Preview of US Stock Market | The three major stock index futures fell together, with the US stock market closed early on December 24 and closed for one day on December 25.

1. Before the opening of the US stock market on December 24th (Wednesday), the futures of the three major US stock indexes all fell. As of the time of writing, the Dow Jones futures fell by 0.08%, the S&P 500 index futures fell by 0.02%, and the Nasdaq futures fell by 0.01%. 2. As of the time of writing, the Germany DAX index rose by 0.23%, the UK FTSE 100 index fell by 0.26%, the France CAC 40 index rose by 0.10%, and the Euro Stoxx 50 index rose by 0.14%. 3. As of the time of writing, WTI crude oil rose by 0.26%, to $58.53 per barrel. Brent crude oil rose by 0.11%, to $62.45 per barrel. Market News Trading Tips: Due to the Christmas holiday, the US stock market will close early on December 24th and remain closed on December 25th. Due to the impact of the US Christmas holiday, on December 24th (Wednesday), the US stock market will close three hours early; US CME Group Inc. Class A (CME) will end trading in US Treasury futures contracts at 03:30 Beijing time on the 25th, and trading in precious metals, energy, and foreign exchange futures contracts will end at 02:45 Beijing time on the 25th, and stock index futures contracts will end at 02:15 Beijing time on the 25th. Intercontinental Exchange, Inc. (ICE) will end trading in Brent crude oil futures contracts at 03:00 Beijing time on the 25th. On December 25th (Thursday), the US stock market will be closed for the day; US CME Group Inc. Class A (CME) will suspend trading in US Treasury futures contracts all day, and trading in precious metals, US oil, foreign exchange, and stock index futures contracts will be suspended all day. Intercontinental Exchange, Inc. (ICE) will suspend trading in Brent crude oil futures contracts all day. The US plans to impose tariffs on the Chinese semiconductor industry from 2027, and the Ministry of Foreign Affairs responds. Ministry of Foreign Affairs spokesperson Lin Jian presided over a routine press briefing. When asked by AFP journalists, the US trade representative's investigation found that "China has implemented unfair measures and is attempting to dominate the semiconductor industry," and the US plans to impose tariffs on the Chinese semiconductor industry from 2027. What is China's comment on this? Lin Jian stated that China resolutely opposes the US's indiscriminate imposition of tariffs and unjustified repression of Chinese industries. The US's actions disrupt the stability of the global supply chain, hinder the development of semiconductor industries in various countries, and harm itself. "We urge the US to correct its wrongdoings as soon as possible, lead with the important consensus reached by the leaders of the two countries, resolve concerns through dialogue on the basis of equality, respect, and mutual benefit, properly manage differences, and maintain stable, healthy, and sustainable development of China-US relations. If the US persists in its own way, China will resolutely take corresponding measures to safeguard its legitimate rights and interests." Is the US Fed's 2% inflation target wavering? US Treasury Secretary Bassnett: Discussion can adjust to a target range. US Treasury Secretary Scott Bassnett supports a discussion on adjusting the US Fed's 2% inflation target once the inflation rate sustainably returns to 2%. In an interview, Bassnett said, "Once we return to the 2% inflation level - which I believe will happen soon - we can have a discussion: would it be wiser to set a target range?" He added, "Once we re-anchor this target, we can discuss setting a range." In the interview published on December 22nd, he suggested that the discussion could revolve around a range of 1.5% to 2.5% or 1% to 3%. He said, "This will be a very thorough discussion." Fed chair candidate Hassett: US economic recovery taking off AI productivity will help lower interest rates. White House economic advisor Kevin Hassett said that the US economic growth data released on Tuesday was better than expected, attributed to President Trump's trade policy and investment in artificial intelligence (AI), and forecasted that future job growth will accelerate. Hassett said in an interview, "This is really a great number, a great Christmas present for the American people." "The economic recovery is definitely taking off, and a lot of people who have been on the sidelines are entering the workforce... If we can maintain GDP growth in the range of 4% as we enter the new year, we will see (monthly non-farm employment numbers) return to the range of 100,000 to 150,000." Weight-loss drugs face a policy turning point: US health insurance covers GLP-1. Following the price reduction agreement reached by the Trump administration, the US Centers for Medicare and Medicaid Services (CMS) announced on Tuesday a voluntary plan to include GLP-1 class weight-loss and diabetes treatment drugs in the coverage scope of Medicaid and Medicare Part D. In November of this year, President Trump signed agreements with Eli Lilly (LLY.US) and Novo Nordisk A/S Sponsored ADR Class B (NVO.US), committing to significantly reduce the prices of popular GLP-1 weight-loss drugs in federal health insurance, Medicaid programs, and self-pay patient groups. The plan introduced by CMS is based on this agreement, expected to be launched for Medicaid programs as early as May 2026, and expand to Medicare in January 2027. Precious metals market situation: Gold and platinum hit new highs. Influenced by the escalating tension in Venezuela and the market's expectation of further interest rate cuts by the Federal Reserve next year, the price of gold reached a new historic high, breaking through the $4,500 per ounce mark for the first time. As of the time of writing on Wednesday, spot gold rose by 0.23% to $4495.97 per ounce, continuing its upward trend for three consecutive days, marking the 51st new high this year. Silver also briefly rose by 0.6%, reaching a historic high of $71.856 per ounce. Palladium prices also rose. Meanwhile, driven by multiple factors such as supply shortages and resilient demand, the price of platinum broke through $2300 per ounce for the first time, reaching a new high since 1987. As of the time of writing, platinum spot rose by 1.00%, to $2318.61 per ounce, breaking through the $2300 per ounce barrier for the first time. This also marks the tenth consecutive trading day of platinum rising, setting a record for the longest consecutive rise since 2017. Individual Stock News Apple Inc.CEO Tim Cook invests $2.95 million to increase his holdings in Nike, Inc. Class B stock, with Nike, Inc. Class B (NKE.US) rising over 2% pre-market. Cook has been a director of Nike, Inc. Class B since 2005 and currently serves as its lead independent director. Recently, Nike, Inc. Class B is undergoing a key integration period after a major management change, and the market remains cautious about its performance recovery. According to the latest regulatory filings, Cook purchased around 38,500 shares of Nike, Inc. Class B stock with his personal funds at an average price of $76.54, totaling $2.95 million. As the leader of a top technology giant and a key decision-maker at Nike, Inc. Class B, Cook's rare substantial increase in holdings is seen by investors as a positive signal that Nike, Inc. Class B stock has bottomed out and its long-term growth logic remains stable, directly driving the pre-market rise of Nike, Inc. Class B by 2.2%. Sanofi (SNY.US) acquires Dynavax Technologies Corporation (DVAX.US) for $2.2 billion, expanding its vaccine business map. Sanofi has agreed to acquire Dynavax Technologies Corporation for approximately $2.2 billion in order to expand its vaccine product line, which is currently centered around influenza vaccines. According to a statement released by Sanofi on Wednesday, it will acquire Dynavax Technologies Corporation, based in Emeryville, California, for cash at a price of $15.50 per share. This offer represents a 39% premium over Dynavax Technologies Corporation's closing price on Tuesday. Through this acquisition, the French pharmaceutical giant will gain access to a hepatitis B vaccine already on the market in the US, as well as an experimental shingles vaccine in the early stages of human trials. Sanofi stated that this move will strengthen its market layout in the field of adult vaccination. Currently, Sanofi's vaccine product portfolio covers multiple indications such as influenza, respiratory syncytial virus, meningitis, and whooping cough. Traditional energy giant's "decluttering": BP p.l.c. Sponsored ADR (BP.US) sells 65% stake in century-old brand Castrol for $6 billion. European traditional energy giant BP p.l.c. Sponsored ADR has agreed to sell a majority stake in its Castrol lubricants business section to the well-known US investment company Stonepeak Partners, which is expected to raise approximately $6 billion. Castrol, a century-old lubricant brand under BP p.l.c. Sponsored ADR, plays an important role in automotive and industrial applications and is also important in the global energy industry value chain. The UK-based oil giant will sell up to 65% of its stake, retaining the remaining shares through a joint venture, the company said in a statement on Wednesday. This major divestiture transaction accounts for a substantial portion of BP p.l.c. Sponsored ADR's $20 billion asset divestiture plan. Meta (META.US) faces antitrust pressure in Italy, WhatsApp terms may be restricted. On Wednesday, the Italian antitrust authority (AGCM) ordered Meta to temporarily suspend some contractual terms that could potentially exclude competitors' AI chatbots from WhatsApp. At present, the agency is investigating the US tech giant's alleged abuse of its dominant market position. A spokesperson for Meta said that the decision "has fundamental flaws" and that the presence of AI chatbots is "putting pressure on our systems that we couldn't handle at the outset." The spokesperson added, "We will appeal." This is one of the latest actions by European regulators against large tech companies. Currently, the EU is trying to strike a balance between supporting the development of the tech industry and curbing its expanding influence. Stepping up government market competition with Alphabet Inc. Class C (GOOGL.US)! xAI's Grok will be integrated into the US Department of Defense AI platform next year. The US Department of Defense announced on Monday that it will integrate xAI company's Grok series of artificial intelligence (AI) models into its GenAI.mil military AI service platform next year. The Department of Defense said in a statement, "This integration plan is expected to be preliminarily deployed by early 2026, when all military and civilian personnel will be able to access xAI's features at Impact Level 5 (IL5) security to securely handle controlled unclassified information in their daily workflow. Additionally, users will have access to global real-time insights from the x platform, providing decisive information advantage to operational department personnel. The Department of Defense will continue to expand this AI ecosystem based on speed, security, and decision-making advantages. The new functionalities certified with the IL5 security level will promote AI truly becoming a practical asset for daily operations and office work." Important Economic Data and Events Preview 21:30 Beijing time: Initial Jobless Claims in the US for the week ending December 20th (in thousands). Next day at 01:00 Beijing time: EIA Natural Gas Storage Change in the US for the week ending December 19th (billion cubic feet).