Feng Huang Wang·2025-10-24 23:21Market Overview - The three major indices reached historical closing highs due to moderate inflation data, leading investors to believe that the Federal Reserve can maintain its rate-cutting path, which supports higher valuations in the U.S. economy and stock market [1] - The Dow Jones index rose by 1.01% to 47,207.12 points, the S&P 500 index increased by 0.79% to 6,791.69 points, and the Nasdaq index climbed by 1.15% to 23,204.87 points [2] Inflation Data - The U.S. Consumer Price Index (CPI) for September rose by 3% year-on-year and 0.3% month-on-month, slightly below economists' expectations of 3.1% and 0.4% respectively; the core CPI, excluding food and energy, also fell short of expectations [6] - Following the CPI report, traders increased bets that the Federal Reserve would cut rates in its remaining meetings this year, with the probability of a December rate cut rising from approximately 91% to 98.5% [6] Stock Performance - Major bank stocks strengthened, with JPMorgan Chase, Wells Fargo, and Citigroup each rising about 2%, while Goldman Sachs and Bank of America also saw gains [6] - The S&P 500 index has increased by 15% year-to-date, and the Nasdaq has risen by 20% [6] Technology Sector - Major tech stocks saw gains, with Nvidia up 2.25%, Microsoft up 0.59%, Apple up 1.25%, Google up 2.70%, and Amazon up 1.41%; however, Tesla fell by 3.40% [7] Company News - AMD and IBM both reached historical highs, with AMD rising by 7.63% and IBM by 7.88%, following IBM's announcement that its quantum computing algorithms can run on AMD chips [8] - Morgan Stanley plans to allow institutional clients to use Bitcoin and Ethereum as collateral for loans, indicating a shift towards integrating cryptocurrencies into traditional finance [10] - Eli Lilly announced its acquisition of Adverum Biotechnologies for $3.56 per share, with potential additional payments based on the success of its experimental gene therapy product [11] - JD Logistics plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [13]