Source: Cailian
Financial Union, October 25 (Editor Xia Junxiong)On Friday, the three major indices reached a new record high, with the latest inflation data being moderate, and investors optimistic that the Fed can continue to maintain the interest rate cuts path, thereby boosting the U.S. economy and supporting higher valuation levels in the stock market.
As of the close, the Dow Jones index rose 1.01% to 47,207.12 points; The S&P 500 rose 0.79% to 6,791.69 points; The Nasdaq rose 1.15% to 23,204.87 points.
Data released before Friday's market showed that the U.S. consumer price index (CPI) rose by 3% year-on-year and 0.3% month-on-month in September, slightly lower than economists 'expectations of 3.1% and 0.4%; core CPI excluding food and energy rose by 3% year-on-year and 0.2% month-on-month, also lower than market expectations of 3.1% and 0.3%.
The September CPI report was originally scheduled to be released on October 15, but was delayed due to the continued shutdown of the U.S. federal government. The White House warned on Friday that inflation data may not be released next month due to the shutdown.
Following the release of CPI data, traders will further bet that the Fed will cut rates on average for the remaining two meetings this year.
According to the Fed’s interest rate observation tool, the probability of a December interest rate cuts jumped from about 91% before the data was released to 98.5%, while the probability of a next week’s interest rate cuts remained higher than 95%.
Expectations that more interest rate cuts will stimulate economic activity have helped bank stocks strengthen. JPMorgan Chase, Wells Fargo and Citigroup all rose about 2%, while Goldman Sachs and Bank of America also rose.
Lindsay Rosner, head of diversified fixed-income investments at Goldman Sachs Asset Management, said: "There is nothing in today's moderate CPI report that will upset the Fed, and we still expect the Fed meeting next week to continue to ease policy. Due to the current lack of data, the Fed has little reason to deviate from the path set by its dot plot, so the possibility of a December rate cut remains high."
The main stock index has risen for the second week in a row, with the three major indices recording an increase of about 2% this week. Over the years so far, the S&P 500 index has increased by a cumulative 15% and the S&P 500 index has increased by 20%.
Popularity Expression
Large technology stocks generally rose, Nvidia rose 2.25%, Microsoft rose 0.59%, Apple rose 1.25%, Google rose 2.70%, Amazon rose 1.41%, Meta rose 0.59%, Tesla fell 3.40%, AMD rose 7.63%, Oracle rose 1.16%, Broadcom rose 2.86%.
Most popular Chinese stocks rose. The Nasdaq China Golden Dragon Index rose 0.27%, Alibaba rose 1.63%, Jingdong rose 0.03%, Pendoduo rose 0.50%, NIO rose 0.15%, Xiaopeng Automobile rose 0.70%, Ideal Automobile fell 1.39%, Beili Bili Bili rose 1.76%, Baidu rose 1.89%, Netease fell 0.27%, Tencent Music rose 0.35%, Xiaoma Zhixing rose 3.07%, and Wenyuan Zhixing rose 5.14%.
company news
[IBM Quantum algorithms are on AMD chips, and two strands are flying together to reach a record high]
On Friday, US Eastern Time, Advanced Micro Semiconductor (AMD) and International Business Machines (IBM) both hit record highs in intraday trading. At the close, AMD was up 7.63%, and IBM was up 7.88%.
In the day, IBM executives said the company has been able to run critical quantum computational error correction algorithms on conventional chips manufactured by AMD, which is expected to be a major step on the path to commercialization of quantum supercomputers.
Jay Gambetta, head of IBM's research department, said in an interview that this result shows that IBM's algorithm can not only operate in the real world, but also run on off-the-shelf AMD chips, and the chip price is not "ridiculously expensive".
Gambetta said: “More importantly, we’ve not only achieved algorithms, but we’ve also achieved practical performance up to 10 times faster than the theoretical requirements.”
[The EU initially finds that metaverse violates the Digital Services Act or imposes heavy fines]
On October 24, local time, the European Commission stated that it had initially determined that Yuanuniverse Company violated the EU Digital Services Law. If Yuan Universe Company fails to correct the suspected violations, it will be fined up to 6% of its global turnover.
The committee noted that the platform failed to provide researchers with adequate data access, hindering an assessment of its efforts to protect users from illegal or harmful content. The European side criticized the company for setting up "overly cumbersome procedures" that resulted in incomplete or unreliable research data. The European Commission accuses Metaverse's Facebook and photo walls of failing to provide convenient reporting mechanisms for illegal content, and that users lack effective complaint channels after content is deleted or accounts are suspended. Yuan Universe denied the violation, saying it had adjusted reporting options, appeal procedures and data access tools in accordance with new EU regulations.
The investigation began last year as one of the broad implementation measures of the Digital Services Act by the EU.
[JPMorgan Chase will allow institutional clients to use Bitcoin and Ethereum as collateral]
According to reports, JPMorgan Chase Group plans to allow institutional customers to use their Bitcoin and Ethereum holdings as loan collateral by the end of this year, marking Wall Street's accelerated integration into the cryptocurrency ecosystem.
[Eli Lilly increases its layout in the field of gene therapy and bets on a genetic revolution that restores vision]
On Friday (24 October), the U.S. pharmaceutical giant announced on its website that it would acquire U.S. biotechnology company Adverum Biotechnologies, Inc. and incorporate the practical product Ixo-vec into the pipeline.
Under the tender offer, Lilly will acquire all outstanding common stock of Adverum at a price of $3.56 per share; And comes with a non-transferable "contingent value right" (CVR) of $8.91 per share-if Adverum reaches two milestones, the price per share can reach up to $12.47.
Under the terms, if Ixo-vec is approved within seven years after the transaction is completed, shareholders will receive a cash payment of up to $1.78 per share; if the therapy achieves the goal of $1 billion in global annual sales within a decade after the transaction is completed, shareholders will also receive an additional payment of up to $7.13 per share.
[Wenyuan Zhixing joins hands with Uber to open Robotaxi public operation service in Riyadh]
On October 24, local time, autonomous driving technology companies WeRide and Uber announced the opening of Robotaxi public operation services in Riyadh, the capital of Saudi Arabia. This is the first time that self-driving vehicles have launched the Uber App in Saudi Arabia. It is also an important milestone for WeRide, Uber, and Saudi Arabia. The General Transport Authority (TGA) cooperates to promote the implementation of autonomous driving.
[Jingdong Logistics: It plans to purchase 3 million robots, 1 million unmanned vehicles and 100,000 drones in the next five years]
Kyoto Logistics announced that in the next five years to purchase 3 million robots, 1 million unmanned vehicles and 100,000 unmanned aircraft, fully invested in the logistics supply chain full link scene.