Preview of US Stock Market | Three major stock index futures fell together, Super Micro Computer, Inc. (SMCI.US) soared before the market opening.

Pre-Market Market Trend 1. Before the market opens on November 19 (Tuesday), the futures for the three major US stock indexes are all falling. As of the time of writing, Dow futures are down 0.57%, S&P 500 futures are down 0.36%, and Nasdaq futures are down 0.26%. 2. As of the time of writing, the Germany DAX index is down 1.10%, the UK FTSE 100 index is down 0.51%, the France CAC40 index is down 1.30%, and the Europe Stoxx 50 index is down 1.37%. 3. As of the time of writing, WTI crude oil is down 0.61% at $68.75 per barrel. Brent crude oil is down 0.50% at $72.93 per barrel. Market News 6500 points! Goldman Sachs Group, Inc. raises its price target for the S&P 500 index next year. David Kostin, Chief Stock Strategist for Goldman Sachs Group, Inc., stated that with the continued expansion of the U.S. economy and corporate profit growth, the upward trend of the S&P 500 index will continue until the end of next year. Kostin raised the price target for the S&P 500 index by the end of 2025 from the previous 6300 points to 6500 points, approximately 10% higher than the current level. This new target aligns with the prediction of Morgan Stanley strategist Mike Wilson, who recently raised his own target for U.S. stocks. Kostin wrote in a report on Monday, "In our baseline macro outlook, economic and profit growth continue, and U.S. bond yields will remain near current levels." Kostin stated that the risks of events that could trigger both upside and downside movements in U.S. stocks are significant. He said, "More favorable fiscal policy or a more dovish Fed could further boost the stock market, but tariffs proposed by Trump and higher bond yields could put pressure on the stock market." BlackRock, Inc.: Despite high valuations, U.S. stocks still have room to rise. Rick Rieder, Chief Investment Officer for Global Fixed Income at BlackRock, Inc., emphasized a key reason why stock prices could continue to rise, even at historically high valuations. He stated, "There are no sellers." On the buy side, even with continuously high interest rates boosting the attractiveness of money market funds, there is still ample momentum for U.S. stocks. He said, "Think about the funds from 401(k) retirement benefits, some wealth, salary inflows into stocks, and there are no sellers." Rieder added that share buybacks are also supporting stock prices. He pointed out that large companies have repurchased trillions of dollars worth of their own stocks, reducing stock supply and increasing per-share value. He believes this offsets any valuation pressure, even though according to a new study by Deutsche Bank Aktiengesellschaft, the price-earnings ratio for the S&P 500 index is approaching its highest level in a century. Although Rieder believes current valuations are too high, he added that if earnings significantly increase, the price-to-earnings ratio will return to reasonable levels. Bold Prediction from Goldman Sachs Group, Inc.: Under Trump's tariff policy, the dollar will "soar in the long term". A team of strategists led by Kamakshya Trivedi at Goldman Sachs Group, Inc. stated that driven by Trump's plan to impose high tariffs, the dollar is entering a new period of strength. The strategists pointed out that tariffs, a growing economy, and rising U.S. asset prices together form a "powerful combination" for the dollar. They predict that Trump's economic policies will raise the cost of imported products in the U.S. and lower domestic operating costs, and these favorable factors will push the U.S. Dollar Trade Weighted Index up by about 3% next year. Although Goldman Sachs Group, Inc. is quite optimistic about the dollar, they also acknowledge that the dollar may not reach its high point in 2022. Considering the already high valuation of the dollar and the dovish outlook of the Federal Reserve, Goldman Sachs Group, Inc. forecasts that its upward trend may face some resistance. In addition, the strategists warned that a strong dollar could catalyze some regions to take new intervention measures and could lead to stricter monetary policies. "Hedge Fund King" Worries about Trump's Tariff Policy, but Is Optimistic that the U.S. Economy Will Return to "Business as Usual". Ken Griffin, known as the "Hedge Fund King" and founder of the prominent hedge fund Citadel Investment Group, expressed concern about tariffs - a core principle of Trump's economic agenda - calling it a "long slippery slope" that may be profitable in the short term but could harm the competitiveness of U.S. companies globally in the long run. Griffin stated, "I am very concerned about the president using tariffs as a trade policy issue." However, Griffin also noted that in the next four years, U.S. companies will "return" to creating jobs, growing businesses, and the economy, rather than having to "cope with excessive regulation". For the first time in nine months, the US crude oil market has shown a red light: warning of oversupply! An important indicator of the U.S. crude oil market - the prompt spread - has fallen to negative values for the first time, showing a bearish prompt spread structure not seen since February, suggesting that the situation of oil oversupply may arrive sooner than expected. This change not only reflects recent ample supply but also signals the challenges the market may face in the future. Specifically, the prompt spread, which measures the price difference between immediate delivery and delivery one month later in futures contracts, was traded at a discount of 5 cents per barrel and finally settled at a discount of 1 cent per barrel. This development has raised traders' close attention to inventory balance in 2025. The International Energy Agency has issued a warning that oversupply is expected to exceed 1 million barrels per day, and has pointed out that if OPEC and its allies resume production next year, inventories could further rise. Although other parts of the U.S. crude oil futures curve are still maintaining a slightly bullish spot price surplus structure, this sign is enough to.Raise the alert of the market.Individual stock news Super Micro Computer, Inc. (SMCI.US) launches a strong counterattack: new auditors in place, compliance plan revealed. Super Micro Computer, Inc. announced on Monday that it has appointed BDO USA as its new independent auditor, effective immediately. The company also submitted a plan to the Nasdaq Stock Market to restore compliance and quickly submit the delayed 10-K financial disclosure report originally scheduled for August. In a statement on Monday, the company expressed confidence in completing and submitting the annual 10-K report for the year ending June 30, 2024, and the quarterly 10-Q report for the quarter ending September 30, 2024, within the deadline granted by Nasdaq staff. The replacement of auditors and the plan to comply with Nasdaq listing rules is the latest development for Super Micro Computer, Inc. amidst recent turbulence. This development is significant for Super Micro Computer, Inc., as its previous auditor, Ernst & Young, resigned in October due to concerns about the company's transparency and governance. As of the time of writing, Super Micro Computer, Inc. pre-market stock prices rose over 23% on Tuesday. NVIDIA Corporation (NVDA.US) expands into the field of quantum computing! Collaborates with Alphabet Inc. Class C (GOOGL.US) to create quantum chips. According to a latest statement released by both companies on Monday, Alphabet Inc. Class C's quantum artificial intelligence division will use NVIDIA Corporation's "Eos supercomputer" to accelerate the design of quantum computing hardware components. The collaboration aims to simulate the physical processes required for quantum computing processors to help overcome some major limitations. NVIDIA Corporation believes that its long-standing expertise in parallel architecture design and powerful accelerated software technology platform will help Alphabet Inc. Class C solve a very challenging problem. As quantum computing processors become more powerful, distinguishing between actual information and interference (i.e. noise) becomes increasingly difficult. NVIDIA Corporation's Eos is one of the most advanced supercomputing systems in the world, driven by a large H100 GPU cluster based on the Hopper architecture and optimized parallel accelerated computing architecture, which is significant in quantum chip design and development, particularly in accelerating quantum physical simulations, optimizing quantum error correction algorithms, and reducing development costs. Continuing with large-scale layoff plans! Boeing Company (BA.US) to lay off over 2500 employees in four states in the United States. According to documents released by the U.S. federal government on Monday and a union official, Boeing Company will lay off over 2500 employees in Washington, Oregon, South Carolina, and Missouri, as part of its plan to lay off 10% of the heavily indebted American aircraft manufacturer. It is worth mentioning that Boeing Company had stated in October that it planned to lay off about 17,000 people, or 10%, in the coming months. The CEO of the company, Calhoun, told employees that the company must "reset employee levels to fit our financial reality." Last week, Boeing Company issued layoff notices to 438 members of the Society of Professional Engineering Employees in Aerospace (SPEEA), including 218 engineers and 220 technicians. Meanwhile, the International Association of Machinists and Aerospace Workers (IAM) District 837 Division stated that Boeing Company issued layoff notices to 111 members of the union, most of whom are involved in manufacturing wing parts for the 777X. Bayer partners with Cytokinetics (CYTK.US) to develop and commercialize hypertrophic cardiomyopathy therapy Aficamten in Japan. German Bayer announced a partnership agreement with American biotechnology company Cytokinetics on Tuesday to obtain exclusive rights to develop and commercialize Cytokinetics' hypertrophic cardiomyopathy (HCM) therapy Aficamten in Japan, subject to certain development rights retained by Cytokinetics. Bayer stated in a press release that Cytokinetics will receive a prepayment of 50 million euros, as well as a bonus of 90 million euros depending on certain development milestones. Cytokinetics will also receive up to a maximum of 490 million euros from Bayer, depending on certain sales milestones. Walmart Inc. (WMT.US) reports Q3 earnings surpassing expectations, pre-market stock price rises over 4%. Adjusted earnings per share for the third quarter were $0.58, exceeding expectations by $0.05. Revenue was $169.6 billion (a 5.5% year-over-year increase), surpassing expectations by $2.98 billion. The company expects earnings of $2.42-2.47 per share for the fiscal year, compared to the previous forecast of $2.35-2.43 per share. AS Roma (AS.US) reports Q3 earnings exceeding expectations, raises full-year guidance. The financial report shows that AS Roma's Q3 revenue was $1.35 billion, better than analysts' expected $1.3 billion; of which, direct-to-consumer business revenue was $480 million, exceeding analysts' expected $440 million. Adjusted earnings per share were $0.14, surpassing analysts' expected $0.10. The company achieved profitability for the second consecutive quarter. Looking ahead, the company expects full-year revenue to grow by 16%-17% in 2024, compared to the previous forecast of 15%-17%; the company expects full-year adjusted earnings per share to be in the range of 0.43-Between $0.40 and $0.44, previously expected to be $0.45.Lowe's Companies, Inc. (LOW.US) reported better-than-expected Q3 revenue and EPS, and raised its full-year performance guidance. The financial report showed that Lowe's Companies, Inc. had Q3 revenue of $20.17 billion, beating analysts' expectations of $19.94 billion; adjusted EPS was $2.89, surpassing analysts' forecast of $2.82. Q3 comparable sales decreased by 1.1%, better than the expected 2.9% decline. Looking ahead, the company expects revenue for 2024 to be between $83 billion and $83.5 billion, up from the previous forecast of $82.7 billion to $83.2 billion, with analysts expecting $83.01 billion; adjusted EPS for the full year is expected to be between $11.80 and $11.90, up from the previous forecast of $11.70 to $11.90, and analysts' expectations of $11.83; and comparable sales for the full year are expected to decrease by 3%-3.5%, compared to the previous forecast of a 3.5%-4% decline. Futu Holdings Ltd. Sponsored ADR Class A (FUTU.US) reported higher-than-expected Q3 revenue, with a 20.8% year-on-year increase in net profit. In the third quarter, Futu's total revenue was HK$3.436 billion (approximately $442 million), a 29.6% increase year-on-year, exceeding market expectations. Non-GAAP net profit was HK$1.398 billion (approximately $180 million), a 20.8% increase year-on-year. Revenue from trading commissions and fees in Q3 2024 was HK$1.529 billion (approximately $197 million), a 51.5% increase year-on-year; interest income was HK$1.699 billion (approximately $219 million), a 12.9% increase; and other income (including wealth management, enterprise services, etc.) was HK$209 million (approximately $26.8 million), a 52.1% increase. Tuya, Inc. Sponsored ADR Class A (TUYA.US) saw a 33.6% year-on-year increase in Q3 revenue, with a net loss of $4.4 million. The financial report showed that the company had Q3 revenue of $81.60 million, a 33.6% increase year-on-year, with a net loss of $4.4 million, compared to a net loss of $4.9 million in the same period last year. Basic and diluted loss per ADS was $0.01, the same as the previous year. Non-GAAP net profit was $20.10 million, a 99.5% increase year-on-year, with basic and diluted earnings per ADS of $0.04, compared to $0.02 in the previous year. By business segment, IoT PaaS revenue was $57.90 million, a 26.4% increase year-on-year; SaaS and other revenue was $9.90 million, a approximately 16.7% increase; and revenue from smart solutions was $13.80 million, a 102.9% increase. The overall gross margin was 46.0%, down from 46.7% in the same period last year. KINGSOFT CLOUD (KC.US) achieved an adjusted EBITDA margin of 9.8% in Q3, a significant increase of 12.6 percentage points year-on-year. Data showed that KINGSOFT CLOUD had revenue of RMB 1.89 billion in Q3, with a rapid growth rate of 16.0%; public cloud revenue was RMB 1.18 billion, a 15.6% year-on-year increase; industry cloud revenue was RMB 710 million, a 16.7% year-on-year increase; adjusted EBITDA reached RMB 190 million, with an adjusted EBITDA margin of 9.8%, continuing to improve steadily from the positive basis in the previous two quarters, and a significant increase of 12.6 percentage points year-on-year; the company made solid progress in revenue scale, profitability, and operating cash flow, proving its operational efficiency. Vipshop Holdings Ltd Sponsored ADR (VIPS.US) reported a 9% year-on-year decrease in Q3 revenue and a 6% decrease in GMV. The financial report showed that Vipshop Holdings Ltd Sponsored ADR had Q3 revenue of RMB 20.7 billion, a 9.2% decrease year-on-year; Non-GAAP net profit was RMB 1.3 billion, down from RMB 1.8 billion in the same period last year; adjusted earnings per ADS were RMB 2.47, compared to RMB 3.33 in the previous year. GMV in the third quarter was RMB 40.1 billion, a 5.6% decrease from RMB 42.5 billion in the same period last year. The number of active users was 39.6 million, down from 42.3 million in the previous year. Total orders were 163.9 million, compared to 179.9 million in the same period last year. Looking ahead, Vipshop Holdings Ltd Sponsored ADR expects revenue for Q4 2024 to be between RMB 31.2 billion and RMB 32.9 billion, a year-on-year decrease of approximately 10% to 5%. 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