The S&P and Nasdaq hit their longest winning streak in two years, with Microsoft and Eli Lilly reaching new highs. The 30-year Treasury yield dropped by 10 basis points.

Federal Reserve Chairman Powell made a brief statement without commenting on monetary policy or the outlook for the US economy. The market is more focused on his speech at the International Monetary Fund (IMF) on Thursday afternoon Eastern Time.

The market believes that the tone of the speeches by several Fed officials yesterday was balanced. While the possibility of a rate hike was not ruled out, it was also emphasized that more economic data and the impact of rising long-term bond yields would be monitored. The futures market is betting on a 17% probability of a rate hike in January next year and a 20% probability of a rate cut in March.

Bank of England Governor Bailey stated that it is too early to discuss a rate cut and that policy should remain restrictive, confirming the market's expectation that major central banks in Europe and the United States have ended their rate hike cycles and will maintain higher interest rates for a longer period of time.

European Central Bank hawks and the President of the German Central Bank cited stubborn inflation as a reason to resist discussions of rate cuts. Two other members also stated that the possibility of further rate hikes could not be ruled out. Retail sales in the eurozone fell 2.9% YoY in September, worse than the previous value. Former ECB President and former Italian Prime Minister Draghi said it is "almost certain" that the eurozone will fall into recession before the end of the year.

S&P 500 rises for eight consecutive days, Nasdaq rises for nine consecutive days, both setting a new two-year record, Dow Jones stops rising for seven consecutive days, Microsoft and Eli Lilly reach new highs

On Wednesday, November 8th, US stocks opened higher but then fell during the midday session, with all major indices collectively falling more than 0.3%. The Dow Jones fell 130 points, dragged down by a 2% drop in Intel. The Russell small-cap stocks fell more than 1%, leading the major indices in consecutive declines for several days, while Warner Bros. Discovery fell more than 15%, leading the Nasdaq 100.

In the end, the Dow Jones stopped rising for seven consecutive days, breaking away from its highest level in nearly seven weeks since September 20th; the S&P 500 and Nasdaq narrowly closed higher, setting a new two-year record for the longest consecutive rise since November 8th, 2021; the S&P 500 rose for eight consecutive days, reaching a new high since September 20th, and the Nasdaq rose for nine consecutive days, reaching the highest level since October 11th, 2021. The Nasdaq 100 also rose for nine consecutive days, while the Russell small-cap stocks fell for three consecutive days from a two-and-a-half-week high:

The S&P 500 index rose 4.40 points, or 0.10%, to close at 4382.78 points, with the technology, real estate, and telecommunications sectors leading the gains, while energy stocks fell more than 1%. The Dow Jones fell 40.33 points, or 0.12%, to close at 34112.27 points. The Nasdaq rose 10.56 points, or 0.08%, to close at 13650.41 points. The Nasdaq 100 rose 0.1%, while the Russell 2000 small-cap stocks fell 1.1%. The "fear index" VIX fell more than 2% to 14.45.

S&P 500 rises for eight consecutive days, Nasdaq rises for nine consecutive days, small-cap stocks lead the decline, Dow Jones stops rising for seven consecutive days

The gains of star tech stocks expanded in the final trading session. "Metaverse" Meta rose 0.3% to a three-week high, Apple rose 0.6%, Netflix rose 0.5%, both reaching a two-month high, while Amazon fell 0.4%, ending its eight-day consecutive rise and breaking away from its highest level in nearly eight weeks. Tesla approached erasing its 2% decline and hovered at a three-week high. Microsoft rose 0.7%, hitting a new all-time high for the ninth consecutive day, while Google A rose 0.7%, reaching a two-week high for the sixth consecutive day.

Chip stocks showed mixed performance. After falling 0.6%, the Philadelphia Semiconductor Index rebounded slightly and stabilized at a three-week high. Intel fell more than 2%, dropping from a two-month high. AMD nearly erased its initial 1.6% gain and hovered at a three-month high. Nvidia rose more than 1%, reaching a four-week high for the sixth consecutive day. NXP and ON Semiconductor narrowed their losses to about 1%, while GlobalFoundries fell more than 2%. Arm fell 1.6% and then dropped nearly 5% after hours.

AI concept stocks experienced a pullback. C3.ai fell more than 2%, moving away from a two-month high. Palantir Technologies fell 1.7%, falling from a three-month high. SoundHound.ai dropped nearly 3%, moving away from a two-and-a-half-week high. BigBear.ai fell 3.6%, ending its four-day rally and falling from a four-week high.

In terms of news, ChatGPT, supported by Microsoft, experienced a malfunction and service interruption before the opening of the US stock market. Anthropic, a similar competitor supported by Google, will use Google's Cloud TPU V5E chip to support AI models and deepen their partnership. Arm released its first performance report since its US IPO, with chip shipments in the third quarter down 6% YoY and adjusted EPS for the year lower than expected.

Most popular Chinese concept stocks declined. The KWEB ETF erased its 0.9% gain and turned negative, while CQQQ fell 0.2%. The Nasdaq Golden Dragon China Index (HXC) rose 0.5% before falling 0.5%, dropping below 6,400 points and declining for three consecutive days from a three-week high.

Among the Nasdaq 100 constituents, JD.com fell 1.4%, Baidu fell 0.6%, and Pinduoduo rose 0.3%. In other stocks, Alibaba fell 0.7%, Tencent ADR opened lower by 0.8% but rose slightly, and Bilibili rose more than 3% before closing up 1%. NIO fell 2.7% before rebounding 0.4%, while Xiaopeng Motors fell 6% and Li Auto narrowed its decline to 1.4%. Beike opened with a 5% gain and closed up 1%, with net profit in the third quarter soaring 63.4% YoY, nearly 10 times the expected growth. UBS expressed a stronger preference for Chinese internet stocks rather than US tech giants.

Bank stocks declined for the third consecutive day. The industry benchmark, the KBW Bank Index (BKX) on the Philadelphia Stock Exchange, fell by half to 0.4%, further moving away from a six-week high. Two weeks ago, it hit a three-year low since September 2020. The KBW Nasdaq Regional Banking Index (KRX) fell more than 1% for the third consecutive day, further moving away from a seven-week high. On May 11, it hit the lowest level since November 2020.

Other stocks with significant changes include:

Warner Bros. Discovery performed the worst in the S&P 500 index, falling 19% to a more than ten-month low. Its third-quarter advertising revenue declined, resulting in a larger-than-expected loss. The number of streaming media users also remained sluggish, and its TV revenue declined due to the Hollywood strike.

Roblox, the "first stock of the metaverse," a US online gaming and social platform company, reached its highest point in over eight months, rising 20% to a three-month high. Its third-quarter loss narrowed more than market expectations, and both booked revenue and daily active users increased by 20% year-on-year.

Robinhood, the popular online brokerage, fell more than 14% to a six-month low. Its third-quarter revenue increased by 29% year-on-year but fell short of expectations. The net loss narrowed, but trading volume, trading-based revenue, and monthly active users all decreased by double digits. Cryptocurrency trading volume was halved compared to the same period last year.

Rivian, the "Tesla rival," opened nearly 8% higher but later fell more than 6%. Its third-quarter earnings report exceeded expectations, with a narrower year-on-year loss. It also raised its annual production forecast by 2,000 vehicles to 54,000 vehicles. The electric truck is no longer exclusively supplied to Amazon, but some analysts remain cautious about its prospects.

Among other electric vehicle manufacturers, luxury carmaker Lucid fell 8% to a historic low. Its third-quarter revenue was poor, and it lowered this year's production target by 2,000 vehicles or 20%. "Vietnam's version of Tesla," VinFast Auto, rose more than 17% to a three-week high. Fisker, which was scheduled to release its earnings report before the market opened on Wednesday, postponed it until November 13.

In the biotech sector, Biogen, an American company, fell 5.7%, marking its largest drop in over a year and reaching a 13-month low, despite third-quarter revenue exceeding expectations. The US FDA approved Eli Lilly's diabetes drug for weight loss, with a price of nearly $1,060. Eli Lilly's stock rose more than 3% to a new all-time high during trading.

Stocks related to weight loss in the US market rose across the board, while restaurant and fitness stocks fell.

European stocks rose across the board except for the FTSE 100, with the pan-European Stoxx 600 index reversing its decline and closing up 0.28%, approaching a three-week high. Automotive and retail stocks rose more than 1%, while the utilities sector fell more than 1%. The Euro Stoxx 50 index briefly rose 1% during trading.

Deutsche Bank's European and US stocks both rose by about 1%, with a threefold increase in net profit for the third quarter due to rising interest rates. Airbus' European stocks rose 1% while its US stocks fell 0.5%. Its third-quarter revenue, adjusted profit, and free cash flow were all below expectations, but it maintained its annual aircraft delivery forecast at 720 units.

US Short-Term Bond Yields Rebound, 10-Year Treasury Yield Falls by 6 Basis Points, 30-Year Yield Falls by 10 Basis Points

US bond yields show divergence, with short-term yields rising and long-term yields falling for two consecutive days.

The two-year yield, which is more sensitive to monetary policy, rose the highest by 4 basis points, reaching 4.96% and recovering nearly half of last week's decline. The 10-year Treasury yield fell by more than 6 basis points to 4.51%, and the 30-year yield fell by 10 basis points to 4.63%, both hovering at a six-week low.

The US Treasury auctioned $40 billion of 10-year government bonds with a bid rate of 4.519%, lower than the 4.610% on October 11, which was at least a new high since November 2007. The bid-to-cover ratio of 2.45 was also weaker than the previous 2.50, causing long-term yields to fall and hitting a daily low.

US long-term yields hover at a six-week low, with the 30-year yield falling by 10 basis points

Recent economic data cooling has caused European bond yields to continue to decline.

The 10-year German bund yield, the benchmark for the eurozone, fell by 4 basis points to 2.62% at the close, hitting a two-month low. The two-year yield rose by more than 3 basis points and stabilized above 3%, but it fell from the fifteen-year high of 3.39% reached in July.

The 30-year German bund yield fell by more than 8 basis points, and the 10-year Italian bond yield, which is deeply indebted, fell by more than 7 basis points. The bond yields of France, Spain, and Greece all fell by more than 5 basis points. The 30-year and 50-year UK bond yields also fell by 5 basis points.

Oil Prices Fall by Another 2.5% to the Lowest Level Since July 20, Brent Crude Falls Below $80 for the First Time Since July, US Natural Gas Falls by 10% in Three Days

Demand concerns weigh on oil prices for two consecutive days. WTI December crude oil futures closed down $2.04, or 2.64%, at $75.33 per barrel. Brent January futures closed down $2.07, or 2.54%, at $79.54 per barrel.

US WTI crude oil extended its losses during US stock market trading, falling by a maximum of $2.40 or 3.1%, briefly falling below $75. Brent crude fell below the $80 mark for the first time since July, with a maximum decline of $2.39 or 2.9%, reaching a daily low of $79, all the lowest since July 20. Yesterday, oil prices plunged by 4% to a new three-and-a-half-month low, completely wiping out the gains since the outbreak of the Israeli-Palestinian conflict.

Oil prices fall by another 2.5%, Brent crude falls below $80 for the first time since July The US Energy Information Administration (EIA) said on Tuesday that the growth rate of US oil production this year may be slightly lower than previously expected, but the total oil consumption will decrease by 300,000 barrels per day, reversing the previous forecast of an increase of 100,000 barrels per day. The American Petroleum Institute, a private organization, said that US crude oil inventories increased by nearly 12 million barrels last week. The official EIA oil storage data will be released next week. Goldman Sachs estimates that the net oil exports of the six OPEC member countries are only 600,000 barrels per day lower than in April, which has alleviated concerns about recent supply shortages and deepened the downward trend in oil prices.

The TTF Dutch natural gas futures, the European benchmark, fell 1.4% at the close, approaching a four-week low, while ICE UK futures fell slightly. US natural gas futures fell 2.6% at one point, falling for three consecutive days and accumulating a decline of more than 10% during this period, wiping out the gains of the past week and a half since October 27.

The US dollar has risen for three consecutive days, the yen has fallen below 151, the offshore renminbi is less than 7.28 yuan, and Bitcoin has been hovering at an 18-month high for several days.

The DXY, a basket of major currencies against the US dollar, rose by 0.3% to nearly 105.90, rising for three consecutive days. At the end of the session, it was close to wiping out the gains, but it was still far from the lowest level in nearly seven weeks since September 20. It fell by 1.4% last week, the largest decline since mid-July.

Bank of America said that the US dollar may depreciate in 2024, but key uncertainties such as financial conditions, Federal Reserve interest rate policy expectations, and global risk sentiment may favor the US dollar in the short term in December.

The euro against the US dollar has turned slightly higher and returned to above 1.07, approaching an eight-week high. The pound fell slightly and is still below 1.23, falling for three consecutive days from a seven-week high. The yen against the US dollar fell below the 151 level, erasing the gains since last Thursday. Some analysts believe that a drop to 155 may trigger government intervention to stabilize the currency.

The offshore renminbi against the US dollar is still less than 7.28 yuan, down 84 points from the previous day's close, and has moved away from a four-week high. The State Administration of Foreign Exchange stated that it will strengthen the management of the foreign exchange market and maintain the basic stability of the renminbi exchange rate at a reasonable and balanced level.

Mainstream cryptocurrencies are rising across the board. The largest cryptocurrency, Bitcoin, is trading at $35,500, hovering at the highest level in 18 months since May last year. The second-largest cryptocurrency, Ethereum, has not been able to break through the $1,900 integer level, but it is still close to a four-month high.

Gold has fallen for three consecutive days to a three-week low, while London copper has fallen for two consecutive days by more than 0.5%, and zinc, nickel, and tin have risen by more than 1%.

The strength of the US dollar continues to weigh on gold prices. COMEX December gold futures fell $15.70, or 0.8%, to $1,957.80 per ounce, hitting a three-week low for three consecutive days. December silver futures rose 0.6% to $22.73 per ounce. Spot gold fell by 1.1%, or more than $21, breaking below the $1950 level and erasing most of the gains made in the past three weeks since October 19. Meanwhile, spot silver rose by about 1%.

Palladium hit a five-year low since 2018 and dropped below $1010. Some analysts believe that the decrease in automobile internal combustion engine production has led to a shift from palladium to the cheaper platinum used in catalytic converters, which is detrimental to the demand for palladium.

London industrial metals rose across the board, but the "Copper Doctor," a leading indicator of the economy, fell by more than 0.5% for two consecutive days. Yesterday, London aluminum, which fell by about 1%, also saw a slight decline, further distancing itself from the five-week high since early October. London zinc rose by 1.6%, breaking through $2600 to a five-week high; London lead continued to rise slightly, hitting a six-week high; and London nickel, which fell by nearly 3% yesterday, rose by 1% and returned to $18,000. London tin rose by 1.4%.