Economic Indicators - The Bureau of Labor Statistics (BLS) canceled the October consumer price report and will release the November report on December 18, while the October employment report will be included in the November report scheduled for December 16 [1] - The US November MNI Chicago PMI fell by 7.5 points to 36.3, marking the steepest contraction in 17 months and significantly below expectations of 43.6 [1][6] - US September capital goods new orders, excluding defense and aircraft, rose by 0.9% month-over-month, surpassing expectations of 0.3% [2] - Weekly initial unemployment claims unexpectedly fell by 6,000 to a 7-month low of 216,000, indicating a stronger labor market than the anticipated increase to 225,000 [2] Stock Market Performance - The S&P 500 Index rose by 0.49%, the Dow Jones Industrials Index increased by 0.51%, and the Nasdaq 100 Index was up by 0.54% [7] - Strength in semiconductor stocks contributed to market gains, with notable increases in companies like ASML Holding NV and Marvell Technology [12] - Optimism regarding a potential Federal Reserve rate cut is boosting stock prices, with the probability of a rate cut at the December FOMC meeting rising to 81% from 30% [5][7] Corporate Earnings - Q3 earnings for S&P 500 companies showed a 14.6% increase, more than doubling the expected 7.2% year-over-year growth, with 83% of companies exceeding forecasts [8] - Urban Outfitters reported Q3 net sales of $1.53 billion, exceeding the consensus of $1.49 billion, leading to a stock increase of over 12% [13] - Dell Technologies raised its 2026 revenue forecast to $112.2 billion, up from a previous estimate of $105 billion to $109 billion, which was stronger than the consensus of $107.94 billion [14] Company-Specific Developments - Boeing secured a $2.47 billion contract from the US Air Force for additional KC-46A Pegasus tankers, contributing to a stock increase of over 2% [15] - Nutanix's stock fell by more than 17% after reporting Q1 revenue of $670.6 million, which was below the consensus of $676.6 million [17] - Oracle's stock rose by more than 4% as analysts noted that the benefits of OpenAI have not yet been priced into the stock [14]

Market Overview - U.S. stock futures rose on Wednesday following Tuesday's gains, with major benchmark indices showing positive movement [1] - The three-day winning streak occurs in a holiday-shortened week, with markets closed on Thursday and open until 1:00 p.m. ET on Friday [1] - Traders are pricing in an 84.9% likelihood of a Federal Reserve interest rate cut in December, influenced by dovish central bank guidance [2] Stock Performance - Dell Technologies Inc. (NYSE:DELL) increased by 4.94% after reporting mixed Q3 results and raising its full-year revenue outlook to $111.2 billion to $112.2 billion, up from $105 billion to $109 billion [7] - HP Inc. (NYSE:HPQ) fell by 5.67% despite better-than-expected Q4 earnings, due to announced layoffs and weak forward guidance [7] - Autodesk Inc. (NASDAQ:ADSK) rose by 7% after beating Q3 earnings and revenue expectations, guiding for full-year revenue of $7.15 billion to $7.17 billion and adjusted earnings of $10.18 to $10.25 per share [7] - Zscaler Inc. (NASDAQ:ZS) dropped 7.15% despite beating analyst estimates and raising its fiscal 2026 outlook [14] - Uber Technologies Inc. (NYSE:UBER) was up 0.73% after launching Level 4 fully driverless Robotaxi operations in Abu Dhabi [14] Sector Performance - Communication services, health care, and consumer discretionary sectors recorded the largest gains on Tuesday, contributing to the positive performance of the S&P 500 [9] - The Nasdaq Composite rose by 0.67%, S&P 500 by 0.91%, Dow Jones by 1.43%, and Russell 2000 by 2.14% [10] Economic Indicators - Initial jobless claims data for the week ending Nov. 22 and September's durable-goods orders data will be released on Wednesday [15]

Core Insights - Retail sales in the U.S. slowed in September, indicating a potential waning of consumer momentum as the economy heads into the fourth quarter [2][7] - The slowdown in retail sales could influence the Federal Reserve's decision on interest rates, with some economists suggesting it may lead to a rate cut in December [3][4] Economic Implications - Cooling consumer spending may signal a broader economic slowdown, which could affect growth prospects and the Fed's next interest rate decision [3][4] - The weaker retail sales report may indicate a drag on the economy, potentially leading to weaker third-quarter GDP results [8] Consumer Behavior - Certain retail categories, such as healthcare, furniture, and dining, saw sales increases, while categories like sporting goods, clothing, electronics, and online retail experienced declines compared to August [5] - Financial pressures on middle- and lower-income households are leading consumers to become more value-based shoppers [6] Federal Reserve Considerations - Federal Reserve officials are divided on whether to cut rates, with some citing high inflation as a reason to maintain current rates, while others point to a softening job market as justification for cuts [4] - The data released in September, which was delayed due to a government shutdown, provided clearer insights into the economy for Fed officials [2][7]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - In the short - term, with the ongoing debate about the Fed's December rate cut, precious metal prices are likely to maintain high - level volatility. It is recommended to focus on the economic data released by the US. The strategy is to buy on dips or sell out - of - the - money put options. - In the long - term, as the Fed remains in the rate - cut cycle, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, the credit risk of the US dollar will increase. With the continued gold purchases by global central banks, the long - term center of gold prices is likely to continue to rise. Long - term investors are advised to allocate by buying on dips [4]. 3. Summary by Related Content Price Tracking - **Precious Metal Prices**: On November 24, 2025, compared with November 21, London Gold Spot was at $4054.27/ounce (up 0.6%), London Silver Spot was at $49.88/ounce (up 1.0%), COMEX Gold was at $4050.80/ounce (up 0.6%), COMEX Silver was at $49.52/ounce (up 1.2%), AU2512 was at 927.36 yuan/gram (up 0.4%), AG2512 was at 11810 yuan/kg (up 1.0%), AU (T + D) was at 926.00 yuan/gram (up 0.4%), and AG (T + D) was at 11803 yuan/kg (up 1.0%) [3]. - **Price Spreads/Ratios**: From November 21 to November 24, 2025, the spread of gold TD - SHFE active price decreased by 34.3%, the spread of silver TD - SHFE active price decreased by 36.4%, the spread of gold TD - London decreased by 28.2%, the spread of silver TD - London increased by 0.1%, the SHFE gold - silver ratio decreased by 0.6%, the COMEX gold - silver ratio decreased by 0.6%, the spread of AU2602 - 2512 increased by 0.7%, and the spread of AG2602 - 2512 decreased by 87.5% [3]. Position Data - As of November 21, 2025, compared with November 20, the gold ETF - SPDR was 1040.57 tons (up 0.11%), the silver ETF - SLV was 15257.9153 tons (up 0.07%), the non - commercial long positions of COMEX gold decreased by 5.65%, the non - commercial short positions increased by 4.47%, the non - commercial net long positions decreased by 8.28%, the non - commercial long positions of COMEX silver decreased by 3.42%, the non - commercial short positions increased by 5.55%, and the non - commercial net long positions decreased by 7.08% [3]. Inventory Data - On November 24, 2025, compared with November 21, the SHFE gold inventory was 90426.00 kg (unchanged), the SHFE silver inventory was 532299.00 kg (up 2.51%). From November 21 to November 20, the COMEX gold inventory decreased by 0.47% to 36764181 troy ounces, and the COMEX silver inventory decreased by 0.26% to 460702562 troy ounces [3]. Other Market Data - From November 21 to November 24, 2025, the US dollar index decreased by 0.04% to 100.15, the 10 - year US Treasury yield decreased by 0.98% to 3.51%, the 2 - year US Treasury yield decreased by 11.32% to 4.06%, the US dollar/Chinese yuan central parity rate decreased by 0.07% to 7.08, the VIX decreased by 1.13% to 23.43, the S&P 500 increased by 0.98% to 6602.99, and NYMEX crude oil decreased by 1.33% to 57.98 [4]. Market Analysis - **Market Review**: On November 24, the main contract of Shanghai gold futures closed down 0.52% to 930.32 yuan/gram, and the main contract of Shanghai silver futures closed down 1.14% to 11808 yuan/kg [4]. - **Influencing Factors**: Fed officials soothed the market, saying that further rate cuts were expected in the future, and the expectation of a December rate cut rebounded, supporting precious metal prices. However, the Russian central bank's sale of physical gold, the US' 28 - point plan, and the joint statement of the US and Ukraine may ease the geopolitical tensions between Russia and Ukraine, suppressing precious metal prices. For silver, in addition to its absolute price following the gold price trend, the tight domestic spot market may limit the downside space of silver prices, and the futures term structure may be maintained after turning into a B - structure [4].

Core Viewpoint - Cryptocurrency investors are increasingly betting on a potential interest rate cut by the Federal Reserve in December, with significant shifts in prediction market odds indicating strong expectations for a 25 basis point reduction [1][2][4]. Group 1: Prediction Market Insights - The odds of a 25 basis point cut rose to 81% on Polymarket, up from 67% the previous day and 44% a week prior [2]. - The likelihood of rates remaining unchanged decreased from 30% to 18% within 24 hours [2]. - Over $159 million has been wagered on the outcome, with the next Federal Open Market Committee meeting scheduled for December 10 [3]. Group 2: Market Reactions - The increase in odds for a rate cut followed dovish comments from Federal Reserve officials, which positively impacted stock and cryptocurrency markets, including a rise in Bitcoin prices [5]. - Goldman Sachs' chief economist suggested that the delayed September jobs report may have solidified expectations for a 25 basis point cut at the upcoming FOMC meeting [5]. - Notable investor Bill Gross also forecasted a rate cut next month, aligning with the overall market sentiment [5].

Market Overview - The bull market has reached its three-year anniversary, historically a positive milestone, with past occurrences suggesting an average continuation of eight more years of growth [2][3] - In previous instances, the shortest duration of continued growth after reaching this milestone was five years, indicating potential for at least two more years of upward movement [2] Investment Risks - Key risks include Federal Reserve actions regarding interest rates, US-China trade policy, and current stretched valuations in the market [5][6] - Concerns about an AI bubble bursting are considered misplaced, with a focus on the potential for significant returns from the AI revolution [4][5] AI Infrastructure Investment - Significant investment in AI infrastructure is projected, with estimates of $3 to $4 trillion by the end of the decade, up from approximately $700 billion currently [8][9] - The focus for investors should be on infrastructure-related companies, such as those providing data center solutions and power supply, rather than solely on AI algorithms and software [10][13] Stock Performance and Selection - Recent stock performance shows divergence among major tech companies, indicating that investors are becoming selective in their choices [11] - The AI revolution is expected to be a long-term journey with more losers than winners, emphasizing the importance of careful investment strategies [12] Future Investment Themes - Investment themes for 2025-2026 should focus on sectors experiencing significant spending, particularly in AI infrastructure and power solutions [18][19] - Companies like Vertiv, which provide cooling solutions for data centers, and Nextera Energy, which operates nuclear power plants, are highlighted as potential investment opportunities [18][19] Defense Sector Outlook - The aerospace and defense sector is anticipated to see trillions of dollars in spending globally, with unmanned autonomous aircraft being a key area of interest [20]

Key TakeawaysMajor U.S. stock indices closed significantly higher on Monday, November 24, 2025, with the Nasdaq Composite leading the charge, gaining 2.70% to close at 22,873.56. The S&P 500 rose 1.57% to 6,706.71, and the Dow Jones Industrial Average advanced 0.42% to 46,440.93.Bitcoin is struggling to recover, trading near $88,000 amidst a weak broader crypto market, rising downside bets, negative funding rates, and heavy losses from short-term holders.The EU rejected a U.S. demand to ease tech rules in e ...

声明称，尽管通胀压力有所减弱，未来仍存在潜在上行风险，包括地区局势变化、需求回升快于供应恢 复，以及财政支出走向等因素。 有分析称，过去两年中，受新一轮巴以大规模冲突影响，以色列企业和家庭普遍反映借贷成本沉重。政 府内部也多次向央行施压，要求尽快降息以缓解民众偿付压力。 来源：央视新闻客户端 以色列央行当地时间24日宣布，将基准利率下调25个基点，从4.5%降至4.25%，这是该行近两年来首次 降息，上一次是2024年1月。 以色列央行在声明中表示，随着以色列与哈马斯达成停火协议，国内经济活动在今年第三季度出现明显 回升，通胀压力持续缓解。以色列10月年通胀率保持在2.5%，连续数月处于政府设定的1%至3%目标区 间内。 ...

Asian stocks were down this morning and Europe was flat, but investors in U.S. equities were ignoring all that in renewed hopes that the U.S. Federal Reserve will cut interest rates in December, thus fueling asset markets with a new round of cheaper money. Nasdaq 100 futures were up 0.46% this morning, premarket. S&P 500 futures were up 0.25%, after the index closed up 0.98% on Friday. Last week, Wall Street seemed to have decided that a December cut was off the table. On Wednesday, the CME Fedwatch futur ...

Core Insights - Rocket Companies Inc. (NYSE:RKT) experienced a significant stock price increase of 7.85% to close at $17.44, driven by renewed investor optimism regarding potential interest rate cuts [1][3] - The broader real estate sector, which is sensitive to interest rate fluctuations, also showed positive sentiment following comments from Federal Reserve officials about possible adjustments to the federal funds rate [2][3] Financial Performance - Rocket Companies reported a substantial improvement in its third-quarter earnings, with net losses narrowing by 74% to $124 million from $481 million year-on-year [4] - Revenues for Rocket Companies surged by 148% to $1.605 billion, up from $647 million in the same period last year [4] Market Context - The next Federal Open Market Committee meeting is scheduled for December 9 and 10, where interest rate decisions will be discussed, influencing market expectations [4]