On Monday, December 2nd local time, the three major stock indexes in the United States experienced mixed ups and downs.
As of the close, the Dow Jones Industrial Average fell 0.29%, the Nasdaq rose 0.97%, and the S&P 500 index rose 0.24%.
The US ISM Manufacturing Index rose to 48.4 in November, with an estimated 47.5.
Federal Reserve Governor Waller stated that he is inclined to cut interest rates in December unless the data is unexpected. Federal Reserve's Williams stated that more interest rate cuts are expected in the future.
Federal Reserve Waller: inclined to cut interest rates in December
On Monday, December 2nd local time, the three major stock indexes in the United States experienced mixed ups and downs. As of the close, the Dow Jones Industrial Average fell 128.65 points, or 0.29%, to 44782.00 points; The Nasdaq rose 185.78 points, or 0.97%, to 19403.95 points; The S&P 500 index rose 14.77 points, or 0.24%, to 6047.15 points.
Both the Nasdaq and the S&P 500 index have reached new historical highs. The tech dominated Nasdaq 100 index rose more than 1%, with Tesla leading the way in large cap stocks. Apple closed at a new high, with its latest market value reaching $3.62 trillion. Supermicro Computer rose nearly 29%. In a statement, Supermicro Computer stated that the independent special committee's investigation results showed that the resignation of Ernst&Young and the conclusions mentioned in the resignation letter did not receive review support.
On the trend of US stocks, Andrew Taylor of JPMorgan Chase said that even after the strongest rebound since the beginning of the Internet foam, the S&P 500 index still has room to rise. He stated that the S&P 500 index will reach 6200 to 6300 points by the end of the year.
Mark Hackett from Nationwide stated that the S&P 500 index is expected to achieve a 25% increase for two consecutive years, the second time in history.
In terms of economic data. The Institute for Supply Management (ISM) released data showing that the US ISM Manufacturing Index rose to 48.4 in November, higher than the expected 47.6 and the highest level since June this year. Among them, the new order index jumped to 50.4, marking the first expansion in eight months, indicating an improvement in business confidence and a reduction in the overall contraction of the manufacturing industry. In addition, the employment index has also significantly rebounded to 48.1. Although the manufacturing industry has not fully recovered from the trough and production activities continue to decline, the improvement in sub indices and the decrease in material costs indicate that the manufacturing industry is stabilizing. Analysis suggests that optimistic expectations after the election may drive further demand recovery in the future.
On the surface of the message. Atlanta Fed President Rafael Bostic stated that he has not yet decided whether to cut interest rates this month, but still believes that officials should continue to lower rates in the coming months. Raphael Bostic expressed his support for the recent interest rate cut as inflation is expected to reach the Federal Reserve's target level of 2%.
Federal Reserve Governor Waller stated that he is inclined to cut interest rates in December unless the data is unexpected. The policy interest rate is already restrictive enough, so even if it is cut in December, there is ample room to slow down the pace of interest rate cuts as needed in the future. If the data shows inaccurate predictions of slowing inflation, he will support keeping interest rates unchanged in December.
Federal Reserve's Williams stated that more interest rate cuts are expected in the future. Over time, it would be appropriate to bring interest rates back to neutral levels. It is expected that housing inflation will fall from a relatively high level.
At present, the Chicago Mercantile Exchange's Fed Watch tool shows that the probability of the Federal Reserve cutting interest rates by 25 basis points this month has risen to 76.5%, compared to 66% a day ago.
(Source: Chicago Mercantile Exchange Fed Watch tool)
On Wednesday of this week, Federal Reserve Chairman Jerome Powell will also give a speech, and investors will wait for an assessment of the job market and inflation, as well as new clues on whether the Fed will cut interest rates in December.
Other market aspects. The US dollar index has risen. The US dollar index, which measures the US dollar against six major currencies, rose 0.67% on the day and closed at 106.445 at the end of the foreign exchange market. As of the end of the New York currency market, 1 euro was exchanged for 1.0490 US dollars, lower than the previous trading day's 1.0580 US dollars; 1 pound is exchanged for 1.2650 US dollars, lower than the previous trading day's 1.2739 US dollars.
The price of oil in New York has risen. As of the close of the day, the price of light crude oil futures for January 2025 delivery on the New York Mercantile Exchange rose by 10 cents, closing at $68.10 per barrel, an increase of 0.15%; The London Brent crude oil futures price for delivery in February 2025 fell by 1 cent, closing at $71.83 per barrel, a decrease of 0.01%.
Apple hits historic high, Intel CEO announces resignation
In terms of sectors, the 11 major sectors of the S&P 500 index rose 3 times and fell 8 times. Among them, the communication services sector led the way with a 1.81% increase, while the information technology and non essential consumption sectors both rose by over 1%. The utility sector led the decline, with a decrease of 2.06%.
Popular technology stocks have generally risen. AMD rose over 28%, TSMC rose over 5%, Arm rose over 4%, ASML, AMD, Tesla, Meta rose over 3%, Qualcomm, Broadcom rose over 2%, Microsoft, Google A, Amazon, and Netflix soared over 1%, Apple rose nearly 1%, Micron Technology, Eli Lilly, Cisco, Texas Instruments, and Nvidia rose slightly, Intel fell slightly, and Oracle fell over 1%.
Apple rose by 0.95%. Apple closed at a new high on Monday, with its latest market value reaching $3.62 trillion. According to UBS citing a survey of smartphone users, Apple has been focusing on the artificial intelligence features of its latest iPhone models, but consumers are currently not very interested in it. Analyst David Vogt wrote that the survey shows weak demand for iPhones due to continued low interest in artificial intelligence smartphones. 30% of respondents expressed interest in smartphones with generative artificial intelligence capabilities, 27% expressed no interest, and the rest remained neutral.
Intel fell by 0.50%. Intel announced on Monday that CEO Pat Kissinger has resigned. According to sources, the board of directors has lost confidence in his transformation plan due to its huge cost and slow progress, and is demanding his resignation or dismissal. Kissinger chose to resign, ending his term of less than four years.
Kissinger's original four-year transformation plan has not yet been completed, including restoring his leading position in chip manufacturing and promoting Intel's entry into the OEM field. However, under its leadership, Intel's market value fell by over 60% and it was replaced by Nvidia as a constituent stock of the Dow Jones Industrial Average. This week, Intel announced the temporary appointment of CFO David Zinsner and senior executive Michelle Holthaus as co CEOs and began searching for new leaders. Analysts say that Kissinger failed to launch effective AI chip competitive products, while large-scale investments and the shrinking PC market after the pandemic have put pressure on the company's performance. The independent chairman of the board of directors stated that the company is committed to revitalizing investor confidence.
Tesla rose 3.46%. According to reports, Tesla China's official website displays a total of five models, but only the Cybertruck, which was officially launched and delivered in December last year, does not offer ordering options. The news that this design disruptive electric pickup truck is expected to be officially introduced to China has recently spread, attracting attention from the outside world. However, Tesla China has denied this rumor, stating that there are currently no plans to sell Cybertrucks in China.
In addition, Tesla has released the latest version of its FSD software, FSDV13.2, and completed the first deliveries. It is expected that most car owners will receive the update by the end of December.
Nvidia rose 0.27%. Technology company Nebius Group NV announced on Monday the completion of a $700 million private equity financing, with investors including Nvidia and Accel Partners. Nebius issued 33.3 million shares at a price of $21 per share and suspended its previous stock repurchase plan. Nebius, formerly a Russian Internet giant Yandex, is headquartered in Amsterdam after restructuring this year, focusing on AI cloud computing services and competing with CoreWeave and other companies. Nebius CEO Arkady stated that this financing will support the expansion of its GPU cluster.
Supermicro computers rose 28.68%. On December 2nd, Supermicro Computer announced that after an independent investigation by a special committee of the board of directors, no misconduct was found by the management or board of directors. However, it recommended the appointment of a new Chief Financial Officer, Chief Compliance Officer, and General Counsel, and confirmed that it would not modify the financial report for the most recent fiscal year. The committee pointed out that although the investigation did not find any malicious or dishonest behavior, there were omissions in some internal control procedures, such as not informing the auditors in advance about the consultation arrangements with the former Chief Financial Officer.
In recent years, Supermicro Computer has faced multiple challenges due to governance and transparency issues, including a $17.5 million settlement with the SEC in 2020 and recent suspension risks due to audit issues. The company has currently signed a contract with BDOUSA as an independent auditor and submitted a plan to comply with the Nasdaq listing rules.
Most financial stocks have fallen. First Capital Financial fell more than 2%, Regional Finance, JPMorgan Chase, Wells Fargo, and American International Group fell more than 1%, Bank of America, United Bank of America, and Travelers Insurance fell nearly 1%, American Express, Goldman Sachs, Morgan Stanley, Mastercard, BlackRock, and UBS Group fell slightly, Deutsche Bank, Visa, and Citigroup rose slightly, and Mizuho Financial rose more than 2%.
Energy stocks generally fell. US energy fell more than 4%, ConocoPhillips fell more than 2%, Duke Energy, Apache Oil, and BP fell more than 1%, Brazilian oil fell nearly 1%, Schlumberger, Shell, Murphy Oil, Western Petroleum, Imperial Oil, and ExxonMobil fell slightly, while Chevron rose slightly.
Most popular Chinese concept stocks rose, with the Nasdaq China Golden Dragon Index up 0.98%. Miniso rose over 14%, Douyu rose over 11%, Tencent Music rose over 6%, Xiaopeng Motors rose over 5%, Huya rose over 4%, Bilibili rose nearly 4%, New Oriental and Pinduoduo rose over 2%, Baidu, Weibo, and NetEase rose over 1%, iQiyi, Manbang, and JD.com rose slightly, Vipshop fell slightly, Xiaoma Zhixing, Alibaba, and NIO fell over 1%, Futu Holdings fell over 2%, and Ideal Auto fell over 3%.
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