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The Dow Jones Industrial Average and S&P have reached new highs! Nvidia has risen by over 2%! Crude oil drops sharply
On October 14th Eastern Time, led by technology and chip stocks, the three major US stock indices collectively closed higher, with the Dow Jones Industrial Average and S&P reaching new historical highs.
Chip stocks have seen significant gains, with Nvidia rising over 2% to a historic high and accumulating nearly 14% this month, with a market value of $3.39 trillion.
The Trump Media Technology Group (DJT) has surged over 18%, with a nearly 100% increase this month.
International oil prices closed down more than 2%, with a drop of over 5% at one point during trading.
Technology and chip stocks lead the US stock market to rise
Dow Jones Industrial Average and S&P reach new highs
On October 14th Eastern Time, the performance of two major Wall Street banks, Wells Fargo and JPMorgan Chase, exceeded expectations last week, prompting investors to search for signs of a soft landing in the US economy. Technology and chip stocks led the US stock market higher on the same day.
As of the close, the Dow Jones Industrial Average rose 201.36 points, or 0.47%, to 43065.22 points, closing above 43000 points for the first time; The Nasdaq rose 159.75 points, or 0.87%, to 18502.69 points; The S&P 500 index rose 44.82 points, or 0.77%, to 5859.85 points.
On a macro level, several Federal Reserve officials have expressed caution in their speeches during the day.
Federal Reserve Governor Waller said that if inflation falls below 2% or the labor market deteriorates, the Fed can cut interest rates early. If inflation unexpectedly rises, the Federal Reserve may pause interest rate cuts. Minneapolis Federal Reserve Chairman Kashkari stated that monetary policy is still in a tight state, and the degree of restriction of monetary policy is not yet clear. The job market remains strong, and further 'moderate' interest rate cuts seem appropriate.
Goldman Sachs stated that hedge funds have been buying US stocks at the fastest pace in four months after eight consecutive weeks of selling, with net individual stock purchases reaching a new high since December 2021. Macro products such as indices and ETFs saw a slight net sale, with 7 out of 11 sectors achieving net buying, led by the healthcare, finance, industrial, and information technology sectors.
Nvidia rises by over 2%
Set a new historical high in market value
On October 14th Eastern Time, Nvidia closed up 2.43% at $138.07, with a new total market value of $3.39 trillion, reaching a historic high.
On the news front, Nvidia recently launched a new 72 billion parameter big language model and announced a strategic partnership with Accenture, focusing on artificial intelligence consulting and services. This measure is expected to elevate Nvidia's "AI full stack" to another level.
Nvidia CEO Huang Renxun talked about Musk's AI company xAI building the AI training cluster Colossus in a short period of time, praising Musk and his team for being incredible and like superheroes. XAI completed something that others would take a year to accomplish within 19 days, something no one had ever done before.
Other chip stocks also saw significant gains. Qualcomm rose over 4%, ASML rose over 3%, NXP Semiconductors rose over 2%, Micron Technology and Microchip Technology rose over 1%, and TSMC and Broadcom rose slightly.
Trump Media Technology Group (DJT) surged over 18%
This month's increase has reached nearly 100%
On October 14th Eastern Time, the Trump Media Technology Group (DJT) surged by over 18%, with a nearly 100% increase this month.
The Guojun Overseas Macro Research Report pointed out that due to the unexpected September non farm payroll data and the resurgence of core inflation, the "recession trade" and "interest rate cut trade" in the three major logical threads of the US stock market have continued to cool down. However, driven by the slight advantage of Vice President Wan Si in the debate and Harris' poor performance in recent interviews, Trump's poll approval rating has surpassed expectations, and the "Trump trade" has made a comeback.
Oil prices close down by over 2%
During the trading session, there was a sharp drop of over 5%
On October 14th Eastern Time, international oil prices closed down more than 2%, with intraday drops of over 5%.
WTI November crude oil futures prices fell $1.73, a decrease of 2.29%, to close at $73.83 per barrel and are currently around $71.85 per barrel; The Brent crude oil futures price for December fell by $1.58, or 2%, to close at $77.46 per barrel and is currently around $75.11 per barrel.
On the news front, OPEC has lowered its oil demand growth forecast for the next two years for the third consecutive month, belatedly recognizing the slowdown in global fuel demand. OPEC stated in its monthly report that global oil consumption will increase by 1.9 million barrels per day by 2024, an increase of approximately 2%, which is 106000 barrels per day less than the previous forecast. It stated that this correction is mainly due to the actual data received and a slight decrease in expectations for certain regions. With three consecutive price cuts, OPEC has begun to retreat from the strong bullish expectations it has maintained since the beginning of this year. Even after the production cuts, its demand forecast remains an outlier (higher than Wall Street banks and trading companies), at the top of Saudi Aramco's expected range. This is approximately twice the forecast of the International Energy Agency.