On Thursday Eastern Time, the three major US stock indices collectively closed down. As of the close, the Dow Jones Industrial Average fell 0.90%, the Nasdaq fell 2.76%, and the S&P 500 index fell 1.86%.
Large tech stocks generally fell, with Microsoft falling more than 6%. The company expects the growth rate of cloud business revenue to slow down this fiscal quarter. Meta fell over 4%, Amazon fell over 3%, and Tesla fell over 2%.
Supermicro computers fell nearly 12%, and the stock closed down 32.68% yesterday. Previously, Ernst&Young resigned from its audit work at Supermicro Computer, citing doubts about the company's commitment to integrity and ethics.
Est é e Lauder fell more than 20%, and the company withdrew its outlook for the 2025 fiscal year and lowered its dividend payout.
Internet famous securities firm Robinhood fell more than 16%, and the company's third quarter performance was generally lower than expected.
Ideal Auto fell more than 13%, the company's Q3 net profit remained basically unchanged year-on-year, and Q4 revenue guidance fell short of expectations.
Global News
Late at night! Key inflation indicators in the United States suddenly accelerate due to major variables in the Federal Reserve
This evening, data released by the US Department of Commerce showed that the PCE price index in September increased by 2.1% year-on-year, which is in line with expectations; The core PCE price index, the most favored inflation indicator by the Federal Reserve, rose 2.7% year-on-year, higher than the expected 2.6%; The core PCE price index increased by 0.3% month on month, showing a significant rebound from the previous value and reaching its highest level since April this year.
The US economy grew slower than expected in the third quarter, and the market generally expects a 25 basis point interest rate cut next month
Economists point out that although the overall growth rate has slightly slowed down compared to the second quarter, it is still relatively strong compared to history. In the previous economic expansion cycle, from the second quarter of 2009 to the fourth quarter of 2019, the average annual growth rate of US GDP was 2.5%. The current economic growth rate is also much higher than what economists believe to be the long-term trend. According to the economic forecast released by the Federal Reserve in September, Fed officials believe that the long-term growth rate of the US economy is expected to be 1.8%.
Behind the abnormal sell-off of US Treasury bonds: Has a debt crisis begun to emerge?
There is less than a week left until American voters decide who will become the next president. The high volatility of US treasury bond bonds before this remarkable election is undoubtedly worrying many industry veterans. Benjamin Picton, Senior Macro Strategist at Rabobank, warned in a report released on Wednesday that a debt crisis may have begun to emerge.
US debt falls, gold is full! What kind of miraculous cure is there for continuously setting new highs in gold?
From the Federal Reserve's interest rate cut in September to next week's US presidential election, there is actually a very interesting phenomenon in the global financial market: the US Treasury and gold, both belonging to the safe haven asset camp, have repeatedly staged a similar interest rate hike trend during the interest rate cut cycle and suffered consecutive sell offs; And another one continues to write the miracle of a bull market like breaking through bamboo, conquering new highs like digging into a bag... From the past correlation between gold and interest rates, this scene is actually extremely abnormal.
Nearly 15% increase within the month, Bitcoin approaching historical high, regulatory risks have emerged behind it
On October 30th, Bitcoin (BTC) soared to $73660, only 0.4% away from the historical high of $73881.3 set on March 14th this year. As of press time, the latest trading price of BTC is $71888.2, with the increase narrowing to 0.97% within 24 hours. According to Coinglass data, nearly 60000 people have been liquidated in the past 24 hours, with a total liquidation amount of $200 million.
Company News
Meta's Q3 Revenue Growth of 19%: Continued Increase in AI Investment Expected to Significantly Increase Capital Expenditure Next Year
On October 30th local time, Meta announced its third quarter fiscal year 2024 results as of September 30th, 2024. The company's revenue for the third quarter was $40.589 billion, a 19% increase from the same period last year and higher than market expectations of $40.3 billion; Net profit increased by 35% year-on-year to $15.688 billion, the lowest year-on-year growth rate since the second quarter of 2023; Diluted earnings per share increased by 37% year-on-year to $6.03, higher than market expectations of $5.25. The company's operating profit margin has decreased from 43% in the same period last year to 40%.
SoftBank's Masayoshi Son: Nvidia's stock price 'undervalued', expected to achieve 'super AI' by 2035
Sun Zhengyi recently stated in a media interview that the sustained spending trend in the field of artificial intelligence will only accelerate in the coming years, which will benefit Nvidia and its GPU chip business, which has been the driving force behind most advances in artificial intelligence. I think Nvidia is underestimated because the future of (artificial intelligence) is much broader, "said Masayoshi Son at the Saudi Future Investment Initiative Summit.
Multinational giants' insurance fraud cases are brewing! AstraZeneca China President Wang Lei cooperates with investigation
On the evening of October 30th, according to AstraZeneca's official website, Wang Lei, AstraZeneca's Global Executive Vice President, International Business Chairman, and China President, is cooperating with the investigation. AstraZeneca China is operating normally under the leadership of the current General Manager, and if requested, AstraZeneca will fully cooperate with the investigation.
Ernst&Young Resigns, Supermicro Computer's Stock Price plummets! Will AI foam cause financial storm?
On October 30th local time, the stock price of Super Micro, which was deeply embroiled in financial fraud, plummeted by 33% again. Due to a document disclosure, Ernst&Young resigned from its audit position at Super Micro last week, stating that it "does not want to be related to the management's financial statements". Previously, Ernst&Young raised concerns about the internal management, board independence, and accounting practices of Supermicro Computer.
Intel falls, AMD eats its fill! Wall Street predicts a significant decline in Intel's Q3 revenue
Intel will release its quarterly financial report on Thursday US time, but according to Wall Street speculation, this report is bound to not look too good. As the losses in its OEM business continue to increase, Wall Street expects Intel's revenue to decline by 8% in the third quarter ending September 30, marking the largest revenue decline in five quarters. This also means that Intel's share of data center and personal computer businesses is declining.
AI cloud "takes flight" Microsoft's performance, AI sales are expected to exceed billions of dollars in the next quarter
The latest financial report shows that Microsoft's cloud business has resumed growth. On October 31st, Microsoft released its financial report for the first quarter of fiscal year 2025 (ending on September 30th, 2024). According to the financial report, Microsoft's first quarter revenue was $65.6 billion, a year-on-year increase of 16%. The net profit was 24.7 billion US dollars, a year-on-year increase of 11%. Although the cloud business recovered its growth rate in the first quarter, Microsoft's stock price fell nearly 4% in after hours trading due to its expected revenue growth of 18% to 20% for smart cloud in the next quarter and continued increase in expenses.