Overnight US stocks | The three major indexes fell, Meta (META.US) fell more than 11%, and spot gold returned to $4000.

On Thursday, the three major indexes fell, with tech stocks and Bitcoin declining, while gold once again rose above the $4000 mark. [US Stock] At the close, the Dow Jones fell by 109.88 points, or 0.23%, to 47,522.12 points; the Nasdaq fell by 377.33 points, or 1.57%, to 23,581.14 points; the S&P 500 index fell by 68.24 points, or 0.99%, to 6822.35 points. Tesla, Inc. (TSLA.US) fell by 4%, Meta (META.US) fell by 11.3%, NVIDIA Corporation (NVDA.US) fell by 2%, Microsoft Corporation (MSFT.US) fell by nearly 3%, and Alphabet Inc. Class C (GOOG.US) rose by 2.5%. The Nasdaq China Golden Dragon Index fell by 1.88%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell by over 3%. [European Stock] The DAX30 index in Germany fell by 7.87 points, or 0.03%, to 24,114.80 points; the FTSE 100 index in the UK fell by 1.29 points, or 0.01%, to 9,754.85 points; the CAC40 index in France fell by 43.59 points, or 0.53%, to 8,157.29 points; the Euro Stoxx 50 index fell by 10.01 points, or 0.18%, to 5,695.80 points; the IBEX35 index in Spain fell by 117.50 points, or 0.73%, to 16,027.50 points; the FTSE MIB index in Italy fell by 49.53 points, or 0.11%, to 43,193.00 points. [Crude Oil] The price of light crude oil futures for December delivery on the New York Mercantile Exchange rose by 9 cents, closing at $60.57 per barrel, an increase of 0.15%; the price of Brent crude oil futures for December delivery rose by 8 cents, closing at $65.00 per barrel, an increase of 0.12%. [Cryptocurrency] Bitcoin fell by more than 1.9%, breaking below the $110,000 mark; Ethereum fell by 3.4%, to $3774.15. Renowned American economist and investor Peter Schiff reiterated his doubts about Bitcoin, predicting that the impending US sovereign debt crisis will be more severe than the 2008 financial crisis. He believes that gold will once again become a major reserve asset in a new round of global currency restructuring, and that the collapse of the US dollar credit system is imminent. [Dollar Index] The US dollar index, which measures the dollar against six major currencies, rose by 0.31% on the day, closing at 99.526 in the forex market. At the New York forex market close, 1 euro exchanged for $1.1568, lower than the previous trading day's $1.1594; 1 pound exchanged for $1.3148, lower than the previous trading day's $1.3162. 1 US dollar exchanged for 154.09 yen, higher than the previous trading day's 152.84 yen; 1 US dollar exchanged for 0.8021 Swiss francs, higher than the previous trading day's 0.8009 Swiss francs; 1 US dollar exchanged for 1.3984 Canadian dollars, higher than the previous trading day's 1.3934 Canadian dollars; 1 US dollar exchanged for 9.4373 Swedish kronor, higher than the previous trading day's 9.4227 Swedish kronor. [Precious Metals] Spot gold surged by 2.44%, to $4024.76. Wells Fargo & Company Investment Research raised its target price range for gold at the end of 2026 from the previous forecast of $3,900 to $4,100 per ounce to $4,500 to $4,700 per ounce. [Macro News] The Senate rejects Trump's tariffs again, with continued Republican defections. According to reports, the US Senate voted 51-47 in favor of a resolution to end President Trump's national emergency declaration for imposing global retaliatory tariffs for the third time in three days. The resolution was targeted at the 10% to 50% broad tariffs imposed by Trump on nearly all countries this summer. Republican senators Rand Paul of Kentucky, Lisa Murkowski of Alaska, Susan Collins of Maine, and Mitch McConnell of Kentucky once again defected, aligning themselves with the camp that rejected the Mexican tariffs earlier this week. However, the vote is unlikely to practically affect the current agreement, as the House Republican leadership has promised to delay related votes until March next year. Even if the House eventually passes the resolution, Congress still needs a two-thirds majority to override a presidential veto. Bauman plans to cut Bank of America Corp's regulatory department by 30% within three years. According to an internal memo obtained by the media and sources, Randal Quarles, vice chairman for supervision at the Federal Reserve, announced during an internal meeting on Thursday that the bank's regulatory and legal department would be restructured, with the department's headcount expected to be reduced from nearly 500 to about 350 by the end of 2026, a decrease of 30%. The layoffs will mainly be achieved through natural attrition, retirements, and voluntary departures. The restructuring comes at a time when Quarles and other US regulatory agencies are pushing to relax bank capital requirements and refocus regulatory priorities. The plan is also in line with the Federal Reserve's overall plan to reduce staff by 10% over the next few years and aligns with the macro trend of the Trump administration shrinking the regulatory apparatus of American Financial Group, Inc. According to sources, Quarles emphasized during Thursday's internal meeting that regulatory departments should focus on substantive risks to banking institutions and avoid getting entangled in procedural matters that do not affect the stable operation of Financial Institutions, Inc. LME plans to introduce permanent rules to limit large positions in nearby months to prevent market disorder. The London Metal Exchange (LME) announced on Thursday that it plans to introduce permanent rules to restrict members holding large positions in nearby month contracts when inventory levels are low. The LME stated that these measures are being introduced against the backdrop of low inventory levels and a situation where some market participants are holding large positions in nearby month contracts, and the exchange's special committee has requested market participants to reduce excessively large positions held on the exchange. Recently, due to a decline of about 85% in inventory levels this year, the premium of near-month zinc contracts has soared to record highs. According to a statement released on Thursday, the new restrictions require members holding long positions larger than the total inventory to lend the metal back into the market at a zero premium. In addition, the new rules also expand the range of position limits for positions closer to delivery, such as "tom-next" contracts. The LME stated that relevant consultations will be open until November 21. The European Central Bank maintains interest rates at 2% for the third consecutive time. On Thursday, the European Central Bank maintained its interest rate at 2% for the third consecutive time, with policymakers voting to hold steady. In contrast, the Federal Reserve had previously cut interest rates by 25 basis points to support the US job market while avoiding a rebound in inflation. For the European Central Bank, maintaining interest rates seems more appropriate. Eurozone inflation has been close to 2% for several months, and the unemployment rate is at historic lows. Since the beginning of the year, the euro has also benefited from the weakness of the US dollar, with the EUR/USD rising by 12% to 2025. This means that even if the European Central Bank wants to further cut interest rates, it does not need to worry too much about a significant depreciation of the currency. Despite the impact of large-scale US tariffs, the eurozone's economic growth remains resilient. Data released on Thursday showed that Eurozone GDP grew by 1.3% year-on-year in the third quarter, slightly higher than economists' expectations. [Stock News] Amazon.com, Inc. impresses with third-quarter earnings, surges 11% after hours. Amazon.com, Inc. (AMZN.US) reported better-than-expected third-quarter earnings, causing its stock to surge by 11% after hours. The earnings report showed an EPS of $1.95 for Amazon.com, Inc. in the last quarter, higher than the Wall Street consensus of $1.57. The earnings include investment gains from the artificial intelligence startup Anthropic; quarterly revenue reached $180.2 billion, exceeding analysts' expectation of $177.9 billion. The highly anticipated cloud computing division AWS generated revenues of $33 billion, exceeding the market's expected $32.5 billion. Amazon.com, Inc. expects current quarter revenue to be between $206 billion and $213 billion, with the market average expectation at $208.4 billion. Amazon.com, Inc. CEO Andy Jassy stated, "There continues to be strong demand in AI and core infrastructure areas, and the company is focused on accelerating capacity expansion." Apple Inc. surpasses fourth-quarter revenue and next quarter guidance. Apple Inc. (AAPL.US) CEO Tim Cook revealed that Apple Inc.'s revenue and overall revenue expectations for the next quarter are above Wall Street's expectations, driven mainly by strong demand for the iPhone 17 series. Apple Inc.'s overall revenue for the fourth quarter ended in September exceeded $100 billion, reaching $102.47 billion, surpassing expectations. While iPhone sales have fallen short of expectations due to supply constraints and the delayed launch of the new iPhone in China, iPhone sales are expected to grow by double digits year-on-year in the current quarter, with overall revenue expected to increase by 10% to 12%, both higher than market expectations. NVIDIA Corporation plans to invest up to $1 billion in AI startup Poolside. According to sources, NVIDIA Corporation (NVDA.US) plans to invest up to $1 billion in the artificial intelligence company Poolside a transaction that would quadruple the AI startup's valuation. Poolside is currently negotiating a $20 billion financing at a valuation of $120 billion (excluding funds already raised). Sources say that NVIDIA Corporation's initial investment in this round is $500 million, and if the startup reaches its fundraising target, the investment could increase to $1 billion. Poolside has already secured commitments for over $1 billion in investment, with approximately $700 million coming from existing investors. Additionally, asset management firm Magnetar, known for its hedge fund investments, is also in talks to participate in this round of fundraising. Meta's massive bond issuance receives record $125 billion subscription. Meta Platforms (META.US) has received approximately $125 billion in subscriptions for its corporate bond issuance, setting a new record in the history of public corporate bond issuances. The bond issuance is expected to be at least $25 billion, and the demand has surpassed the previous record set when CVS Health (CVS.N) issued $40 billion in bonds to acquire Aetna Insurance Company in 2018, with the investors' subscription at $120 billion. The huge subscription for Meta's bond issuance reflects the strong demand in the market for corporate bonds investing actively in the field of artificial intelligence. According to compiled data, if calculated based on a $25 billion issuance, this offering will become the second-largest public bond issuance this year. Tesla, Inc. recalls Cybertruck for the tenth time in less than two years. Tesla, Inc.'s Cybertruck has been recalled more than once in less than two years since its launch, as the problematic model has not gained widespread acceptance among consumers. The latest recall involves 6,197 Cybertrucks, as the installation of the off-road light strip components may be problematic, leading to potential detachment and an increased collision risk. According to documents filed on the National Highway Traffic Safety Administration website, Tesla, Inc. stated that there have been no accidents, injuries, or deaths related to this issue. This is the tenth recall for the Cybertruck, as just a week ago, Tesla, Inc. initiated a safety recall for 63,619 trucks due to overly bright stop lights. Previous issues that led to recalls include: loose steel decorations, inverter failures, and warning light fonts being too small.