Market Overview - US stock indices experienced a rise, with the Dow Jones up 0.94%, Nasdaq up 0.97%, and S&P 500 up 0.8% [1] - The VIX index decreased by 1.01% to 16.59, indicating reduced market volatility [1] - The US dollar index fell by 0.41% to 97.3, while the yield on the 10-year Treasury bond dropped by 1.142% to 4.243% [1] - Spot gold decreased by 0.13% to $3327.6 per ounce, and Brent crude oil rose by 0.42% to $66.68 [1] Industry & Stocks - Most major sectors in the S&P 500 saw gains, with energy up 1.43%, communications up 1.16%, and technology up 0.78% [1] - Chinese concept stocks showed mixed results, with TSMC up 0.57% and Pinduoduo down 1.3% [1] Technology Sector - Major tech stocks mostly rose, with Nvidia up 0.46%, Microsoft up 1.05%, and Amazon up 2.42% [2] - Coinbase (COIN) surged by 5.54%, while Robinhood (HOOD) increased by 2.14% [2] Company News - Nike's Q4 revenue reached $11.1 billion, exceeding analyst expectations of $10.72 billion, leading to a post-market surge of over 10% [5] - AeroVironment reported a 40% year-over-year revenue increase to $27.51 million, surpassing market expectations, and is expected to benefit from NATO's increased defense spending [6] - Core Scientific is in talks for acquisition by CoreWeave, with CoreWeave's stock rising by 33.01% [3] Regulatory Developments - The FHFA announced plans to allow cryptocurrencies as collateral for mortgage applications, marking a significant shift in asset evaluation standards [4]

Core Viewpoint - Jefferies downgraded the ratings of ASML and ASM International due to concerns over industry spending, predicting a decline in wafer fab equipment spending in 2026, contrary to market consensus expectations for double-digit growth [1] Group 1: Company Ratings and Predictions - ASML's stock price fell by 1.8% in pre-market trading, while ASM International saw a slight decline of 0.14% [1] - Jefferies analyst Janardan Menon forecasts a 1% decline in wafer fab equipment spending for 2026, with a significant 16% drop expected in DRAM wafer fab equipment spending [1] - ASML's projected sales for 2026 are expected to decline by 2%, while ASM International is anticipated to grow by 3%, with earnings per share estimates for both companies being 17% and 13% lower than market consensus, respectively [1] Group 2: Market Insights - Despite the expected decline in DRAM-related spending, advanced logic wafer fab equipment spending is anticipated to see slight growth next year, with TSMC's 2nm process equipment installations expected to remain stable [2] - Intel's 18A process node progress is reportedly on track, which will support its equipment spending in 2026 [2] - The automotive sector is showing signs of cyclical recovery, which is expected to drive capital spending for mature processes outside of China to rebound next year [2]