Overnight US Stocks | Nasdaq rises for seven consecutive weeks, S&P and Dow miss out on six weeks of gains, NVIDIA's market value briefly surpasses Apple

According to Zhitong Finance, on Friday, the three major indices showed mixed movements. The Nasdaq hit a new intraday historical high and rose for the seventh consecutive week, while the S&P 500 and Dow bid farewell to six weeks of gains.

[US Stocks] At the close, the Dow fell 259.96 points, or 0.61%, to 42114.40 points; the Nasdaq rose 103.12 points, or 0.56%, to 18518.61 points; the S&P 500 fell 1.74 points, or 0.03%, to 5808.12 points. NVIDIA (NVDA.US) briefly surpassed Apple in market value, while Tesla (TSLA.US) rose by about 22% for the week. The China concept index outperformed the US market by rising over 2%, with new energy vehicle companies performing well, and ZEEKR (ZK.US) closing up by 24.84%.

[European Stocks] The German DAX 30 index rose by 0.11% to 19463.59 points; the French CAC 40 index fell by 0.08% to 7497.54 points; the UK's FTSE 100 index fell by 0.25% to 8248.84 points; the Euro Stoxx 50 index rose by 0.15% to 4943.09 points.

[Asia-Pacific Stock Markets] The Nikkei 225 index fell by 0.60%, the Indonesia Jakarta Composite Index fell by 0.28%, and the South Korea KOSPI index rose by 0.09%.

[Cryptocurrencies] Bitcoin fell by 2.30% to $67,255.00 per coin; Ethereum fell by 2.70% to $2,496.00 per coin.

[Crude Oil] WTI December crude oil futures rose by $1.59, up more than 2.26%, to $71.78 per barrel, with a weekly gain of about 4.50%; Brent December crude oil futures rose by $1.67, up more than 2.24%, to $76.05 per barrel, with a weekly gain of over 4.09%.

[Gold] COMEX December gold futures rose by 0.34% to $2,758.30 per ounce, with a weekly gain of 1.06%.

[Metals] London industrial metals showed mixed movements: LME copper rose by $96 to $9,602 per ton. LME aluminum rose by $28 to $2,678 per ton. LME zinc fell by $72 to $3,102 per ton. LME lead fell by $28 to $2,046 per ton. LME nickel fell by $128 to $16,167 per ton. LME tin rose by $190 to $31,325 per ton. LME cobalt remained unchanged at $24,300 per ton.

[Macro News]

US Durable Goods Orders in September Decline Less Than Expected. Durable goods orders in the US declined in September, with a drop in commercial aircraft orders offsetting an increase in commercial equipment orders. Data released by the US Department of Commerce on Friday showed that durable goods orders in the US fell by 0.8% in September, less than the expected 1%, with the August decline being revised downward. Excluding transportation equipment, the initial estimate for durable goods orders in September was 0.4%, compared to an expected -0.1%. Excluding defense capital goods, the initial estimate for non-defense capital goods orders in September was 0.5%, compared to an expected 0.1% US Consumer Confidence Hits Six-Month High. The University of Michigan announced on Friday that the consumer confidence index for October rose from 70.1 in September to 70.5, reaching the highest level since April. However, consumer confidence in the United States remains at a low level, with the index currently far below the post-2021 pandemic peak of 88.3.

German Finance Minister Warns: Germany Will Take Retaliatory Measures if the US Starts a Trade War. German Finance Minister Christian Lindner warned on Friday that if the US engages in a trade war with the European Union, retaliation may occur. Lindner stated, "There are never winners in trade disputes, only losers." He also mentioned that the outcome of the US election and the trade policy under a potential Trump presidency are crucial issues. Lindner emphasized the need for diplomatic efforts to persuade the incoming administration that engaging in a trade conflict with the EU is not in the best interest of the United States, and that retaliation may be necessary. Trump proposed imposing tariffs of 10% to 20% on almost all imported goods if elected, regardless of their origin.

Bank of Canada Governor: Changes in Immigration Policy Could Impact Canadian Economic Growth. Bank of Canada Governor Tiff Macklem stated that the sudden shift in Canadian immigration policy has raised expectations of a decline in population in 2022 and 2026, which could have the most significant impact on economic growth. Macklem mentioned on Friday that officials must digest and review the policy changes announced by the Liberal government on Thursday. He pointed out that if population growth slows down, the overall Gross Domestic Product (GDP) growth rate will also decelerate.

【Stock News】

Boeing Company (BA.US) is Exploring the Sale of its Aerospace Business. Boeing is exploring the sale of its NASA business, which includes the troubled Starliner spacecraft and operations supporting the International Space Station, but excludes the division responsible for building NASA's aerospace launch systems. Boeing's Starliner spacecraft has faced development delays and technical issues for years, with cost overruns exceeding $1.8 billion. Two NASA astronauts transported by the company to the International Space Station are still stranded there, and plans are in place for them to return aboard a spacecraft from competitor SpaceX in February.

Intel (INTC.US) Announces $28 Billion Investment to Build Two Chip Factories, Expanding Foundry Business. Intel announced plans to invest over $28 billion to construct two new cutting-edge chip factories in Licking County, Ohio, to advance its expansion of the foundry business. The investment aims to increase production capacity to meet the surging demand for advanced semiconductors, power Intel's next-generation innovative products, and fulfill the needs of foundry customers, as part of Intel's IDM 2.0 strategy. Last month, Intel announced a significant strategic realignment, with CEO Pat Gelsinger stating in a release that the company decided to restructure its chip foundry business and has gained support from key customers, with the goal of achieving a profitable transformation of the business Alphabet's autonomous driving division Waymo completes a $5.6 billion Series C financing round. Alphabet's autonomous vehicle division Waymo has completed a $5.6 billion financing round to expand its self-driving taxi service beyond the currently operational areas of Los Angeles, San Francisco, and Phoenix. Alphabet led the Series C investment in Waymo, with early supporters including Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price. Waymo's CFO Ruth Porat announced in July that Google's parent company would commit to providing up to $5 billion in multi-year investments to Waymo.

【Major Bank Rating】

KeyBanc downgrades Apple (AAPL.US) from "Sector Perform" to "Underweight" with a target price of $200