On Tuesday, November 21st local time, the market was waiting for the Nvidia financial report and the minutes of the Federal Reserve's November meeting. Coupled with the approaching holiday and increased risk aversion, the three major US stock indices collectively closed down, and the Nasdaq and S&P indices ended their 5-day upward trend.
As of the close of the day, the Dow fell 62.75 points, or 0.18%, to 35088.29 points; The Nasdaq fell 84.55 points, or 0.59%, to 14199.98 points; The S&P 500 index fell 9.19 points, or 0.20%, to 4538.19 points.
Most Chinese concept stocks fell, with the Nasdaq Golden Dragon Index falling 2.23%. Ctrip fell by over 10%, iQiyi fell by over 9%, Douyu fell by over 5%, and Xiaopeng Automobile fell by over 4%.
After the market, NVIDIA released financial reports showing that both revenue and performance outlook were much higher than expected.
Specifically, Nvidia's revenue for the third quarter was $18.12 billion, with analysts expecting $16.09 billion; Adjusted earnings per share of $4.02, expected to be $3.36; The data center business revenue is $14.51 billion, with an expected $12.82 billion.
As of the time of publication, NVIDIA's stock price fell 0.4% in after hours trading on the US stock market.
At 2pm Eastern Time on Tuesday, the Federal Reserve released the minutes of the Federal Open Market Committee (FOMC) monetary policy meeting from October 31 to November 1. The minutes show that Federal Reserve officials unanimously believe that they should "act cautiously" on interest rate issues, and any tightening of monetary policy will be based on progress in combating inflation. The minutes stated that "all participants agree that the committee will act with caution, and the policy decisions of each meeting will be based on a comprehensive consideration of trust.
Analysts believe that the Federal Reserve has repeatedly warned that they will raise interest rates again if necessary, but they have also reiterated their caution, which is a very balanced message.
Sam Stovall, Chief Investment Strategist at CFRA Research, said, "We believe that (interest rates) may ultimately remain high for a longer period than the market expected. Since the Federal Reserve began releasing federal funds rate information in 1990, the average duration from the end of the rate hike cycle to the beginning of the rate cut cycle has been 11 months
Currently, federal fund futures pricing data shows that the likelihood of FOMC maintaining interest rate stability at the upcoming December meeting is close to 100%. Meanwhile, market expectations for the timing of the Federal Reserve's interest rate cut have further advanced, with the probability of the first rate cut in March rising to nearly 35%.
In terms of other individual stocks, Baidu's revenue rose 1.9%. The company's previously released third quarter financial report showed a revenue of 34.447 billion yuan, a year-on-year increase of 6%; The adjusted net profit was 7.267 billion yuan, a year-on-year increase of 23%. The company's revenue and profits exceeded market expectations. In the past three months, ERNIE Bot has been open to the whole society. Baidu has released version 4.0 of ERNIE Bot's big model. At present, the number of users of Wenxin Yiyan has reached 70 million.
Tesla closed up 2.4%. According to insiders, India is approaching an agreement with Tesla that will allow the US automaker to export its electric vehicles to India starting next year and establish a factory within two years.
In terms of commodities, the settlement price of gold futures for December delivery on the New York Mercantile Exchange rose 1.08% to close at $2001.6 per ounce.
The West Texas Intermediate Crude Oil (WTI) futures for January delivery on the New York Mercantile Exchange fell 6 cents, or nearly 0.1%, to close at $77.77 per barrel. December natural gas futures closed 1.25% lower at $2.846 per million British thermal units.