The Nasdaq and S&P 500 have achieved their longest consecutive gains in two years, with Microsoft reaching a new high. Oil prices have plummeted by 4%, while long-term bond yields have fallen by 10 basis points.

Ahead of Fed Chairman Powell's speech on Wednesday, a number of Fed officials spoke out on Tuesday, with the doves in this year's voting committee, Minneapolis Fed Chairman Kashkari, and Fed Governor Bowman all saying they would support continued interest rate hikes if inflation cooled and stagnated. Fed officials who spoke stressed that they would continue to focus on the data, with strong U.S. GDP in the third quarter and no interest rate cuts yet discussed, the Fed remains committed to curbing inflation and is weighing its impact on policy by focusing on tighter financial conditions as a result of higher U.S. bond yields. European data continues to be bleak. The euro zone's PPI fell 12.4 per cent year-on-year in September, the most on record, but rose 0.5 per cent more than expected. Germany's industrial production fell 1.4 in September, far more than the expected decline of 0.1, showing that the European locomotive economy is facing the risk of "flameout. European Central Bank Deputy Governor Guindos said that the euro zone economy may shrink or stagnate in the fourth quarter. The governor of the Central Bank of Greece, one of the voting committees, said that interest rates may begin to be cut in the second half of 2024. The RBA raised interest rates by 25 basis points as scheduled and hinted that it would not continue to raise interest rates. The futures market's bet on the end of the Fed's interest rate hike remains at a high level of 90%. It is expected that the Fed and the European Central Bank will cut interest rates by about 100 basis points next year, starting in May and April respectively. Bets on the Bank of England cutting interest rates by 75 basis points next year are also heating up. ## * * The Dow hit a seven-week high and rose seven days in a row, the S & P and the eight-day rise in the Nasdaq hit a two-year longest cycle, Microsoft's new high * * on Tuesday, November 7, investors continue to digest the European and American central banks or have ended the interest rate hike cycle is expected, plus the European and American long bond yields continue to fall, all boost risk appetite. The Dow and S & P 500 were once lower at the beginning of the session, and by midday had collectively turned up, with the Nasdaq and Nasdaq, which are more sensitive to interest rates and are dominated by technology stocks, extending their gains to 1 per cent 100, while Russell's 0.8 per cent decline in small-cap stocks cut in half at the beginning of the session. As of the close, the Dow and the S & P market both rose for seven consecutive days, the highest in the past seven weeks since September 20; the Nasdaq rose for eight consecutive days to the highest in the past four weeks since October 11. Both the S & P and the Nasdaq hit the longest two-year continuous rise cycle since November 8, 2021. Although the S & P was dragged down by a drop of about 2% in the energy and mining raw materials sector, the Nasdaq 100 also hit its 21st 8-day continuous rise in history. The Dow rose for the longest time in 13 consecutive trading days in July, but Russell small-cap stocks fell for two consecutive days from a two-and-a-half-week high:> the S & P 500 index closed 12.40 points, it rose 0.28 percent to 4378.38 points. The Dow closed up 56.74 points, or 0.17 percent, at 34152.60. The Nasdaq closed up 121.08 points, or 0.90 percent, at 13639.86. The Nasdaq 100 rose 0.9 per cent, the Russell 2000 small-cap index fell 0.3 per cent and the "panic index" VIX edged down 0.3 per cent, falling below the 15 mark for several days.>> ! Dow S & P hit a seven-week high, and the Nasdaq rose eight days in a row to measure the 100-day moving average>> Some analysts say that falling oil prices will also help ease inflation and participate in boosting U.S. stocks. Last week, the major indexes posted their biggest weekly gain since 2023. **Star technology stocks rose for the second day in a row. * * Yuan Universe "Meta rose about 1% to the highest in three weeks, Apple rose 1.5 to the highest in two months, Amazon rose more than 2%, rising for eight days to the highest in nearly eight weeks, Naifei still hovered at an eight-week high in late trading, Microsoft rose more than 1%, rising for eight days to the highest in history, Google A rose 0.6, rising for five days to the highest in two weeks, tesla fell 1.6 percent and rose more than 1 percent to a three-week high. **Chip stocks are up. **The Philadelphia Semiconductor Index rose 0.8 percent to a three-week high, Intel rose more than 2 percent to a two-month high, AMD rose 1.5 percent to a three-month high, Nvidia rose 0.5 percent, the highest for five days to more than three weeks, and NXP, which reported positive earnings, rose nearly 5 percent at one point. AI **Concept stocks narrowed their afternoon gains * *. C3.ai rose 2.5 percent to approach a two-month high, Palantir Technologies rose 1.4 percent to a three-month high, SoundHound.ai rose more than 2 percent to a two-and-a-half week high, and BigBear.ai rose more than 5 percent to a four-day to four-week high. On the news, Tesla confirmed that the Chinese-made Model 3 and Y long-range versions will increase prices on Thursday. Apple has delayed software upgrades for iPhones and Macs to fix historical vulnerabilities. Both Meta and Apple face the risk of increased regulation of digital wallets. The media said Intel is expected to be one of the first companies to receive funding from the US Chip Act. The end-of-day decline of the general index narrowed significantly * *. ETF KWEB closed down 0.2 percent after falling 1.7 percent, CQQQ turned up 0.8 percent, and the Nasdaq Golden Dragon China Index (HXC) closed down 0.7 percent after falling 1.7 percent, down two days from a three-week high. Among Nasdaq 100 components, Jingdong's decline narrowed to 1 per cent, Baidu fell 0.4 per cent and Pinduoduo rose 2 per cent. Among other stocks, Alibaba erased a 1.5 per cent decline at the beginning of the session and turned up, Tencent ADR was close to erasing a 1.2 per cent decline at the beginning of the session, and Station B fell nearly 1 per cent. Morgan Stanley said game revenue faced downside risks in the third quarter. Weilai closed down 1% after falling more than 3%, Xiaopeng Motors fell 2%, and Ideal Cars rose more than 1%. The bank stock index fell for two days in a row. **The industry benchmark Philadelphia Stock Exchange KBW Bank Index (BKX) fell 0.5 percent further off its six-week high, having hit a three-year low since September 2020 two weeks ago. The KBW Nasdaq Regional Banking Index (KRX) fell more than 1% for the second day in a row, further away from its seven-week high, having hit its lowest level since November 2020 on May 11. * * Other stocks that have changed greatly include: * *> Uber, a shared travel giant, rose 3.7 after falling 3%, the highest in two years from 8 days to July 2021. Revenue and profit in the third quarter were lower than expected, but the total reservation exceeded expectations, the number of trips and monthly users accelerated, and net profit turned from losses to profits year on year.>> The Nasdaq's 100 constituent stocks and cloud software company Datadog rose nearly 29% to the highest in three months. Third-quarter earnings and revenue exceeded expectations, and the outlook for the fourth quarter and the whole year was also stronger than expected. Jeffries raised the target price to $120, implying that there is still 15% room for growth.>> Among other stocks that reported earnings, the cheap gym chain Planet rose more than 13 percent in Fitness to a three-month high, outperforming expectations and raising full-year guidance. Tourism leading Tripadvisor rose nearly 11% also hit a three-month high, the third quarter report overall exceeded expectations.>> WeWork, another sharing economy leader, filed for bankruptcy of its North American office space on Monday. It was once valued at as high as US $47 billion in 2019. The initial document stated that its liabilities range from US $10 billion to US $50 billion, and its price has fallen by about 98% since its listing through SPAC in 2021.>> UBS released its first full quarterly financial report after completing its acquisition of Credit Suisse. Considering the net loss of US $2 billion after the integration cost of US $0.785 billion, it was the first quarterly loss since 2017. However, its European shares rose 5% at one time, and its pre-tax basic operating profit far exceeded expectations. Credit Suisse Wealth Management generated net new capital inflow for the first time since the first quarter of 2022. In August, UBS shares were the highest since 2008. **European stocks fell only German stocks rose * *. The pan-European Stoxx 600 index closed down 0.16 percent, down two days from a two-week high, the oil and gas sector fell 2.5 percent, technology stocks rose 1.5 percent, and the Portuguese stock index fell more than 3 percent after Prime Minister Costa's unexpected resignation, the worst performance.! ## 10 year and 30 year U.S. bond yields fell 10 basis points in the session, while European bond yields fell at least 8 basis points U.S. bond yields fell back. The two-year yield, which is more sensitive to monetary policy, fell by the deepest 5 basis points and lost 4.90 per cent at one point. Long-term bond yields fell deeper, with 10-year bond yields falling as much as 10 basis points to 4.54 per cent, hovering at a more than five-week low since the end of September and falling on the fifth day of six trading days. The 30-year bond yield also fell 10 basis points to 4.71 per cent, hovering at its lowest level in nearly four weeks. Ashish Shah, chief investment officer at Goldman Sachs Asset Management Public Investments, said the Fed may have finished raising interest rates and the yield curve is expected to steepen. At the same time, JPMorgan's net long share of U.S. Treasury clients has risen to its highest level in four and a half months since the end of June. There are also analysts who say the U.S. Treasury's three-year Treasury bid is solid, boosting optimism about long-term bond auctions and accelerating the intraday fall in U.S. bond yields.! 10-year and 30-year U.S. bond yields fell 10 basis points in the session, weak German industrial data, the resignation of the Portuguese prime minister, and expectations of the European and American central banks to complete interest rate hikes, all accelerated the decline in European bond yields. The yields of sovereign bonds of Germany, France, Italy, Spain, Greece and other countries fell at least 8 basis points in late trading. The euro zone benchmark 10-year German bond yield fell by 2.66, approaching the lowest 2.63 in the past two months set last week.%, Portugal's bond yields fell relatively small, and performed poorly in the euro zone bond price rally. Yields on 10-to 30-year British bonds also fell by at least 10 basis points. ## * * Oil prices fell 4% * * * * to a three-and-a-half month low. For the first time since the Palestinian-Israeli conflict, oil prices fell below US $84 * * *, and US oil fell below US $78 * * * * Although OPEC Secretary-General is still optimistic about the prospect of oil demand, the market's worries about the global economic slowdown outweigh the worries about the escalation of the Middle East conflict. Oil prices plunged 4% to the three-and the lowest since late July. WTI December futures closed down $3.45, or 4.27 percent, at $77.37 a barrel, close to closing at $76.07 on July 21. Brent January futures closed down $3.57, or 4.19 per cent, at $81.61 a barrel, close to closing at $81.29 on July 26. This is also the first time that oil has fallen to $84 since the outbreak of a new round of Palestinian-Israeli conflict on October 7.

• • U.S. oil WTI fell 3.54 U.S. dollars or 4.4 percent, fell through 78 U.S. dollars and once forced 77 U.S. dollars, cloth oil fell 3.65 U.S. dollars or 4.3 percent, lost 82 U.S. dollars, the lowest since July 24.! Oil prices fell 4% and US oil fell below the 200-day moving average, completely wiping out the gains caused by the Palestinian-Israeli conflict. The EIA of the US Energy Information Administration slightly lowered its forecast value of oil prices this year to less than US $84 and lowered its price forecast for next year to about US $93, compared with the previous forecast of close to US $95 or a 1.8 per cent. UBS believes that the recovery of OPEC oil exports has also increased the downward pressure on oil prices. Due to the seasonal decline in domestic demand in the Middle East, OPEC crude oil exports have increased by about 1 million barrels per day from their August lows. European natural gas futures, which fell more than 6% yesterday, rebounded. Benchmark TTF Dutch futures rose nearly 4% in late trading, breaking away from the four-week low. ICE UK Natural Gas also rose about 4%, but US natural gas, which fell more than 7% yesterday, fell another 5% in intraday trading, basically erasing the gains since October 27. ## * * The US dollar broke away from its lowest level in the past seven weeks, the Japanese yen fell below 150 * * *, the offshore RMB rose above 7.28 * * *, and Bitcoin was close to its 18 * * * month high. The US dollar index DXY, which measures against six major currencies, rose by 0.5 and 105.80 for two consecutive days, further breaking away from the lowest level in the past seven weeks since September 20, which was hit in yesterday's intraday. Last week, it fell 1.4 per cent, the biggest drop since mid-July.! The US dollar fell slightly against the US dollar from its lowest level in the past seven weeks and lost 1.07 against the US dollar, falling for two consecutive days from its highest level in the past eight weeks since September 13. The pound forced 1.23 down, falling for two days from a seven-week high. The yen fell below the 150 mark against the dollar, erasing gains since Friday. The offshore yuan rose above 7.28 yuan, up 68 points from the previous day's close and the highest in four weeks since October 10. The Australian dollar fell 1.3 per cent against the US dollar at one point, its deepest in a month. Deutsche Bank believes the dollar will remain strong because relative economic differences will make the Fed's rate cuts lag behind other Western central banks. Interest rates in Australia, Sweden and the Eurozone are likely to fall ahead of the US, and the dollar's strength may last longer. **Mainstream cryptocurrencies were mixed. * * Bitcoin, the largest leader by market capitalization, rose more than 1% to $35500, hovering for several days at its highest level in 18 months since May last year. The second largest Ethernet Square fell slightly, losing the $1900 integer, still close to a four-month high.! Bitcoin rose more than 1% to US $35500## * * Gold fell for two days to a three-week low, silver fell to US $23 * * *, copper, aluminum and zinc fell from a five-week high, and nickel fell nearly 3% * *. Demand for safe-haven gold ebbs. COMEX December gold futures closed down $15.10, or 0.76 per cent, at $1973.50 an ounce, the lowest for two days to three weeks. December silver futures fell 2.78 percent to $22.589 an ounce, missing the $23 integer. in stock gold once fell more than 21 U.S. dollars or the deepest drop of 1.1 percent, the daily low since October 24 for the first time lost 1960 U.S. dollars integer, the lowest in two weeks, U.S. stocks closed in late trading and tried again to push up 1970 U.S. dollars, in stock silver fell the deepest 2.6 percent also fell below 23 U.S. dollars. At one point, palladium fell 5% to its lowest level in five years, and UBS predicted that the structural surplus would keep palladium at $1050 in the second half of next year.! gold futures fell two days to three weeks in a row, the lowest **pricing currency, the dollar, rose, causing London's industrial base metals to fall. * * Economic weathervane "Dr. Copper" fell 0.6 per cent and lost $8200, Lun Aluminum fell about 1 per cent, and Lun Zinc, which rose nearly 2 per cent yesterday, fell slightly, leaving its five-week high since early October. But Len lead rose slightly, refreshing nearly six-week highs, Len nickel fell 2.9 per cent and lost $18000, and Len tin fell 0.4 per cent, both off the highest level in the month.