On November 18th Eastern Time, the US stock market closed with mixed gains and losses, and the Dow Jones Industrial Average closed down for the third consecutive trading day. The Nasdaq Golden Dragon China Index rose. The US stock market BAKKT surged 162.37%, triggering circuit breakers five times during trading.
In terms of commodities, WTI crude oil prices have risen, and gold prices have seen their largest increase since August.
The three major stock indexes closed with varying fluctuations
On November 18th Eastern Time, the US stock market closed with mixed gains and losses, and the Dow Jones Industrial Average closed down for the third consecutive trading day. As of the close, the Dow Jones Industrial Average fell 0.13% to 43389.60 points; The Nasdaq rose 0.60% to 18791.81 points; The S&P 500 index rose 0.39% to 5893.62 points.
Most semiconductor concept stocks rose. AMD rose 15.93%, Wolfspeed rose 4.78%, Microchip Technology rose 3.8%, AMD rose 2.99%, Nvidia closed down 1.29%, and ASM International ADR fell 1.37%.
Most large tech stocks have risen. Tesla rose over 5%, Intel and Netflix soared over 2%, Google, Apple and others rose over 1%, Meta and Microsoft rose slightly, and Amazon fell slightly.
The Nasdaq China Golden Dragon Index closed up 1.71%, with most popular Chinese concept stocks rising. Bilibili rose over 4%, NIO rose nearly 4%, Miniso and Xiaopeng Motors rose over 2%, and Ideal Auto rose over 1%. IQiyi fell more than 2%, while Lufax Holdings fell more than 1%.
The selling of US treasury bonds intensified on Monday, and the yield of long-term bonds rose to the highest level in nearly six months. Investors are still digesting the possible impact of political factors on the economy and the Fed's policies.
US stock BAKKT triggers circuit breaker five times
On November 18th Eastern Time, the US stock market BAKKT surged 162.37%, triggering the circuit breaker mechanism five times.
BAKKT rose 47% before its first circuit breaker, and then triggered another circuit breaker after the increase expanded to 65%. When the increase expanded to 86%, the circuit breaker was triggered for the third time, and when it rose to 123%, the circuit breaker was triggered for the fourth time. The last circuit breaker was triggered when the increase expanded to 162%.
On the news front, Trump Media and Technology Group are in deep negotiations to acquire BAKKT, a cryptocurrency trading platform under the Intercontinental Exchange (ICE).
BAKKT was founded by the Intercontinental Exchange, which holds 55% of the company's equity. The company has previously stated that its cryptocurrency custody business (which has obtained regulatory approval from New York authorities) may be shut down.
Goldman Sachs: Expected MSCI China Index and CSI 300 Index
Will increase in 2025
On November 18th, Goldman Sachs released its 2025 outlook report, which predicts that the MSCI China Index and the CSI 300 Index will rise by 15% and 13% respectively in 2025, mainly due to earnings per share growth and moderate valuation growth. And the policy driven shift in capital flows may accelerate by 2025.
Goldman Sachs suggests continuing to over allocate A-shares and H-shares, and tactically favoring A-shares as they are more sensitive to policies and capital flows.
From an industry perspective, Goldman Sachs advocates including the consumer sector in its investment portfolio and upgrading the ratings of the healthcare and securities sectors.
In addition, Goldman Sachs believes that as the debt restructuring plan takes effect, investment in public welfare and new infrastructure projects may accelerate, and attention can be paid to the performance of the consumer and infrastructure sectors.
Oil and gold prices rise
On November 18th local time, WTI crude oil rose, and gold prices saw their largest increase since August.
Norwegian National Oil Company stated that due to onshore power outages, the company has stopped production at Johan Sverdrup, the largest oil field in Western Europe, and it is currently unclear when production will resume. After the news came out, oil prices rose.
UBS analyst Giovanni Staunovo said that oil prices rose on the back of this news, as disruptions in oil supply could tighten the North Sea crude oil market. The physical supply of North Sea crude oil supports the supply of Brent crude oil futures.
Gold prices have seen their largest increase since August, with spot gold continuing to fluctuate upwards throughout the day, reaching a new high of $2619.5 per ounce.
Goldman Sachs has listed gold as the top choice for commodity trading in 2025. Goldman Sachs analysts Daan Struyven and others have stated that gold prices will reach $3000 per ounce by December 2025.
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