Overnight US stocks | Dow Jones and S&P 500 indexes fall for four consecutive days, with Bitcoin briefly dropping below $90,000.

On Tuesday, the three major indexes fell, with the Dow and S&P 500 both recording their fourth consecutive trading day of decline. The Nasdaq recorded its fifth decline in six trading days. Bitcoin briefly fell below $90,000, indicating a weakening preference for risky investments. [US Stocks] At the close, the Dow fell 498.50 points, or 1.07%, to 46,091.74 points; the Nasdaq fell 275.23 points, or 1.21%, to 22,432.85 points; and the S&P 500 fell 55.09 points, or 0.83%, to 6,617.32 points. NVIDIA Corporation (NVDA.US) dropped 2.8%, Amazon.com, Inc. (AMZN.US) fell 4.4%. The Nasdaq China Golden Dragon Index rose 0.4%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 1.2%, Baidu Inc Sponsored ADR Class A (BIDU.US) rose 2.6%. [European Stocks] The German DAX30 index fell 375.17 points, or 1.59%, to 23,204.18 points; the UK FTSE 100 index fell 127.28 points, or 1.32%, to 9,548.15 points; the French CAC40 index fell 151.09 points, or 1.86%, to 7,967.93 points; the Euro Stoxx 50 index fell 105.49 points, or 1.87%, to 5,535.45 points; the Spanish IBEX35 index fell 350.69 points, or 2.17%, to 15,819.91 points; and the Italian FTSE MIB index fell 936.28 points, or 2.1% to 42,831.00 points. [Crude Oil] The price of light crude oil futures for December delivery on the NYMEX rose 83 cents to $60.74 per barrel, up 1.39%; and the price of Brent crude oil futures for January delivery rose 69 cents to $64.89 per barrel, up 1.07%. [Cryptocurrency] Bitcoin rose 0.54% to $92,612.24, with a low of $89,288.7; Ethereum rose 2.5% to return above $3,100. [US Dollar Index] The US Dollar Index, which measures the US dollar against six major currencies, fell 0.04% on the day, closing at 99.551 in the currency market. At the close of the New York currency market, 1 euro exchanged for $1.1585, up from the previous trading day's $1.1583; 1 pound exchanged for $1.3155, up from the previous trading day's $1.3146; 1 dollar exchanged for 155.53 yen, up from the previous trading day's 155.25 yen; 1 dollar exchanged for 0.7992 Swiss francs, up from the previous trading day's 0.7965 Swiss francs; 1 dollar exchanged for 1.3979 Canadian dollars, down from the previous trading day's 1.4055 Canadian dollars; and 1 dollar exchanged for 9.4640 Swedish kronor, down from the previous trading day's 9.4877 Swedish kronor. [Precious Metals] Spot gold rose 0.53% to $4,067.42. [Macro News] Trump hints at Fed chairman selection and complains that firing Powell was blocked. Trump stated that he believes he has already made his choice for the next Federal Reserve chairman, while claiming that someone is preventing him from firing the current Fed leader, Powell. Trump said, "I think I know who I'm going to put in." But he did not specify who the choice was. U.S. Treasury Secretary, Benson, said he had narrowed down the candidates to current Fed governors Waller and Bowman, former Fed governor Warsh, White House National Economic Council Director Hassett, and BlackRock, Inc. executive Reed. Trump said, "We have some surprising names, and we have some conventional names that everyone is talking about. We might go the conventional route. It's also nice to occasionally walk down the politically correct path." Benson previously stated that he planned to submit his recommendation to Trump after the Thanksgiving holiday. The next Federal Reserve chairman will have to maintain a careful balance: catering to Trump's desire for low interest rates while also maintaining investor confidence. Sources: Saudi Arabia allowed to purchase large quantities of American AI chips. In a meeting between Trump and Crown Prince of Saudi Arabia, American plans to approve the first batch of transactions to sell advanced AI chips to Saudi Arabian AI company, Humain, were revealed. This signals a victory for the state-supported company. These approvals are expected to be part of a broader AI agreement between Washington and Riyadh. The agreement could be finalized as early as this week, with the U.S. government showing a positive attitude towards Saudi Arabia's large-scale AI chip export applications. Since 2023, Saudi Arabia has needed Washington's permission to make such chip purchases. Trump said on Tuesday, "We are working on this issue. The deal will involve a certain number of chips." A source stated that the approved quantity is expected to reach tens of thousands of semiconductors. This U.S. government authorization also marks a victory for some of the world's largest semiconductor companies (including NVIDIA Corporation and AMD), who are seeking to supply the Middle East market. US to publish new batch of data including CFTC Weekly Report, PPI, etc. A spokesperson for the U.S. Department of Labor stated that the department plans to fill in missing weekly initial jobless claims data during the government shutdown before the end of day this Thursday. Due to technical issues, an initial figure of 232,000 initial jobless claims for the week ending October 18 was unexpectedly released. As the missing data is recorded, the Department of Labor will not issue a usual press release. The missing data will be directly published on the Department of Labor's website. The latest announcement from the Department of Labor also shows that it plans to release September PPI data at 9:30 p.m. Beijing time on November 25, and export and import price index data for September to be released at 9:30 p.m. on December 3. In addition, the Commodity Futures Trading Commission (CFTC) announced this week that it will begin releasing trader positioning reports, with the first report expected to be published early Thursday morning. CFTC will release up to two reports per week until January 23 next year, when the release schedule will return to normal. US bank stocks on the brink of breaking key support levels, signaling a severe warning for the overall stock market. Data shows that Bank of America Corp and financial stocks are on the edge of breaking key support levels, sending a warning signal to the entire stock market. The weakness in this sector is driven by credit issues and traders reducing bets on an interest rate cut by the Federal Reserve, threatening one of the main pillars the market hoped for an end-of-year rally. The KBW Bank Index has fallen 4.5% in the past five trading days, while the S&P 500 Bank Index recorded a 2.9% decline during the same period. Chief Market Strategist at Miller Tabak, Matt Maley, wrote, "If bank stocks continue to fall significantly over the next week or two, it will send a major warning signal to this crucial group." Maley believes that the decline in financial stocks indicates that there are "quite a few cracks starting to appear in the bullish argument for the stock market", as market expectations for this sector are high when investors expect an interest rate cut. Maley wrote that further evidence of worsening credit conditions will lead to additional market volatility. It appears that some of the "one-time" issues facing financial companies may not be as "special" as many experts have told us. [Company News] Meta wins key antitrust lawsuit, previous acquisitions do not constitute illegal monopoly. Meta (META.US) won a key lawsuit on Tuesday, with a federal judge ruling that the company's acquisitions of the photo-sharing app Instagram and messaging service WhatsApp did not violate U.S. antitrust laws. U.S. District Judge James Boasberg in Washington stated that the Federal Trade Commission (FTC) failed to prove that these transactions had made the tech giant has illegally monopolized the social networking market. This judgment is a huge blow to the federal government, which had sued the tech giant for antitrust violations during the first term of the Trump administration in 2020. Alphabet Inc. Class C releases powerful model Gemini 3, achieving a huge leap in inference and coding capabilities. Alphabet Inc. Class C launched its latest version of the artificial intelligence model Gemini 3, emphasizing that these new features will be immediately put into use in multiple profitable products and executives say this version represents a "huge leap" in inference and coding capabilities. Like its predecessor, Gemini 3 can handle text, images, and other media, and solve complex scientific and mathematical problems. CEO Sundar Pichai stated that the model's ability to reason and respond based on input has significantly improved. Alphabet Inc. Class C DeepMind's Chief Technology Officer Koray Kavukcuoglu said, "This is our smartest model. It will help people turn any idea they have into reality." Alphabet Inc. Class C also launched Antigravity, a new development platform for building AI-driven coding agents that is currently in the preview stage. The system allows developers to delegate tasks to autonomous agents, which can write, test, and validate code in editors, terminals, and browsers. [Big Banks Ratings] Bank of America Corp: Downgraded Honeywell International Inc. (HON.US) from Buy to Underperform rating; Target price lowered from $265 to $205