Preview of US Stock Market | The three major stock index futures fell together, the US dollar reached a one-year high, and Bitcoin broke through $89,000 before falling back.

1. On November 12 (Tuesday) before the U.S. stock market opened, the futures of the three major U.S. stock indexes all fell. As of the time of publication, Dow futures fell by 0.06%, S&P 500 index futures fell by 0.13%, and Nasdaq futures fell by 0.19%. 2. As of the time of publication, the Germany DAX index rose by 0.92%, the UK FTSE 100 index fell by 0.97%, the France CAC 40 index rose by 1.29%, and the Europe Stoxx 50 index rose by 0.95%. 3. As of the time of publication, WTI crude oil rose by 0.97%, to $68.70 per barrel. Brent crude oil rose by 0.90%, to $72.48 per barrel. Market News OPEC lowers its global crude oil demand growth expectations for the next two years. OPEC expects global crude oil demand growth to be 1.82 million barrels per day in 2024, down from the previous expectation of 1.93 million barrels per day; and expects global crude oil demand growth to be 1.54 million barrels per day in 2025, down from the previous expectation of 1.64 million barrels per day. The market continues to speculate on the "Trump trade" with the U.S. dollar reaching a one-year high. As the market continues to speculate on the Trump trade, the U.S. dollar continues to strengthen, rising on Monday and reaching its highest level in a year. The Bloomberg Dollar Spot Index rose 0.7%, reaching its highest level since November 2023, with traders betting that Trump's trade policies will boost the dollar and suppress major currencies, including the euro. The yen was the worst performing currency among major currencies on Monday. The dollar index's gain narrowed to 0.5% at the end of Monday. The dollar rose by 0.70% against the yen on Monday, reaching 153.71 yen, continuously fluctuating upward during the day. The euro fell by 0.60% against the dollar to 1.0654, the pound fell by 0.40% against the dollar to 1.2870, and the dollar rose by 0.55% against the Swiss franc to 0.8805. Milestone moment! Bitcoin ETF surpasses gold! Breaks through the $89,000 mark. Following Donald Trump's victory in the U.S. presidential election, cryptocurrencies continue to rise. As of the time of publication, Bitcoin continued to rise, breaking through the $89,000 mark, rising by 12% in a day; Ethereum rose by over 7% to $3,371.79 in a day, up 30% in the past week. Investors have been rushing into the cryptocurrency market following Trump's victory, driving the BlackRock, Inc.-owned Bitcoin ETF assets to surpass that of the gold ETF. FactSet data shows that as of last Friday, the assets under management of the Bitcoin ETF-iShares (IBIT) were approximately $34.3 billion, exceeding that of the iShares Gold Trust Fund (IAU) with slightly less than $33 billion in assets. This milestone event occurred after Trump's victory. As of the time of publication, Bitcoin fell back, dropping to $86,000 per coin, down 2.99% intraday. Goldman Sachs Group, Inc.: Trump's tax cut policy may boost S&P 500 earnings by about 20% in the next two years. Goldman Sachs Group, Inc. released a research report stating that the tax cut policy proposed by U.S. President-elect Trump may increase S&P 500 earnings by over 20%. The investment bank's strategists believe that S&P 500 earnings are expected to grow by about 20% in the next two years. Goldman Sachs Group, Inc. forecasts S&P 500 earnings for the full year 2024 to be $241 per share, with an 11% increase in 2025, and a 7% increase the following year, reaching $288 per share. However, the investment bank stated in a report last Friday that if Trump cuts corporate taxes, these targets could be exceeded, and added that the latest election results have increased the upward potential of their forecasts. Bank of America: Don't fight the market! S&P 500 is expected to rise by 5% in the two weeks after the U.S. election. According to data from Bank of America Corp, the S&P 500 index soared by 2.5% on the second day after the U.S. election, which historically could lead to an almost 5% increase in the index in the next two weeks. As of Monday, the index had already risen by 1.2% since the election to Monday. The S&P 500 index continued to rise after Trump won the presidential election and closed above 6000 points for the first time on Monday. Bank of America Corp stock and quantitative strategist Ohsung Kwon stated in a report, "Don't fight the market." "In previous election cycles, when the market rose on the first day after the election, the market returned positively in the next two weeks." At the same time, the yield on the 10-year and 30-year U.S. Treasury bonds has fallen significantly to levels before the election, easing a key worry for the stock market, "at least for now." Wall Street veteran: "Animal spirits" will push the S&P 500 index to 10,000 by 2030. Wall Street veteran and Yardeni Research president Ed Yardeni believes that the "animal spirits" unleashed by the economic policies of newly elected President Trump will drive the S&P 500 index to 10,000 by the end of this decade. This prediction implies a 66% increase in the S&P 500 index by 2030. Ed Yardeni stated in a client report on Monday that he expects the S&P 500 index to reach 6,100 points by the end of 2024, 7,000 points by the end of 2025, and 8,000 points by the end of 2026, and to reach 10,000 points by the end of 2030. Ed Yardeni made the above prediction based on the belief that Trump's economic agenda, especially cutting the corporate tax rate, will bring greater profits to U.S. businesses. Unafraid of Trump 2.0 inflation risk, traders are heavily buying U.S. bonds. A group of ETF traders are heavily betting on U.S. Treasury bonds, believing that interest rates have indeed peaked. However, in the past three years, they have suffered significant losses as a result. Data compiled by Bloomberg shows that a record $625 million flowed into 3x long 20-year or longer bond ETFs last week.Direxion (TMF.US). This fund utilizes derivatives to provide three times the returns of the performance of the U.S. Treasury bond market, attracting short-term traders. Investors also poured over 1.4 billion US dollars into the iShares 20+ Year U.S. Treasury ETF (TLT.US) last week, after the fund had attracted 1.6 billion US dollars the previous week. As money flowed in, the Federal Reserve cut interest rates by 50 basis points in September and another 25 basis points last week. However, the new U.S. government may stimulate inflation through fiscal plans, which could dampen bets on further interest rate cuts.China's assets are still "undervalued"! Since October, the size of overseas-listed Chinese stock ETFs has surged. Since October, the size of ETFs focused on China listed overseas has increased significantly. Data shows that the total size of the top five Chinese stock ETFs listed in the US is $29.689 billion, an increase of $10 billion compared to the end of September. Meanwhile, in October, Chinese stock ETFs listed overseas had a net inflow of $15.16 billion, significantly higher than the inflow in the first nine months of this year. Observers say that this development reflects a growing optimism among foreign investors about Chinese assets, as their confidence in the prospects of the Chinese economy is further boosted by a series of measures supporting stable growth. Some analysts say that as the fundamentals of the Chinese economy remain stable, and a series of stimulus policies in recent months help stabilize and support market expectations, capital inflows will continue. Individual stock news: Strong demand for cancer drugs boosts performance of Astrazeneca PLC Sponsored ADR (AZN.US), raising annual profit growth forecast. British pharmaceutical giant Astrazeneca PLC Sponsored ADR (AZN.US) has raised its annual forecast in its latest earnings report, mainly due to strong demand for its blockbuster cancer drugs, and announced plans to invest approximately $3.5 billion in its US market operations by the end of 2026. The company's earnings report released on Tuesday showed that core earnings per share for the third quarter reached $2.08, a 27% increase from the previous year. The company's cancer drug Tagrisso brought in sales worth $1.674 billion in the third quarter, a 17% increase compared to the previous year. Yalla Group Ltd. Sponsored ADR Class A (YALA.US) reported third-quarter revenue beating expectations and a 11% increase in net profit year-on-year. Yalla Group Ltd. Sponsored ADR Class A's third-quarter revenue was $88.9 million, a 4.4% increase from the previous year, better than market expectations. Net profit was $39.2 million, a 11.2% increase from the previous year. Looking ahead, Yalla Group Ltd. Sponsored ADR Class A expects fourth-quarter revenue in 2024 to be between $77 million and $84 million. Sohu.com Limited Sponsored ADR (SOHU.US) reported a 5% increase in third-quarter revenue to $152 million in 2024. Sohu.com Limited Sponsored ADR's total revenue for the third quarter was $152 million, a 5% increase from the same period in 2023. Brand advertising revenue was $19 million, online game revenue was $128 million. Sohu.com Limited Sponsored ADR's founder, chairman, and CEO Zhang Chaoyang said, "In the third quarter of 2024, our brand advertising revenue met expectations, while online game revenue and net loss were better than expected." Sohu.com Limited Sponsored ADR's non-GAAP net loss was $12 million, better than expected. The frenzy of Indian IPOs helped SoftBank (SFTBY.US) turn losses into profits with second-quarter net profit reaching $7.7 billion, exceeding expectations. SoftBank Group's profit in the second quarter reached 1.18 trillion yen (about $7.7 billion), a huge turnaround from a net loss of 931 billion yen in the same period last year, far exceeding analysts' average expectation of 295 billion yen in net profit. The Vision Fund's profit reached 373 billion yen, benefiting from the increase in the value of companies like DiDi Global Inc (DIDIY.US) and Coupang (CPNG.US). Vodafone Group Plc Sponsored ADR (VOD.US) reported a 1.7% increase in service revenue in the first half, maintaining full-year expectations despite a weak German market. Despite facing challenges of customer loss in the German market, Vodafone Group Plc Sponsored ADR reported a 1.7% increase in service revenue in the first half, reaching 15.1 billion euros, in line with market expectations. Despite challenges in the German market in the second quarter, the company is maintaining its full-year performance expectations.Performance decreased by 6.2%, but the company said that this decline was offset by growth in other European markets, Turkey, and Africa. In addition, Vodafone Group Plc Sponsored ADR is also improving the company's financial situation through the sale of loss-making businesses and mergers, and expanding its operations in the UK market.Grab (GRAB.US) exceeded profit expectations in Q3 and raised full-year expectations. Southeast Asian ride-hailing and delivery company Grab Holdings saw revenue grow by 17% to $716 million in the third quarter, higher than analysts' expectations of $697 million. Earnings per share were $0.01, surpassing the market average expectations. Thanks to cost-cutting measures taken to cope with intense competition, the company has raised its revenue forecast for the year. Grab estimates that revenue for the year could reach $2.78 billion, higher than the earlier forecast of $2.75 billion. Adjusted full-year earnings before interest, tax, depreciation, and amortization (EBITDA) are expected to be between $308 million and $313 million, up from the previous forecast of $270 million. Home Depot, Inc. (HD.US) reported earnings per share of $3.67 in Q3, with full-year revenue growth forecasted to be 4%. Home Depot, Inc. reported earnings per share of $3.67 in the third quarter, down from $3.81 in the same period last year. Adjusted earnings per share for the third quarter were $3.78, compared to an estimated $3.66. Home Depot, Inc. expects full-year revenue growth of 4%, up from the previous forecast of 2.5% to 3.5%. Tencent Music Entertainment Group Sponsored ADR Class A (TME.US) achieved high-quality growth in Q3: online music subscription revenue grew by 20.3% year-on-year to $3.84 billion. In the third quarter of 2024, Tencent Music Entertainment Group Sponsored ADR Class A showed steady performance, with total revenue of $7.02 billion, a 6.8% increase year-on-year; adjusted net profit of $1.94 billion, a 29.1% increase year-on-year. Online music business maintained high-quality growth and drove Tencent Music Entertainment Group Sponsored ADR Class A's long-term sustainable growth. In the third quarter, online music subscription revenue increased by 20.3% year-on-year to $3.84 billion; online music paying users increased by 15.5% to 119 million. In this quarter, Tencent Music Entertainment Group Sponsored ADR Class A's average monthly revenue per paying user (ARPPU) further increased to $10.8. UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) reached a record high in revenue in Q3, with net profit growing by 25.6% year-on-year. Tiger International's third-quarter revenue was $101 million, up 15.6% quarter-on-quarter, a 44.1% increase year-on-year, reaching a historical high. Non-GAAP net profit attributable to the parent company during the quarter was $20.1 million, up 286.5% quarter-on-quarter, a 25.6% increase year-on-year. In the third quarter, Tiger International added 60,000 global account opening customers, bringing the total global accounts to 2.37 million, a 10.2% increase year-on-year. There were 51,000 new funding customers during the period, driving a 19.3% increase in the total funding customers year-on-year to 1.033 million. Additionally, market trading activity remained active in the third quarter, with total trading volume increasing by 103.1% year-on-year to $163 billion; net inflow of funds continued to be strong, driving a 6.7% quarter-on-quarter increase in total customer assets and a 115.9% increase year-on-year to $40.8 billion, reaching a historical high. HUYA, Inc. Sponsored ADR Class A (HUYA.US) reported total revenue of $1.54 billion in Q3, with non-GAAP net profit of $78 million. In the third quarter of 2024, HUYA, Inc. Sponsored ADR Class A's total revenue reached $1.54 billion. Revenue from gaming-related services, advertising, and other businesses increased by 209.3% year-on-year to $410 million. Under non-US generally accepted accounting principles, the net profit attributable to HUYA, Inc. Sponsored ADR Class A in the quarter was $78 million. In terms of user data, in the third quarter of 2024, HUYA, Inc. Sponsored ADR Class A's mobile MAU reached 84 million, with paying users increasing by 9.5% year-on-year to 4.6 million. Upcoming economic data and events: 00:00 Beijing time the next day: US October New York Fed's 1-year inflation expectations (%). 23:00 Beijing time: Fed Governor Waller speaks at a banking conference. 23:15 Beijing time: FOMC voter and Richmond Fed President Barkin speak. 03:00 Beijing time the next day: FOMC voter and Minneapolis Fed President Kashkari participate in Yahoo's "New Challenges, New Opportunities" financial investment conference. 06:00 Beijing time the next day: FOMC voter and Philadelphia Fed President Harker speaks on financial technology and artificial intelligence. Earnings forecasts: Wednesday morning: Occidental Petroleum Corporation (OXY.US) Wednesday pre-market: China Automotive Systems, Inc. (CAAS.US)