美国股市以连续第三年实现双位数百分比涨幅结束了2025年。始于2022年10月的这轮美股牛市，一直由对AI的乐观情绪、利率下降以及经济在衰退担忧中 持续增长所推动。标普500指数在2025年上涨超过16%，此前在2024年上涨23%，2023年上涨24%。不过，要在2026年连续第四年取得亮眼表现或许是个艰巨 的任务，需要强劲的企业盈利、立场偏鸽的美联储、以及持续强劲的人工智能(AI)相关支出。 许多市场策略师预计2026年美股将继续表现强劲，一些策略师对标普500指数的目标点位意味着超过10%的涨幅，其中包括德意志银行给出的8000点目标 ——这意味着该指数将上涨约17%。 CFRA首席投资策略师Sam Stovall表示，要再获得一年强劲的两位数百分比回报，市场需要"所有方面都全速运转"。Sam Stovall对2026年底的目标价为7400 点，这意味着较当前水平上涨8%。他表示："多重逆风让我觉得，虽然我们最终可能迎来一个出人意料的好年景，但我认为不会是又一个辉煌的年份。" 企业盈利和AI能否继续提供支撑? 美股估值的另外一大支撑来自对AI的热情，包括对基础设施的大规模投入以及对其应用可能出现的旺盛需 ...

Core Insights - The U.S. Labor Department's announcement to withhold the October employment report led to significant selling of January Federal Funds futures contracts [1] - Approximately 30,000 January Federal Funds futures contracts were sold at a price of 96.25, causing the price to drop to a daily low [1] - The pricing of overnight index swaps linked to Federal Reserve policy meetings indicates a reduced market expectation for easing of Fed policies in the coming months [1] - The January contract fell to a low of 96.210, marking the lowest level since August 26 [1]

Group 1: Precious Metals Futures - New York futures gold and spot gold prices have recently risen, with New York futures gold surpassing $4130 per ounce on November 19, increasing by 1.56% [1] - Spot gold also broke through $4130 per ounce, with a daily increase of 1.57% [2] - On November 20, both continued to rise, with New York futures gold breaking through $4080 (down 0.09%), $4090 (up 0.19%), and $4100 (up 0.43%) [3][4][5] - Spot gold followed suit, breaking through $4080 (up 0.05%), $4090 (up 0.31%), and $4100 (up 0.55%) [6][7][8] Group 2: Energy and Shipping Futures - According to the EIA, U.S. crude oil inventories decreased by 3.426 million barrels for the week ending November 14, significantly exceeding the expected decrease of 603,000 barrels, with the previous value showing an increase of 6.413 million barrels [9] - The CEO of Saudi Aramco indicated that oil demand is expected to grow strongly in 2025 and 2026 [10] Group 3: Financial Futures - The Hang Seng Index futures showed stable performance, closing up 0.02% at 25826.96 points on November 20, with a low water mark of 3.69 points [11] - Following the U.S. Labor Department's announcement to cancel the October non-farm payroll report, January futures for the federal funds rate faced significant selling, dropping to a low of 96.25, indicating reduced market expectations for a loosening of Fed policy in the coming months [12] Group 4: Macro and Market Impact - The minutes from the Federal Reserve's October meeting revealed significant divisions among officials regarding the policy path for December, with many believing that maintaining rates may be appropriate, while a few supported another rate cut [13] - Consequently, the CME "FedWatch" tool indicated that the probability of a 25 basis point rate cut in December fell to 31.8%, while the probability of maintaining rates increased to 68.2% [14] Group 5: Currency and Stock Market - The U.S. dollar index experienced increased volatility, with the dollar rising 1% against the yen to 157.07, nearing the highest point since mid-January [15] - In the U.S. stock market, major indices closed higher on November 19, with the Dow up 0.1%, S&P 500 up 0.38%, and Nasdaq up 0.59%, led by gains in technology stocks such as Google, Broadcom, and Nvidia [16]

Group 1 - The ADP report for September indicates a surprising decrease of 32,000 jobs in the private sector, significantly below Wall Street's expectation of an increase of 45,000, suggesting a notable deterioration in the U.S. labor market [1] - The report has gained increased attention due to the government shutdown, which has led to the cancellation of the upcoming non-farm payroll report, making ADP data a critical indicator for assessing employment conditions [1] - Following the employment data, there was a surge of funds into the U.S. Treasury market, with yields on bonds from 2 to 30 years declining across the board, particularly a drop of 6.1 basis points in the 2-year Treasury yield to 3.54%, marking a two-week low [1] Group 2 - The divergence between the deteriorating labor market and steady economic growth has prompted investors to bet on interest rate cuts, with the second quarter GDP growth rate revised up to 3.8% [2] - The CME FedWatch tool indicates a 99% probability of a 25 basis point rate cut by the Federal Reserve in October, with an 86.7% chance of another cut in December, reflecting a significant increase from the previous day's 77.3% [2] - Analysts suggest that if the government shutdown continues and key economic data is missing in October, it could disrupt the Fed's policy decisions for December, but the recent labor market weakness and bond market reactions may still lead to a rate cut in the upcoming meeting [2]

Group 1 - The core viewpoint of the articles indicates that the market is anticipating a potential interest rate cut by the Federal Reserve, driven by recent economic data and comments from Treasury Secretary Scott Basset [1] - The latest economic data shows a moderate increase in U.S. inflation for July, which, combined with Basset's remarks, has strengthened expectations for a rate cut [1] - Market expectations for a rate cut have surged, with the probability of a 25 basis point cut in the September meeting reaching 99.9%, the highest in recent years [1] Group 2 - The dollar index faces strong resistance between the levels of 98.245 and 98.672, which could limit its upward movement [2] - The 98.245 level corresponds to the 23.6% Fibonacci retracement of the decline in August, while 98.672 is identified as this week's high [2] - If these resistance levels hold, the dollar index may continue to decline, with an initial target set at the July 24 low of 97.107 [2]

Group 1: Market Sentiment and Performance - Optimistic sentiment drives technical indicators into overbought territory, supported by a trade agreement between the US and Vietnam, the passage of the tax reform bill in the House, and stronger-than-expected employment data [1] - US stock funds saw the highest net inflow since November last year, with a net inflow of $31.6 billion last week, following six consecutive weeks of outflows [5] - The S&P 500 index may trigger a "sell signal" if it breaks through 6,300 points in July, indicating potential bubble risks as the market is currently overbought [6] Group 2: Employment Data and Economic Indicators - The US added 147,000 non-farm jobs last month, significantly exceeding the market expectation of 106,000, while the unemployment rate fell from 4.2% to 4.1% [3] - Job openings in May reached 7.769 million, surpassing the expected 7.3 million, indicating a healthy labor market despite a slowdown in hiring [3] - The Atlanta Fed's GDPNow forecast for Q2 GDP growth was revised down from 2.9% to 2.6%, although still above the long-term trend growth rate of 1.8% [4] Group 3: Federal Reserve and Interest Rate Outlook - The likelihood of a rate cut in July has diminished, with traders assigning a 68% probability of a 25 basis point cut in September, down from 74% a week prior [4] - The latest employment data complicates the case for a quick dovish shift by the Federal Reserve, as rising effective tariff rates and stable job markets may delay rate cuts until Q4 or even December [5] - The market's resilience amid stable employment data has offset the negative impact of reduced rate cut expectations [5]

Group 1 - The dollar index experienced a slight decline, currently at 98.10, with a decrease of 0.02%, as global financial markets approach a critical week [1] - The Federal Reserve is set to announce its latest monetary policy decision on June 18, which will significantly impact the U.S. economy, global asset prices, and investor sentiment [1] - Market expectations indicate that the Federal Reserve will maintain the federal funds rate in the range of 4.25%-4.50%, with a focus on balancing inflation control and employment support [1] Group 2 - The market anticipates two rate cuts by the end of 2025, with September potentially being the next cut's starting point, influenced by recent mild inflation data [1] - The actual actions of the Federal Reserve will depend on economic data performance, particularly retail sales data and subsequent economic indicators [1] - Technical analysis suggests that the dollar index may face resistance below 98.60 and support above 97.60, indicating a potential downward trend [2]

Core Insights - The significant increase in positions for the September 2025 Federal Funds futures and one-month SOFR futures indicates active basis trading in the market [1] - On Thursday, May 29, there was a notable buying activity in the basis trading volume for near-month contracts [1] - A court ruling that blocked certain import tariffs imposed by President Trump has contributed to a decrease in risk exposure for U.S. Treasury futures when adjusted for roll [1]

Group 1 - The core viewpoint of the articles revolves around the recent constructive high-level economic talks between China and the U.S., which are expected to enhance bilateral trade relations and provide stability to the global economy [1][2][3] - The Chinese side, represented by Vice Premier He Lifeng, emphasized the importance of mutual respect and cooperation, stating that the essence of Sino-U.S. economic relations is mutual benefit and win-win outcomes [2][3] - Both sides agreed to establish a consultation mechanism to address mutual concerns in the economic field, indicating a commitment to ongoing dialogue and cooperation [2][3] Group 2 - U.S. President Trump hinted at significant developments from the negotiations, suggesting that substantial progress has been made, although specific details were not disclosed immediately [3][4] - U.S. trade representatives expressed optimism about the negotiations, indicating that the differences may not be as significant as previously thought, and substantial groundwork has been laid [4] - Market analysts noted that the easing of trade tensions could boost risk assets, with expectations of a positive market response as participants may re-enter positions following the talks [5][6] Group 3 - Goldman Sachs raised its 12-month targets for the MSCI China Index and the CSI 300 Index, suggesting potential returns of approximately 7% and 14% respectively, reflecting a positive outlook for Chinese equities [6]