Preview of US Stock Market | The three major stock index futures are mixed, with Bitcoin plummeting. Castle Securities is optimistic about the S&P 500 rebounding to 7000 points.

Pre-market market trends 1. In pre-market trading on Friday, November 21st, the futures of the three major US stock indexes were mixed. As of the time of writing, the Dow Jones futures rose 0.44%, the S&P 500 index futures rose 0.13%, and the Nasdaq futures fell 0.07%. 2. As of the time of writing, the German DAX index fell 0.60%, the UK FTSE 100 index fell 0.28%, the French CAC40 index fell 0.03%, and the Euro Stoxx 50 index fell 0.81%. 3. As of the time of writing, WTI crude oil fell 2.03% to $57.80 per barrel. Brent crude oil fell 1.69% to $62.31 per barrel. Market News Bitcoin plummeted, falling below $82,000 at one point during the day. On Friday, Bitcoin fell below the $82,000 mark, hitting a low of $81,111, the lowest since April 7th. At the time of writing, Bitcoin fell over 9% to $82,885. It is worth mentioning that earlier this week, the decline in Bitcoin had triggered increased market pessimism, which quickly spread to stock markets around the world. Tom Lee, Research Director at Fundstrat, and Steve Sosnick, Chief Strategist at Interactive Brokers Group, Inc. Class A, pointed out that algorithmic traders are currently viewing Bitcoin as a "leading indicator," essentially making it an alternative reference for speculative fervor. US stocks squatting before the jump? Castle Securities: S&P 500 is expected to hit 7,000 by the end of the year. Scott Rubner, Director of Stock and Derivatives Strategies at Castle Securities, predicts that after a "healthy" pullback, the S&P 500 index will see a strong rebound and could reach 7,000 by the end of the year. According to Rubner, the market's positioning and favorable seasonal factors will drive this growth. According to Rubner's analysis, the recent market pullback has created favorable conditions for a strong recovery, with multiple bullish factors expected to drive stock prices up in the coming months. These positive factors include continued demand from retail traders and reduced holdings by institutional investors before the Thanksgiving holiday, giving these large investors more room to readjust their holdings. Ray Dalio: 80% of the foam signals from 1929 & 2000 have gathered in the market, but do not blindly sell. Ray Dalio, founder of Bridgewater Fund, believes that the market has entered a bubble zone, warning that "we have about 80% of the iconic conditions that characterized the bubble periods of 1929 and 2000". However, he added that despite these warning signs, investors "do not need to sell rashly". The billionaire hedge fund manager pointed out that wealth concentration and high leverage are typical characteristics of a bubble. He also emphasized the importance of timing when assessing bubbles. "Don't just sell because there's a bubble," he cautioned, noting that historical data shows that buying at similar high valuation levels and holding for ten years yields an average annual return ranging from +2% to -2%. NVIDIA Corporation's "stellar" financial report turns into a "bull trap" for the US stock market, as Goldman Sachs Group, Inc. warns: the market is battered. John Flood, a partner at Goldman Sachs Group, Inc., said the sharp turnaround in the US stock market on Thursday indicated that NVIDIA Corporation's strong performance did not bring the expected signal of "completely alleviating" risks for traders, but rather prompted them to seek refuge to prevent further losses. He stated, "The market is deeply bruised right now. The market is extremely concerned about crowded hedge risks, and investors are in pure profit and loss protection mode." Flood noted that since 1957, including Thursday, there have been eight instances where the S&P 500 index opened up more than 1% but then reversed to close lower. Fortunately, the average performance after these events is positive, with gains of at least 2.3% the next day and for the week, followed by an average increase of 4.7% in the following month. Will the reasons for the Fed's interest rate cuts become increasingly insufficient? Morgan Stanley leads the way in "tearing up reports"! Morgan Stanley has withdrawn its forecast for a 25 basis point rate cut by the Federal Reserve at the December meeting, after a steady September jobs report showed resilience in the US economy. The bank's strategists stated, "The very sharp and widespread rebound in employment numbers suggests that the extent of the economic slowdown over the summer may have been exaggerated." They added that the strong employment data indicates the economy is stabilizing. Despite a slight increase in the unemployment rate, they believe this is due to an increase in the labor force participation rate rather than layoffs. The bank pointed out that without a change in the labor force participation rate, the unemployment rate should have declined. Morgan Stanley now expects the Federal Reserve to cut rates in January, April, and June 2026, bringing the policy rate down to 3% to 3.25%. This final rate expectation is consistent with previous forecasts. Federal Reserve Chair Nominee Haslett warns: The timing of pausing rate cuts in December is "very bad"! Following the release of a stronger-than-expected September non-farm payrolls report by the US Bureau of Labor Statistics, some Wall Street institutions have increased the probability that the Federal Reserve will not cut rates next month. However, Larry Haslett, one of the nominees for Federal Reserve Chair named by President Trump and Director of the National Economic Council at the White House, said that for the Federal Reserve, pausing rate cuts at this moment would be a "very bad" idea, as the government shutdown has already dragged down economic growth in the fourth quarter. Haslett predicted that the government shutdown will lead to a 1.5 percentage point decrease in GDP in the fourth quarter. At the same time, he pointed out that the September Consumer Price Index (CPI) shows that inflation is performing better than expected. Stock news Discount consumption shows resilience! Ross Stores, Inc. (ROST.US) sees a sharp 7% increase in same-store sales in Q3, well above expectations, and raises full-year performance guidance. In an environment of ongoing inflation and trade policy volatility, consumers are increasingly inclined to purchase branded goods at lower prices, making retailers like Ross Stores, Inc. appealing to budget-conscious customers. The company reported third-quarter sales of $5.6 billion, exceeding the market's expectation of $5.42 billion. Same-store sales for the quarter increased by 7%, far exceeding the market's expectation of 3.3%. The company said that back-to-school sales were strong, with strong momentum throughout the quarter. The quarterly operating margin reached 11.6%, higher than the market's expectation of 10.6%. Earnings per share were $1.58, better than the market's expectation of $1.41. Looking ahead, Ross Stores, Inc. now expects earnings per share for the year to be in the range of $6.38 to $6.46, higher than the previous expectation of $6.08 to $6.21. At the time of writing, Ross Stores, Inc. was up over 3% in pre-market trading. Walmart Inc. (WMT.US) warns of "consumer cracks": pressure intensifies on low-income customers, and the affordability crisis is worsening. Walmart Inc. stated that the gap between those who can afford daily necessities and those who cannot is widening. Walmart Inc. Chief Financial Officer Rainey said, "In recent months, the gap between low-income and high-income groups has widened slightly," "If we look at October's wage growth data... this gap has reached the highest level in nearly a decade." Rainey vividly describes the affordability challenges faced by millions of Americans, with food prices being a major factor. He explained that this has led to an increasing number of shoppers turning to cheaper products, extending their purchasing cycles, and paying more attention to value for money. GE Healthcare (GEHC.US) throws $2.3 billion to acquire Intelerad, aiming for a new high in AI and cloud-based medical imaging. GE Healthcare Technologies will acquire medical imaging software manufacturer Intelerad Medical Systems for $2.3 billion in cash to expand its presence in cloud software and artificial intelligence. GE Healthcare said that after the acquisition, Intelerad's revenue is expected to reach around $270 million in its first full fiscal year. This deal will effectively drive steady growth in the group's total revenue and adjusted EBIT. Joby Aviation (JOBY.US) accuses competitor Archer Aviation (ACHR.US) of commercial espionage. Joby Aviation has filed a lawsuit in the Superior Court of Santa Cruz, California, accusing a former employee who jumped to its competitor Archer Aviation of obtaining confidential company information and using it to disrupt Joby Aviation's exclusive partnerships with certain clients. According to court documents, George Kivork, who was Joby Aviation's Director of US State and Local Policy at the time, had access to sensitive and proprietary information about Joby Aviation's strategic partnerships, technology, and valuable information for its competitors. MNSO (MNSO.US) adjusted net profit in the third quarter was 767 million yuan, an increase of 11.7% year-on-year. The financial report shows that MNSO's third-quarter revenue reached 5.797 billion yuan, an increase of 28.17% year-on-year; the net profit attributable to equity shareholders of the company was 441 million yuan, a decrease of 31.36% year-on-year; the adjusted net profit was 767 million yuan, an increase of 11.7% year-on-year; basic earnings per ordinary share were 0.36 yuan. Important economic data and events forecast 23:45 US November SPGI Manufacturing PMI preliminary value 23:00 US November University of Michigan Consumer Confidence Index final value