Preview of US Stock Market | Three major stock index futures rise together, with several leading AI companies' financial reports coming this week.

Pre-market market trends 1. Before the market on November 3 (Monday), the three major stock index futures in the US rose. As of the time of writing, the Dow Jones Industrial Average futures rose 0.11%, the S&P 500 index futures rose 0.35%, and the Nasdaq futures rose 0.63%. 2. As of the time of writing, the Germany DAX index rose 1.09%, the UK FTSE 100 index rose 0.06%, the France CAC40 index rose 0.06%, and the European STOXX 50 index rose 0.57%. 3. As of the time of writing, WTI crude oil rose 0.00% to $60.98 per barrel. Brent crude oil fell 0.02% to $64.76 per barrel. Market News A new round of "Super Week" is coming! Several AI leaders are set to report earnings, testing the market's "data drought." Following the busiest trading week of the year, investors are gearing up for another packed week. This week, the AI theme remains a market focus, with AI concept stocks such as Palantir, AMD, Super Micro Computer, Inc., and Constellation Energy set to release quarterly earnings. In terms of economic data, the ongoing government shutdown may delay the monthly non-farm payroll data for the second consecutive month. As a result, the ADP private employment data released on Wednesday will be the most important labor market indicator this week. Manufacturing/services PMI data released by the Institute for Supply Management and S&P Global, Inc. will also be key focal points this week, while preliminary consumer confidence data for November from the University of Michigan on Friday will also be closely watched. Correction warning! The bullish sentiment on the US stock market is too strong, causing even staunch bulls on Wall Street to start worrying. There is currently a sense of optimism pervading the US stock market, with investors seemingly convinced that the market will only go up. However, this has led some of Wall Street's staunchest bulls to start worrying, as all this optimism is sending out reverse danger signals. Ed Yardeni, founder of Yardeni Research and a long-term bullish analyst on the US stock market, has expressed concerns after nearly six months of frantic upward movement, stating that there are too many bulls and this surge has largely ignored all warnings. Yardeni predicts that, due to market sentiment and technical indicators being overbought, the S&P 500 index may drop by as much as 5% from its peak by the end of December. 64% of companies report earnings exceeding expectations, but the market remains indifferent! Goldman Sachs Group, Inc.: Investors turn to AI amid macroeconomic uncertainty. As of now, around two-thirds of S&P 500 index constituent companies have reported earnings, with 64% of companies reporting profits exceeding market expectations by at least one standard deviation. David Kostin, a strategist at Goldman Sachs Group, Inc., pointed out that despite the strongest performance in favor of bullish reports this quarter, investors have been lukewarm in their response. Kostin noted that investors generally believe that this quarter's earnings have limited implications for future profit prospects, and cited trade policy fluctuations, bank loan conditions, and other macro factors as major influencing factors. Non-farm payroll report may be delayed again! Many signals still indicate the resilience of the US economy. With the US government shutdown now exceeding a month, the US Department of Labor is likely unable to release the October jobs report as planned on Friday. This would be the second consecutive absence of the non-farm payroll report, making it difficult for investors and senior officials at the Federal Reserve to judge whether the economy is improving or deteriorating. However, there is enough scattered evidence to show that the US economy is still operating well. In the absence of conventional reference indicators, Wall Street has had to turn to other indicators such as credit card spending, corporate earnings data, and initial jobless claims from various states to piece together the current economic situation. These indicators reflect that, even amidst multiple uncertainties (government shutdown, trade friction, and a significant slowdown in hiring), the US economy is still expanding. US Treasury Secretary sounds the alarm: High interest rates are causing housing to enter a recession, and the Federal Reserve must accelerate rate cuts. US Treasury Secretary Scott Bessent stated that, due to persistently high interest rates, certain sectors of the US economy - particularly housing - may already be in a recession and once again called on the Federal Reserve to accelerate rate cuts. Bessent said, "I think that fundamentally the economy is strong, but some sectors are indeed in recession. The Fed's policy has also created many problems at the distribution level." He pointed out that high mortgage rates are still hindering the real estate market, with housing essentially in a state of recession, impacting low-end consumers who have high debt and few assets. Bessent described the overall economic environment as a "transition period" and criticized Federal Reserve Chairman Powell's indication last week that a pause in rate cuts may occur in December. OPEC+ plans to halt production increases in Q1 next year, Morgan Stanley raises short-term oil price expectations. Following signals of oversupply alongside the target of expanding market share, OPEC+ has decided to halt production increases in the first quarter of next year, but will still slightly increase production next month. The organization has decided to increase production by 137,000 barrels per day in December, the same as planned for October and November, and then halt production increases from January to March next year. The first quarter is typically a low season for oil demand, and representatives at the meeting have stated that the decision to halt production increases from January reflects expectations of a slowdown in seasonal demand. Morgan Stanley has raised short-term oil price expectations. The bank stated on Monday that it has raised its forecast for Brent crude oil prices in the first half of 2026 to $60 per barrel, up from the previous $57.50 per barrel target. Individual stock news Alphabet returns to the European bond market, planning to issue 30 billion in bonds to support AI and cloud infrastructure investments. Alphabet plans to return to the European bond market for the second time this year, issuing multiple series of euro-denominated benchmark bonds to provide funding for its record spending in the field of artificial intelligence (AI) and cloud infrastructure. According to media reports citing sources familiar with the matter, Alphabet is planning to issue six euro-denominated benchmark bonds with maturities ranging from 3 years to 39 years, with a total issuance size of at least 30 billion (approximately $35 billion). Alphabet is investing record amounts of money to drive development in the field of artificial intelligence and integrate the capabilities of its large language model, Gemini, into popular products including search. Crypto mining company Cipher Mining reports Q3 earnings exceeding expectations, reaches a $5.5 billion agreement with Amazon.com, Inc. AWS. Cipher Mining reported third-quarter revenue of $71.707 million, below the market's expectations of $78.602 million; earnings per share were $0.10, exceeding the market's expected loss per share of $0.02. In addition, the company announced a 15-year lease agreement worth around $5.5 billion with Amazon.com, Inc. AWS, which will provide 300 megawatts of on-demand space and power for AI workloads. As of the time of writing, Cipher Mining rose nearly 18% in pre-market trading. Skyrocketing before market! IREN signs $9.7 billion AI cloud agreement with Microsoft Corporation. Microsoft Corporation has signed a $9.7 billion agreement with Australian company IREN Ltd to purchase AI cloud computing power, becoming the largest customer of the Australian company. According to a statement released by IREN on Monday, this five-year agreement will provide Microsoft Corporation with an accelerator system based on NVIDIA Corporation's GB300 architecture located in Texas for processing AI workloads. The agreement also includes a 20% upfront payment. The Sydney-based IREN also announced that it has agreed to purchase the necessary GPUs and related equipment from Dell Technologies, Inc. Class C technology for $5.8 billion. As of the time of writing, IREN rose over 21% in pre-market trading. CompoSecure rises in pre-market trading, rumored to acquire injection molding equipment supplier Husky Technologies for $5 billion. Financial technology company CompoSecure, backed by former Honeywell International Inc. CEO, plans to acquire injection molding equipment supplier Husky Technologies from Platinum Equity for approximately $5 billion (including debt). A portion of the funds for this transaction is expected to come from a $2 billion PIPE (private investment in public equity) investment and CompoSecure is expected to sell ordinary shares at a price of $18.50 per share. As of the time of writing, CompoSecure rose over 3% in pre-market trading. $48.7 billion deal sparks massive stock price fluctuations! "Acquirer" Kimberly-Clark Corporation drops significantly, Kenvue surges. Kimberly-Clark Corporation has announced a deal to acquire all outstanding shares of Kenvue, the manufacturer of Tylenol, in a cash and stock deal. Under the agreement unanimously approved by both boards of directors, Kenvue's shareholders will receive $3.50 in cash per share and 0.14625 shares of Kimberly-Clark Corporation stock as consideration, valuing the deal at $21.01 per share. As of the time of writing, Kimberly-Clark Corporation's stock price dropped over 15% in pre-market trading, while Kenvue surged over 20%. Important economic data and events forecast The US October SPGI Manufacturing PMI final value at 22:45 Beijing time The US October ISM Manufacturing PMI at 23:00 Beijing time 2027 FOMC voter and President of the Federal Reserve Bank of San Francisco Dale's speech at 01:00 the next day Beijing time Federal Reserve Director Lisa Cook's speech on "Economic and Monetary Policy Outlook" at 03:00 the next day Beijing time at the Brookings Institution Earnings forecast Tuesday morning: Palantir Tuesday pre-market: BP p.l.c. Sponsored ADR, Koninklijke Philips N.V. Sponsored ADR, Spotify, Uber Technologies, Inc., Shopify, Pfizer Inc., Norwegian Cruise Line Holdings Ltd.