Overnight US Stocks | Three major indices show mixed movements, with the Dow hitting another all-time high

According to Zhitong Finance, on Friday, the three major indices showed mixed movements, with the Dow hitting a new all-time high. All three major indices recorded gains for the second consecutive week. This week, all three major U.S. stock indices posted gains, with the Dow rising 1.61% for the week, the S&P 500 rising 1.36%, and the Nasdaq rising 1.49%.

[U.S. Stocks] At the close, the Dow rose 38.17 points, or 0.09%, to 42,063.36 points; the Nasdaq fell 65.66 points, or 0.36%, to 17,948.32 points; the S&P 500 fell 11.09 points, or 0.19%, to 5,702.55 points. Qualcomm (QCOM.US) fell 2.87%, Intel (INTC.US) rose 3.31%, with reports of the two companies discussing a merger. FedEx (FDX.US) fell 15.23%, while Nike (NKE.US) opened high and closed up 6.99%.

[European Stocks] Major European indices closed lower, with Germany's DAX30 down 1.47%, the UK's FTSE 100 down 1.18%, France's CAC40 down 1.51%, and the Euro Stoxx 50 down 1.43%.

[Asia-Pacific Markets] The Nikkei 225 Index rose over 1.5%, the Jakarta Composite Index in Indonesia fell over 2%, and Vietnam's VN30 Index rose 0.58%.

[Gold] Spot gold and COMEX gold futures continued to hit new highs. Spot gold rose 1.36% to $2,621.88 per ounce, up 1.71% for the week. COMEX gold futures rose 1.25% to $2,647.4 per ounce, up 1.41% for the week.

[Cryptocurrency] Bitcoin continued its upward trend, rising 0.44% on Friday to $63,208.

[Crude Oil] U.S. WTI crude oil closed basically flat on Friday. The futures rose over 4% this week for the second consecutive week. The Fed's significant rate cut this week and the decrease in U.S. crude oil supply supported oil prices. NYMEX November WTI crude oil futures closed down $0.03, or 0.04%, at $71.92 per barrel. WTI crude oil rose 4.76% for the week. Brent November crude oil futures fell $0.39, or about 0.52%, to $74.49 per barrel.

[Metals] Most London metals closed lower, with nickel up 0.91%; copper down 0.18%, aluminum down nearly 2%, and zinc down over 2%.

[Macro News]

Fed Governor Waller: If the labor market deteriorates, we may consider another 50 basis point rate cut. Fed Governor Waller stated that a 50 basis point rate cut by the Fed is the right move to maintain a strong economy; inflation data released during the quiet period makes me inclined to a significant rate cut; the extent of future rate cuts will depend on upcoming data; if the labor market deteriorates, we may consider another 50 basis point rate cut; if progress on inflation stalls, we may advocate pausing rate cuts; if economic data weakens, we are more willing to make significant rate cuts; I do not believe we are behind the curve; the inflation rate may be on a lower trajectory than we expected JP Morgan CEO Jamie Dimon: Skeptical of US Economic Soft Landing After Rate Cut. Jamie Dimon, CEO of JP Morgan, expressed skepticism about the possibility of a soft landing for the economy after the Federal Reserve's first rate cut in over four years. Speaking at the Atlantic Festival in Washington on Friday, he said, "I am more skeptical than others. I think the likelihood of a soft landing is low. I certainly hope a soft landing can be achieved, but I am more skeptical about whether inflation will disappear so easily, not because it has not fallen, but whether it can fall further."

RBC: Limited Upside for 2-10 Year Treasuries Post US Election Due to High Fiscal Spending Risk. Mark Dowding, Chief Investment Officer at BlueBay Asset Management, a subsidiary of Royal Bank of Canada, stated that there is limited upside for 2-10 year Treasuries post the US election due to the high risk of continued fiscal spending. He mentioned, "Considering that the yield on 2-10 year US Treasuries is around 3.5%, we believe that unless there is a substantial economic downturn, the significant upside for these bonds may be limited." Dowding noted that the Fed's significant 50 basis point rate cut this week may limit the prospects for further rate cuts, thereby restricting further yield declines. BlueBay also forecasts a widening spread between the yields of 2-year and 30-year US Treasuries, leading to a steeper yield curve.

Apollo Global Management Secures $5 Billion New Funding from BNP Paribas to Challenge Wall Street Banks in Loan Business. Apollo Global Management has obtained $5 billion in new funding from BNP Paribas. The company is seeking to develop a key loan business to further penetrate areas once dominated by banks. Jim Zelter, Co-President of Apollo, stated, "This is one of the largest long-term private credit financings ever, if not the largest." Apollo's CEO, Marc Rowan, aims to build a lending machine that can rival Wall Street banks, hoping that Apollo's 16 financing platforms—providing mortgage loans, aircraft loans, and other debt that can be part of private credit investments—will generate $200 billion to $250 billion in transactions annually within five years.

【Stock News】

Google (GOOG.US) Faces Final Ultimatum from EU, Risks Heavy Fine if Search Engine Business Model is Not Adjusted. According to reports, Google is facing another blow from EU regulators, as failure to quickly give competitors more room to grow by adjusting its search engine services could result in hefty fines and an order to change its business model. EU officials are preparing a formal charge sheet against Google under the Digital Markets Act, focusing on how Google displays competitors' product results in different search services (such as Google Flights and Google Hotels). Failure to comply could lead to fines of up to 10% of global annual revenue. Sources suggest that preliminary findings from the EU's investigation may be released by the end of October, with a final ruling expected by the end of March next year, given an upcoming reshuffle of the EU Commission's top leadership, which may cause some delays. Google still has time to address the concerns of EU authorities General Motors (GM.US) announced a recall of over 449,000 vehicles. According to local time on September 20th, General Motors announced a recall of over 449,000 sport utility vehicles (SUVs) and pickup trucks, as the electronic brake control software in some vehicles may fail to illuminate the warning light when brake fluid is lost. General Motors stated that without the warning light, drivers may operate the vehicle with insufficient brake fluid, which could reduce braking performance and increase the risk of accidents.

Some manufacturers claim they are unable to order Nvidia's (NVDA.US) H20 chips. Today, reporters learned from the industry that some manufacturers are unable to order Nvidia's H20 chips. An industry insider stated today, "Nvidia stopped taking H20 orders last month, but did not notify explicitly." Another AI manufacturer also mentioned, "There is indeed a situation where Nvidia is not accepting orders for H20 from some manufacturers recently." Several industry insiders, including internet companies, large model manufacturers, and chip suppliers, have indicated that they have heard rumors about the discontinuation of H20, but Nvidia is still working to resolve the situation. However, multiple manufacturers have provided feedback that "a large batch of H20 chips has arrived recently, exceeding the annual shipment expectation of around 400,000 units."

[Major Bank Ratings]

JPMorgan Chase: "Overweight" rating for Arm (ARM.US), with a target price of $140