Overnight U.S. Stocks | Three major indices closed higher, with the Dow Jones and S&P 500 reaching intraday all-time highs

According to Zhitong Finance, on Monday, the three major indices closed higher. During the session, the Dow Jones Industrial Average rose to a high of 44,815.67 points, and the S&P 500 index reached a high of 6,020.75 points, both setting intraday historical highs. The U.S. market will be closed this Thursday for the Thanksgiving holiday, and will close early on Friday, so trading volume may be light this week.

【U.S. Stocks】 At the close, the Dow rose by 440.06 points, an increase of 0.99%, to 44,736.57 points; the Nasdaq rose by 51.18 points, an increase of 0.27%, to 19,054.84 points; the S&P 500 index rose by 18.03 points, an increase of 0.30%, to 5,987.37 points. Tesla (TSLA.US) fell by 3.9%, NVIDIA (NVDA.US) fell by 4.1%, and MicroStrategy (MSTR.US) fell by 4.3%. The Nasdaq China Golden Dragon Index rose by 0.4%, with iQIYI (IQ.US) up over 6% and Alibaba (BABA.US) up nearly 3%.

【European Stocks】 The German DAX 30 index rose by 121.26 points, an increase of 0.63%, to 19,427.05 points; the UK FTSE 100 index rose by 27.37 points, an increase of 0.33%, to 8,289.45 points; the French CAC 40 index rose by 2.46 points, an increase of 0.03%, to 7,257.47 points; the Euro Stoxx 50 index rose by 10.27 points, an increase of 0.21%, to 4,799.35 points; the Spanish IBEX 35 index rose by 66.15 points, an increase of 0.57%, to 11,722.75 points; the Italian FTSE MIB index fell by 79.83 points, a decrease of 0.24%, to 33,415.00 points.

【Asia-Pacific Stock Markets】 The Nikkei 225 index rose by 1.3%, the Jakarta Composite Index in Indonesia rose by 1.65%, and the KOSPI index in South Korea rose by 1.39%.

【Cryptocurrency】 Bitcoin fell back to $94,000 per coin, with a total liquidation amount of $27.985 million across the cryptocurrency market in the past hour; in the last 24 hours, a total of 157,061 people were liquidated, with a total liquidation amount of $457 million.

【Gold】 Spot gold fell by 3.33%, reported at $2,625.82 per ounce, fluctuating downward throughout the day, mostly in a declining state, with a trading range of $2,721.41 to $2,615.68. COMEX gold futures fell by 3.13%, reported at $2,627.40 per ounce.

【Crude Oil】 The price of West Texas Intermediate (WTI) crude oil futures for January delivery on the New York Mercantile Exchange fell by $2.30, a decrease of 3.23%, closing at $68.94 per barrel.

【Metals】 LME copper futures closed up $78, reported at $9,046 per ton. LME aluminum futures closed up $28, reported at $2,652 per ton. LME zinc futures closed up $54, reported at $3,020 per ton. LME lead futures closed up $7, reported at $2,029 per ton. LME nickel futures closed up $233, reported at $16,203 per ton. LME tin futures closed up $62, reported at $28,976 per ton. LME cobalt futures remained flat, reported at $24,300 per ton [Macroeconomic News]

Chicago Fed President Goolsbee advocates for continued rate cuts unless there are signs of economic overheating. Chicago Fed President Goolsbee stated that he expects the central bank to continue lowering interest rates towards a position that neither suppresses nor promotes economic activity. "Unless there is compelling evidence that the economy is overheating, I see no reason not to continue lowering the federal funds rate," Goolsbee said in an interview on Monday, referring to the central bank's benchmark rate. "The pace of action will depend on the outlook and conditions," Goolsbee added. "But it is quite clear to me that we are on a path of declining rates, closer to neutral levels."

U.S. media: The core agenda of Treasury Secretary nominee Basant is "3/3/3." The AXIOS website analyzes the core economic agenda of Treasury Secretary nominee Scott Basant, which is the "3/3/3" policy guideline, aiming to reduce the budget deficit to 3% of GDP, achieve a 3% annual growth rate, and increase domestic oil production by 3 million barrels per day. Currently, the U.S. deficit is expected to remain between 6% and 7% of GDP in the coming years, forming a spiraling upward trend, which may pose a risk of significant interest rate increases, thus the first agenda item would satisfy "deficit hawks." Regarding the second agenda, the U.S. has historically achieved around 3% growth for a long time, but this goal may conflict with Trump's immigration restriction policies. For the third agenda, U.S. oil production is currently around 13 million barrels per day, with a market oversupply, and energy executives have questioned the geological rationale for further significant increases in production.

Dallas Fed: Several markets, including consumption, communications, and computers, have clearly bottomed out; the outlook for the machinery manufacturing industry is bright. The Dallas Fed report pointed out that global industrial demand for chemicals remains stable but at a low level. Our outlook for the next six months is a very slow improvement, but the outlook is uncertain due to tariff risks and potential impacts on global demand. Several markets, including consumption, communications, and computers, have clearly bottomed out. The automotive and industrial markets remain uncertain, but the industrial market is closer to the bottom. The machinery manufacturing industry still has some difficulties to overcome in the short term, but many areas of the market have a bright outlook in the long term.

Wall Street prepares to launch a new generation of cryptocurrency-related ETFs. With the pro-cryptocurrency Trump returning to the White House, Wall Street is preparing to launch a new generation of risk-oriented products to fully meet the tastes of various investors, from institutional newcomers to stubborn retail investors, in this $3.2 trillion industry. Executives and lawyers involved in ETFs stated that the products they describe include both defensive ETFs aimed at professional fund managers curious about cryptocurrencies and fully speculative bets aimed at self-proclaimed degenerate gamblers. Industry investors and lawyers indicated that high-risk cryptocurrency ETFs may focus on various digital tokens, sometimes using leverage, options, or quantitative strategies.

South Korea's November consumer economic sentiment index sees the largest drop in over two years. A monthly survey conducted by the Bank of Korea after Trump's victory in the U.S. election shows that the deterioration of South Koreans' economic outlook in November was the fastest in over two years In November, South Korea's index representing consumer expectations for economic conditions fell by 7 points to 74, marking the largest decline since the summer of 2022. The composite index, which reflects broader consumer sentiment, decreased by one point to 100.7, barely exceeding the dividing line between optimism and pessimism. The survey indicated that consumer optimism has weakened following nearly no growth in the economy in the third quarter compared to the previous three months. Trump's promise to take tougher measures against trade partners with significant surpluses with the U.S. has also dimmed economists' outlook for South Korea next year. South Korea's reliance on exports makes it particularly vulnerable to tariffs.

【Stock News】

Buffett to convert part of Berkshire Hathaway (BRK.A.US, BRK.B.US) holdings to donate to four family foundations. Berkshire Hathaway announced on November 25 that Buffett will convert 1,600 shares of Class A stock into 2.4 million shares of Class B stock to donate the Class B shares to four family foundations. Approximately 1.5 million Class B shares will be given to the Susan Thompson Buffett Foundation, while 300,000 Class B shares each will be given to the Sherwood Foundation, Howard G. Buffett Foundation, and Novo Foundation. "After today's gift, the number of Berkshire Hathaway Class A shares I hold has decreased to 206,363 shares, a 56.6% decline compared to when I made the commitment in 2006," Buffett stated. He also mentioned that his children will be fully responsible for gradually distributing all his Berkshire Hathaway holdings after his passing.

California plans to offer electric vehicle purchase subsidies, excluding Tesla (TSLA.US). California Governor plans to provide purchase incentives to consumers, excluding electric vehicles from Tesla. This decision by state lawmakers aims to promote competition, which may anger Elon Musk. Governor Gavin Newsom announced on Monday that if U.S. President-elect Donald Trump abolishes a federal subsidy after taking office next year, California plans to offer incentives to electric vehicle buyers. Newsom, a prominent Democrat known for frequently criticizing Republican positions, stated that a program California is phasing out in 2023 may be restarted to alleviate the burden on buyers, replacing the $7,500 tax credit policy that Trump intends to eliminate. The governor's office indicated that the current proposal includes market share restrictions that would exclude Tesla's best-selling electric vehicle models. Details will be negotiated with the state legislature and may be adjusted.

MicroStrategy (MSTR.US) accumulates a record $5.4 billion in Bitcoin purchases. MicroStrategy has accumulated approximately $5.4 billion worth of Bitcoin, marking the largest Bitcoin purchase transaction since the company began acquiring Bitcoin over four years ago. The company stated on Monday that it purchased 55,500 Bitcoins last week for cash at an average price of $97,862 per Bitcoin (including fees and expenses). The company currently holds about 386,700 Bitcoins, valued at nearly $38 billion. Last week, the company sold $3 billion in convertible bonds to purchase more Bitcoin and issued nearly $2.5 billion in stock 【Major Bank Ratings】

Goldman Sachs: Downgraded Nio (NIO.US) ADR rating to Sell, target price $3.90