U.S. stocks opened lower across the board, with the Dow falling nearly 500 points

On November 3, the financial industry reported that investors weighed small non-agricultural data and company financial reports. At the same time, the Fed signaled that the benefits of slowing rate hikes were overshadowed by Powell's comments that rates could be higher than market expectations. U.S. stocks fluctuated sharply and plunged in late trading. The Dow Jones fell more than 500 points and the Nasdaq fell more than 350 points. Chinese concept stocks and anti-epidemic concept stocks bucked the market trend and strengthened. Silver, department stores, gold, and hydrogen energy fell by the limit. Boeing rose 2.81. Yum! China closed up 7.57. Audemars Piguet closed down 13.43.

As of the close, the Dow Jones index fell 506.43 points, or 1.55 points, to 32146.77 points; Standard & Poor's. The P 500 index fell 97.25 points, or 2.52 points, to 3758.85 points; the Nasdaq Composite Index fell 366.05 points, or 3.36 points, to 10524.80 points.

December gold futures on the New York Mercantile Exchange rose 30 cents to close at $1,650 an ounce. Silver futures for December delivery fell 7 cents to $19.584 per ounce, a decrease of 0.4. December palladium futures fell $26.90 to $1,850.10 an ounce, a decrease of 1.4; January platinum futures rose 40 cents, a decrease of less than 0.1 , to $950.90 per ounce. December copper futures closed at $3.4685 per pound, down 0.4.

The price of West Texas Intermediate crude oil for December delivery on the New York Mercantile Exchange rose $1.63, or 1.8%, to close at $90 a barrel. January Brent crude oil futures on the Intercontinental Exchange rose $1.51 to $96.16 a barrel, an increase of 1.6. Brent crude and West Texas Intermediate both closed at their highest levels since Oct. 10, Dow Jones Market Data showed. On the New York Mercantile Exchange, December gasoline prices rose 3.42 points to $2.6972 a gallon and December heating oil prices rose 1.54 points to $3.6774 a gallon. In December, natural gas gained 9.7 to settle at $6.268 per million British thermal units. In recent trading days, prices have fluctuated greatly. After rising nearly 12% on Monday, it fell 10.1% on Tuesday.

Popular Chinese stocks were mixed on Wednesday, with the Nasdaq Golden Dragon Index closing up nearly 1. Li rose by nearly 12, Kaixin Che rose by more than 11, technology and shopping rose by more than 10, Gaotu rose by more than 9, and Tiger Brokers rose by more than 4. Ctrip, Maverick Electric, JD.COM, and Xpeng Motors increased by more than 3, Shell, New Oriental, and Qinhuai increased by more than 2, and Futu Holdings, Autohome, Douyu, Cheetah Mobile, and Suntech increased by more than 1.

Fangduoduo fell by more than 17, Qutoutiao fell by more than 14, Kingsoft Cloud fell by more than 7, Phoenix New Media and Wenzhi Group fell by more than 6, 360 Digital Branch, Yingxi Group and Shangzhi Branch fell by 5 Above, Monster Charge and Lychee dropped by 4 and above. Man, 36Kr, Onion Group, 51Talk, Kuke Music, Mogujie fell more than 3 points; Jian'an Technology, Vipshop, Huanju Group, Dada Group, and Weilai fell more than 2 points; Huya, Alibaba, Yixian E-commerce, Tiantian Youxian, NetEase Youdao and Renren fell more than 1.

The Federal Reserve raised interest rates by 75 basis points for the fourth consecutive time, bringing the total interest rate hikes during the year to 375 basis points.

The Federal Open Market Committee announced its latest interest rate decision on Wednesday local time, announcing that it would raise the benchmark interest rate by 75 basis points to a range of 3.75-4.00, which is the highest value of the federal funds rate since January 2008. This is also the fourth consecutive 75 basis point interest rate hike by the Federal Reserve, following June, July and September this year, and the sixth rate hike by the Federal Reserve in this cycle of interest rate hikes. Since the beginning of this year, the cumulative interest rate hikes have reached 375 basis points.

Since March this year, the Federal Reserve has started this round of interest rate hikes, raising interest rates by 25, 50, 75, 75 and 75 basis points in March, May, June, July and September respectively. , five cumulative interest rate hikes of 300 basis points.

Powell officially announced a "long-term" tightening mode: reducing the pace of interest rate increases, but the terminal interest rate will be very high.

For example, the Federal Reserve market is expected to raise interest rates for the fourth consecutive time by 75 basis points, and hinted in the statement that it may slow down the pace of interest rate increases at the next meeting. At a subsequent press conference, Fed Chairman Jerome Powell pointed out that the pace of interest rate increases is likely to slow down in December this year and February next year. "It is appropriate to slow down the rate hike at some point, and the issue of reducing the rate hike may be discussed in December."

But he pointed out that the bank has not yet considered suspending the rate hike and may need to take a period of time. restrictive policy stance.

Talking about the Fed's two goals, Powell pointed out that inflation is still well above the Fed's 2 goals. Not only were the data stronger than expected, inflation expectations remain stable; the labor market is very tight and there are many job vacancies. "Lowering inflation may require determination and patience. While long-term inflation expectations have declined, the upward trend in short-term inflation expectations is very worrying and may entrench inflation."

The Fed approves another significant interest rate hike , but also hinted at a strategy to slow down interest rate hikes.

The seemingly dovish language of the Fed statement initially boosted stocks, but after Fed Chairman Jerome Powell delivered hawkish remarks at a press conference after the rate hike, Stocks turned lower. The Fed unanimously agreed to raise interest rates by 0.75 percentage points to a range of 3.75-4, the highest level in 15 years.

In the new language, the Fed expects to continue to raise interest rates further "until they are sufficiently restrictive" and return inflation to 2 "over time." The Fed also said it would "take into account cumulative tightening of monetary policy, the lagged impact of monetary policy on economic activity and inflation, and lagging economic and financial developments."

The Fed's recent rate hikes will help to curb inflation.

On Wednesday local time, the Federal Reserve raised interest rates by 75 basis points as scheduled. White House spokesperson Karine Jean-Pierre expressed confidence. She said in her speech, "I believe the Federal Reserve's fourth rate hike of 75 basis points will help reduce inflation. This is part of our transition to stability and steady growth."

Federal Reserve Policy Rate Federal Funds The target range for interest rates was raised from 3.00 to 3.25 to 3.75 to 4.00. This is the fourth consecutive 75 basis point rate hike by the Federal Reserve. So far, the Federal Reserve has raised interest rates six times in a row since January this year, and since June has maintained the largest single rate increase since November 1994. Different from previous statements, this time the Fed stated that in order to judge the pace of future interest rate increases, it will consider the cumulative degree of tightening of monetary policy, the lag of monetary policy affecting economic activity and inflation, and changes in the economic and financial situation.

The Fed is hinting that its aggressive interest rate hikes to curb inflation may be coming to an end, the commentary said.

U.S. President Joe Biden said last month that the United States may experience a recession, but any recession would be "very mild" and that the U.S. economy was resilient enough to withstand the turmoil. Biden has also "passed the blame" for the sharp decline in the U.S. economy to the Federal Reserve. For example, in July this year, after the United States released GDP data indicating that it had entered a technical recession, Biden, who had long expected it, said that the U.S. economy had experienced historic growth last year, and private sector employment had regained all the ground lost during the epidemic. With the Federal Reserve taking action to reduce inflation, it's no surprise that the economy is slowing down.

The U.S. Treasury Department continues to evaluate bond repurchases to improve liquidity

The U.S. Treasury Department said on Wednesday that it will continue to evaluate whether or how to implement a plan to repurchase some existing Treasury securities. Part of the effort is to improve liquidity in the Treasury market. Earlier, liquidity in the world's largest bond market deteriorated this year, in part due to heightened market volatility as the Federal Reserve rapidly raised interest rates to tame inflation.

The Fed, which bought bonds to stimulate the economy during the coronavirus pandemic, is now shrinking its balance sheet and letting bonds mature without buying them again, a move that investors worry will exacerbate price volatility. .

One primary dealer said buying back expired bonds would be a natural step to support liquidity, and he welcomed the plans as a sign of the Treasury's commitment to ensuring markets function properly. Another primary dealer said that the Treasury Department will proceed carefully and the market will not want the Treasury Department to intervene in the Treasury market in any unpredictable way.

What will be the next trend in the market after the Federal Reserve raises interest rates significantly for the fourth consecutive time?

After the Federal Reserve raises interest rates for the fourth and possibly final time by a substantial 75 basis points, what will happen next for the market? Well, there are quite a few actually.

The sometimes tumultuous third-quarter earnings season isn't over yet. A slew of economic data will be released in the coming weeks, including key figures on inflation and the jobs market. In addition, the U.S. midterm elections may cause the Democratic Party to lose control of both houses of Congress.

Greenspan: The dollar will still be strong next year, even if the Fed does not raise interest rates.

Former Federal Reserve Chairman Greenspan predicts that even if the Fed slows down or stops its current interest rate hikes, , the US dollar will still get "boost" next year. Greenspan, now senior economic adviser at Advisors Capital Management, commented: "Even if inflation peaks in the first half of 2023, as some forecasters expect, and the Fed slows or even stops raising interest rates, monetary policy will still be a tailwind for the dollar. ".

Greenspan said that the Federal Reserve's interest rate hike trajectory is steeper than that of many other countries, which has been an upward momentum for the dollar. Greenspan believes that the main factor supporting the strength of the U.S. dollar in the future may be the Federal Reserve's actions to reduce its balance sheet. In addition, the supply of U.S. dollars is expected to steadily decline, which will also help increase the value of the U.S. dollar.

Bank of America: U.S. stocks still face risks despite strong seasonality

U.S. stocks typically end each year on a strong note, and as 2023 draws to a close, it appears that is a good sign, but Bank of America strategists warned that risks remain and there are few signs of a bear market bottom.

Strategists led by Savita Subramanian said the S&P 500's total return in October was 8.1%, its best October performance since 2015. Even so, strategists remain unconvinced that U.S. stocks have hit a bottom. After the latest rally, equity risk premiums - the excess returns investors receive relative to the risk-free rate - fell to four-year lows. Historically, the index has risen an average of 2.5% during U.S. recessions, suggesting that despite concerns about a recession, there is little pricing in earnings risk.

Market analysis: The Fed is still far away from cutting interest rates

The debate over the pace of the Fed's rate hikes may obscure a more important question, which is how high interest rates will eventually rise. Many investors this year have been eager to interpret signs of a slowdown in interest rate hikes as "signs that a pause in rate hikes is not far away," but continued market gains could undo the Fed's efforts to slow the economy. Kathy Bostjancic, chief economist at Nationwide Insurance Company, said the Fed faces a series of potential shifts in its policy path, any one of which could be called a "pivot."

First, officials must decide when to slow the pace of interest rate increases. Second, they must decide when to stop raising interest rates altogether. Third, if the economy slows down significantly, they may face a decision on when to cut interest rates. The problem for the Fed is that many stock investors think this is a one-step from the first point to the last point, and we are still a long way from the Fed cutting interest rates.

Wall Street is becoming more pessimistic about U.S. corporate earnings prospects

Wall Street has finally given up its optimistic forecasts for corporate earnings in the next few years. For some investors, analysts' earnings forecasts for U.S. stocks remain elusive, suggesting battered stocks are still on their way to nearing a bottom.

Data show that profit forecasts for U.S. stocks in 2023 have fallen for six consecutive weeks, and profit forecasts for S&P 500 index companies fell by 3% to $233 per share.

Wall Street's earnings forecasts for 2024 S&P 500 companies have fallen even further: they have fallen for 19 consecutive weeks, down about 6% since mid-June to $253 per share.

Apple has been revealed to have initiated a "recruitment freeze period" that may last until September next year

Apple has suspended job recruitment in almost all departments. Sources said employees across departments have been told that the company will not be hiring new employees for several months, and that this may not end until September 2023, which is the end of fiscal year 2023.

A second source with knowledge of internal conversations among senior executives also said the company was indeed going through a "hiring freeze." A third source who is trying to get into Apple's senior management said that multiple company executives told him that "the budget is under review."

Trump is in doubt? Musk: Banned Twitter users will not be able to return in the short term

Twitter’s new boss Elon Musk said that users who were banned from Twitter for violating the rules (including former US President Trump) including Trump) will not be able to return to the social media platform for at least the next few weeks.

Musk said the move would give Twitter enough time to establish a process to determine when and how banned users can return. Musk has previously stated that he does not endorse a permanent ban and claimed that Twitter's decision to permanently ban Trump's account was a wrong decision.

Shortly after the acquisition of Twitter was officially completed last week, Musk proposed the idea of ??establishing a content review committee. He said at the end of last month that Twitter would not restore accounts before the committee was established. Make any decision.

Robinhood shares rose after financial report showed lower-than-expected losses

Robinhood Markets reported third-quarter earnings on Wednesday that exceeded analysts' expectations, and its shares rose 4.6% after the report.

Robinhood has struggled this year as stocks fell and riskier assets performed particularly poorly as meme stock trading and cryptocurrency growth soared in 2021. Its shares are down 38% in 2023. The company provided some optimistic news on Wednesday. Robinhood had revenue of $361 million in the quarter and a loss of 20 cents per share, higher than the expected loss of 31 cents and slightly lower than the expected revenue of $362 million. The stocks and crypto platform ended the quarter by adding 60,000 accounts to 22.9 million, essentially in line with estimates of 22.95 million.

Booking rises on strong earnings and positive travel outlook

Online travel agency Booking Holdings announced better-than-expected third-quarter results and expressed confidence in its own performance and the overall travel industry in the fourth quarter. The company's shares rose late Wednesday after the company made encouraging comments about its outlook.

Booking reported third-quarter revenue of US$6.1 billion, an increase of 29% from the same period last year and higher than Wall Street’s consensus estimate of US$5.92 billion. On an adjusted basis, the parent company of Priceline, Kayak, OpenTable and other online services earned $2.1 billion, or $53.03 a share, up 41% from a year earlier and above Wall Street's consensus estimate of $49.85 a share. . According to generally accepted accounting principles, Booking's net profit was US$1.7 billion, or US$41.98 per share, an increase of 126% from the same period last year.

Travel bookings were $32.1 billion, up 36%, or 52% currency-adjusted, reflecting the larger-than-expected impact of a stronger U.S. dollar. (The company had previously forecast a 12-percentage-point hit to growth this year.) The number of room nights booked was up 31% from a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) were $2.7 billion, up 26%, much better than the 15% growth the company had forecast and significantly higher than the $1.1 billion in the June quarter.

MGM shares plummet after earnings miss expectations

MGM reported an adjusted loss of $1.39 per share, down from $0.30 in the same period last year and lower than analysts. Forecast profit of $0.26. Revenue rose to $3.4 billion from $2.7 billion in the same period in 2021, beating Wall Street expectations of $3.2 billion.

The reason for the loss appears to be “changes in the useful life of MGM’s gaming subconcessions due to new gaming laws and related changes in Macau, coupled with the US$2.3 billion net gain from the merger of CityCenter in the previous quarter, and increased non-cash amortization charges of $1.2 billion," resulting in an operating loss of $1 billion. However, the company highlighted its performance in Las Vegas, where net revenue hit a record $2.3 billion and same-store net revenue, which excludes sales from recent acquisitions, rose to $1.6 billion from $1.4 billion last year. .

The poor outlook points to an oversupply of chips. Qualcomm shares fell more than 7%

Although sales of mobile phone chips rose 40% year-on-year to $6.57 billion, exceeding Wall Street expectations of $6.55 billion, The company's forecast shows that Qualcomm is severely overstocked in its CDMA technology unit, which includes mobile phone and radio frequency chips, as well as automotive and Internet of Things chips. Qualcomm expects QCT business sales to reach US$7.7 billion-8.3 billion, and QTL business sales to reach US$1.45 billion-1.65 billion. Analysts had expected QCT revenue to be US$10.42 billion and QTL revenue to be US$1.71 billion.

Qualcomm announced QCT revenue in the fourth quarter of US$9.9 billion, an increase of 28% from the same period last year. Analysts had estimated revenue of $9.84 billion, ranging from $9.5 billion to $10.1 billion. Fourth-quarter RF front-end sales fell 20% to $992 million, missing Wall Street expectations of $1.05 billion. Automotive chip sales surged 58% to $427 million, and Internet of Things sales rose 24% to $1.92 billion. Meanwhile, Wall Street expects auto sales of $362.4 million and IoT sales of $1.82 billion. QTL business revenue fell 8% to $1.44 billion, while Wall Street had expected QTL business revenue of $1.45 billion to $1.65 billion and had previously expected QTL business revenue of $1.58 billion.

The company announced a fourth-quarter net profit of US$2.87 billion, or US$2.54 per share, compared with US$2.8 billion in the same period last year, or US$2.45 per share. Intel reported adjusted earnings per share of $3.13, compared with $2.55 a year earlier. The earnings exclude stock-based compensation expenses and other items. Total revenue in the third quarter increased to US$11.4 billion from US$9.34 billion in the same period last year.

Morgan Stanley: Maintain the overweight rating of Li Auto. October sales were in line with expectations.

Morgan Stanley issued a report stating that Li Auto’s October sales were in line with market expectations, confirming that the company’s zero-month sales were in line with expectations. Despite the continued shortage of parts, we still have the ability to execute production and delivery. The target price is $35 and the rating is Overweight. The report pointed out that the delivery volume of L9 models hovered around 10,000 units for the second consecutive month, which should alleviate market concerns about slowing demand for L9 models. Together with the contribution of L8 models, it will help support November and December. room for sales growth.

The net profit of the First High School Education Group in the first three quarters of 2023 was 50.98 million yuan, a year-on-year increase of 95.3%

The First High School Education Group announced the first three quarters of 2023 (as of 2023 Unaudited financial results before September 30). The company's total revenue in the first three quarters of 2023 was RMB 274.21 million (USD 38.55 million), compared with RMB 272.75 million (the same below) in the same period of 2021, a year-on-year increase of 0.5%. Net profit in the first three quarters of 2023 was 50.98 million yuan (US$7.17 million), compared with net profit of 26.1 million yuan in the same period of 2021, a year-on-year increase of 95.3%.

This article originates from related questions and answers in the financial world: What time does the stock market end? The trading hours of the stock market are from 9:30 to 11:30 in the morning from Monday to Friday, and 13:00 in the afternoon. --15:00. Call bidding refers to a one-time centralized bidding method for buying and selling orders received within a period of time. For example, the Shanghai and Shenzhen open call auctions are from 9:15 to 9:25 and from 14:57 to 15:00. : The Chinese stock market is the stock market of the People's Republic of China. It started as a pilot project in 1989 and was established based on the concept of launching if the trial goes well and stopping if the trial fails. Therefore, in the stock market operations before 1995, the biggest negative news was usually the news that China's stock market pilot program would be suspended or the stock market would be closed. Later, affected by the "3.27 Treasury Bond Futures Incident", China's futures market underwent a comprehensive rectification in 1995, and China's stock market became the target of support. Only then did the stock market usher in real benefits and enter a period of great development. Characteristics of the stock market: 1. The biggest characteristic of the Chinese stock market is that state-owned shares and legal person shares promise not to be tradable when they are listed. Therefore, only tradable shares of each stock are traded in the market according to the stock price. However, the index is weighted based on the total share capital, thus forming a trading gap. The characteristics of "controlling more with less". For example, the most obvious ones are Northeast Electric and Jilin Chemical before 1997. Since their total share capital was large and the number of circulating shares was small, only a small amount of funds were used to affect these two stocks, which could form partial control of the index. 2. After 2001, the China Securities Regulatory Commission gradually proposed to solve the problem of the non-tradable state-owned shares and to revitalize state-owned assets. It has introduced some plans. However, because in the initial listing and issuance stage, circulating shareholders purchased circulating shares at an ultra-high price-to-earnings ratio, and these plans introduced have more or less harmed the interests of circulating shareholders, so the market has reduced its holdings of state-owned shares in the name of a bearish trend. market response to reforms. Later, under pressure from the market, the China Securities Regulatory Commission announced the suspension of the reform of "reducing state-owned shares". 3. However, in 2005, the China Securities Regulatory Commission once again proposed the "share-trading reform", whose essence was still the reduction of state-owned shares. The difference is that this reform aimed at eliminating share-trading and even included the circulation of legal person shares. , which caused great disapproval in the market. The market's differences on the split-share structure reform are still huge. Therefore, in 2011, the Chinese stock market entered a big bear market, which can be called the bearest in the world. It fell all the way to the starting point of 2228 points a few years ago.