Preview of US Stock Market | Three major stock index futures rose together, and the market eagerly anticipates the reopening of the US government.

1. Before the market opens on November 12th (Wednesday), the futures of the three major US stock indexes rose together. As of the time of writing, Dow Jones futures rose by 0.15%, S&P 500 index futures rose by 0.32%, and Nasdaq futures rose by 0.58%. 2. As of the time of writing, the Germany DAX index rose by 1.08%, the UK FTSE 100 index fell by 0.11%, the France CAC 40 index rose by 1.03%, and the European Stoxx 50 index rose by 1.06%. 3. As of the time of writing, WTI crude oil rose by 0.62%, to $60.66 per barrel. Brent crude oil rose by 0.57%, to $64.79 per barrel. Market News The market is increasingly optimistic about the imminent end of the US government shutdown. Jim Reid of Deutsche Bank Aktiengesellschaft said, "Today may be the day we finally know the end date of the longest government shutdown in history? Assuming all lawmakers overcome flight delays to return to Washington, the House is expected to vote on a bill today that would fund most government agencies until January 30th, and some agencies until September 30th of next year." President Trump has invited Wall Street leaders to the White House, brewing a new round of government-led investment plans. According to reports citing US government officials, President Donald Trump is expected to host a private dinner at the White House on Wednesday, attended by top business leaders from the financial industry including the heads of Nasdaq and JPMorgan Chase. This private gathering at the White House underscores Trump's efforts to deepen ties with the top management of Wall Street's financial industry amid government initiatives to strengthen the prosperity of the US capital markets and rebuild critical domestic supply chains considered vital to national security. Goldman Sachs Group, Inc. CEO Sounds the Alarm: If the scale surges again and the economy weakens, US government debt will face "liquidation." Goldman Sachs Group, Inc. CEO David Solomon has issued a stern warning about the soaring US national debt, saying that if the current fiscal path continues without significant economic expansion, there will be consequences. Solomon noted that people he has spoken to are not only concerned about the debt itself, but also about the "accelerated growth" of debt over the past five years, and the inability to reverse this trend. He believes that aggressive fiscal stimulus policies have become "ingrained" in the operation of the US economy. He pointed out that since the financial crisis, the debt size has significantly expanded and federal data shows that the total debt has increased from about $10 trillion in 2008 to the current level, more than three times that of then. Wall Street banks receive good news! The Federal Reserve and other regulatory agencies have reached an agreement to relax bank capital requirements. The Federal Reserve and other banking regulatory agencies have reached a final agreement to ease key capital requirements and have submitted a proposal for the so-called "enhanced supplementary leverage ratio" for White House review. According to proposed rule changes, large banks like JPMorgan Chase, Bank of America Corp, and Goldman Sachs Group, Inc. will be required to hold less capital relative to total assets, which would have a positive impact on them. After White House approval, regulatory agencies plan to finalize the rules within a few weeks, but the timing of voting by various institutions could change. The final Basel III rules are aimed at specifying how much capital banks need to reserve to withstand economic recessions. Senior US stock market commentator: Inflation may be nearing its peak, Procter & Gamble Company (PG.US), Kimberly-Clark Corporation (KMB.US), and other consumer goods stocks present a buying opportunity. Senior market commentator Jim Cramer explained to investors why he believes consumer goods stocks that have recently underperformed are now presenting investment opportunities, specifically mentioning companies like Procter & Gamble Company and Kimberly-Clark Corporation, noting that they are undervalued premium companies in the industry. Cramer pointed out that Wall Street has been pessimistic about the consumer goods sector recently, primarily due to high inflation and insufficient growth. He added, "I'm now worried that we might be missing out on a group of stocks that I have traditionally been skeptical of in the past." Cramer assumes that inflation may be nearing its peak, which will help reduce costs for consumer goods giants. Additionally, the Trump administration's relaxed attitude towards anti-monopoly enforcement makes it easier for companies to merge and dominate the industry. Wall Street veteran refutes AI bubble theory: Tech giants' high valuations are not a concern, two real risks to be wary of. Many financial commentators have recently warned that the dominant position of large tech companies in the stock market and their high valuations seem reminiscent of the precursor to the dot-com bubble. However, legendary stock strategist Charles Clough, who rose to fame for accurately predicting the market crash at the end of the 1990s, believes that the current frenzy surrounding tech giants is different from the past. Charles Clough, who served as the chief investment strategist for Merrill Lynch from 1987 to 1999, pointed out that today's tech giants have strong business models that can generate significant profits, making them immune to economic recessions. He analyzed from a more macro perspective that market liquidity is more robust, supporting further stock price increases. Stock News AMD (AMD.US) released several updates at the Analyst Day, including reaffirming the theme that AI spending is unlikely to slow down anytime soon. CEO and Chairperson Su Zifeng stated that AMD expects to achieve "billions of dollars" in revenue in the data center field by 2027 with its MI450 and Helios rack-mounted solutions. She also added that AMD has a "very clear" double-digit market share growth path in the data center AI market, with a compound annual growth rate of 80% over the next three to five years. Su Zifeng expects AMD's overall revenue to reach $35 billion this year, and maintain a compound annual growth rate of 35% or higher over the next three to five years. The stock rose over 5% in pre-market trading. White House "nuclear power plant" Oklo (OKLO.US) reported zero revenue in the third quarter of 2025, with expanded losses not hindering its development prospects. In the third quarter of 2025, Oklo did not generate any revenue; operating losses were $36.309 million, higher than $12.282 million in the same period last year; net losses were $29.722 million, higher than $9.960 million in the same period last year; loss per share was $0.20, higher than $0.08 in the same period last year, and lower than analysts' average expectation of $0.13 loss per share. HUYA, Inc. Sponsored ADR Class A (HUYA.US) released its third quarter of 2025 financial report: total revenue reached a new high in nearly nine quarters, with gaming-related services, advertising, and other contributions accounting for over 30% of revenue. The financial report shows that in the third quarter, HUYA, Inc. Sponsored ADR Class A's total revenue reached $1.69 billion, setting a new high in nearly nine quarters with a year-on-year growth rate of about 10%. Among them, live broadcast revenue stabilized and rebounded to $1.16 billion; gaming-related services, advertising, and other business continued to grow rapidly, with revenues increasing by about 30% to $530 million, accounting for 31.5% of total revenue. According to the non-US GAAP, the company achieved an operating profit of RMB 63 million in the quarter, with a net profit of RMB 363 million attributed to HUYA, Inc. Sponsored ADR Class A. In terms of user data, in the third quarter of 2025, HUYA, Inc. Sponsored ADR Class A's total MAU reached 162 million. Tencent Music Entertainment Group Sponsored ADR Class A (TME.US) reported net profit attributable to equity holders of the company of RMB 2.15 billion in the third quarter, a year-on-year increase of 36.0%. Tencent Music Entertainment Group Sponsored ADR Class A announced its financial performance for the third quarter of 2025, with total revenue of RMB 8.46 billion (US$1.19 billion), a year-on-year increase of 20.6%. Net profit attributable to equity holders of the company was RMB 2.15 billion (US$302 million), a year-on-year increase of 36.0%. Under non-IFRS, the net profit attributable to equity holders of the company was RMB 2.41 billion (US$338 million), a year-on-year increase of 32.6%. Diluted earnings per US depositary share were RMB 1.38, and as of September 30, 2025, the total balance of cash, cash equivalents, time deposits, and short-term investments was RMB 36.08 billion (US$5.07 billion). The "Green Combination" of the AI era! Alphabet Inc. Class C (GOOGL.US) builds computing power, TotalEnergies (TTE.US) provides green electricity, and the Ohio data center sets a carbon-free model. French energy giant TotalEnergies and US search engine and artificial intelligence giant Alphabet Inc. Class C have signed a 15-year renewable power supply agreement, which will provide Alphabet Inc. Class C's large-scale AI data center in Ohio with renewable energy based on Clean Energy Fuels Corp.'s green power system. This heavy long-term agreement reached between Alphabet Inc. Class C and TotalEnergies highlights the increasing demand for AI computing infrastructure in the human society's entrance into the AI era and the electricity needs to support such a huge computing power. Alphabet Inc. Class C, Microsoft Corporation, Amazon.com, Inc., and other cloud computing giants urgently need stable and clean power systems with renewable energy systems undoubtedly meeting the strong demand of Alphabet Inc. Class C. The battlefield of weight loss pills continues: CVS Health Corporation (CVS.US) supports Novo Nordisk A/S Sponsored ADR Class B (NVO.US), while Eli Lilly (LLY.US) switches employee benefits providers. As CVS Health Corporation Health stops underwriting Eli Lilly's popular weight loss drug and shifts its support to Novo Nordisk A/S Sponsored ADR Class B's similar medication, Eli Lilly has decided to terminate CVS Health Corporation's drug benefits plan for its employees. According to a document, starting from January 1st next year, employees participating in Eli Lilly's health insurance plan will automatically transition to the drug benefit program of private pharmacy benefits management company Rightway. It is understood that Eli Lilly, headquartered in Indianapolis, has about 50,000 employees. A spokesperson for Eli Lilly stated that the company regularly evaluates service providers to ensure they provide high-quality and cost-effective coverage services. Important Economic Data and Events Preview Next day at 00:00 Beijing time: US November IPSOS major consumer sentiment index PCSI. Next day at 01:00 Beijing time: US November EIA monthly report estimate - Brent crude oil price for the year. Next day at 02:00 Beijing time: US November 12th 10-year bond auction - total amount in billion US dollars. Next day at 05:30 Beijing time: US API crude oil inventory change for the week ending November 7th. At 22:20 Beijing time: FOMC Permanent Voter and New York Fed President Williams will speak. At 23:00 Beijing time: 2026 FOMC Voter and Philadelphia Fed President Paulson will speak on financial technology. At 23:20 Beijing time: Fed Governor Wall will attend the 9th Annual Fintech Conference. At 23:45 Beijing time: US Treasury Secretary Bassett will speak. Next day at 01:15 Beijing time: 2027 FOMC Voter and Atlanta Fed President Bostic will speak. Next day at 01:30 Beijing time: Fed Governor Milan will participate in an event hosted by the Judge Business School at the University of Cambridge. Next day at 05:00 Beijing time: 2025 FOMC Voter and Boston Fed President Collins will speak about the economic and financial situation outlook. Earnings Forecast Thursday morning: Cisco Systems, Inc. (CSCO.US) Thursday pre-market: Walt Disney Company (DIS.US), JD.com, Inc. Sponsored ADR Class A (JD.US), Bilibili, Inc. Sponsored ADR Class Z (BILI.US), CSI Solar Co., Ltd.CECEP Solar Energy (CSIQ.US)