Overnight US stocks | Three major indices rose and fell inconsistently, with Bitcoin dropping below the $95,000 mark.

On Friday, the three major indexes showed mixed gains and losses, with a selloff in the U.S. stock market led by technology stocks deepening, as major benchmark indexes fell below support levels, increasing concerns that the Federal Reserve may not cut interest rates at the next meeting. The Dow Jones Industrial Average rose by 0.34% this week, while the Nasdaq fell by 0.45% and the S&P 500 index rose by 0.08%. Despite a rebound on Friday, the Nasdaq index recorded a decline for the week, largely due to a significant pullback on Thursday. [US Stocks] At the close, the Dow fell by 309.74 points, or 0.65%, to 47,147.48 points; the Nasdaq rose by 30.23 points, or 0.13%, to 22,900.59 points; the S&P 500 index fell by 3.38 points, or 0.05%, to 6,734.11 points. [European Stocks] The Germany DAX30 index fell by 169.21 points, or 0.70%, to 23,873.70 points; the UK FTSE 100 index fell by 108.78 points, or 1.11%, to 9,698.90 points; the France CAC40 index fell by 62.40 points, or 0.76%, to 8,170.09 points; the Euro Stoxx 50 index fell by 50.14 points, or 0.87%, to 5,692.65 points; the Spain IBEX35 index fell by 246.34 points, or 1.49%, to 16,335.56 points; the Italy FTSE MIB index fell by 762.36 points, or 1.70%, to 43,993.00 points. [Crude Oil] Oil prices rose by over 2% after the Russian port of Novorossiysk, an important energy hub, stopped oil exports following a drone attack from Ukraine. The New York Mercantile Exchange's December delivery of West Texas Intermediate (WTI) crude oil contract rose by $1.40, or 2.39%, to $60.09 per barrel. The Brent crude oil contract settled up $1.38, or 2.19%, at $64.39 per barrel. [Cryptocurrency] Bitcoin plunged by over 5%, falling below $95,000; Ethereum dropped by over 3.8% to $3,108.93. [US Dollar Index] The US dollar index, which measures the dollar against six major currencies, rose by 0.14% on the day and closed at 99.298 in the forex market. At the close in New York forex market, 1 euro exchanged for $1.1618, lower than the previous trading day's $1.1635; 1 pound exchanged for $1.3165, lower than the previous trading day's $1.3190. 1 dollar exchanged for 154.56 yen, higher than the previous trading day's 154.47 yen; 1 dollar exchanged for 0.7940 Swiss francs, higher than the previous trading day's 0.7927 Swiss francs; 1 dollar exchanged for 1.4026 Canadian dollars, lower than the previous trading day's 1.4033 Canadian dollars; 1 dollar exchanged for 9.4584 Swedish kronor, higher than the previous trading day's 9.3983 Swedish kronor. [Precious Metals] Spot gold fell by 2.06% to $4,085.37 per ounce. This week, it rose by 1.98%, from $3,998.67 per ounce on November 10-13 to $4,245.23 per ounce, before giving back the gains. COMEX gold futures fell by 2.70% to $4,081.00 per ounce, with a weekly gain of 1.75%, reaching $4,250 per ounce on November 13. Spot silver rose by 4.65% this week to $50.5723 per ounce, with a high of $54.3910 per ounce on November 13. COMEX silver futures rose by 4.73% to $50.420 per ounce. COMEX copper futures rose by 1.91% to $5.0515 per pound. [Macro News] Four economic data points in the U.S. will be released next week. The U.S. Census Bureau under the Department of Commerce announced on Friday that it will release August construction spending, factory orders, and international trade data next week. These data have been delayed due to the federal government shutdown. The construction spending report will be released on Monday, factory orders data on Tuesday, and trade accounts on Wednesday. The U.S. Bureau of Labor Statistics also announced that the delayed September nonfarm payrolls report will be released on Thursday next week. All reports were originally supposed to be released in early October. The agency stated, "The Census Bureau will continue to coordinate with other agencies and the Office of Management and Budget to update the release schedule for economic indicators in response to recent interruptions in federal funding. We will provide updates as soon as new release dates are determined." Federal Reserve's Logan: It's hard to support a rate cut in December. Federal Reserve's Logan hinted again on Friday that she would oppose a rate cut by the Federal Reserve in December, as she did in October, due to concerns about rising inflation that may take too long to reach the Fed's 2% target. "As I look toward the December meeting, I think it would be hard to support another rate cut unless we see compelling evidence that the pace of inflation falling is indeed faster than my expectations, or we see signs that the labor market isn't just cooling gradually," Logan said. Federal Reserve Board member Milan: Data supports rate cut, Fed should be more dovish. Federal Reserve board member Milan stated that recent economic data supports the reasons for the Fed to cut rates. Since the Fed's September policy meeting, "I think all the data we have gotten points to a dovish outlook," Milan said. "Inflation data has been better than our expectations," he said, adding that labor market data has weakened. On the question of further rate cuts, "All of this should be making us more dovish, not less," he said. To suppress food prices and political pressure, the White House will announce broad product tariff exemptions. U.S. Trade Representative Jagrill said the White House will announce new tariff exemptions aimed at addressing high food prices on Friday, as the Trump administration faces increasing political pressure from voters. Trump and other senior officials have been refuting criticism that their trade policies have raised living costs, but they acknowledge the need to take more steps to reduce the high prices that have frustrated voters for years. "We've reached a point where we are starting to reshape the international trade system in ways that we believe are more beneficial to the United States," says Jagrill. It is not yet clear if the exemptions to be announced on Friday will include other administrative orders requested by Trump for review, including aircraft parts, non-patented drugs, and critical minerals. It is expected that these exemptions will be broader than the scope included in the framework trade agreements announced by the United States with Argentina, Guatemala, El Salvador, and Ecuador on Thursday, officials said these agreements will reduce tariffs on citrus, beef, and coffee imports. "The scope may be wider than that." Federal Reserve Schmid: Further rate cuts could have a lasting impact on inflation; supports decision to halt Fed balance sheet downsizing. Federal Reserve Schmid made a speech: Labor market cooling may reflect structural changes. More inclined to focus on overall inflation rates when formulating policies. Further rate cuts could have a lasting impact on inflation. The Fed may also shift its balance sheet investment portfolio to short-term securities. Inflation is overheating, the labor market is cooling, but overall balance is maintained. My concern about inflation goes far beyond tariff issues. Will closely monitor the labor market for signs of significant deterioration. Fed policy is clearly tightening, which is where it should be. There is no room for complacency in inflation expectations. Supports the decision to halt Fed balance sheet downsizing. The reasons I voted against in October guide me, until I make the decision in December. There are no signs in financial markets and the real economy of excessive tightening. The Fed can support smaller scale of Fed balance sheet by lowering reserve interest rates, easing the use of permanent repurchase tools, and easing liquidity pressures. There is almost no reason to believe that reserve demand will steadily increase with nominal GDP growth. Monetary policy should be inclined to suppress excessive demand growth. The government shutdown highlights the necessity of Fed independence, and the Fed continues to operate. U.S. auto loan defaults reach record high, exacerbating risks for subprime loan institutions. The number of Americans defaulting on car loans has reached a record high, raising concerns that subprime auto loan institutions may face more pressure after recent collapses of prominent institutions such as Tricolor Holdings and PrimaLend Capital Partners. These concerns are most evident in the automotive loan-backed securities (ABS) market. According to Wells Fargo & Company's data, investors now demand about 50 basis points more in returns than two months ago to hold the lowest-rated part of subprime auto ABS, raising the average risk premium to about 170 basis points, the highest since May. [Stock News] Alphabet Inc. Class C (GOOG.US, GOOGL.US) to invest $40 billion in Texas, building three new data centers. Alphabet Inc. Class C plans to invest $40 billion in building three data centers in Texas by 2027. One data center will be located in Armstrong County, in the panhandle of Texas, while the other two will be in Haskell County, near Abilene in western Texas. One of the Haskell facilities will be built alongside a new CECEP Solar Energy and battery storage plant to reduce the impact on the grid. Alphabet Inc. Class C stated that this investment will create thousands of jobs and provide skills training for college students and electrical apprentices. Texas is home to some of the largest-scale data center projects currently in development, with other companies such as OpenAI, Anthropic PBC, and Meta Platforms Inc. also investing in data centers in the state. [Major Bank Ratings] Citigroup: Raised Bilibili, Inc. Sponsored ADR Class Z (BILI.US) target price from $25 to $27 Morgan Stanley: Raised NVIDIA Corporation (NVDA.US) target stock price from $210 to $220