Overnight US stocks | All three indices rose more than 2%, technology stocks soared, and Nvidia reversed the market (NVDA.US) fell 4.2%

The Zhitong Finance App learned that on Monday, falling oil prices boosted investors' risk appetite, the three major indices soared, and technology stocks rebounded sharply. The S&P 500 index recorded its biggest one-day gain since April 8; the Nasdaq Composite Index recorded its biggest one-day gain since July 30; and the Nasdaq 100 index recorded its biggest one-day gain since March 31.

[US Stocks] At the close, the Dow Jones index rose 1104.32 points, or 2.15%, to 52390.05 points; the S&P 500 rose 173.08 points, or 2.34%, to 7549.94 points; and the Nasdaq Composite rose 673.71 points, or 2.74%, to 25253.14 points. SK Hynix (SKHY.US) rose 5.5%, AMD (AMD.US) rose 13%, Nvidia (NVDA.US) fell 4.2%, Tesla (TSLA.US) rose 5.5%, and Apple (AAPL.US) rose more than 2%. The Nasdaq China Golden Dragon Index closed down 1.33%, while Alibaba (BABA.US) fell 3.7%.

[European stocks] The German DAX30 index rose 488.43 points, or 1.89%, to 26282.55 points; the British FTSE 100 index rose 114.46 points, or 1.07%, to 10788.40 points; the French CAC40 index rose 94.30 points, or 1.16%, to 8233.30 points; the European Stoxx 50 index rose 127.16 points, or 2.06%, to 6297.65 points; Spain's IBEX35 index rose 384.79 points, or 1.99% It reported 19754.29 points; Italy's FTSE MIB index rose 1345.54 points, or 2.69%, to 51398.50 points.

[Foreign Exchange] The US dollar index, which measures the US dollar against the six major currencies, fell 0.63% on the same day and closed at 101.657 at the end of the foreign exchange market. As of the end of the exchange market in New York, 1 euro was worth $1.1223, up from $1.1140 on the previous trading day; 1 pound was worth $1.3439, up from $1.3351 on the previous trading day. 1 US dollar was worth 157.77 yen, lower than 158.49 yen on the previous trading day; 1 US dollar was worth 0.8192 Swiss franc, lower than 0.8206 Swiss franc on the previous trading day; 1 US dollar was worth 1.4123 Canadian dollars, lower than 1.4132 Canadian dollars on the previous trading day; and 1 US dollar was worth 9.7987 SEK, lower than 9.8988 SEK on the previous trading day.

[Cryptocurrency] Bitcoin rose 0.23% to $7,4928; Ethereum rose 0.04% to $2,126.

[Precious Metals] Spot gold rose 1.71% to $4,141; spot silver rose 2.81% to $53.43 per ounce.

[Crude oil] Light crude oil futures for December delivery on the New York Mercantile Exchange fell $3.98, or 4.38%, to close at $86.85 a barrel; London Brent crude oil futures for January delivery fell $5.75, to close at $92.57 a barrel, or 5.85%.

[Macro News]

Trump said the positive momentum of seeing the end of the Iranian conflict reiterated that it is unlikely to attack Iran again. US President Trump wrote, “I had a very pleasant conversation with Qatari Prime Minister Al-Thani. The two sides had extensive discussions on Iran-related issues. Most importantly, countries such as Qatar, Saudi Arabia, the United Arab Emirates, Bahrain, and Kuwait all tend to maintain the status quo. In other words, it is to continue to implement the largest maritime blockade in history and push forward a new “Operation Iron Gate” to extend the scope of the blockade to land and sea. All parties agree that Iran must never possess nuclear weapons, and there is no room for negotiation! Should the situation in the Middle East change in any way, the United States is fully prepared and ready to act at any time. However, as of now, this seems unlikely to happen. Israel and the entire Middle East region are protected from the dangers and threats posed by Iran. We are seeing positive momentum towards the end of the conflict and will ensure that America's interests are always protected.”

Federal Reserve Barkin: Inflation risk still dominates policy adjustments should be cautious. Richmond Federal Reserve Chairman Barkin said that inflation has been higher than the Federal Reserve's 2% target for nearly six consecutive years, and the risks facing the current dual mission mainly focus on inflation. Businesses are still facing widespread cost increases and plans to pass some of those costs on to consumers. Barkin believes that while demand remains strong and inflation continues to be high, the direction of monetary policy tightening is clear, but it is still necessary to proceed with caution. At the same time, he warned that if AI technology falls short of expectations, it may drag down corporate investment, stock prices, and consumption; if AI development exceeds expectations, it may also cause more jobs to be replaced. Barkin will become the FOMC voting committee in 2027.

Federal Reserve Goulsby: AI data center construction intensifies demand overheating and inflation is still a top issue. Chicago Federal Reserve Chairman Goulsby said that AI data center construction is showing the characteristics of traditional overheating demand, while rising energy prices are being transmitted to a wider range of sectors such as the service industry, and inflationary pressure is spreading. He pointed out that central banks usually need to respond positively to economic overheating. Goulsby said that the US job market and economic growth are generally stable, and the main economic problem at present is still too high inflation. Goulsby will be the FOMC voting committee in 2027.

The US federal budget deficit for the 2026 fiscal year reached 2 trillion US dollars. On November 9, local time, the US Treasury released data saying that in the 2026 fiscal year ending September 30, the total US federal budget deficit was 2.0 trillion US dollars, an increase of 217 billion US dollars over the previous fiscal year's deficit, an increase of 12%. Both fiscal revenue and expenditure increased compared to fiscal year 2025. Revenue increased 3%, or $169 billion; expenditure increased 6%, or $386 billion. Furthermore, the federal deficit in FY2026 was equivalent to 6.2% of gross domestic product (GDP), up from 5.8% in FY2025. In fiscal year 2026, total federal debt held by the public reached 100% of GDP, the highest level since 1946, and higher than 99.0% at the end of fiscal year 2025.

New York Federal Reserve: US inflation expectations remained stable, and unemployment concerns rose to a six-and-a-half-year high. According to the New York Federal Reserve's October Consumer Expectations Survey, US consumers' one-year, three-year, and five-year inflation expectations remained at 3.9%, 3.3%, and 3.0%, respectively. Job market expectations are mixed. The average expected probability of an increase in the unemployment rate in the coming year rose to 45.3%, the highest since April 2020; the probability of unemployment in the coming year rose to 13.9%. However, the expected probability of finding a job after losing a job rose to 46.5%, the highest since November 2025. In terms of household finances, the expected probability of not being able to repay the minimum amount of debt in the next three months rose to 13.8%, the highest since December 2025; the expected increase in household income fell to 3.0%, and the expected increase in consumer spending fell to 5.3%.

[Individual Stock News]

Apple (AAPL.US) completed the issuance of 7.5 billion US dollars in corporate bonds. On November 9, Apple (AAPL.US) completed the issuance of a total of 7.5 billion US dollars of bonds, including 1.25 billion US dollars of floating rate bonds and 6.25 billion US dollars of fixed interest rate bonds, for the periods 2028 to 2036, respectively. Among them, fixed-rate bonds have a coupon interest rate of 4.65% to 5.35%, and bonds maturing in 2036 have the highest interest rate of 5.35%. Goldman Sachs, Bank of America, Deutsche Bank, and J.P. Morgan Chase acted as underwriters for this offering.

Google (GOOG.US, GOOGL.US) launched two new AI chips to accelerate the challenge of Nvidia (NVDA.US). Google, a subsidiary of Alphabet, is launching more types of artificial intelligence chips, hoping to use its rapid rise and challenge Nvidia's momentum in a market worth hundreds of billions of dollars to further expand its business. According to US media reports, Google will launch two new tensor processing unit (TPU) variants, TPU 8tx and 8i Max. Among them, 8TX is mainly aimed at customers requiring secure and confidential computing, such as government agencies and enterprises in regulated industries. The system works in conjunction with Chaowei Semiconductor's chips and is part of a partnership between the two companies. 8i Max is designed to run artificial intelligence applications that require long context windows. Overall, these chips are designed to serve an industry that is shifting to AI smart applications while facing security challenges. This announcement marks that Google's chip division is speeding up the pace of product development. The business used to launch a new artificial intelligence processor every two years, and this year it launched two at the same time. The latest variant, which is scheduled to be announced on Monday, will further expand the product lineup of these two chips. Amin Vahdat, head of Google's chip business, said in an interview that the four TPU products will be optimized for different needs. He said, “This is in line with the philosophy that Google has always insisted on, that the future will be specialized, and the advantages brought by specialization are still very significant.”

[Major Bank Ratings]

UBS Group: Raising Walmart (WMT.US) Price Target from $130 to $149

Rosenblatt Securities: Lowers Coreweave (CRWV.US) target price from $250 to $160; cuts AI chip maker Cerebras Systems (CBRS.US) target price target from $300 to $170