Overnight US Stocks | Three major indices lose momentum! Nasdaq Golden Dragon Index continues to soar

According to Zhitong Finance, the U.S. stock market started October with a decline, tensions in the Middle East pushed up oil prices, and the number of job vacancies in the United States unexpectedly rebounded. Barclays stated that demand for the Apple iPhone 16 is weak, causing Apple's stock price to fall by 2.91%.

[U.S. Stocks] At the close, the Dow Jones fell by 173.18 points, a decrease of 0.41%, to 42156.97 points; the Nasdaq fell by 278.81 points, a decrease of 1.53%, to 17910.36 points; the S&P 500 Index fell by 53.73 points, a decrease of 0.93%, to 5708.75 points. Nvidia (NVDA.US) fell by 3.66%, Apple (AAPL.US) fell by 2.91%. The Nasdaq Golden Dragon Index rose by 5.48%, KE (BEKE.US) rose by 17.53%, Bilibili (BILI.US) rose by 14.33%, Li Auto (LI.US) rose by 11.5%, Alibaba (BABA.NUS) rose by 6.23%.

[European Stocks] The German DAX30 Index fell by 124.50 points, a decrease of 0.64%, to 19217.55 points; the UK FTSE 100 Index rose by 37.99 points, an increase of 0.46%, to 8274.94 points; the French CAC40 Index fell by 61.68 points, a decrease of 0.81%, to 7574.07 points; the Euro Stoxx 50 Index fell by 47.30 points, a decrease of 0.95%, to 4953.15 points; the Spanish IBEX35 Index fell by 199.45 points, a decrease of 1.68%, to 11677.85 points; the Italian FTSE MIB Index fell by 344.26 points, a decrease of 1.01%, to 33781.00 points.

[Asia-Pacific Stock Markets] The Nikkei 225 Index rose by 1.93%, the Indonesia Jakarta Composite Index rose by 1.52%, and the Vietnam VN30 Index rose by 0.47%.

[Gold] COMEX gold futures closed up by 1.07% at $2684.8 per ounce; COMEX silver futures closed up by 0.92% at $31.715 per ounce.

[Cryptocurrency] Bitcoin fell by nearly 3% to $63701.5 per coin; Ethereum fell by 1.8% to $2611.65 per coin.

[Crude Oil] The price of WTI crude oil futures for November delivery on the New York Mercantile Exchange rose by $1.66, an increase of 2.44%, to close at $69.83 per barrel. After Iran launched a large-scale missile attack on Israel, the futures price surged by over 5%.

[Metals] London metals rose, with zinc up by 1.95%, copper up by 0.73%, aluminum up by 0.96%, and nickel up by 0.95%.

[Macro News]

For the first time in 47 years, ports on the U.S. East Coast and the Gulf of Mexico are closed, responsible for handling half of America's trade volume. Dockworkers at all major ports on the U.S. East Coast and the Gulf of Mexico have gone on strike, potentially impacting the world's largest economy and causing political turmoil in the weeks leading up to the presidential election. The affected ports collectively have the capacity to handle up to half of U.S. trade, and this strike will result in the suspension of container and automobile shipments. Energy supplies and bulk cargo are not affected The shipment of military supplies and the movement of cruise ships are also exceptions. Every major container port from Houston to Miami and New York-New Jersey will come to a halt, depending on the duration of the strike. JPMorgan Chase stated that the strike starting at 12:01 AM Eastern Time on Tuesday will result in daily economic losses ranging from $3.8 billion to $4.5 billion. New York Governor Kathy Hochul's statement issued after midnight pointed out that a large-scale strike by dockworkers on the East Coast ports from Maine to Texas began for the first time in 47 years.

US Job Openings Rise to Three-Month High, Exceeding Economists' Expectations. Job openings in the US rose to a three-month high in August, a trend that contradicts other data indicating a slowdown in labor demand. The Job Openings and Labor Turnover Survey (JOLTS) released by the US Bureau of Labor Statistics on Tuesday showed that job openings increased from a revised 7.71 million in July to 8.04 million. The hiring rate fell to 3.3%, matching the lowest level since 2013 when excluding data from the early stages of the 2020 pandemic. The unemployment rate also dropped to 1%. Despite the increase in job openings, other recent data indicates a slowdown in employer hiring pace.

Fed Governor Brainard: AI Will Boost Productivity, But Specifics Remain Unclear. Federal Reserve Governor Lael Brainard stated that artificial intelligence is expected to drive productivity growth, but she believes there is "significant" uncertainty in her forecasts. She hopes that the increase in productivity—producing more goods and services with fewer resources—will "offset" price pressures, leading to faster wage growth for Americans without triggering inflation. She said, "Looking ahead, I anticipate that productivity will accelerate due to significant advances in artificial intelligence, but this forecast comes with considerable uncertainty, making it difficult to estimate when and how this will manifest in the economy."

BlackRock CEO: Haven't Seen US Economic Landing, Market's Rate Cut Expectations Excessive. BlackRock CEO Larry Fink stated that given the continued growth of the US economy, the market has priced in too many rate cuts by the Federal Reserve. "I haven't seen any (economic) landing," Fink said in an interview on Tuesday. "The degree of accommodation on the forward curve is crazy. I do believe there is room for further easing, but not to the extent shown on the forward curve." Market trends suggest a one-third chance of the Fed cutting rates by 50 basis points in November, with a total cut of around 190 basis points expected by the end of next year. Fink finds it hard to see this scenario materializing, as most government policies currently lean towards triggering inflation rather than deflation.

Deutsche Bank: Lowers 2025 Brent Crude Oil Price Forecast by 18% to $66 per Barrel. Deutsche Bank strategist Michael Hsueh stated in a report that the oil price forecast has been lowered due to ample supply, lower expectations for Chinese economic growth, and the OPEC+ plan to resume supply. OPEC+'s plan would equate to an actual increase in production of around 1.5 million barrels per day next year. However, after a moderate supply deficit of 600,000 barrels per day in the third quarter and neutral balance in the fourth quarter, short-term risks are skewed to the upside [Stock News]

Berkshire Hathaway (BRK.A.US, BRK.B.US) plans to conduct its second yen bond issuance in 2024 and has selected underwriters. Warren Buffett's Berkshire Hathaway company plans to conduct its second yen bond issuance in the global market this year, sparking speculation that the company is seeking to increase its investments in Japan. Berkshire Hathaway has hired Bank of America Securities and SMBC Nikko Securities to issue yen-denominated senior unsecured bonds. The company has been a regular issuer of yen notes since 2019, with the last issuance of such bonds in April. The company's fundraising plans are closely watched by stock market investors, as Buffett's previous purchase of shares in a Japanese trading company helped boost the Nikkei 225 index to a historic high. Buffett stated in his February shareholder letter that most of Berkshire's investments in Japanese companies are funded through yen bond issuances.

Tesla (TSLA.US) expected to report sales growth in the first quarter of this year. Tesla is expected to report sales growth in the first quarter of this year. According to analysts surveyed by Bloomberg, Tesla's global deliveries in the third quarter are estimated to be around 463,900 vehicles, an increase of about 7% from the same period last year. Sales of Tesla's latest product, the Cybertruck, have been increasing, but the company has never provided specific delivery numbers. Robert W. Baird analyst Ben Kallo estimates that Tesla's pickup truck sales in the last quarter were 20,000 units.

Pfizer (PFE.US) to receive approximately £2.66 billion from the sale of Haleon's shares and share buyback from Haleon. Pfizer will receive a total of approximately £2.66 billion (about $3.56 billion) from the sale of shares of the UK consumer healthcare business Haleon and a share buyback from Haleon. Goldman Sachs International announced on Tuesday that Pfizer sold 640 million ordinary shares of Haleon at a price of 380 pence per share. The sale price represents a 3.3% discount to Haleon's closing price of 392.90 pence on Monday. Goldman Sachs also stated that in addition to the share offering, Haleon agreed on Monday to repurchase approximately 60.5 million shares from Pfizer at the same price through an off-market transaction, totaling about £230 million. After the transaction is completed, Pfizer's stake in Haleon will decrease from approximately 22.6% to around 15%.

Li Auto (LI.US): Delivered 53,709 vehicles in September 2024, setting a new monthly delivery record. Li Auto delivered 53,709 new vehicles in September 2024, setting a new monthly delivery record. On October 1, 2024, Li Auto announced the delivery data for September 2024. In September 2024, Li Auto delivered 53,709 new vehicles, an increase of 48.9% year-on-year. In the third quarter of 2024, Li Auto delivered 152,831 vehicles, a 45.4% increase year-on-year. As of September 30, 2024, Li Auto has delivered a total of 341,812 vehicles in 2024, with a historical cumulative delivery volume of 975,176 vehicles 【Major Bank Rating】

Barclays: Weak demand for iPhone 16, maintains "Underweight" rating on Apple (AAPL.US)