Overnight US Stocks | Dow Jones, S&P 500 Index Hit New All-Time Highs Again, Dow Closes Above 43,000 Points for the First Time

According to Zhitong Finance, on Monday, the three major indices closed higher, with the Dow and S&P 500 hitting new historical highs again, and the Dow closing above the 43,000-point mark for the first time. The U.S. bull market is entering its third year, with the S&P 500 index rising nearly 64% since hitting a bear market low of 3577.03 on October 12, 2022. TSMC (TSM.US) stock price hit a new all-time high on Monday, with a market value surpassing $1 trillion at one point.

[U.S. Stocks] At the close, the Dow rose 201.36 points, or 0.47%, to 43,065.22; the Nasdaq rose 159.75 points, or 0.87%, to 18,502.69; the S&P 500 index rose 44.82 points, or 0.77%, to 5,859.85. Arm (ARM.US) rose over 5%, Adobe (ADBE.US), ASML (ASML.US), and Nvidia (NVDA.US) rose over 3%.

[European Stocks] The German DAX30 index rose 157.42 points, or 0.81%, to 19,513.15; the UK FTSE 100 index rose 37.79 points, or 0.46%, to 8,291.44; the French CAC40 index rose 24.17 points, or 0.32%, to 7,602.06; the Euro Stoxx 50 index rose 36.03 points, or 0.72%, to 5,039.95; the Spanish IBEX35 index rose 123.56 points, or 1.05%, to 11,843.56; the Italian FTSE MIB index rose 368.99 points, or 1.08%, to 34,677.00.

[Asia-Pacific Stock Markets] The Nikkei 225 index rose by 0.57%, the Indonesia Jakarta Composite Index rose by 0.54%, and the Vietnam VN30 index rose by 0.14%.

[Cryptocurrencies] Bitcoin rose by over 4.5% to $65,885 per coin; Ethereum rose by over 6.5% to $2,620.87 per coin.

[Gold] COMEX gold futures fell by 0.45% to $2,664.30 per ounce; COMEX silver futures fell by 1.15% to $31.390 per ounce.

[Crude Oil] NYMEX WTI crude oil futures for November delivery fell by $1.73, or 2.29%, to close at $73.83 per barrel; ICE Brent crude oil futures for December delivery fell by $1.58, or 2%, to close at $77.46 per barrel.

[Metals] London metals fell, with nickel falling by over 1.2%, copper by over 1.6%, aluminum by over 1.5%, and zinc by 1.9%.

[Macro News]

Fed Governor Waller calls for "cautious" rate cuts. Fed Governor Waller called for "more cautious" rate cuts in the future, citing rising inflation and stronger-than-expected U.S. economy and job market. Waller stated, "Whatever happens in the near term, my basic expectation is still to gradually lower policy rates over the next year." However, he noted that after the Fed's 0.5 percentage point rate cut in September, as long as the job market does not deteriorate suddenly and inflation continues to decline as he expects, the Fed should now proceed with rate cuts at a "cautious pace"Waller warns that in the short term, the recent hurricanes and Boeing strikes may reduce the number of new jobs in October by 100,000. If inflation unexpectedly rises, the Fed may pause rate cuts; if inflation falls below the Fed's 2% target, or if the job market deteriorates, the Fed may cut rates ahead of schedule.

BofA Survey: Geopolitical Concerns at Highest Level in Over 10 Years. Bank of America's credit investor survey in September showed that concerns about geopolitical risks among credit investors have reached the highest level in over the past 10 years. For the third consecutive time, the survey results indicate that geopolitics remains the most concerning issue. In September, 32% of credit investors listed geopolitics as their top concern, up from 24% in August. The second biggest concern is a global economic recession, with 16% of investors ranking it as their second biggest concern, up from 11% in August. The survey also revealed that 16% of investors listed central bank policy mistakes as their top concern, down from 20% in August.

OPEC Lowers Global Oil Demand Growth Expectations for Third Consecutive Month. OPEC has lowered its oil demand growth expectations for the coming two years for the third consecutive month, recognizing belatedly the global slowdown in fuel demand. In its monthly report, OPEC stated that global oil consumption will increase by 1.9 million barrels per day by 2024, a growth rate of about 2%, which is a reduction of 106,000 barrels per day from previous forecasts. This revision is mainly due to actual data received and slightly lower expectations for certain regions. With three consecutive downward revisions, OPEC is stepping back from the strong bullish expectations it has maintained throughout this year. Even after production cuts, its demand estimates remain an outlier (higher than Wall Street banks and trading companies), at the top end of Saudi Aramco's expectations, roughly double the forecast by the International Energy Agency.

[Stock News]

Tesla (TSLA.US) Humanoid Robot Reportedly Can Be Remotely Controlled. According to sources cited by foreign media, at Tesla's "We, Robot" event held last week, Tesla remotely controlled its Optimus humanoid robot prototype, with employees elsewhere responsible for controlling the humanoid robot and many interactions with attendees. At least one video online, reportedly from the "We, Robot" event on October 10th, shows an Optimus "bartender" admitting that it received "human help." The Optimus prototype can walk under AI control without external control.

NVIDIA (NVDA.US) Stock Closes at Record High as Investors Expect Strong Long-Term Demand for Artificial Intelligence. NVIDIA's stock closed at a record high on Monday for the first time in about four months, as investors continue to expect a strong long-term demand trend for artificial intelligence. NVIDIA's stock rose 2.4% to $138.07, breaking the record set in June. The stock has rebounded by 40% from its low in August and has risen by 179% year-to-date. The surge in 2024 has increased the company's market value by over $20 billion. The recent strong performance of the stock is attributed to CEO Jensen Huang's remarks. He stated that demand for the Blackwell chip has reached a "crazy" level, alleviating concerns about the chip being delayed due to engineering issuesBuffett continues to make moves, continuously buying into a broadcasting company. Broadcasting company Sirius (SIRI.US) recently submitted documents to regulatory agencies showing that Buffett's investment company Berkshire Hathaway has been continuously buying shares of the company, totaling $86.73 million. The regulatory filing shows that Berkshire Hathaway bought 869,800 shares of Sirius XM stock last Wednesday; on Thursday, through two separate transactions, they bought 917,800 shares and 517,200 shares of the company's stock respectively; on Friday, they bought another 1,259,300 shares of the company's stock. Roughly calculated, Berkshire Hathaway bought approximately $86.73 million worth of Sirius XM stock in three days, increasing its total holdings in the company to 108.72 million shares. According to reports, as early as November 2023, Berkshire Hathaway had disclosed its stake in Sirius XM.

[Major Bank Rating]

Jefferies: Raises BlackRock (BLK.US) target price from $1,075 to $1,129