Breakfast | S&P 500 expected to reach new historical highs next year, Alibaba establishes a large-scale research team for Taotian

Good morning! A wonderful day starts with making money.

Market: Overnight and this morning

US stocks fell across the board, Amazon hit a 52-week high against the trend, iRobot plummeted and triggered multiple circuit breakers

The market is waiting for the preliminary reading of US Q3 GDP to be released on Wednesday, US October PCE inflation and Eurozone CPI data on Thursday, as well as Fed Chairman Powell's speech on Friday and the Fed's "Beige Book" on the economic situation, in order to speculate on the interest rate path.

The S&P 500 index fell 0.20%, the Dow Jones Industrial Average fell 0.16%, and the Nasdaq fell 0.07%. Tech stocks had mixed performance. Meta fell 1%, Apple slightly declined, Amazon rose 0.7%, Microsoft rose 0.3% to a historic closing high, Tesla rose 0.3%, iRobot plummeted 11% during trading and triggered a circuit breaker, then continued to fall 20% after trading resumed, and finally closed down 17%.

Popular Chinese concept stocks declined. JD.com fell 1.5%, Baidu rose 0.5%, Pinduoduo fell 0.8%. Alibaba fell over 1%, Tencent ADR fell 0.8%, and Bilibili fell over 3%. NIO fell nearly 3%, Xiaopeng Motors fell over 4%, and Li Auto fell 3.8%.

What happened to blue-chip stocks and hot stocks

Attorneys General from 41 US states jointly sued social media giant Meta

Accusing it of illegally collecting children's account information and persisting in using algorithms that harm the mental health of minors. Meta owns two major social platforms, Facebook and Instagram, involving millions of teenage and child users, so civil penalties could amount to hundreds of millions of dollars.

Novo Nordisk is negotiating pricing agreements for "miracle weight-loss drug" Wegovy with healthcare systems in multiple countries

The goal is to help healthcare service providers spread the cost over several years through agreements, thereby expanding Wegovy's market share.

The Carlyle Group (CG) and WP Carey will be included in the S&P MidCap 400 Index

China International Marine Containers: The company's stock has applied for a trading halt, which is expected to last no more than 2 trading days

TSMC will resume price discounts for certain mature processes next year

The discount rate will be around 2%, and the discount will be settled after the completion of a whole quarter's production.

iQiyi reaches cooperation agreements with Malaysian and Singaporean film companies

iQiyi has signed a framework agreement with GSC Movies in Malaysia and Clover Films in Singapore. Over the next two years, iQiyi will distribute its own films through GSC Movies' theater distribution network and Clover Films' distribution experience. After this cooperation is reached, iQiyi's films "Hot Search" and "Deception" will be distributed through the aforementioned theaters in Malaysia and Singapore.

Didi is down

Due to a system failure, Didi's app service experienced abnormalities on the evening of the 27th. Apps under Didi, such as "Xiaoju Charging" and "Didi Refueling," were also unavailable.Taotian Group is building a large-scale research team

Recruitment has already begun. Taotian Group's large-scale research will mainly focus on two scenarios: search advertising and contentization of browsing.

ByteDance establishes new department Flow, focusing on AI application layer

Bilibili and Huawei announce comprehensive cooperation in the field of HarmonyOS, officially launching native app development for HarmonyOS.

Tesla Cybertruck global delivery event takes place at the Texas Gigafactory.

Douyu: Temporary management committee established to oversee company operations

Douyu responds to the inability to download some app store apps: No notice of removal has been received, and the cause is being investigated.

IPO Opportunities

Shein secretly files for IPO in the US, expected to be one of the largest IPOs in recent years

Online fast fashion company Shein has secretly applied for listing in the United States, with Goldman Sachs, JPMorgan Chase, and Morgan Stanley hired as the lead underwriters for this offering. Shein was valued at approximately $66 billion in its May financing.

Reddit is in talks with potential IPO investors and considering an IPO as soon as the first quarter of next year.

Macro: Taking you around the world

The Singapore Exchange will issue more depositary receipts for stocks of both countries through the Thailand-Singapore Depositary Receipt Interconnection Mechanism in the coming months to facilitate stock trading between the two countries' investors.

Deutsche Bank sets year-end 2024 target for the S&P 500 at 5,100 points

With a 20x price-to-earnings ratio providing strong support, combined with some P/E expansion, the index target points to 5,100, which would be a historical high, implying an increase of approximately 12% from the current level.

Japan to provide tax incentives to domestic companies producing electric vehicles and chips

The Central Committee of the Communist Party of China holds a meeting to review the "Opinions on Further Promoting the High-Quality Development of the Yangtze River Economic Belt"

Eight government departments jointly issue a document to enhance policies supporting the private economy

The People's Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Finance, and All-China Federation of Industry and Commerce jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy," proposing 25 specific measures to support the private economy.