Overnight U.S. Stocks | Three Major Indices Rise, NVIDIA Hits Intraday High

According to Zhitong Finance, on Thursday, the three major indices rose, with Netflix hitting a new high for four consecutive trading days, and NVIDIA reaching a new intraday high. Federal Reserve's Goolsbee stated that the labor market has stabilized and may need to slow down the pace of interest rate cuts.

[U.S. Stocks] As of the close, the Dow Jones Industrial Average rose 461.88 points, an increase of 1.06%, closing at 43,870.35 points; the Nasdaq rose 6.28 points, an increase of 0.03%, closing at 18,972.42 points; the S&P 500 index rose 31.60 points, an increase of 0.53%, closing at 5,948.71 points. NVIDIA (NVDA.US) rose 0.5%, Netflix (NFLX.US) rose 1.54%, and MicroStrategy (MSTR.US) fell sharply by 16%. The Nasdaq China Golden Dragon Index fell 1%, EHang Intelligent (EH.US) fell 13%, and Alibaba (BABA.US) fell 1.3%.

[European Stocks] The German DAX 30 index rose 159.41 points, an increase of 0.84%, closing at 19,160.65 points; the UK FTSE 100 index rose 63.45 points, an increase of 0.78%, closing at 8,148.52 points; the French CAC 40 index rose 14.87 points, an increase of 0.21%, closing at 7,213.32 points; the Euro Stoxx 50 index rose 27.74 points, an increase of 0.59%, closing at 4,757.45 points; the Spanish IBEX 35 index rose 27.50 points, an increase of 0.24%, closing at 11,617.00 points; the Italian FTSE MIB index rose 64.30 points, an increase of 0.19%, closing at 33,292.00 points.

[Asia-Pacific Stock Markets] The Nikkei 225 index fell 0.85%, the Jakarta Composite Index in Indonesia fell 0.55%, and the KOSPI index in South Korea rose 0.18%.

[Cryptocurrency] Bitcoin rose over 3.9%, trading at $97,982.15 per coin; Ethereum rose nearly 9%, trading at $3,345.24 per coin.

[Gold] Spot gold rose 0.5%, trading at $2,663.

[Crude Oil] The price of West Texas Intermediate (WTI) crude oil futures for January delivery on the New York Mercantile Exchange rose $1.35, an increase of 1.96%, closing at $70.10 per barrel. The price of Brent crude oil futures for January delivery on the Intercontinental Exchange rose $1.44, an increase of 1.98%, closing at $74.25 per barrel.

[Metals] LME copper futures closed down $81, trading at $9,008 per ton. LME aluminum futures closed down $12, trading at $2,632 per ton. LME zinc futures closed up $2, trading at $2,990 per ton. LME lead futures closed down $22, trading at $1,999 per ton. LME nickel futures closed down $192, trading at $15,714 per ton. LME tin futures closed down $276, trading at $28,750 per ton. LME cobalt futures closed flat, trading at $24,300 per ton.

[Macroeconomic News]

SEC Chairman Gensler plans to resign in January next year. According to reports, the U.S. Securities and Exchange Commission announced on Thursday that its chairman Gary Gensler will resign on January 20 after the Trump administration takes over. "I thank President Biden for giving me this incredible responsibility." "The U.S. Securities and Exchange Commission has completed our mission, executing the law without fear or favoritism," Gensler said in a statement. During his tenure, Gensler targeted the cryptocurrency industry, suing companies like Coinbase, Kraken, and Binance, claiming they failed to register with the SEC in violation of regulations. These companies denied the allegations and fought back in court. On cryptocurrency issues, courts have largely supported Gensler's position, but his broad actions and uncompromising stance have sparked strong opposition from Wall Street, congressional Republicans, and even some Democrats.

Former CFTC Chairman intends to take on the role of "crypto czar" in the Trump administration. According to Fox News, Chris Giancarlo has become the leading contender for the first-ever "cryptocurrency czar" in U.S. history, as the Trump transition team considers this potential new government position to help promote the growth of the $3 trillion digital asset market. The 65-year-old Chris previously served as Chairman of the Commodity Futures Trading Commission (CFTC) during Trump's first term and has been an important member of Trump's new transition team. In recent weeks, he has withdrawn from the race for the CFTC and SEC chair positions, but he has told senior officials on the transition team that he is open to the "crypto czar" position. It is reported that Trump seems open to establishing such a position after meeting with executives from the cryptocurrency industry, including the CEOs of Coinbase and Ripple, and Giancarlo, with his qualifications in Washington, has a deep understanding of policy implementation and is currently a strong candidate for the position.

New York Fed states that bank reserves are sufficient, indicating no obstacles to continued balance sheet reduction. The latest data from the New York Fed shows that the Federal Reserve has encountered no obstacles in continuing to reduce the size of its balance sheet. The New York Fed reported on Thursday that its reserve demand elasticity indicator was -0.15 as of November 13, remaining stable compared to a month ago. The New York Fed stated in its report, "Reserves remain ample." This index began to be publicly released a month ago and is intended to show the degree of abundance or tightness of bank reserves. A shift to negative values may indicate an increase in the tightness of bank reserves, directly indicating that the Fed is continuing its efforts to reduce bond holdings through quantitative tightening (QT). The New York Fed's indicator suggests that there is no immediate need to halt this process, which aligns with recent comments from Fed officials and market expectations, as the market currently anticipates that quantitative tightening will end sometime next year.

Federal Reserve's Goolsbee states that the labor market has stabilized, may need to slow the pace of rate cuts. Chicago Fed President Goolsbee reiterated on Thursday that he supports further rate cuts and is open to acting at a slower pace, highlighting the debate among Fed policymakers that the issue is not whether to cut rates, but rather the speed and magnitude of the cuts. The Fed policymakers will meet on December 17-18 to decide whether to lower the policy interest rate again or wait until next year to do so. Financial markets believe that the decision-making process will be challenging, with the interest rate futures market estimating a roughly 55% probability of a 25 basis point cut and a 45% probability of no cut [Stock News]

OpenAI plans to challenge Google's (GOOGL.US, GOOG.US) browser domain. According to The Information, OpenAI is preparing to launch a direct challenge against Google. Sources who have seen product prototypes or designs revealed that the owner of ChatGPT has recently considered developing a web browser that integrates with a chatbot. The company has also discussed or reached agreements to provide search functionalities for travel, food, real estate, and retail websites. Insiders stated that OpenAI has discussed this search product with website and app developers such as Condé Nast, Redfin, Eventbrite, and Priceline. Those familiar with OpenAI's situation revealed that OpenAI has also discussed adding AI features to devices produced by Samsung, a significant business partner of Google, similar to a recent agreement OpenAI reached with Apple.

Apple (AAPL.US) is preparing to launch a more conversational Siri to catch up with the AI wave. According to insiders, Apple is working on developing a more conversational digital assistant, Siri, aimed at keeping pace with OpenAI's ChatGPT and other voice services. The aforementioned insiders indicated that details of the new Siri have not been disclosed; it utilizes more advanced large language models (LLMs) that allow for back-and-forth conversations, and the system can handle more complex requests in a faster manner. It is reported that this new voice assistant will eventually be integrated into Apple's smart systems, with its developers naming it "LLM Siri."

Trump's company is considering developing a cryptocurrency payment service. According to reports, based on a trademark application submitted this week, Trump Media & Technology Group (DJT.US) has filed for a cryptocurrency payment service named Truth Fi, describing it as a platform for crypto payments, financial custodial services, and digital asset trading. The application did not detail how the project would operate or how close it is to fruition, but this move appears to be an attempt by the group to diversify its business beyond the social media platform Truth Social. Any large-scale crypto project is likely to require Trump Media & Technology Group to acquire another company, as it has fewer than 36 employees. This week, the stock price of cryptocurrency trading platform Bakkt surged after the Financial Times reported that Trump Media is in negotiations to acquire the platform