GMT EIGHT - Market

Overnight US stocks | Three major indexes rise, with the S&P 500 hitting a new all-time high, while chip stocks fall.

On Thursday, the three major indexes closed higher, with the Dow rising more than 400 points and the S&P 500 hitting a new all-time high. President Trump signed an executive order to establish the President's Digital Asset Market Working Group to strengthen the US's leadership in the digital finance sector. The group's task is to develop a federal regulatory framework for managing digital assets (including stablecoins) and assess the creation of a strategic national digital asset reserve. [US Stocks] At the close, the Dow closed up 408.34 points, or 0.92%, at 44565.07; the Nasdaq rose 44.34 points, or 0.22%, to 20053.68; and the S&P 500 rose 32.34 points, or 0.53%, to 6118.71. Micron Technology, Inc. (MU.US) fell 4%, Arm (ARM.US) fell 7%, and Netflix (NFLX.US) rose 3%. The Nasdaq Golden Dragon Index closed up 0.13%. [European Stocks] The German DAX30 index rose 148.66 points, or 0.70%, to 21407.87; the UK FTSE 100 index rose 18.88 points, or 0.22%, to 8564.01; the French CAC40 index rose 55.21 points, or 0.70%, to 7892.61; the European Stoxx50 index rose 10.92 points, or 0.21%, to 5216.75; the Spanish IBEX35 index rose 131.11 points, or 1.11%, to 11995.31; and the Italian FTSE MIB index rose 251.93 points, or 0.70%, to 36106.00. [Asia-Pacific Stocks] The Nikkei 225 index rose 0.79%, the Jakarta Composite Index fell 0.34%, and the South Korean KOSPI index fell 1.24%. [Cryptocurrencies] Bitcoin fell 0.34%, trading at $10325.6. [Gold] Spot gold fell 0.09% to $2754.04 per ounce; COMEX gold futures fell 0.35% to $2761.30 per ounce. [Oil] The price of WTI crude oil futures for March delivery on the New York Mercantile Exchange fell $0.82 to close at $74.62 per barrel, a decrease of over 1.08%. [Dollar] The US dollar index against six major currencies fell 0.11% to close at 108.046 in the forex market. At the close of the New York forex market, 1 euro exchanged for $1.0423, higher than the previous trading day's $1.0420; 1 pound exchanged for $1.2360, higher than the previous trading day's $1.2324. 1 US dollar exchanged for 155.81 yen, lower than the previous trading day's 156.52 yen; 1 US dollar exchanged for 0.9068 Swiss francs, higher than the previous trading day's 0.9061 Swiss francs; 1 US dollar exchanged for 1.4362 Canadian dollars, lower than the previous trading day's 1.4371 Canadian dollars; and 1 US dollar exchanged for 11.0035 Swedish kronor, higher than the previous trading day's 10.9945 Swedish kronor. [Macro News] Trump signs executive orders on cryptocurrencies and AI. US President Donald Trump has signed executive orders related to cryptocurrencies and artificial intelligence, expected to provide impetus to these two emerging industries. When signing, White House AI and cryptocurrency regulator David Sacks was also present. He is a venture capitalist and generous political donor. The cryptocurrency executive order establishes a working group to provide recommendations to the White House on digital asset policy, with participating agencies including the Treasury Department, Justice Department, SEC, and CFTC. The group's task is to submit a report to the President within about six months, recommending regulatory frameworks and legislative proposals, including evaluating the creation of a digital asset reserve. Sacks told Trump that the working group would make the US "the world's capital of cryptocurrencies" under his leadership. He also stated that the AI initiative would position the US as a leader in the AI field and lead the world. US 10-year inflation-protected Treasury bond yields hit highest since 2009. The US Treasury issued $200 billion of 10-year inflation-protected Treasury bonds (TIPS) with a yield of 2.243%, the highest since January 2009, indicating slightly lower demand than expected. Primary dealers received 10.2%, down from the previous issuance, while direct bidders received 23.3% and indirect bidders received 66.5%. The bid-to-cover ratio was 2.48 times, slightly higher than the previous three times' average of 2.39 times. Trump: Companies that don't manufacture in the US will face massive tariffs. President Trump said at the World Economic Forum 2025 annual meeting in Davos, Switzerland on January 23rd, "If you don't produce products in the US, you will face 'hundreds of billions, even tens of trillions of dollars' in tariffs." He said that the message he wants to convey to global companies is to "produce products in the US", otherwise they will face varying amounts of tariffs, leading to hundreds of billions, even tens of trillions of dollars entering the US Treasury. He also promised to lower the tax rate for companies manufacturing in the US to 15%. Trump also criticized the high tariffs, regulatory restrictions, and large trade deficits with the EU. He said he would take action because this is "very, very unfair to the US". When asked if the US would guarantee the supply of natural gas to Europe, Trump replied affirmatively, saying he would reach an energy agreement with the EU and emphasized the importance of the US supplying liquefied natural gas to Europe. Trump also stated plans to heavily intervene in the global oil market and called on oil-producing countries like Saudi Arabia and the OPEC countries to "reduce oil costs". Regarding the Russia-Ukraine conflict, Trump said the US will work to ensure a peaceful resolution of the conflict. Trump: Will ask the Fed to cut rates immediately, calls on the world to follow suit. Trump said at the World Economic Forum in Davos, Switzerland, on Thursday, "With falling oil prices, I will ask for an immediate rate cut, and likewise, the whole world should cut rates." Five days later, the Fed will hold its meeting on January 28-29.After taking office, Trump's first policy meeting was widely expected by the public to keep interest rates unchanged. Trump has criticized the Fed for raising rates in the first two years of his term, and has criticized Powell, whom he promoted to Fed chairman, for leading these actions.Individual Stock News Texas Instruments Incorporated (TXN.US) disappoints first-quarter performance outlook showing chip demand remains weak. Texas Instruments Incorporated's first-quarter performance outlook is disappointing, indicating that the American semiconductor giant is facing challenges of ongoing low chip demand and rising costs related to factory expansion. Texas Instruments Incorporated released its financial report after the market closed on Thursday, expecting earnings per share for the first quarter to be between $0.94 and $1.16, with the midpoint of the forecast range at $1.05, significantly lower than the analysts' average estimate of $1.17. The company expects first-quarter revenue to be between $37.4 billion and $40.6 billion, while the analysts' average estimate is $38.6 billion. Texas Instruments Incorporated's performance outlook suggests that its ambitious factory expansion plans are putting pressure on profits. Meanwhile, the entire electronics industry remains sluggish, leading to the company's revenue declining for nine consecutive quarters. Trump criticizes the EU's targeting of American tech companies like Apple Inc. (AAPL.US) and Alphabet Inc. Class C (GOOG.US, GOOGL.US) as a form of taxation. US President Donald Trump criticized EU regulators' targeting of American companies such as Apple Inc., Alphabet Inc.'s Alphabet Inc. Class C, and Meta, calling the EU's accusations against US companies a form of taxation. The EU's strict regulation of large tech companies is well-known globally, often leading to disputes with major social media platforms like Facebook and X on content moderation, as well as conflicts with companies like Apple Inc. and Alphabet Inc. Class C on antitrust issues. "Whether you like it or not, these are American companies," Trump said at the World Economic Forum in Davos. "They shouldn't be doing that. To me, it's a form of taxation. We are very unhappy with the EU." Trump specifically mentioned Apple Inc. losing a lawsuit in the EU court last year involving a 13 billion euro tax bill in Ireland. The EU court in Luxembourg supported a landmark ruling in 2016, determining that Ireland had given Apple Inc. an unfair advantage, violating state aid rules.

24/01/2025

US Stock Market Move | Skyline Building Group (SKBL.US) made its debut on the U.S. stock market, opening with a 6% increase.

On Thursday, Hong Kong engineering contractor Skyline Building Group (SKBL.US) debuted on the US stock market, with the stock rising by 6% to $4.24 at the time of writing. The IPO price was $4. The company operates through its subsidiary Kin Chiu Engineering, a recognized public works contractor that specializes in building roads and drainage systems for Hong Kong clients.

24/01/2025

US Stock Market Move | FuboTV (FUBO.US) rose more than 6% after reaching a merger agreement with the streaming services owned by Walt Disney Company (DIS.US) before.

On Thursday, the stock price of FuboTV (FUBO.US) rose, with the stock up over 6% to $3.845 at the time of writing. Earlier, Walt Disney Company (DIS.US) announced the merger of its Hulu + Live TV streaming service with the online sports streaming company FuboTV Inc., to create the second largest digital pay-TV provider in North America. The new joint venture is expected to have 6.2 million subscribers, second only to YouTube TV. According to the agreement, Walt Disney Company will merge its Hulu + Live TV business into Fubo and hold a 70% stake in the joint venture, with the remaining 30% owned by Fubo. This transaction does not involve Hulu's on-demand streaming business (services that provide access to on-demand content for a fee). In the future, the merged TV service will continue to operate under both the Fubo and Hulu + Live TV brands.

23/01/2025

US Stock Market Move | Income decreased in Q4 after adjustment, and Freeport-McMoRan Copper & Gold (FCX.US) fell more than 5%.

On Thursday, Freeport-McMoRan Copper & Gold (FCX.US) fell more than 5%, at $37.09. On the news front, the company announced an adjusted EPS of $0.31 for the fourth quarter, higher than the $0.27 for the same period last year. Analysts surveyed by FactSet had expected $0.22. Quarterly revenue as of December 31 was $5.72 billion, compared to $5.91 billion for the same period last year. Analysts surveyed by FactSet had expected $5.84 billion.

23/01/2025

US Stock Market Move | Bank stocks rise across the board, Bank of America Corp (BAC.US) up 1.9%

On Thursday, US bank stocks rose across the board. As of the time of writing, Wells Fargo & Company (WFC.US) rose by 0.49%, Citigroup Inc. (C.US) rose by 0.87%, JPMorgan Chase & Co. (JPM.US) rose by 0.99%, and Bank of America Corp (BAC.US) rose by 1.9%.

23/01/2025

US Stock Market Move | "SES AI Corp (SES.US) gains over 60% with a $10 million artificial intelligence battery contract"

On Thursday, SES AI Corp (SES.US) surged over 60% intraday, reaching $1.35. On the news front, SES AI has signed contracts worth up to $10 million with two renowned global OEM partners, marking a milestone in using artificial intelligence to discover battery materials. These agreements are aimed at developing electrolyte materials for lithium metal and lithium-ion batteries in automotive applications. SES AI stated that a portion of the revenue from these contracts will be recognized in the fourth quarter of 2024, with the remainder expected to be recognized before mid-2025.

23/01/2025

US Stock Market Move | NANO Nuclear Energy(NNE.US) surged more than 10%.

On Thursday, nuclear power stocks in the US surged. As of the time of writing, NANO Nuclear Energy (NNE.US) rose over 10%, Oklo Inc (OKLO.US) rose nearly 4%, Vistra Energy (VST.US) rose over 4%, and Constellation Energy (CEG.US) rose over 3%. In terms of news, South Carolina power supplier Santee Cooper stated that they are seeking buyers to propose a plan to restart construction work on the two nuclear reactors at their V.C. Summer nuclear power plant.

23/01/2025

US Stock Market Move | Q4 profits exceed expectations, shares of Union Pacific (UNP.US) rise by over 5%.

On Thursday, shares of The Pacific (UNP.US) rose over 5%, reaching a new high since November 6th at $248.52. On the news front, the company reported revenue of $6.1 billion in the fourth quarter, a 1% decrease year-on-year, mainly due to a decrease in fuel surcharge revenue, unfavorable business mix, and other income reductions. However, the increase in sales and core prices offset some of this impact. In addition, in the fourth quarter, net profit was $1.8 billion, equivalent to diluted earnings per share of $2.91, exceeding the expected value of $2.79. This performance includes $40 million in labor costs due to the approval of crew personnel deployment agreements. In comparison, net profit for the fourth quarter of 2023 was $1.7 billion, with diluted earnings per share of $2.71.

23/01/2025

US Stock Market Move | New stock Dingxin Holdings (DXST.US) rose more than 5%, hitting the daily high at one point.

On Thursday, the stock price of the newly listed company Dingxin Holdings (DXST.US) soared, reaching a daily high of $5.74 at one point. As of writing, the stock has risen over 5%, trading at $4.25. Dingxin Holdings primarily provides wastewater treatment and river water quality management services in China, as well as selling microbial products. These microbial products are used to improve water quality and remove pollutants. According to market data, the market size of China's wastewater treatment industry has exceeded $21 billion in 2023.

23/01/2025

US Stock Market Move | The Dutch Prime Minister expressed that each country should independently decide on its export policy towards China. ASML Holding NV ADR(ASML.US) dropped nearly 4%.

On Thursday, ASML Holding NV ADR (ASML.US) opened down nearly 4%, at $738.03. According to Xinhua News Agency, Dutch Prime Minister Rutte recently stated in an interview with Bloomberg that the Dutch government wishes to decide for itself what policies to implement regarding the issue of ASML Holding NV ADR's exports to China. Rutte, speaking during an interview at the 2025 World Economic Forum Annual Meeting, said that the Biden administration has pressured the Dutch government to restrict ASML Holding NV ADR's exports of advanced chip manufacturing equipment to China, and it is expected that the Trump administration will continue this strategy. "I think it is very important that we decide for ourselves what policies to implement."

23/01/2025

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