Overnight US stocks | The U.S. economy expanded at its fastest pace in two years in the third quarter, with the S&P 500 reaching a new closing high. Spot gold is just a step away from the $4500 mark.

On Tuesday, all three major indexes rose, with the S&P 500 hitting a new closing high. Supported by resilient consumer and business spending, as well as a more stable trade policy, the US economy expanded in the third quarter at the fastest pace in two years. [US Stocks] At the close, the Dow Jones rose 79.73 points, or 0.16%, to 48442.41 points; the Nasdaq rose 133.01 points, or 0.57%, to 23561.84 points; the S&P 500 gained 31.3 points, or 0.46%, to 6909.79 points. NVIDIA Corporation (NVDA.US) rose more than 3%, with a market value returning to $4.6 trillion; Broadcom Inc. (AVGO.US) rose 2.3%, Meta Platforms (META.US) rose 0.52%, Tesla, Inc. (TSLA.US) fell 0.65%. [European Stocks] The German DAX30 index rose 46.66 points, or 0.19%, to 24342.81 points; the UK FTSE 100 index rose 23.57 points, or 0.24%, to 9889.54 points; the French CAC40 index fell 17.22 points, or 0.21%, to 8103.85 points; the Euro Stoxx 50 index rose 7.97 points, or 0.14%, to 5751.66 points; the Spanish IBEX35 index rose 22.60 points, or 0.13%, to 17180.60 points; the Italian FTSE MIB index rose 18.90 points, or 0.04%, to 44612.50 points. [Asia-Pacific Stock Markets] The Nikkei 225 index edged higher, the KOSPI index in South Korea rose 0.28%, the BSE SENSEX in India edged lower, and the composite index in Indonesia fell 0.71%. [Foreign Exchange] The US dollar index against six major currencies fell 0.35% to close at 97.942 in the forex market. At the close of the New York foreign exchange market, 1 euro exchanged for $1.1790, higher than the previous trading day's $1.1755; 1 pound exchanged for $1.3497, higher than the previous trading day's $1.3458. 1 dollar exchanged for 156.20 yen, lower than the previous trading day's 156.92 yen; 1 dollar exchanged for 0.7877 Swiss francs, lower than the previous trading day's 0.7918 Swiss francs; 1 dollar exchanged for 1.3694 Canadian dollars, lower than the previous trading day's 1.3747 Canadian dollars; 1 dollar exchanged for 9.1684 Swedish kronor, lower than the previous trading day's 9.2396 Swedish kronor. [Cryptocurrency] Bitcoin fell more than 1%, touching a low of $86,600; Ethereum fell nearly 1.5%, touching a low of $2,900. [Precious Metals] Spot gold rose 0.93% to $4,485.13, reaching a high of $4,499.94; spot silver broke through $70 for the first time. [Crude Oil] Light crude oil futures for delivery in February 2026 on the New York Mercantile Exchange rose 37 cents to close at $58.38 per barrel, up 0.64%; Brent crude oil futures for delivery in February rose 31 cents to close at $62.38 per barrel, up 0.5%. [Macro News] The US economy expanded at a rate of 4.3% in the third quarter, marking the fastest growth in two years. Supported by resilient consumer and business spending, as well as a more stable trade policy, the US economy expanded in the third quarter at the fastest pace in two years. The US Bureau of Economic Analysis reported on Tuesday that the inflation-adjusted real GDP for the third quarter recorded an annualized rate of 4.3%, up from 3.8% in the previous quarter, also supported by household spending. The delayed report shows that with consumers continuing to spend and Trump's tariffs possibly being reversed, the US economy maintained its growth momentum in the middle of this year. While the government shutdown is expected to drag down economic growth in the fourth quarter, economists predict that the US economy will experience a modest rebound by 2026, when households are expected to receive tax refunds, and a Supreme Court ruling may overturn Trump's comprehensive global tariffs. The latest forecasts from the Federal Reserve echo this view, with Powell citing supportive fiscal policy, spending on artificial intelligence data centers, and ongoing household consumption as reasons for accelerating economic growth next year. US consumer confidence index falls again in December. The US Conference Board's Consumer Confidence Index for December fell to 89.1; the Present Situation Index plunged to 116.8 in December; the Expectations Index remained steady at 70.7, but the Expectations Index has been below 80 for 11 consecutive months, a threshold signaling an imminent economic recession. Dana M. Peterson, chief economist at the Conference Board, said, "Despite upward revisions to the November data following the end of the government shutdown, consumer confidence fell again in December, well below the peak in January this year. For the overall index, four of the five components declined, with one indicating significant softness." Peterson also noted that respondents in open-ended questions continued to focus primarily on economic impact factors such as price and inflation, tariffs and trade, and politics. However, the proportion of mentions of immigration, war, and topics related to personal finances in December increased. These responses continue to lean pessimistic, but the degree has eased compared to November, potentially due to fewer negative comments about prices and inflation, as well as a rebound in positive responses about interest rates. Trump criticizes the abnormal phenomenon of "good news does not lead to rise" in the market, and warns dissenters not to take charge of the Federal Reserve. US President Trump praised the GDP data for the third quarter on social media, pointing out that GDP growth reached 4.2%, far exceeding the expected 2.5%. However, the market's reaction is abnormal now: good news used to boost the market, but now good news often leads to the stock market holding steady or falling - because Wall Street is always worried that good news will immediately trigger rate hikes to prevent "potential" inflation. Trump said, "This makes it harder for us to recreate the prosperous market of the national rise period. A strong market itself does not cause inflation, wrong policies do. I hope the new Fed chairman will lower rates for Hershey Company in the market, rather than unjustly suppress the market. I want to see a market like never before for decades: a market that rises when it should, falls when it should, a market that is supposed to be like this, once was like this." Trump also said, "The inflation problem will naturally ease, and if necessary, we can raise interest rates at the right time, but we should never raise rates to suppress growth. If those 'nerds' do their best to break the upward trend, the country will never be strong." Trump concluded, "Anyone who disagrees with me can never think of becoming the chairman of the Federal Reserve." Yellen believes there is room for the Federal Reserve to modify its 2% inflation target in the future. US Treasury Secretary Yellen supports re-examining the Federal Reserve's 2% inflation target once the inflation rate consistently returns to the 2% target level. In an interview, Yellen said, "When we return to a 2% inflation rate (which I think is close at hand), we can start discussing whether it is wiser to set a target range." Yellen suggested in the interview that the discussion could revolve around adjusting the inflation target to a range of 1.5-2.5% or 1-3%. Fed policymakers officially adopted a 2% inflation target publicly in 2012, a target also adopted by many central banks worldwide. Yellen pointed out that pursuing precision at the decimal level is absurd, but he also warned that adjusting the target during high inflation rates might give the impression that the target will be continuously raised as long as it exceeds the standard. Hassett: Strong economic growth will drive employment, predicting monthly job additions may return to over 100,000. White House National Economic Council Director Hassett said the third-quarter US economic growth data, announced on Tuesday, exceeded expectations, reflecting both President Trump's trade policy achievements and investments in artificial intelligence, and indicating that future job growth will accelerate. Speaking to CNBC about the annualized GDP growth rate of 4.3% in the third quarter, he said, "This is indeed an amazing number and a great Christmas gift for the American people. The economic recovery is strong, and many people who had left the labor market are returning... If we can maintain a 4% GDP growth rate into the new year, monthly job additions may return to the range of 100,000 to 150,000." [Stock News] US approves first "oral weight-loss miracle drug". The US FDA has approved Novo Nordisk A/S Sponsored ADR Class B's first oral GLP-1 weight loss drug, giving it an advantage in fierce competition with Eli Lilly. The oral version of Wegovy will be launched in the US in early January next year, with a starting cash price of $149 per month. Clinical data shows that it can help patients lose weight by up to 16.6% and reduce cardiovascular risk. Similar oral drugs from Eli Lilly are expected to be approved in March. [Big Bank Rating] Argus Research: Raises Micron Technology, Inc. (MU.US) target price from $210 to $320.