Pre-market trading in US stocks: Cryptocurrency stocks and Chinese concept stocks all rise! US December CPI to be released tonight.

Top News in US Stocks

1. At 21:30 on Thursday Beijing time, the US Department of Labor will release the December CPI inflation data. It is widely believed that overall inflation will rebound slightly, while core inflation remains stubborn.

2. Chinese Minister of Commerce Wang Wentao had a phone call with US Secretary of Commerce Raimondo. The two sides had in-depth and pragmatic communication on implementing the important consensus reached by the leaders of the two countries in their meeting in San Francisco, and on the economic and trade issues of mutual concern.

Wang Wentao stated that the meeting between the Chinese and US leaders in San Francisco has provided guidance for the development of bilateral economic and trade relations. Both sides should play an active role in the communication and exchange mechanism of the two countries' ministries of commerce, and create favorable conditions for business cooperation.

Wang Wentao expressed serious concerns about US restrictions on third-party exports of lithography machines to China, investigations into the supply chain of mature process chips, and sanctions against Chinese companies. The two sides also discussed the issue of national security boundaries in the field of China-US economic and trade.

1. According to informed sources, the scale of Tencent's live-streaming e-commerce on Tencent Video is expected to increase significantly by 2023, with GMV (Gross Merchandise Volume) approaching three times that of the previous year, a 300% increase in supply quantity, and a 244% increase in order quantity. On the 11th, the 2024 WeChat Open Class PRO was held, which was only open to a targeted audience.

2. Bernstein, a well-known investment institution on Wall Street, recently mentioned in a report that 2024 "looks quite difficult" for Tesla, and "investors will gradually have doubts about Tesla's growth prospects, especially as we believe that Tesla's delivery growth rate in 2024 and 2025 will be below 20%," a figure far below Tesla's previous target of 50% annual growth rate.

3. Google announced that it is laying off hundreds of employees in its digital assistant, hardware, and engineering teams, further driving cost reductions. Those affected include employees in the Google Assistant voice assistant and augmented reality hardware teams. The company stated that employees in the central engineering department are also affected. Google said that affected employees have started receiving notifications and have the opportunity to apply for vacancies in other departments.

4. Google suffered a setback in its battle against a $2.6 billion antitrust fine from the European Union.

5. Xiaohongshu (Little Red Book) e-commerce released its first "rise100 e-commerce annual ranking". The data shows that the e-commerce ecosystem of Xiaohongshu has continued to thrive over the past year, with a 500% increase in the number of merchants with annual transaction volume exceeding 100 million yuan, and a 380% increase in the number of merchants with annual transaction volume exceeding tens of millions of yuan. A group of buyers with single-event sales exceeding 100 million yuan and tens of millions of yuan are emerging in Xiaohongshu e-commerce.

6. Counterpoint's global XR (VR/AR) forecast shows that the shipment volume of extended reality (XR) headsets is expected to increase by 3.9 million units in 2024, reaching a historical high and achieving double-digit year-on-year growth. Counterpoint analysts predict that Apple will only sell about 500,000 units of Vision Pro in 2024, accounting for a low single-digit share of the global XR market in 2024.

Pre-market Movement

In pre-market trading, the three major stock index futures rose, while the fear index fell.

iShares Bitcoin ETF began trading in pre-market trading, with the latest quote at $26.76.

Concept stocks related to cryptocurrencies rose collectively in pre-market trading, with Bit Digital rising more than 13% at one point, Marathon Digital and Coinbase rising more than 7% at one point, Riot Platforms rising more than 5% at one point, and MicroStrategy rising more than 3% at one point.

Popular Chinese concept stocks rose significantly in pre-market trading, with Bilibili, Li Auto, and XPeng rising more than 3%, NIO rising more than 2%, and Pinduoduo, Alibaba, JD.com, and NetEase rising more than 1%.

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