Overnight US stocks | The three major stock indices fell, with Tesla, Inc. (TSLA.US) dropping by 6%, while the US dollar index reached its highest level in nearly four months.

On Tuesday, the three major stock indices fell, with the S&P 500 ending a four-day streak of gains. Bitcoin briefly crossed the $90,000 mark. The US Dollar Index rose to its highest level in four months, pushing gold prices to a near two-month low, with COMEX December gold futures closing down 0.53% at $2604.00 per ounce. [US Stocks] At the close, the Dow Jones Industrial Average fell 382.15 points, or 0.86%, to 43,910.98 points; the Nasdaq fell 17.36 points, or 0.09%, to 19,281.40 points; and the S&P 500 fell 17.36 points, or 0.29%, to 5983.99 points. NVIDIA Corporation (NVDA.US) rose 2%, Tesla, Inc. (TSLA.US) fell 6%, and Trump Media & Technology Group (DJT.US) fell 8.8%. The Nasdaq Golden Dragon Index fell 4.45%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell 3.8%, and XPeng, Inc. ADR Sponsored Class A (XPEV.US) fell 10%. [European Stocks] The German DAX30 index fell 414.09 points, or 2.13%, to 19,036.75 points; the UK FTSE 100 index fell 100.11 points, or 1.23%, to 8,025.08 points; the French CAC40 index fell 199.90 points, or 2.69%, to 7,226.98 points; the Euro Stoxx 50 index fell 108.78 points, or 2.24%, to 4,745.25 points; the Spanish IBEX35 index fell 207.28 points, or 1.79%, to 11,386.00 points; and the Italian FTSE MIB index fell 726.83 points, or 2.12%, to 33,617.00 points. [Asia-Pacific Stock Markets] The Nikkei 225 index fell 0.4%, the Jakarta Composite Index rose 0.76%, and the Korea KOSPI index fell 1.94%. [Forex] The US Dollar Index reached its highest level since November 2022, pushing the euro to its lowest level in a year, with other currencies also under pressure. The yen and the Canadian dollar also fell, moving towards key psychological levels. Since Trump's re-election, with the Republicans expected to sweep both houses of Congress, strategists on Wall Street have unanimously turned bullish on the US dollar. According to recent strategy reports, JPMorgan, Goldman Sachs Group, Inc., and Citigroup all expect the dollar to continue to rise from current levels. [Cryptocurrency] Bitcoin briefly crossed $90,000, hitting a new all-time high. Ethereum fell over 3.2%, trading at $3261 per coin. [Crude Oil] Crude oil prices for WTI futures for December delivery on the New York Mercantile Exchange rose by $0.08, or 0.1%, to close at $68.12 per barrel. [Gold] COMEX gold futures fell 0.53% to $2604.00 per ounce, trading in a range of $2633.40-2595.70 per ounce during the day. [Metals] London metal prices fell, with copper falling 1.69%, aluminum falling 0.35%, zinc falling over 1%, and nickel falling 0.58%. [Macro News] New York Fed: Inflation expectations slightly decline Labor market expectations improve. The New York Federal Reserve Bank's Microeconomic Data Center released its October 2024 Consumer Expectations Survey, showing that US one-year inflation expectations for October fell to 2.87%, reaching a four-year low. The median of three-year and five-year inflation uncertainty declined. The median expectation for the rise in the US unemployment rate over the next year fell to 34.5%, reaching a new low since February 2022. Household expectations for short-term, medium-term, and long-term inflation have slightly decreased, with improved labor market expectations citing lower unemployment rates and risks. Surveyed households reported an increased likelihood of finding a job if laid off. Views on credit availability in October improved, with expectations for future credit access also rising. The likelihood of households being unable to pay off their minimum debt on time within the next three months decreased. Bridgewater: Holding US stocks is a "good thing", expecting strong economic growth during Trump's term. Karen Karniol-Tambour, Co-Chief Investment Officer at Bridgewater Fund, stated on Tuesday that holding US stocks is a "good thing", and she expects strong economic growth during President Trump's term. Karniol-Tambour stated that the outlook for US economic growth is driving the stock market higher, despite the 10-year US Treasury yield reaching a four-month high after Trump's victory in the presidential election on November 5. She said, "We may still have room to grow, even with tariffs, and there are many unknown factors." Since Trump's election, the S&P 500 has risen nearly 5%. Apollo Co-President: Don't listen to how the Fed talks about inflation, keep your eyes wide open. Apollo Global Management Inc. Co-President Scott Kleinman warned the market not to be too complacent about the current trajectory of US inflation and interest rates. "Inflation is not being restrained," Kleinman said in an interview on Tuesday, "the Fed can say what they want, but you need to keep your eyes wide open. In addition to the potential impact of Trump's policies, inflation pressure has already formed due to global trends such as digital infrastructure construction and decarbonization. We will have to endure a longer period of higher interest rates." Wall Street year-end bonuses rise for the first time in three years, with debt sales as the big winners. On November 12, Johnson Associates, a compensation consulting firm, released a new report showing that year-end bonuses on Wall Street.It is expected that bonuses will generally increase this year, marking the first overall growth since 2021. This anticipated growth covers professionals in investment banking, traders, as well as asset management and wealth management sectors. Their year-end bonuses are expected to achieve double-digit growth, especially for bankers who assist in debt sales, with bonuses expected to increase significantly, up to 35% at most, due to increased trading activities and market rebound.The US dollar rose to a two-year high, with Wall Street unanimously bullish. The US dollar index rose to its highest level since November 2022, pushing the euro to its lowest level in a year, and putting pressure on other currencies. The yen and the Canadian dollar also fell, approaching key psychological levels. As the Republicans are expected to sweep both houses of Congress again with Trump's reelection, strategists across Wall Street have unified in their bullish outlook on the US dollar. According to recent strategy reports, JPMorgan Chase, Goldman Sachs Group, Inc., and Citigroup all predict that the dollar will further rise on its current basis. Federal Reserve's Bostic: Federal Reserve capable of responding to economic changes. Federal Reserve's Bostic stated that the economic conditions are good, allowing the Federal Reserve to lower borrowing costs. "A strong but more discerning consumer, coupled with higher productivity and higher value labor, make the economic situation very bright," Bostic said in a prepared speech for the Baltimore Summit. "Regardless of how the economy evolves, the Federal Reserve has the ability to respond appropriately," he added, noting that interest rates have moved off their peak but are still above historical lows. Bostic mentioned that he is considering two economic scenarios: as election uncertainty fades, businesses may start reinvesting and hiring, allowing the Federal Reserve to focus on inflation risks. Alternatively, companies could respond to the weakening pricing power by cutting jobs, increasing the employment risks faced by the Federal Reserve. [Individual Stock News] Boeing Company (BA.US): Full production recovery expected to take several weeks after strike. On November 12, local time, Boeing Company stated that it would take several weeks for full aircraft production to resume due to factory workers returning to work after nearly two months of strike. A Boeing Company spokesperson explained that the delay in resuming production at facilities in Washington and Oregon was due to the need for multiple steps to be taken for production to resume. Each employee returning to the company will be informed of their responsibilities and safety requirements, and the company will ensure that training certificates are up to date. The strike stemmed from failed contract negotiations between Boeing Company and labor. Employees at Boeing Company voted against the wage proposal put forth by management in mid-September, leading to approximately 33,000 employees going on strike. Last week, employees voted to accept Boeing Company's contract offer and return to work before November 12. The strike resulted in the suspension of production for the Boeing Company 737 Max, 777, and 767 models. Meta (META.US): Cuts subscription fees for Facebook and Instagram in the EU by 40%. Meta announced today important changes to Facebook and Instagram in the EU, including a 40% reduction in the price of ad-free subscriptions. Meta stated that EU users can choose to subscribe for an ad-free experience or continue using the services for free. Free users can choose to see fewer personalized ads. Meta stated that despite its efforts to comply with EU regulations, it continues to receive additional requests from regulatory authorities that exceed legal requirements. Meta will provide "less personalized ads" to compromise with the EU. Starting today, Meta will reduce monthly subscription prices from 9.99 euros (approximately 76.9 RMB) to 5.99 euros (approximately 46.1 RMB) on the website, or from 12.99 euros (approximately 100 RMB) to 7.99 euros (approximately 61.5 RMB) on iOS and Android. Additionally, an additional 4 euros (approximately 30.8 RMB) will be charged for each additional Facebook or Instagram account on the website, and 5 euros (approximately 38.5 RMB) on iOS and Android. [Major Bank Ratings] Morgan Stanley: Raised the target price of Dell Technologies, Inc. Class C (DELL.US) from $136 to $154 and maintained a "hold" rating, citing an increase in sales of the company's artificial intelligence servers.