On November 8th local time, European stock markets generally fell, with the French CAC40 index and European STOXX50 both falling by over 1%. The three major indexes of the US stock market rose slightly, all reaching historical highs. Technology stocks generally fell, with Google-A falling more than 1% and Amazon and Nvidia falling nearly 1%. Trump Media Technology Group rose by over 15%; Tesla's market value has risen by over 8%, reaching $1 trillion. This week, Tesla's cumulative market value has increased by over 29%, with a weekly market value growth of $231.9 billion (RMB 1.66 trillion), setting a record for Tesla's weekly market value growth.
In terms of commodity markets, spot gold fell nearly 1%, international oil prices fell across the board, and ICE oil prices fell more than 2%.
The three major US stock indices hit a historic high
On November 8th local time, the three major indexes of the US stock market rose across the board. As of the close, the Dow Jones Industrial Average, Nasdaq Index, and S&P 500 Index rose 0.59%, 0.09%, and 0.38% respectively, and all three major indexes of the US stock market reached historic highs.
Large tech stocks generally fell, with the US Tech 7 Index falling 0.21%, Google-A falling over 1%, Amazon falling 0.89%, Nvidia falling 0.84%, Microsoft falling 0.68%, and Apple falling 0.12%. Tesla has risen more than 8% and its market value has returned to $1 trillion, marking the first time since 2022. Tesla has risen 29.01% this week, with a weekly market value growth of $231.9 billion (RMB 1.66 trillion), setting a record for Tesla's weekly market value growth.
Bank of America has stated that it has given Tesla a "buy" rating and raised its target price from $265 per share to $350 per share. The review of autonomous driving may not be as strict in the future. Musk proposed a national standard to regulate autonomous vehicle, which Trump is open to.
Bank stocks collectively rose, with JPMorgan Chase up 0.31%, Goldman Sachs Group up over 1%, Citigroup up 0.76%, Morgan Stanley up 0.86%, Bank of America up 0.85%, and Wells Fargo up 0.89%.
In addition, Trump Media Technology Group rose 15.22%, with a market value of $6.9 billion.
The data released on Friday showed that the initial value of the University of Michigan Consumer Confidence Index for November in the United States was 73, with an expected value of 71 and a previous value of 70.5. The initial expectation for the one-year inflation rate in November in the United States is 2.6%, with an expectation of 2.7%, compared to the previous value of 2.7%. The US Consumer Confidence Index climbed to a seven month high in early November, better than expected.
On Thursday of this week, the Federal Reserve announced a 25 basis point cut in the federal funds benchmark rate. Kerry Craig, global market strategist at JPMorgan Asset Management, said, "At present, it will not change the Fed's view that it is still on the path of interest rate cuts. Unless inflation and job market data unexpectedly rise significantly, there may be another interest rate cut in December
For the US stock market, Julian Emanuel, an analyst at Evercore ISI, an independent investment bank, said that there is still room for the US stock market to rise.
Chinese concept stocks experience a pullback
Data shows that on November 8th local time, the US dollar index rose 0.59% to 104.9521, while the euro fell 0.78% against the US dollar to 1.0719; The pound fell 0.52% against the US dollar, to 1.2920; The offshore Chinese yuan fell 0.69% against the US dollar.
CITIC Securities believes that external disturbances are the biggest risk factor for the RMB exchange rate. In addition, the central bank has sufficient reserves of stabilizing exchange rate tools, which helps prevent significant unilateral fluctuations in the RMB exchange rate.
Most popular Chinese concept stocks have experienced a pullback, with the Nasdaq China Golden Dragon Index falling 4.74%.
Florian Neto, Managing Director and Head of Investment for Asia at Orient Bank Asset Management, stated that in terms of future earnings forecasts, Chinese assets are currently a very good timing for allocation.
Global commodities generally decline
In terms of commodity markets, global commodities have generally declined. Spot gold fell 0.81% to $2684.035 per ounce, while COMEX gold futures fell 0.52% to $2691.7 per ounce.
International oil prices have fallen across the board, with ICE crude dropping 2.19% and NYMEX WTI crude dropping 2.67%. LEM copper and LEM zinc both fell by over 2%.
Colin Hamilton, head of commodity research at BMO, stated that investors are expected to refocus on the commodity market by the end of the year, as the market expects some countries to introduce stronger fiscal policies.