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US stocks closed | The S&PNA index turned down at the end of the session, Pinduoduo's market value briefly surpassed Ali, and fell by more than 11% after the B performance
The US GDP in the third quarter rose to the fastest in the past two years. The Federal Reserve's Beige Book confirmed that the economy and prices were slowing simultaneously. The speeches of many Fed officials deepened the market's expectations for a soft landing in the economy and interest rate cuts in the first half of next year. The NASDAQ rose 1% in the intraday period, and the US stock index hovered around a four-month high, and November will welcome its biggest increase in a year. Before Cybertruck was delivered, Tesla fell 1%, chip stocks rose, the China Commodity Index fell more than 1%, Station B fell 11%, and Meituan ADR fell 6.7%.
US banking profits declined in the third quarter FDIC says the industry faces significant downside risks
Banking profits declined in the third quarter despite a booming economy, according to data from the Federal Deposit Insurance Corporation (FDIC), the top US banking regulator.
US stocks closed | The three major indices closed slightly higher; beautiful performance helped Pinduoduo soar by 18%, and the market value hit Ali
The overall dovish speech of Fed officials reignited market expectations that the Fed had already raised interest rates. In September, US housing prices rose for eight months to a record high; in November, consumer confidence stopped falling for three months; “Cyber Monday” consumption rose nearly 10% to a new high to boost retail stocks, Walmart rose more than 1%, and “American Flower” Affirm rose more than 11%. The Dow reached a new high of nearly four months. The three major US stock indexes moved towards their best monthly gains in a year. Tesla rose 4.5%, and Microsoft reached a new high, but the China Securities Index fell 0.3% to a one-week low.
According to CME Fedwatch tool, the possibility of a Dec rate hike is zero.
This means Fed fund rate will likely remain at 5.25%-5.5%
The market will then start to forward-look and anticipate when is the next rate cut.
Don’t think we will have major surprise from the minutes
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