Zhong Guo Ji Jin Bao·2025-11-03 16:50Market Performance - US stock market showed mixed performance with the Dow Jones down by 200 points, while the Nasdaq opened high but later saw a decline, and the S&P 500 briefly turned negative [2] - The technology sector experienced a significant rise, with Amazon's stock jumping nearly 5% after signing a $38 billion deal with OpenAI to supply NVIDIA AI chips over the next seven years [3] - NVIDIA's stock rose nearly 3% following the approval of a deal allowing Microsoft to sell chips to the UAE, including advanced GB300 GPUs [3] Manufacturing Sector - US manufacturing activity contracted for the eighth consecutive month in October, with the manufacturing index falling by 0.4 points to 48.7, indicating a contraction as readings below 50 signify [4] - The output index dropped by 2.8 points to 48.2, suggesting that production has contracted in two of the last three months, while the employment index has also contracted for nine months [4] - Twelve manufacturing industries reported contraction in October, with textiles, apparel, and furniture showing the largest declines, while six industries, including basic metals and transportation equipment, reported growth [5] Federal Reserve Insights - Several Federal Reserve officials expressed concerns about inflation, with Chicago Fed President Austan Goolsbee indicating he is more worried about inflation than the labor market ahead of the December meeting [6] - Goolsbee noted that inflation has been above target for four and a half years and is trending in the wrong direction, while he believes there is still significant room for rate cuts [7] - Fed Governor Stephen Milan argued for more substantial rate cuts, stating that current monetary policy is too restrictive and that the neutral rate is far below the current policy level [8]