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On Thursday Eastern Time, all three major US stock indices closed slightly lower, with the Dow Jones Industrial Average falling 0.14%, the Nasdaq falling 0.15%, the S&P 500 index falling 0.21%, and large tech stocks experiencing mixed gains and losses. Nvidia rose over 1%, Meta fell over 1%, and Apple and Tesla fell less than 1%. The precious metals, metals and mining, and oil and gas sectors saw the highest gains, with gold resources rising by over 8%, Pan American Silver rising by over 5%, Corderian Mining, American Gold Corporation, and Century Aluminum rising by over 3%, and BP, Western Petroleum, and Imperial Oil rising by over 1%. Solar and cryptocurrency concept stocks fell, with First Solar falling over 9%, Sunrun falling over 6%, Canaan Technology falling over 3%, and Coinbase falling over 1%.
Popular Chinese concept stocks fluctuated, with the Nasdaq China Golden Dragon Index rising 0.30%. Weibo, Tencent Music, and Alibaba rose by over 1%, while Xiaopeng Motors, JD.com, Baidu, and Pinduoduo saw slight increases. IQiyi fell more than 4%, Ideal Auto fell more than 3%, Bilibili fell more than 2%, Manbang, NetEase, NIO fell more than 1%, and Vipshop fell slightly.
Global News
US September CPI rises 2.4% year-on-year, higher than market expectations
On Thursday (October 10th), the US CPI annual rate for September, which was announced before the stock market, slowed down less than expected, while core indicators unexpectedly rebounded. The specific data released by the US Bureau of Labor Statistics shows that the US Consumer Price Index (CPI) rose by 0.2% month on month and 2.4% year-on-year in September this year, both of which were 0.1 percentage points higher than market expectations. The market originally believed that the year-on-year growth rate could slow down from 2.5% to 2.3%.
Federal Reserve meeting minutes: In addition to opponents, there are also fence riders who reluctantly cut interest rates beyond the norm
Early Thursday morning Beijing time, the Federal Reserve released the minutes of its September monetary policy meeting, revealing why policymakers chose to cut interest rates by 50 basis points three weeks ago and the differing opinions among officials. The minutes of the meeting showed that the differences among officials were greater than the apparent voting numbers, and also hinted at the efforts made by Federal Reserve Chairman Powell in guiding a larger rate cut.
For the first time in two years, one of the biggest bears on Wall Street has changed its attitude
Since October 2022, JPMorgan's strategists have been bearish on US stocks. But according to a report released on Tuesday by Dubravko Lakos Bujas, the bank's chief global stock strategist, this situation seems to be changing. Although Lacos Bujas did not update JPMorgan's year-end target price of 4200 points for the S&P 500 index (which means the index will fall significantly by 27% from current levels), he does advise investors not to be so bearish on the market.
To break the 160 year old tax system! Trump promises to end "double taxation" on overseas Americans
The United States has an unusual system that lasted for about 160 years - taxing the total income of American citizens, regardless of where they come from or where they live. The United States is the only major economy that implements this tax system. This means that in some cases, Americans living abroad have to pay taxes to both the U.S. government and the local government, forming the so-called "double taxation".
The hot topic of "Doctor Doom" hot comments: Trump's victory may trigger stagflation, optimistic about AI and technology stocks!
Renowned economist Nouriel Roubini, who accurately predicted the 2008 financial tsunami and is known as the "Dr. Doom," has recently warned that the return of former US President and Republican presidential candidate Donald Trump to the White House will increase the risk of stagflation shocks. On the sidelines of the Greenwich Economic Forum held in Connecticut on Wednesday, he said, "Trump's trade, currency, fiscal, immigration, and foreign policies pose much higher stagflation risks than the election of Kamala Harris
Company News
AI functionality is not highly regarded! Apple stock rating downgraded: domestic sales have been surpassed by Huawei
According to media reports, US investment bank Jefferies has downgraded Apple's stock rating from "buy" to "hold", mainly due to concerns about the market's high expectations for the AI capabilities of the new iPhone. Jason Lee, an analyst at Jefferies, pointed out that smartphone hardware is currently not advanced enough to meet the expectations of high-tech artificial intelligence analysts and iPhone consumers. He believes that Apple's stock price will fall by about 6% to $213.
Is NVIDIA still undervalued? European asset management giants invest heavily to enter halfway through
Ian Simm, CEO and founder of UK asset management company Impax Asset Management, stated that considering the boom in artificial intelligence (AI) will drive demand for its chips, Impax still believes that Nvidia's valuation is undervalued. Simm said that like other tech giants, Nvidia needs to consume a lot of energy to drive its growth, and from a climate perspective, holding Nvidia also makes sense. He said that as energy demand continues to grow, more efficient models developed by Nvidia and other companies will be more environmentally friendly.
Tesla's' Destiny Day 'is Coming: Can Robotaxi Help Musk' Turn Around '?
In less than 24 hours, Tesla will become the center of global attention: Tesla will hold a "Robotaxi Day" event at Warner Bros. Studio in Burbank, California. At that time, many investors and analysts will see the long-awaited release of the autonomous taxi Cybercab and other products.
Buffett continues to increase investment in Japanese stocks? Berkshire Hathaway issues yen bonds to raise $1.9 billion
Warren Buffett's Berkshire Hathaway has raised a total of 281.8 billion yen (approximately 1.9 billion US dollars) through the issuance of a series of yen bonds. This transaction has sparked speculation that this legendary investor will increase his exposure to Japanese assets.
