Overnight US stocks | The three major indices fluctuated differently, with the Dow closing lower for the third consecutive trading day.

On Monday, the three major indices saw mixed movements, with the Dow Jones Industrial Average closing lower for the third consecutive trading day. Selling pressure on US treasuries intensified on Monday, pushing long-term bond yields to their highest levels in nearly six months. Investors are still digesting the potential impact of Trump's election victory on the economy and Fed policy. The yield on the 10-year US Treasury rose by about 3 basis points to 4.47%, while the 30-year Treasury yield briefly rose by 6 basis points to 4.68%, the highest level since the end of May. [US Stocks] At the close, the Dow Jones fell by 55.39 points, or 0.13%, to 43389.60 points; the Nasdaq rose by 111.69 points, or 0.60%, to 18791.81 points; the S&P 500 rose by 23.00 points, or 0.39%, to 5893.62 points. Stocks in the cryptocurrency sector surged, with Trump Media & Technology Group (DJT.US) rising by 16%, MicroStrategy (MSTR.US) rising by 12.9%, Coinbase (COIN.US) rising by 6%, and Bakkt (BKKT.US) skyrocketing by 160%. Tesla, Inc. (TSLA.US) rose by 5.6%, while NVIDIA Corporation (NVDA.US) fell by 1.2%. The Nasdaq China Golden Dragon Index closed higher by 1.7%. [European Stocks] The German DAX30 index fell by 18.08 points, or 0.09%, to 19201.95 points; the UK FTSE 100 index rose by 43.15 points, or 0.54%, to 8106.76 points; the French CAC40 index rose by 8.60 points, or 0.12%, to 7278.23 points; the Euro Stoxx 50 index fell by 5.50 points, or 0.11%, to 4789.85 points; the Spanish IBEX35 index rose by 33.10 points, or 0.28%, to 11669.00 points; and the Italian FTSE MIB index fell by 443.79 points, or 1.30%, to 33748.00 points. [Asia-Pacific Stocks] The Nikkei 225 index fell by over 1%, the Jakarta Composite Index fell by 0.38%, and the KOSPI index in South Korea rose by 1.99%. [Cryptocurrencies] Bitcoin rose by over 1.5% to $91237.78 per coin, while Ethereum rose by over 2.6% to $3158.01 per coin. [Gold] COMEX December gold futures rose by 1.78% to $2615.90 per ounce, with Goldman Sachs Group, Inc. expecting gold prices to rise to $3000 next year. [Oil] US WTI crude oil prices rose on Monday. The shutdown of Norway's Johan Sverdrup oil field and escalating tensions between Russia and Ukraine supported oil prices. Brent crude oil futures rose by $2.38, up 3.35%, to $73.42 per barrel. US West Texas Intermediate (WTI) crude oil futures rose by $2.31, up 3.45%, to $69.33 per barrel. Norway's national oil company announced that production at the Johan Sverdrup field, the largest oil field in Western Europe, has been halted due to a power outage, and it is unclear when production will resume. [Metals] London metal prices broadly rose, with copper up 1.36%, nickel up 1.49%, zinc up 0.44%, and aluminum down 1.69%. [Macro News] US builder confidence improves for the third consecutive month with Republican control potentially boosting market conditions. Data shows that US builder confidence has improved for the third consecutive month, and builders expect market conditions to continue improving with Republicans controlling the White House and Congress. "With the dust settled on the election, builders are more confident that Republican control of Washington will significantly reduce regulatory burdens for the industry, leading to increased construction of more homes and apartments," said Harry, chairman of the National Association of Home Builders. "Although builder confidence is improving, the industry still faces many challenges such as ongoing labor shortages, limited available land for development, and high construction material prices," said Robert, chief economist at the National Association of Home Builders. "Additionally, while the stock market welcomed the election results, there are concerns in the bond market, as the rise in long-term rates reflects this. And with a change in administration, the business and housing markets also face policy uncertainties." San Francisco Fed report: US labor market continues to add inflation pressure. A research report by the San Francisco Fed on Monday stated that labor market tightness is adding to inflation pressures, although at lower levels than in 2022 and 2023. "Over the past two years, the decline in labor demand has lowered inflation rates by about 0.75 percentage points," wrote economists Regis Barnichon and Adam Hale Shapiro. "However, as of September 2024, high demand is still contributing 0.3 to 0.4 percentage points to inflation." The San Francisco Fed's research indicates that the labor market remains a source of inflation. Powell estimates that inflation in October was 2.3% according to the Fed's target measure, while the core inflation rate, excluding food and energy, was at 2.8%. The European Securities and Markets Authority suggests the EU follow the US in adopting a T+1 settlement system. The EU market regulatory body has proposed that the region shorten the stock trading settlement cycle from two days to one day by the end of 2027. This move would align the EU with the US once again. According to a statement released on Monday, the European Securities and Markets Authority (ESMA) is calling for the implementation of a "T+1" settlement cycle starting on October 11, 2027. Countries such as the US and Canada have already begun implementing the new system at the end of May, and the UK plans to make adjustments in the last quarter of 2027. Currently, settlement of European stocks and bonds lags behind that of the US, causing higher costs for some investors. While ESMA's proposal still requires political approval.However, there are signs indicating that people are increasingly recognizing the need to shorten the settlement period.Morgan Stanley strategist Wilson sets bullish target for US stocks. Michael Wilson, a Morgan Stanley strategist known for bearish views on US stocks in recent years, is optimistic about the outlook for 2025. The strategist predicts that the S&P 500 index will be around 6,500 by the end of next year, an 11% increase from the closing price on Friday, driven by improved economic growth and further Fed rate cuts. He had previously set the mid-2025 target for the benchmark index at 5,400 points. [Stock News] Foreign media: Trump plans to enter the cryptocurrency trading platform. According to foreign reports, Trump's social media company is in deep negotiations to acquire Bakkt, a cryptocurrency trading platform owned by Intercontinental Exchange, Inc. The company is looking to expand beyond online conversations. Two sources familiar with the negotiations said that Trump's media and tech group is close to a full stock acquisition of Bakkt (BKKT.US). The valuation in the discussions is not yet clear, but Bakkt's market value was slightly higher than $150 million on Monday. NVIDIA Corporation is helping Alphabet Inc. Class C design quantum computing processors. NVIDIA Corporation (NVDA.O) is teaming up with Alphabet's Alphabet Inc. Class C to help design quantum computing processors. Alphabet Inc. Class C's Quantum AI department will utilize NVIDIA Corporation's Eos supercomputer to accelerate the design of quantum components. The idea behind the collaboration is to advance the physics required for quantum processors to operate, thereby helping them overcome many current limitations. [Major Bank Ratings] Barclays PLC Sponsored ADR: Raises target price for Tesla, Inc. (TSLA.US) from $235 to $270 Citigroup: Lowers target price for Alibaba Group Holding Limited Sponsored ADR (BABA.US) from $135 to $133