On November 14th local time, Federal Reserve Chairman Powell stated that the current economic situation in the United States does not imply that the Fed needs to hastily cut interest rates. After his speech, the US stock market plummeted, with most large technology stocks falling, Amazon and Google-A both falling more than 1%, and Tesla falling more than 5%.
According to the 13F document, Buffett's Berkshire Hathaway reduced its holdings of 100 million shares of Apple in the third quarter, reducing its holdings to 26.24%.

Powell speaks out
On November 14th local time, at a dialogue event with local business leaders hosted by the Dallas Federal Reserve, Federal Reserve Chairman Powell stated that the current economic situation in the United States does not imply that the Fed needs to hastily cut interest rates. Due to the strong economic performance, the Federal Reserve can carefully consider its decisions. The road to the Fed's inflation target of 2% is sometimes bumpy.
Powell pointed out that the unemployment rate has been on the rise, but has been stabilizing in recent months and is still at a low level by historical standards. The improvement in supply conditions has supported the strong performance of the economy. In the past five years, the labor force has grown rapidly, and the productivity growth rate has exceeded the level of the previous two decades, allowing the economy to continue to grow rapidly without overheating.
In terms of inflation, Powell said, "The inflation rate is getting closer to our long-term target of 2%, but it has not been achieved yet. We are committed to fulfilling this mission, and with roughly balanced labor market conditions and well anchored inflation expectations, I expect the inflation rate to continue to decline towards the 2% target, although there may be occasional bumps
Powell did not comment on the possibility of a rate cut at next month's Federal Reserve monetary policy meeting. Powell stated that the path of policy rates will depend on upcoming data releases and the evolution of the economic outlook.
Traders reduced their bets on a 25 basis point rate cut in December after Powell's speech, with an expected probability of 67.3%, compared to 72.2% before Powell's speech.
In addition, on November 14th local time, the US Bureau of Labor Statistics released data showing that the PPI in October increased by 2.4% year-on-year, higher than the market expectation of 2.3%, and increased by 0.2% month on month, which is in line with market expectations but higher than the previous value of 0%.
Analysts believe that the Producer Price Index (PPI) in the United States rebounded in October, exceeding expectations both year-on-year and month on month, and both rebounded from September data, reflecting uneven progress in combating inflation. Although price pressure has eased this year, there has been a lack of progress recently. Although the Federal Reserve is expected to cut interest rates again in December, relevant data may prompt Fed policymakers to slow down the pace of interest rate cuts in the future.
The three major indexes of the US stock market fell
On November 14th local time, all three major indexes of the US stock market fell, and after Powell's speech, all three indexes experienced a plunge. As of the close, the Dow Jones Industrial Average, NASDAQ Index, and S&P 500 Index fell 0.47%, 0.64%, and 0.60%, respectively.
Most large tech stocks have fallen. The Wind US Tech 7 Index fell 0.37%, Apple rose 1.38%, Microsoft rose 0.40%, Nvidia rose 0.33%, Meta fell 0.49%, Amazon fell 1.22%, Google-A fell 1.74%, and Tesla fell 5.77%.
Most popular Chinese concept stocks fell. The Nasdaq China Golden Dragon Index fell 1.81%, Jike fell more than 23%, Wenyuan Zhixing fell more than 17%, Bilibili fell more than 12%, JD.com fell more than 6%, Xiaopeng Motors fell more than 5%, NIO, Beike and others fell more than 3%, Alibaba, JinkoSolar and others fell more than 1%. In terms of price increases, NetEase rose over 10%, Kingsoft Cloud rose over 4%, Fogchip Technology rose over 2%, and iQiyi rose over 2%.
In addition, Hims& Hers Health Inc. (HIMS) closed down 24%, marking its worst single day performance since its US IPO. Amazon launches electronic health products targeting Prime members, and analysts say Hims faces a 'serious threat'.
The US dollar index is strengthening
After Powell's statement, the US dollar index strengthened in the short term. According to Wind data, on November 14th local time, the US dollar index rose more than 0.3% to 106.8700, while the euro fell more than 0.3% against the US dollar to 1.0529; The pound fell more than 0.3% against the US dollar, to 1.2667; The US dollar rose over 0.5% against the Japanese yen, closing at 156.3130; The offshore Chinese yuan fell slightly against the US dollar.
In terms of commodity markets, spot gold fell 0.27% to $2665.400 per ounce, while COMEX gold futures fell 0.63% to $2570.2 per ounce.
International oil prices have risen across the board, with ICE crude up 0.19% and NYMEX WTI crude up 0.25%. LEM copper, LEM zinc, LEM aluminum, and LEM tin all fell across the board.
Gold analysts believe that in the medium to long term, considering the high global economic uncertainty and the increasing market demand towards the end of the year, the probability of gold price fluctuations remains high.
Buffett's latest holdings exposed
The latest 13F document shows that asset management giant BlackRock continued to increase its holdings of the seven major US tech companies in the third quarter, including 43.4 million shares of Apple, 7.5 million shares of Microsoft, 12.35 million shares of NVIDIA, 18.55 million shares of Amazon, 980000 shares of Meta, 4.66 million shares of Tesla, and 6.21 million shares of Google A+C; Reduce holdings of 1.51 million shares in Eli Lilly. As of the end of the third quarter, BlackRock reported a market value of $4.76 trillion, up from $4.42 trillion last time.
According to the 13F document, Buffett's Berkshire Hathaway acquired 1.27 million shares of Domino's Pizza and 400000 shares of Pool Corp in the third quarter. Reduced holdings of 100 million shares of Apple, reducing the proportion of holdings to 26.24%. We also reduced our holdings of First Capital Credit, Nu Holdings, and Chartered Communications. Clearance Floor& Decor and Liberty Sirius XM have almost cleared their inventory of Ulta Beauty. Except for a slight increase in holdings of Haike Airlines, there have been no operations to increase holdings. As of the end of the third quarter, the total market value of Berkshire Hathaway's holdings decreased from $280 billion to $266 billion.