Overnight U.S. Stocks | The three major indexes are out of steam! The Nasdaq China Golden Dragon Index continues to soar

Zhitong Finance and Economics learned that U.S. stocks started to fall in October, and the tensions in the Middle East pushed up crude oil prices, and the number of job openings in United States unexpectedly rebounded. Barclays said demand for Apple's iPhone 16 was weak, and Apple shares fell 2.91%.

As of the close, the Dow fell 173.18 points, or 0.41%, to 42,156.97 points; The Nasdaq fell 278.81 points, or 1.53%, to 17,910.36; The S&P 500 fell 53.73 points, or 0.93%, to 5,708.75. Nvidia (NVDA. US) fell 3.66%, and Apple (AAPL. US) fell 2.91%. The Nasdaq China Golden Dragon Index rose 5.48%, and Shell (BEKE. US) rose 17.53%, and Bilibili (BILI. US) rose 14.33%, Li Auto (LI.US) rose 11.5%, Alibaba (BABA. NUS) rose 6.23%.

Germany's DAX30 index fell 124.50 points, or 0.64%, to 19217.55; United Kingdom's FTSE 100 index rose 37.99 points, or 0.46%, to 8274.94; France's CAC 40 index fell 61.68 points, or 0.81%, to 7574.07; The Euro Stoxx 50 index fell 47.30 points, or 0.95%, to 4953.15 points; Spain's IBEX 35 index fell 199.45 points, or 1.68%, to 11677.85; Italy's FTSE MIB index fell 344.26 points, or 1.01%, to 33,781.00.

【Asia-Pacific stock market】Nikkei 225 index rose 1.93%, Indonesia's Jakarta Composite Index rose 1.52%, and Viet Nam's VN30 index rose 0.47%.

COMEX gold futures closed up 1.07% at $2684.8 an ounce; COMEX silver futures closed up 0.92% at $31.715 an ounce.

【Cryptocurrency】Bitcoin fell nearly 3% to $63,701.5 per coin; Ethereum fell 1.8% to $2,611.65 per coin.

West Texas Intermediate (WTI) crude futures for November delivery on the New York Mercantile Exchange closed up $1.66, or 2.44%, at $69.83 a barrel. The futures price jumped more than 5% at one point after Iran launched a massive missile attack on Israel.

【Metal】London metal rose, London zinc rose 1.95%, London copper rose 0.73%, London aluminum rose 0.96%, London nickel rose 0.95%

【Macro News】

United States East Coast and Gulf of Mexico ports closed for the first time in 47 years and are responsible for handling half of the nation's trade. Dock workers on the east coast of the United States and all major ports in the Gulf of Mexico are on strike that could hit the world's largest economy and spark political turmoil in the weeks leading up to the presidential election. Affected ports together have the capacity to handle up to half of United States trade, and the strike will result in the suspension of container and car traffic. Energy supplies as well as bulk cargo will not be affected. Exceptions are made in the shipping of military materiel and the movement of cruise ships. Every major container port from Houston to Miami and New York-New Jersey will be shut down, depending on how long the strike lasts. JPMorgan Chase & Co. said United States the strike, which began at 12:01 a.m. ET on Tuesday, would cause $3.8 billion to $4.5 billion in economic damage per day. New York Governor Kathy Hochul issued a statement after midnight noting that not long ago, the first large-scale strike by East Coast dockers in 47 years, from Maine to Texas ports, began.

United States job openings climbed to a three-month high, beating economists' expectations. United States job openings rose to a three-month high in August, a move that contradicted other data pointing to a slowdown in labor demand. The Job Openings and Labor Mobility Survey (JOLTS), released Tuesday by the United States Bureau of Labor Statistics, showed job openings increased to 8.04 million from a revised 7.71 million in July. The hiring rate fell to 3.3%, the lowest since 2013, excluding the early data from the 2020 pandemic. The unemployment rate also fell to 1%. Despite the increase in job openings, other recent data shows a slowdown in the pace of employer hiring.

Fed Governor Tim Cook: AI will boost productivity But the exact extent remains unclear. Fed Governor Tim Cook said he expects AI to drive productivity gains, but believes there is "significant" uncertainty in her forecast. She hopes that productivity gains — that is, producing more goods and services with fewer resources — will "offset" price pressures and allow United States' wages to rise faster without triggering inflation. "Looking ahead, I expect productivity growth to accelerate as a result of significant advances in AI, but this forecast comes with a great deal of uncertainty and it's hard to estimate when and how this will unfold in the economy," she said. ”

BlackRock CEO: Not seeing the landing of the United States economy The market is over-expecting the Fed's interest rate cuts. BlackRock CEO Larry Fink said that given the continued growth of the United States economy, the market has priced in too many Fed rate cuts. "I haven't seen any [economic] landings," Mr. Fink said in an interview on Tuesday. "The degree of easing on the forward curve is insane. I do believe there is room for further easing, but not as much as the forward curve suggests. "Money market moves suggest a one-in-three chance of another 50 basis point rate cut by the Fed in November, and expect a total of about 190 basis points of rate cuts by the end of next year. Fink said it would be difficult for him to see that happening because most current government policies are more inflationary than deflationary.

Deutsche Bank: lowered its Brent crude oil price forecast for 2025 by 18% to $66 per barrel. Michael Hsueh, a strategist at Deutsche Bank, said in a report that oil prices were lowered due to large supply, lower expectations for China's economic growth, and OPEC+ plans to restore supply. OPEC+'s plan would equate to an actual increase of about 1.5 million b/d next year. However, short-term risks are on the upside after a modest supply gap of 600,000 b/d in Q3 and a neutral balance in Q4.

【Stock News】

Berkshire Hathaway (BRK. A.US,BRK. B.US) The second JPY bond issuance is planned in 2024 and the underwriters are selected. Warren · Buffett's Berkshire Hathaway plans to issue a second yen bond in global markets this year, sparking speculation that the company is looking to increase its investment in Japan. Berkshire Hathaway engaged United States Bank Securities and Mizuho 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 being in April. The company's fundraising plan is closely watched by stock market investors after Buffett's purchase of a stake in a Japan trading company boosted the Nikkei 225 to an all-time high. In a February letter to shareholders, Buffett said most of Berkshire's investments in Japan companies were raised through the issuance of yen bonds.

Tesla (TSLA. US) is expected to record sales growth in the first quarter of the year. Tesla is expected to record sales growth in the first quarter of this year. According to analyst estimates polled by Bloomberg, Tesla delivered about 463,900 vehicles worldwide in the third quarter, an increase of about 7% from the same period last year. Sales of Tesla's latest launch, the Cybertruck, have been growing, but the company has never given a specific delivery figure. Robert W. Baird analyst Ben Kallo estimated Tesla's pickup truck sales at 20,000 units last quarter.

Pfizer (PFE. US) will receive approximately £2.66 billion from the sale of Haleon's shares and Haleon's share buybacks. Pfizer will receive a total of about £2.66 billion ($3.56 billion) from the sale of Haleon's shares and Haleon's share buybacks. Goldman Sachs International said Tuesday that Pfizer sold 640 million ordinary shares in United Kingdom's consumer healthcare business Haleon for 380p a share. The selling price is a 3.3% discount to Haleon's closing price of 392.90p on Monday. Goldman Sachs also said that in addition to the share offering, Haleon on Monday agreed to buy back about 60.5 million shares from Pfizer at the same price, through an over-the-counter transaction, for a total of about 230 million pounds. Upon completion of the transaction, Pfizer's stake in Haleon will be reduced from approximately 22.6% to approximately 15%.

Li Auto (LI.US): 53,709 units delivered in September 2024, a record monthly delivery volume. Li Auto delivered 53,709 vehicles in September 2024, a record number of monthly deliveries. On October 1, 2024, Li Auto announced its delivery data for September 2024. In September 2024, Li Auto delivered 53,709 new vehicles, up 48.9% year-on-year. In the third quarter of 2024, Li Auto delivered 152,831 vehicles, up 45.4% year-over-year. As of September 30, 2024, Li Auto delivered a total of 341,812 vehicles in 2024, with a cumulative historical delivery volume of 975,176 units.

【Big Bank Rating】

Barclays: Weak demand for iPhone 16, maintaining support for Apple (AAPL. US) has an "underweight" rating