Overnight US stocks | The three major stock indexes rose, Micron Technology, Inc. (MU.US) rose nearly 9%, gold and cryptocurrencies rebounded.

On Wednesday, the three major indexes rose. U.S. President Trump had earlier stated that the U.S. stock market would reach more record highs. Data released by ADP showed an increase of 42,000 jobs in October, exceeding the Dow Jones' general expectation of an increase of 22,000. [US Stocks] At the close, the Dow rose 225.76 points, or 0.48%, to 47,311 points; the Nasdaq rose 151.16 points, or 0.65%, to 23,499.8 points; the S&P 500 Index rose 24.74 points, or 0.37%, to 6,796.29 points. Micron Technology, Inc. (MU.US) rose nearly 9%, Tesla, Inc. (TSLA.US) rose nearly 4%, NVIDIA Corporation (NVDA.US) fell nearly 2%, Super Micro Computer, Inc. (SMCI.US) fell sharply by 11%, and Rivian (RIVN.US) surged by 23%. The Nasdaq China Golden Dragon Index closed up 0.15%, while XPeng, Inc. ADR Sponsored Class A (XPEV.US) fell nearly 4%. [European Stocks] The German DAX30 Index rose 102.18 points, or 0.43%, to 24,047.82 points; the UK's FTSE 100 Index rose 61.29 points, or 0.63%, to 9,776.25 points; the French CAC40 Index rose 6.70 points, or 0.08%, to 8,074.23 points; the Euro Stoxx 50 Index rose 7.45 points, or 0.13%, to 5,667.65 points; the Spanish IBEX35 Index rose 78.08 points, or 0.49%, to 16,101.08 points; the Italian FTSE MIB Index rose 164.65 points, or 0.38%, to 43,427.00 points. [Crude Oil] The price of light crude oil futures for delivery in December on the New York Mercantile Exchange fell by 96 cents to settle at $59.60 per barrel, down 1.59%; while the price of Brent crude oil futures for January delivery fell by 92 cents to settle at $63.52 per barrel, down 1.43%. [Cryptocurrency] Bitcoin rose by over 2% to $103,646.7, while Ethereum rose by over 4.7% to $3,444.2. [US Dollar Index] The US Dollar Index, which measures the dollar against six major currencies, fell by 0.02% to close at 100.204 in the foreign exchange market. At the end of trading in New York, 1 euro exchanged for $1.1486, higher than the previous trading day's $1.1479; 1 pound exchanged for $1.3047, higher than the previous trading day's $1.3015; 1 dollar was equivalent to 154.11 yen, higher than the previous trading day's 153.63 yen; 1 dollar exchanged for 0.8104 Swiss francs, lower than the previous day's 0.8105 Swiss francs; 1 dollar exchanged for 1.4113 Canadian dollars, higher than the previous day's 1.4101 Canadian dollars; and 1 dollar exchanged for 9.5654 Swedish kronor, lower than the previous day's 9.5861 Swedish kronor. [Precious Metals] Gold rose by over 1% to $3,979.05. [Macro News] U.S. October ADP Employment Rebounds, September Data Revised Up by -29,000. The ADP employment report released on Wednesday shows a significant rebound in private sector employment in the United States in October. Private sector employment in September was revised upwards by 29,000 to show a decrease, while 42,000 jobs were added in October. ADP's monthly estimates have consistently differed from the official employment data released by the Bureau of Labor Statistics (BLS). Despite the delayed release of the BLS's highly anticipated employment report due to the longest government shutdown in history, economists caution against interpreting the ADP report with caution, pointing out differences in methodology from the official data and other limitations. Matthew Martin, a senior economist at the Oxford Economics Research Institute in the United States, stated: "ADP data only covers private enterprises that rely on ADP-managed wages, so its data is limited in its representativeness across the country. ADP employment data should be viewed as supplementary rather than a replacement for BLS employment surveys." Progress in U.S. Supreme Court Tariff Case Debate: Probability of Trump Winning Reduced. The U.S. Supreme Court on Wednesday began oral arguments on the legality of Trump's large-scale imposition of reciprocal tariffs. In addition to liberal justices on the Supreme Court, several conservative justices also questioned the legality of Trump's tariffs. Chief Justice John Roberts of the Supreme Court stated that Trump's tariffs are effectively taxing Americans, a power that ultimately belongs to Congress. Among the three Supreme Court justices appointed by Trump when he served as president, Gorsuch and Barrett also raised probing questions and delved into the arguments of tariff opponents. Conservative justices outnumber liberal justices on the Supreme Court by a ratio of 6:3. The Supreme Court may announce its ruling in December. The prediction platform Polymarket currently gives a 27% probability of Trump winning, lower than the 40% before the debate, and briefly dropping to a new low of 18% during the hearing. U.S. October service activity accelerates, new orders grow steadily but employment remains weak. U.S. service activity accelerated in October, mainly driven by steady growth in new orders, but employment remained weak, indicating that the labor market continues to stagnate against the backdrop of economic uncertainty caused by import tariffs. The Institute for Supply Management (ISM) stated that the U.S. non-manufacturing PMI rose from 50.0 in September to 52.4 in October. On the surface, the PMI data suggests a strong start to the fourth quarter for the U.S. economy. However, with official economic data mired in a "blackout" due to the longest government shutdown in U.S. history, the economic outlook has become even more uncertain. Soft export order data is consistent with the results of ISM's manufacturing survey released on Monday, which pointed out "ongoing trade frictions." As orders increase, input costs paid by service businesses have also risen, but the growth is moderate and consistent with recent data showing a cooling of inflation in the service sector. However, the increase in orders has not significantly boosted employment. The service employment index rose from 47.2 in September to 48.2 in October, marking five consecutive months below the boom-bust line. World Economic Forum Chairman Warns: AI, Cryptocurrency, and Debt Could Become Three Major Bubbles. World Economic Forum (WEF) Chairman Borge Brende warned on Wednesday that global financial markets may face three potential bubbles that deserve global attention. Brende said during a visit to the financial center of So Paulo, Brazil: "In the future, we may see bubbles emerge. One is the cryptocurrency bubble, the second is the AI bubble, and the third is the debt bubble." He also pointed out that government debt levels have never been as high as they have been since 1945. Although AI is expected to bring significant productivity gains, it could also pose a threat to a large number of white-collar jobs. "The worst-case scenario is that we may see phenomena similar to the 'American Rust Belt' in large cities, where jobs that are heavily reliant on back-end positions and white-collar workers are more easily replaced by AI," he said. He cited recent workforce reduction plans announced by companies like Amazon.com, Inc. and Nestl as examples of this trend. OpenAI CFO: Market Overly Concerned About Possible Bubbles in AI Sector. OpenAI Chief Financial Officer Sarah Friar stated that the market is overly concerned about and focused on potential bubbles in the field of artificial intelligence, and should instead show more "enthusiasm" for the technology's potential. Friar said, "When I think about the actual impact of AI and its impact on individuals, I don't think people are enthusiastic enough about AI. We should continue to strive." To support the construction of its artificial intelligence data centers, OpenAI has entered into a series of significant transactions with NVIDIA Corporation and AMD, which have been criticized as "circular financing arrangements," but Friar denied this circularity and stated, "What we are currently doing is building a complete infrastructure to bring more computing power into this world. I don't believe this is circular. Much of the work we did last year was to diversify the supply chain." Bank of Canada to Reduce Staff by 10%, Plans to Cut Budget By 15% Over Three Years. A memorandum shows that in response to Prime Minister Carney's call to trim government spending, the Bank of Canada plans to lay off approximately 225 employees, or 10% of its total staff, over the coming months, with completion targeted by the end of June 2026. This move is a significant part of the bank's goal to reduce budget costs by 10% by the end of 2026. In addition, the Bank of Canada is committed to further reducing its budget by 15% between 2026 and 2028, and has promised to cut an additional 5% of overall spending by the end of 2028. [Individual Stock News] Alphabet Inc. Class C (GOOG.US, GOOGL.US) will help Apple Inc. (AAPL.US) run Siri by 2026, and Apple Inc. will pay Alphabet Inc. Class C approximately $1 billion annually. According to reports, Apple Inc. is planning to adopt a 1.2 trillion-parameter artificial intelligence model developed by Alphabet Inc. Class C to provide technical support for its Siri voice assistant, which is set to be launched next spring. After a lengthy evaluation period, the two companies are finalizing an agreement, under which Apple Inc. will pay approximately $1 billion annually for the use of Alphabet Inc. Class C's technology. ARM Holdings (ARM.US): Q3 revenue increased by 34% year-on-year; adjusted EPS was $0.22, compared to $0.10 in the same period last year. ARM reported Q3 revenue of $11.35 billion, a 34% year-on-year increase; adjusted EPS was $0.22, compared to $0.10 in the same period last year. Revenue increased by 34% to $11.35 billion, marking the third consecutive quarter that revenue exceeded $10 billion and surpassed the upper limit of the guidance range. Net income increased by 21% to $6.2 billion, reaching a historical high, driven by all target end markets such as smartphones, data centers, automobiles, and the Internet of Things. Licensing revenue reached $5.15 billion, a 56% year-on-year increase. As more leading companies sign high-value next-generation technology licensing agreements, demand for the Arm platform remains strong. Qualcomm (QCOM.US) reported revenue of $11.27 billion for Q4 of fiscal year 2025, a 10% year-on-year increase. Qualcomm released its Q4 fiscal year 2025 earnings report: Q4 revenue was $11.27 billion, a 10% year-on-year increase; the QCT department showed strong performance, with Q4 revenue at $98.2 billion, a 13% year-on-year increase, primarily driven by smartphones (+14%), automotive (+17%), and IoT (+7%). Net loss was $3.117 billion (due to a one-time $5.7 billion tax expense triggered by new legislation), compared to net profit of $29.2 billion in the same period last year. Looking ahead, Qualcomm expects revenue for the first quarter of its 2026 fiscal year to be between $11.8 billion and $12.6 billion.