Core Viewpoint - The major U.S. stock indexes experienced declines, with the Dow falling 494 points, or 1%, indicating a negative trend in the market despite being on track for a ninth consecutive month of gains [1] Group 1: Market Performance - The Dow Jones Industrial Average decreased by 494 points, representing a 1% drop [1] - The S&P 500 index fell by 0.8% [1] - The Nasdaq Composite index declined by 1.1% [1] Group 2: Trends - The Dow is on pace to achieve its ninth consecutive month of gains, according to Dow Jones Market Data [1] - Despite the monthly gains, the Dow is also on track for a third consecutive week of declines, marking the longest such stretch since December 2024 [1]

Stocks Flat After Fed Keeps Rates SteadyCONCLUDED[Stock Market News From Jan. 28, 2026: S&P 500 Breaks Win Streak]Last Updated:---Updated 5 hours ago# Stocks Flat After Fed Keeps Rates SteadyBy[Connor Smith]Stocks were flat on Wednesday after the Federal Reserve kept interest rates steady at its January meeting.The Federal Open Market Committee maintained a target range for the federal-funds rate of 3.5% to 3.75%. The central bank lowered interest rates by a quarter-point in each of the past three meetings. ...

Market Performance - U.S. stocks experienced an upward trend, with the Nasdaq Composite increasing by over 150 points on Monday [1] - The Dow Jones Industrial Average rose by 0.36% to 49,276.58, while the Nasdaq gained 0.77% to 23,682.70, and the S&P 500 increased by 0.64% to 6,959.60 [1] Sector Performance - Communication services stocks saw a gain of 1.8% on Monday [1] - Consumer discretionary stocks experienced a decline of 0.3% [1] Economic Indicators - U.S. durable-goods orders increased by 5.3% month-over-month in November, following a revised 2.1% decline in October, surpassing market expectations of a 3.7% increase [2][10] Commodity Prices - Oil prices decreased by 0.4% to $60.85, while gold prices rose by 2.2% to $5,087.80 [5] - Silver prices surged by 12.8% to $114.325, and copper prices increased by 0.8% to $5.994 [5] European Market Performance - European shares showed mixed results, with the eurozone's STOXX 600 rising by 0.20% and Spain's IBEX 35 Index increasing by 0.78% [6] Asian Market Performance - Asian markets closed mixed, with Japan's Nikkei falling by 1.79%, while Hong Kong's Hang Seng Index gained 0.06% and China's Shanghai Composite declined by 0.09% [7] Company-Specific Movements - Battalion Oil Corp shares surged by 235% to $4.29 after changing its gas processing partner and increasing production [9] - Brand Engagement Network Inc shares rose by 105% to $33.72 following a strategic partnership announcement [9] - Lands' End Inc shares increased by 40% to $19.72 after announcing a joint venture with WHP Global [9] - Revolution Medicines Inc shares dropped by 17% to $97.92 after reports indicated that Merck is no longer pursuing an acquisition [9] - CN ENERGY GROUP Inc shares fell by 43% to $0.46 due to a Nasdaq delisting determination [9] - Satellogic Inc shares decreased by 14% to $4.51 after announcing a $35 million registered direct offering of common stock [9]

Core Insights - The article discusses the significant rise in gold prices, projecting it could reach $5,000 per ounce, driven by various economic factors and market dynamics [1] - Natural gas prices are experiencing a substantial increase, attributed to supply constraints and heightened demand, indicating a volatile energy market [1] Group 1: Gold Market - Gold is projected to reach $5,000 per ounce, reflecting a bullish sentiment among investors [1] - Factors contributing to the rise in gold prices include inflation concerns, geopolitical tensions, and a weakening dollar [1] - The demand for gold as a safe-haven asset is expected to increase, particularly in uncertain economic conditions [1] Group 2: Natural Gas Market - Natural gas prices are described as "on fire," indicating a sharp increase in value due to supply shortages and increased consumption [1] - The article highlights that the energy sector is facing challenges, including production limitations and rising global demand [1] - Analysts suggest that the volatility in natural gas prices could impact various industries reliant on this energy source [1]

Global Asset Market Performance - The latest yields of 10-year government bonds in major economies: US 4.226%, UK 4.511%, France 3.493%, Germany 2.905%, Italy 3.512%, Spain 3.270%, Switzerland 0.278%, Greece 3.506%, Japan 2.248%, Brazil 6.208%, China 1.825%, South Korea 3.603%, Australia 4.818%, New Zealand 4.589% [3] - The latest yields of 2-year government bonds in major economies: US 3.595%, UK 3.722%, Germany 2.127%, Japan 1.240%, Italy 2.205%, China (1Y yield) 1.273%, South Korea 2.924%, Australia 4.183% [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.286, South Africa (zar) 16.127, South Korean won 1464.000, Thai baht 31.195, Malaysian ringgit 4.007 [3] - The latest exchange rates of the RMB: on - shore RMB 6.963, off - shore RMB 6.949, RMB central parity rate 6.993, RMB 12 - month NDF 6.817 [3] - The latest values of major economies' stock indices: S&P 500 6915.610, Dow Jones Industrial Average 49098.710, Nasdaq 23501.240, Mexican stock index 68195.150, UK stock index 10143.440, France CAC 8143.050, Germany DAX 24900.710, Spanish stock index 17544.400, Russian stock index (not available), Nikkei 53846.870, Hang Seng Index 26749.510, Shanghai Composite Index 4136.164, Taiwan stock index 31961.510, South Korean stock index 4990.070, Indian stock index 8951.010, Thai stock index 1314.390, Malaysian stock index 1719.990, Australian stock index 9189.871, emerging - economy stock index 1501.110 [3] - The latest values of credit - bond indices: US investment - grade credit - bond index 3555.310, euro - zone investment - grade credit - bond index 266.753, emerging - economy investment - grade credit - bond index 290.590, US high - yield credit - bond index 2933.910, euro - zone high - yield credit - bond index 412.990, emerging - economy high - yield credit - bond index 1838.807 [3] Stock Index Futures Trading Data - Index performance: A - share closing price 4136.16 (up 0.33%), CSI 300 closing price 4702.50 (down 0.45%), SSE 50 closing price 3032.19 (down 0.69%), ChiNext closing price 3349.50 (up 0.63%), CSI 500 closing price 8590.17 (up 2.42%) [4] - Valuation: PE(TTM) of CSI 300 14.08 (down 0.09%), SSE 50 11.49 (down 0.11%), CSI 500 38.90 (up 0.83%), S&P 500 27.62 (up 0.01%), Germany DAX 19.32 (up 0.03%) [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 - 0.61 (up 0.01%), Germany DAX 2.27 (down 0.03%) [4] - Fund flow: A - share latest value - 58.18, main - board latest value - 331.92, ChiNext latest value 183.94, CSI 300 latest value - 814.22, A - share 5 - day average - 466.98, main - board 5 - day average - 321.96, ChiNext 5 - day average - 123.99, CSI 300 5 - day average - 457.40 [4] - Transaction amount: Shanghai and Shenzhen stock markets latest value 30852.24 (up 3934.91), CSI 300 latest value 7556.18 (up 653.83), SSE 50 latest value 2004.56 (up 70.45), small - and medium - sized board latest value 6259.27 (up 921.92), ChiNext latest value 8169.10 (up 1353.75) [5] - Main contract basis and spread: IF basis 6.70 (0.14%), IH basis 5.61 (0.18%), IC basis 68.03 (0.79%) [5] Treasury Futures Trading Data - Treasury futures closing prices: T2303 108.20 (up 0.04%), TF2303 105.88 (up 0.04%), T2306 108.19 (up 0.06%), TF2306 105.90 (up 0.05%) [5] - Fund interest rates: R001 1.4654% (down 8.00BP), R007 1.5360% (down 1.00BP), SHIBOR - 3M 1.5980% (unchanged) [5]

Group 1: Global Asset Market Performance - **10 - year Treasury Bonds**: The latest yields of 10 - year Treasury bonds in major economies are as follows: US 4.294, UK 4.457, France 3.526, Germany 2.858, Italy 3.501, Spain 3.254, Switzerland 0.248, Greece 3.492, Japan 2.351, Brazil 6.271, China 1.832, South Korea (not available), Australia 4.782, New Zealand 4.515 [1] - **2 - year Treasury Bonds**: The yields of 2 - year Treasury bonds are: US 3.598, UK 3.667, Germany 2.068, Japan 1.212, Italy 2.168, China (1Y yield) 1.270, South Korea (not available), Australia 4.102 [1] - **USD Exchange Rates against Major Emerging - Market Currencies**: The latest exchange rates are: South Africa zar 5.376, Russia 16.425, South Korean won 1477.550, Thai baht 31.075, Malaysian ringgit 4.055 [1] - **Renminbi**: The latest values are: on - shore RMB 6.961, off - shore RMB 6.956, mid - price 7.001, 12 - month NDF 6.834 [1] - **Stock Indices of Major Economies**: The latest indices are: Dow Jones 6796.860, S&P 500 48488.590, Industrial Index 22954.320, Nasdaq 67683.380, Mexican Index 10126.780, UK Index 8062.580, France CAC 24703.120, Germany DAX 17429.100, Spanish Index (not available), Russian Index (not available), Nikkei 52991.100, Hang Seng Index 26487.510, Shanghai Composite Index 4113.649, Taiwan Index 31759.990, South Korean Index 4885.750, Indian Index 9134.700, Thai Index 1296.370, Malaysian Index 1699.060, Australian Index 9138.573, Index 1480.630 [1] - **Credit Bond Indices**: The latest values are: US investment - grade credit bond index 3534.390, Eurozone investment - grade credit bond index 266.750, emerging - economy investment - grade credit bond index 289.830, US high - yield credit bond index 2925.390, Eurozone high - yield credit bond index 411.820, emerging - economy high - yield credit bond index 1823.969 [1] Group 2: Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 4113.65, 4718.88, 3070.65, 3277.98, and 8247.80 respectively. The percentage changes are - 0.01%, - 0.33%, - 0.17%, - 1.79%, and - 0.48% respectively [2] - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX are 14.22, 11.74, 37.41, 27.14, and 19.17 respectively. The环比 changes are 0.00, 0.03, - 0.19, - 0.58, and - 0.20 respectively [2] - **Risk Premium**: The risk premium (1/PE - 10 - year interest rate) of S&P 500 and Germany DAX are - 0.61 and 2.36 respectively. The环比 changes are 0.01 and 0.03 respectively [2] - **Fund Flows**: The latest values of fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 are - 1609.92, - 783.62, (not available), - 635.48, and - 346.24 respectively. The 5 - day average values are - 890.02, - 614.69, (not available), - 245.35, and - 396.73 respectively [2] Group 3: Other Trading Data - **Trading Volume**: The latest trading volume of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are 27776.57, 6719.61, 1757.36, 5667.08, and 7026.80 respectively. The环比 changes are 693.08, 168.12, 95.56, 190.51, and - 64.76 respectively [3] - **Main Contract Basis and Spread**: The basis of IF, IH, and IC are - 10.28, 4.75, and 1.00 respectively, with spreads of - 0.22%, 0.15%, and 0.01% respectively [3] - **Treasury Bond Futures**: The closing prices of T2303, TF2303, T2306, and TF2306 are 108.18, 105.88, 108.11, and 105.88 respectively. The percentage changes are 0.13%, 0.09%, 0.12%, and 0.06% respectively [3] - **Funding Rates**: The funding rates of R001, R007, and SHIBOR - 3M are 1.4212%, 1.5429%, and 1.6000% respectively. The daily changes are - 11.00 BP, 1.00 BP, and 0.00 BP respectively [3]

Group 1 - European investors are focusing on the upcoming talks between U.S. Secretary of State Marco Rubio and officials from Greenland and Denmark regarding the future of the Arctic island [1][2] - The core topic of the meeting is U.S. President Donald Trump's repeated proposal to "purchase" the semi-autonomous territory of Denmark, which has been firmly rejected by Denmark and Greenland [1][2] - Trump has suggested he may consider using military force to acquire the resource-rich island, despite the clear stance from Denmark and Greenland that it is not for sale [1][2] Group 2 - The European stock market is expected to open mixed, with the FTSE 100 projected to rise by 0.1%, the DAX expected to open slightly flat, the CAC 40 likely to increase by 0.17%, and the FTSE MIB possibly declining slightly [1][2] - Japanese stock indices reached historical highs due to market expectations that Prime Minister Fumio Kishida may call for early elections in February [1][2] - U.S. stock futures showed minimal fluctuations after the S&P 500 index retreated from its historical high earlier in the week [1][2]

Market Performance - The Dow Jones Industrial Average closed down 0.8%, the S&P 500 fell by 0.2%, and the Nasdaq decreased by 0.1% [1] - The Nasdaq Golden Dragon China Index dropped by 1.86% [1] - Intel shares rose by 7.3%, Google increased by 1%, while Pinduoduo fell by 5.4% and JPMorgan Chase declined by 4% [1] Commodity Market - New York gold prices fell by over 0.4% [1] - The SPDR Gold Trust, the world's largest gold ETF, increased its holdings by 3.43 tons to a total of 1,074.23 tons [1] - The iShares Silver Trust, the largest silver ETF, saw a decrease in holdings by 26.79 tons, bringing the total to 16,321.16 tons [1] Technology Sector - The U.S. has relaxed export controls on Nvidia's H200 chips to China, with sales now subject to approval and security review by the U.S. Department of Commerce [1] Geopolitical Developments - Israel announced its withdrawal from several UN agencies, citing "anti-Israel bias" [1] - Iran reported the arrest of 297 individuals linked to unrest associated with the U.S. and Israel [1] - U.S. Energy Secretary Dan Brouillette stated that the U.S. would be willing to cooperate with Iran in the oil sector if the Iranian regime collapses [1] - Reports indicate that a U.S. envoy secretly met with Iran's former crown prince, as the Trump administration reassesses opposition forces [1] - President Trump mentioned that all meetings with Iranian officials have been canceled and suggested that it is a good idea for Americans to evacuate Iran [1] U.S. Domestic Policy - President Trump stated that a decision on the Federal Reserve Chair will be made in the coming weeks [1] - A senior U.S. official indicated that the U.S. may take concrete steps to acquire Greenland in the coming weeks or months, with options including direct purchase or encouraging Greenland's independence for closer ties with the U.S. [1] Oil Inventory - As of January 9, API reported U.S. crude oil inventories at 5.278 million barrels, against an expectation of a decrease of 2.238 million barrels and a previous value of a decrease of 2.766 million barrels [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No explicit core viewpoints are presented in the given content. It mainly offers data on global asset market performance, stock index futures trading, and bond futures trading. 3. Directory - Based Summaries Global Asset Market Performance - **10 - Year Treasury Bonds**: Yields of 10 - year treasury bonds in major economies are as follows: US 4.177, UK 4.372, France 3.505, Germany 2.840, etc. [2] - **2 - Year Treasury Bonds**: Yields of 2 - year treasury bonds in major economies are as follows: US 3.535, UK 3.650, Germany 2.093, etc. [2] - **Exchange Rates**: Dollar exchange rates against major emerging - economy currencies are provided, such as 5.375 against the Brazilian currency, 16.390 against the South African rand, etc. [2] - **Stock Indices**: Latest values of major economy stock indices are given, including S&P 500 at 6977.270, Dow Jones Industrial Index at 49590.200, etc. [2] - **Credit Bond Indices**: Values of credit bond indices in different regions are presented, like US investment - grade credit bond index at 3546.240, Euro - zone investment - grade credit bond index at 266.750, etc. [2] Stock Index Futures Trading Data - **Index Performance**: A - share closed at 4165.29 with a 1.09% increase,沪深300 at 4789.92 with a 0.65% increase, etc. [3] - **Valuation**: PE (TTM) values are reported, such as 14.48 for 沪深300, 12.04 for 上证50, etc., along with their环比变化. [3] - **Risk Premium**: Risk premium data and their环比变化 are provided for some indices, e.g., - 0.59 for S&P 500 with a - 0.02环比变化. [3] - **Fund Flows**: Latest values and 5 - day average values of fund flows for different sectors are given, like 285.89 for A - shares, - 117.28 for the main board, etc. [3] Bond Futures Trading Data - **Stock Index Futures**:成交金额 and环比变化 are reported for 沪深两市, 沪深300, etc.主力升贴水 data for IF, IH, IC are also provided. [4] - **Treasury Bond Futures**: Closing prices and percentage changes for T2303, TF2303, etc. are presented. [4] - **Funding Rates**: R001 is at 1.3895% with a - 13.00 BP日度变化, R007 at 1.5249% with no change, etc. [4]

Group 1 - The global stock market saw an overall increase of 1.75% in the first trading week of 2026 [3] - The A-share market experienced a significant rise of over 4%, marking one of the strongest starts in recent years [5] - After the recent surge, the A-share market returned to a rating of 3.9 stars, the first time in recent years [6] Group 2 - Following the Federal Reserve's interest rate cuts in September 2024, global markets, including A-shares and Hong Kong stocks, saw substantial increases, with A-shares and Hong Kong stocks rising by 50-60%, compared to a 30% increase in the global stock market [10] - Small-cap stocks led the rally in the A-share market, reminiscent of the last bull market in 2015 [11][12] - The liquidity-rich environment following interest rate cuts tends to favor small-cap stocks, leading to significant price increases [15][17] Group 3 - Many small-cap stock markets globally, such as in South Korea and Spain, have seen substantial gains since 2025, benefiting from low valuations during the Fed's rate hike period [19][21] - The market's liquidity has also contributed to a bull market in commodities, with small metals experiencing significant price increases, sometimes exceeding gold [22][23] Group 4 - In a rate-cutting cycle, liquidity tends to increase, leading to valuation uplifts, while in a rate-hiking cycle, liquidity tightens, resulting in lower valuations [29][30] - Historical data shows that during the Fed's rate hikes from 2021 to 2022, A-shares and Hong Kong stocks fell back to around 5 stars [31] Group 5 - A global stock market star rating chart indicates that the market was undervalued at 4-5 stars during previous periods in 2018, 2020, and 2022, and is currently around 2.9 stars [32] - There are currently no global stock index funds available in mainland China, but a simulated global index investment strategy is offered through a diversified portfolio [34][35] Group 6 - A new edition of the book "Stocks for the Long Run" has been released, which includes updated data and new chapters, emphasizing that stocks are the best long-term investment for wealth accumulation [40][41]