道指涨近650点！甲骨文暴泻近11%拖累纳指，金银齐涨创高位

Market Overview - The Dow Jones Industrial Average and S&P 500 reached new highs, driven by cyclical stocks, while the tech sector faced pressure due to Oracle's significant drop of 10.83% [1] - The Dow closed up 646.26 points, or 1.34%, at 48,704.01, marking a record high [1] - The S&P 500 rose 0.21% to 6,901.00, also setting a new closing record, while the Nasdaq Composite fell 0.26% to 23,593.86, with the tech sector underperforming [1] - The Russell 2000 index, which tracks small-cap stocks, increased by 1.21% to 2,590.61, reaching a historical high, benefiting from lower interest rates [1] Company Performance - Oracle's stock plummeted by 10.83% after its earnings report revealed cloud business revenue fell short of expectations, raising concerns about "AI capital expenditure overheating" [2] - Major tech stocks generally declined, with Nvidia down 1.55%, Tesla down 1.0%, Broadcom down 1.60%, Google-A down 2.43%, and Apple down 0.27% [2] - In contrast, Microsoft rose by 1.08% and Meta increased by 0.40% [2] - Among Chinese stocks, Pinduoduo fell 2.87%, Alibaba dropped 1.21%, while Baidu rose 1.78% and NIO increased by 1.99% [2] Economic Indicators - The Federal Reserve lowered the policy interest rate to a range of 3.5% to 3.75%, indicating a more moderate easing phase ahead [3] - Initial jobless claims in the U.S. rose to 236,000, significantly above the expected 220,000, marking the largest weekly increase since 2020 [5] - The U.S. trade deficit narrowed to $52.8 billion, the lowest in five years, with exports increasing by 3% and imports rising by only 0.6% [5] Market Sentiment - Analysts suggest that the recent rate cut signals a more cautious approach from the Federal Reserve, with expectations for a slower pace of rate cuts in the coming year [5] - Concerns remain regarding the impact of AI capital expenditures and potential policy uncertainties with a new Federal Reserve chair [6] - The market anticipates a "Santa Claus rally," but risks are expected to increase next year, with predictions of the S&P 500 potentially retreating to 6,500 by the end of 2026 [6]