On December 5th local time, the three major US stock indices collectively closed down. The Dow Jones Industrial Average fell 0.55%, the Nasdaq fell 0.18%, and the S&P 500 index fell 0.19%.
Tesla rose 3.23% to $369.49, setting a new high since April 2022. Its latest market value was $1.2 trillion, and its market value increased by $37.1 billion overnight (approximately RMB 269.4 billion). Bank of America has raised Tesla's target price from $350 to $400.
Chip stocks generally fell, with Intel and Microchip Technology falling more than 5%, Micron Technology, NXP, Arm Holdings falling more than 2%, and AMD falling nearly 2%.
Bitcoin plummeted sharply, dropping below $90000 at one point and now trading at $93000, a drop of nearly 8% for the day.
Cryptocurrency concept stocks fell, Bit Digital fell over 9%, MicroStrategy fell nearly 5%, and Coinbase fell over 3%.
In terms of Chinese assets, the Nasdaq China Golden Dragon Index closed up 0.42%, with popular Chinese concept stocks experiencing mixed performance. JD.com and Baidu have risen by over 1%, iQiyi has fallen by over 2%, and Xiaopeng Motors and TAL Education have fallen by over 1%.
International oil prices closed slightly lower. WTI January crude oil futures closed down $0.24, or 0.35%, at $68.30 per barrel. Brent crude oil futures for February closed down $0.22, or 0.30%, at $72.09 per barrel. NYMEX's January natural gas futures closed up 1.18% at $3.0790 per million British thermal units.
The heavyweight data for the United States has been released. On the evening of December 5th Beijing time, data released by the US Department of Labor showed that 224000 people applied for unemployment benefits for the first time in the week of November 30th, higher than the expected 215000 people and 213000 people higher than the previous value.
As of the week of November 23rd, the number of people who renewed their unemployment benefits decreased by 25000 to 1.87 million.
According to Challenger, Gray& According to a report released by Christmas, US employers saw an increase in layoffs in November, with more severe layoffs in the technology and automotive industries.
According to securities firms in China, analysis suggests that weekly data often fluctuates significantly before and after holidays. Prior to the recent increase, the number of first-time applicants for unemployment benefits had been relatively stable recently.
According to the schedule, this Friday, the US Bureau of Labor Statistics will release its non farm payroll report for November. A Reuters survey shows that non farm jobs may increase by 200000 in November, up from 12000 in October.
Goldman Sachs stated that the upcoming non farm payroll report will be a key event affecting market trends. Investors will evaluate the future direction of the economy based on different employment data results, especially on whether the Federal Reserve will continue to cut interest rates.
John Flood, Head of Global Banking and Markets Americas Equity Sales and Trading at Goldman Sachs, has warned that if employment growth exceeds 275000, the stock market could experience a decline as unexpectedly strong employment data will keep the Federal Reserve cautious at its December meeting and may adopt a wait-and-see attitude in 2025.
According to Goldman Sachs' analysis, the ideal employment growth rate is between 150000 and 200000, which could lead to a 0.5% to 1% increase in the S&P 500 index. However, Goldman Sachs' official forecast is 235000 new job opportunities, which means the stock market may face some selling pressure.
Currently, Wall Street analysts generally predict that the Federal Reserve will initiate its third interest rate cut since September this month. According to CME's "Federal Reserve Watch", the probability of the Fed keeping current interest rates unchanged until December is 22.5%, and the probability of a cumulative 25 basis point rate cut is 77.5%.
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