades for the United States to become "chip independent" and is developing customized products for China!

Nvidia CEO Jensen Huang said it will take another 20 years for the United States to break its dependence on overseas chip manufacturing. Huang also reaffirmed Nvidia's commitment to China, which remains the largest chip market. He said that with the announcement of the latest regulations, Nvidia is developing products for China that will not trigger the restrictions. "We have to develop new chips that are compliant, and once they do, we will go back to China," he said. ”

Microsoft "got its wish" to the OpenAI board: it got a non-voting observer seat

OpenAI announced Wednesday that Microsoft will get a non-voting observer seat on OpenAI's nonprofit board. That is, Microsoft, although it does not have formal voting rights in major decisions, will have more knowledge about the inner workings of OpenAI. However, a Microsoft spokesperson did not comment on who the company would serve as an observer.

The "strongest constituent stock of the Dow" SAFTSE rose pre-market, and the demand for AI was hot, and the Q3 performance was pleasantly surprised

Known as the "strongest component of the Dow", SAFTSE's Q3 revenue increased 11.27% year-on-year to $8.72 billion, in line with expectations, and adjusted earnings per share of $2.11, slightly higher than analysts' expectations of $2.06. Adjusted operating margin was 31%.

Snowflake's Q3 product revenue increased 34% year-over-year, raising its FY24 product revenue guidance

Cloud services company Snowflake's Q3 revenue was $734 million, up 31.8% year-over-year, beating market expectations of $714 million. Product revenue for the period was US$698.5 million, a year-on-year increase of 34%. The company expects Q4 product revenue of $716 million to $721 million, a year-on-year increase of 29%-30%.

CEO Winnink will retire next year, and the chief commercial officer will take over

Dutch semiconductor equipment maker ASML announced on Thursday that CEO Winnink will retire in April next year, and intends to appoint Fuquet, the current chief commercial officer and member of the management committee, to replace Wennink, subject to approval at the annual general meeting on April 24, 2024.

Occidental Petroleum is said to want to buy shale oil extractor CrownRock

Occidental Petroleum is in talks to buy oil producer CrownRock for more than $10 billion, according to a person familiar with the matter said on Wednesday. CrownRock is a shale oil producer located in the Permian Basin of West Texas, USA. According to the person, the deal could see results in a few days.

Read on