On October 30th local time, the US stock market closed higher, with all three major stock indices rising by over 1%. The Dow recorded its largest daily increase since June, with Chinese concept stocks and technology stocks generally rising.
Chinese concept stocks generally rose
Specifically, the Dow rose 511.37 points, or 1.58%, to 32928.96 points; The Nasdaq rose 146.47 points, or 1.16%, to 12789.48 points; The S&P 500 index rose 49.45 points, or 1.20%, to 4166.82.
Most popular Chinese concept stocks rose, with the Nasdaq Golden Dragon Index rising 0.8%. Jinshan Cloud rose by over 8%, Bilibili rose by over 4%, Huya and Tencent Music rose by over 2%, Xiaopeng Automobile, New Oriental, JD, and NIO rose by over 1%, NetEase rose by 1%, and Futu, iQiyi, Alibaba, and Ideal Automobile rose slightly.
Most large technology stocks rose. Amazon and Netflix rose more than 3%, Microsoft rose more than 2%, and Meta, Google A-shares, Avida, Boeing, Qualcomm, and Apple rose more than 1%.
Tesla fell 4.79% and fell $200 to $197.36, setting a new low in nearly five months. Its latest total market value was $627.4 billion. Recently, Tesla's official Weibo account announced a price increase of 14000 yuan for the domestically produced Model Y high-performance version. Market participants believe that Tesla is forced to raise prices due to profit pressure, which may affect market sales.
This week, the market began betting that the Federal Reserve would end interest rate hikes.
Christopher Harvey, head of strategy at Wells Fargo Securities, believes that US stocks have been "oversold". If the monetary policy stance passed by the Federal Reserve this week is not so hawkish, and the market can adapt to the growing liquidity demand of US treasury bond bonds, then US stocks may rebound in the near future.
On a macro level, the Dallas Fed Business Activity Index for October in the United States was -19.2, with an expected -16 and a previous value of -18.1.
The three major European stock indices also slightly increased, with Germany's DAX index rising 0.22% to 14720.19 points, France's CAC40 index rising 0.59% to 6835.33 points, and the UK's FTSE 100 index rising 0.49% to 7326.92 points.
Crude Oil Crash Brings Collapse to Commodities
In the commodity market, crude oil has significantly declined.
The World Bank believes that the "moderate disruption" scenario similar to the 2003 Iraq War may lead to oil prices rising to the range of $109 to $121 in the fourth quarter; It is expected that oil prices will average $90 per barrel in the fourth quarter, and then decline to an average level of $81 per barrel next year as growth slows down; The scenario of a 'massive disruption' similar to the 1973 Arab oil embargo could bring oil prices to the range of $140- $157 in the fourth quarter.
International oil prices fell across the board, with the December contract for American Oil falling 3.45% to $82.59 per barrel. The January 2014 contract for oil distribution fell 2.87% to $86.64 per barrel.
Under the influence of the sharp decline in crude oil, domestic commodity futures generally closed lower in the evening trading.
Most energy and chemical products fell, with fuel down 2.41%, LPG down 2.37%, ethylene glycol down 1.3%, low sulfur fuel oil down 1.06%, and PVC down 1.06%.
Most of the basic metal futures on the Shanghai Stock Exchange closed lower in the night trading, with Shanghai nickel down 1.07%, stainless steel down 1.02%, Shanghai zinc down 0.59%, Shanghai tin down 0.51%, Shanghai lead down 0.09%, Shanghai copper up 0.16%, and Shanghai aluminum up 0.52%.
The black series also fell across the board, with coke falling 1.38% and coking coal falling 1.34%. Agricultural products generally fell, with rapeseed meal down 2.35%, palm oil down 1.98%, rapeseed oil down 1.77%, cotton down 1.37%, soybean oil down 1.15%, and soybean oil down 1.03%.
COMEX gold futures, the main force in the short term, fell below the $2000 mark during the trading session and eventually closed up 0.36% at $2005.7 per ounce. London gold spot prices have continued to decline, falling below the $2000 mark as of press release, temporarily trading at $1995.59/ounce.