Overnight US stocks | The three major indexes fell, with the S&P 500 index hitting a new high intraday. Spot silver prices surged more than 10%.

On Friday, the three major indexes closed lower. In intraday trading, the S&P 500 index rose to a high of 6945.77 points, reaching a new intraday high. The Dow rose 1.2% this week, the Nasdaq rose 1.22%, and the S&P 500 index rose 1.4%, marking the fourth consecutive week of gains in nearly five weeks. In the U.S. stock market, at the closing bell, the Dow fell 20.19 points, or 0.04%, to 48710.97 points; the Nasdaq fell 20.21 points, or 0.09%, to 23593.10 points; and the S&P 500 index fell 2.11 points, or 0.03%, to 6929.94 points. NVIDIA Corporation (NVDA.US) rose 1.02%, Tesla, Inc. (TSLA.US) fell 2.1%, Broadcom Inc. (AVGO.US) rose 0.55%, and Apple Inc. (AAPL.US) fell 0.15%. In the Asia-Pacific stock markets, the Nikkei 225 index rose 0.68%, the Korea KOSPI index rose 0.51%, and the India BSE SENSEX index fell 0.43%. In the foreign exchange market, the U.S. dollar index, which measures the dollar against six major currencies, rose 0.15% to 98.063. In the cryptocurrency market, Bitcoin rose 0.31% to $87494.88, with a low of $86653 during the trading session; Ethereum rose 0.94% to $2931.32. Matrixport released a weekly report noting that Bitcoin has been on a downward trend since mid-October, with market sentiment becoming more cautious. Traders speculate that Bitcoin may still be under pressure in 2026 as the market mentions the "four-year cycle" again. Despite ongoing pressure in recent months due to converging volatility, deleveraging, and lack of risk appetite, changes in position structures can be seen from derivatives, ETFs, and key technical indicators. The report indicates that the end of the year market is usually more conservative, but once the new year begins, the speed of sentiment reversal may exceed expectations. The current technical structure shows a slowdown in downward momentum, but there is no clear consensus on an upward trend. In this context, the market may shift from "downside risk dominant" to a game stage of "limited downside and still in need of catalysis for upside". Additionally, as the expiration of the largest Bitcoin options approaches, the distribution of exercise prices is becoming an important window to observe market pressure and potential opportunities. In the precious metals market, spot gold rose 1.12% to $4531.1, hitting a high of $4549.95 during the session; spot silver rose over 10% to $79.212, reaching a historical high of $79.338. Despite the surge in silver prices, some analysts still believe that gold is a safer investment. Economists at Goldman Sachs Group, Inc. in a report in October said that compared to gold, silver faces "greater volatility and downside price risks". Analysts point out that gold is a more practical investment for banks because it is a scarcer resource with a higher value per ounce, and it is easier to transport and store. Some analysts note that silver prices tend to show cyclical fluctuations. Brent Donnelly, president of market research firm Spectra Markets, said, "Silver is a product that is easily parabolic, rising sharply and then collapsing." Some analysts believe that silver will continue to rise at least during the new year. Peter Reagan, financial market strategist at Birch Gold Group, said, "As for silver, although not guaranteed, rising economic uncertainty and persistent inflation suggest that we may see higher prices and stronger demand in the new year." Crude oil prices settled lower, with WTI February futures settling at $56.74 per barrel, down 2.8% from Wednesday's closing price. Brent February futures fell 2.6% to $60.64 per barrel. Macro News: Institutions believe that the upward trend in gold and silver is strong, and silver is expected to hit $80 by the end of the year. The expectation of a rate cut by the Fed and increased geopolitical tensions from the GEO Group Inc. have boosted silver prices. On Friday, the silver price broke the $76 mark, rising 6% during the day and reaching historic highs. Gold and platinum prices also hit record highs. Peter Grandt, Vice President and Senior Metals Strategist at Zaner Metals, believes that expectations of further easing by the Fed in 2026, a weaker dollar, and increased geopolitical tension from the GEO Group Inc. are driving price volatility in the sluggish market. Although there may be some profit-taking risks before the end of the year, the upward trend remains strong. Silver could reach $77 per ounce or even $80 by the end of the year. For gold, the next target is $4686.81 per ounce, and it is likely to reach $5000 in the first half of next year. Japan may achieve its first basic surplus in 28 years in the 2026 fiscal year. Japanese Prime Minister Kanai Sanae said that the basic fiscal balance is expected to return to surplus for the first time in 28 years, apparently aiming to alleviate concerns about his active fiscal spending stance. Kanai told reporters on Friday, "The initial budget of the government will achieve a basic fiscal balance surplus for the first time since 1998." Earlier on the same day, the Cabinet approved a record 122.3 trillion yen (approximately $782 billion) budget for the 2026 fiscal year. "I believe that the budget we have set balances strong economic growth and fiscal sustainability." According to data from the Japanese Ministry of Finance, the government's basic fiscal balance is expected to achieve a surplus of 1.34 trillion yen in the fiscal year starting in April next year. Official Cabinet office data may be released next month in conjunction with other information such as local government data. Stock News: Alphabet Inc. Class C will allow users to change their Gmail email addresses. According to updated information on the Alphabet Inc. Class C (GOOGL.US, GOOG.US) support page, the company will start allowing users to change their Gmail email addresses. Users will be able to change their original addresses ending in @gmail.com to another new address also ending in @gmail.com without affecting their account data. The original email address will be set as an alias, and users can receive emails through both the new and old addresses. After the changes, users will not be able to modify their address again within 12 months. Rating by Major Banks: Coinbase has been rated by Clear Street analysts as one of the top three financial technology stocks for 2026, with a target price of $415. Clear Street analyst Owen Lau has rated Coinbase (COIN.US) as one of the top three financial technology stocks for 2026 in his latest outlook report, believing that it will play a core role in the transformation of blockchain financial infrastructure. Lau maintains a "buy" rating for Coinbase and sets a 12-month target price of $415, representing a potential 70% increase from the current price of $234.5. Lau pointed out that Coinbase is "best positioned to benefit from blockchain adoption and regulatory clarity", and the company's revenues are growing from subscription services, stablecoin activities, and on-chain financial services. In particular, the USDC stablecoin operated in partnership with Circle (CRCL.US) generates about 50% of Coinbase's revenue share, becoming a key growth driver. AI ignites growth momentum in cybersecurity, Wedbush bets on CrowdStrike (CRWD.US) hitting a new high in stock price in 2026. Wedbush released a research report stating that CrowdStrike Holdings Inc. (CRWD.US), a key player in the cybersecurity field, will be one of the best investment options in 2026 focusing on the intersection of cybersecurity and AI themes. The firm maintains an "outperform" rating for this cybersecurity service provider stock with a target price of $600, and added that CrowdStrike will be a core winner on the IVES AI 30 list compiled by Wedbush in 2026.