On November 21st local time, the three major US stock indices collectively closed higher. Nvidia reached a new high during the trading session, while Google hit a new low since November. Due to unexpected financial data, e-commerce giant Pinduoduo fell 10.64%.
On the evening of November 21st Beijing time, data released by the US Department of Labor showed that 213000 people applied for unemployment benefits for the week ending November 16th, the lowest since the week of April 27th, 2024, and lower than market expectations. Market analysis points out that the November employment report is of great significance for the Federal Reserve's policy decision in December, which may affect whether it will cut interest rates again.
The three major US stock indices collectively closed higher
On November 21st local time, the three major US stock indexes collectively closed higher, with the Dow Jones Industrial Average rising 1.06%, the S&P 500 index rising 0.53%, and the Nasdaq rising 0.03%. Netflix has reached new highs for four consecutive trading days, while Nvidia has set a new intraday high.
Most of the "Big Seven" technology stocks in the US closed down. Google-A fell 4.56%, Amazon fell 2.22%, Tesla fell 0.7%, Meta Platforms and Microsoft fell 0.43%, Apple fell 0.21%, and Nvidia staged a "V-shaped" reversal and closed up over 0.5%.
After reaching a new historical high, Nvidia's stock price experienced a sharp drop before hitting a bottom and rebounding. Nvidia stated that new chip products will continue to drive AI driven growth, but also hinted that the cost of rushing to launch new chips is higher than expected. Nvidia CEO Huang Renxun stated after the quarterly financial report release that the highly anticipated Blackwell product will be shipped this quarter with "very strong" demand.
US chip stocks have generally risen. Micron Technology and Ram Research rose by over 4%, Meiweier Technology and Applied Materials rose by over 3%, ASML rose by over 2%, and TSMC rose by over 1%.
Most energy stocks in the US stock market rose. ExxonMobil, Western Petroleum, and Schlumberger rose more than 1%, Chevron rose 0.19%, and ConocoPhillips fell more than 1%.
Bank stocks in the US stock market collectively rose. Goldman Sachs and Morgan Stanley rose over 2%, JPMorgan Chase and Wells Fargo rose over 1%, Citigroup rose 0.97%, and Bank of America rose 0.85%.
Most popular Chinese concept stocks fell. Stimulated by negative news, Pinduoduo fell more than 10%; IQiyi fell more than 7%, Baidu fell nearly 6%, and Futu Holdings fell more than 4%; NIO and New Oriental have risen by over 1%.
On the news front, on the evening of November 21st Beijing time, Pinduoduo released its third quarter financial report, with a revenue of 99.35 billion yuan, a year-on-year increase of 44%, and an estimated 102.83 billion yuan; The net profit of NON-GAAP in the third quarter was 27.46 billion yuan, a year-on-year increase of 61%; The adjusted earnings per ADS for the third quarter are RMB 18.59, with an estimated RMB 20.19.
During the earnings conference call, Zhao Jiazhen, Co CEO of Pinduoduo, stated that as market competition intensifies, a slowdown in revenue growth is inevitable, and the company also faces some challenges. Since the third quarter, due to the operational model of the platform and the limitations of the team's historical experience and insufficient capabilities, the disadvantage compared to peers will significantly exist for a period of time, and the impact on the financial aspect may further expand
The number of initial jobless claims in the United States decreased slightly last week
On the evening of November 21st Beijing time, heavyweight data that has attracted global financial market attention landed. According to data released by the US Department of Labor, the number of first-time jobless claims for the week ending November 16 slightly decreased to 213000, a new low since the week ending April 27, 2024, lower than market expectations of 220000 and the previous value of 217000. The US job market is recovering from last month's slowdown.
In addition, the number of renewed jobless claims in the United States for the week ending November 9th rose to 1.908 million, higher than market expectations of 1.873 million and the revised previous value of 1.872 million; The average number of first-time jobless claims in the United States for the week ending November 16th decreased to 217700, with the previous value revised from 221000 to 221500.
Analysts say that the number of first-time jobless claims in the United States unexpectedly decreased last week, indicating that after experiencing short-term fluctuations, non farm employment growth in November may rebound. The November employment report is crucial for assessing the health of the economy and the future path of monetary policy. The policy decision of the Federal Reserve in December is of great significance and may affect whether it will cut interest rates again.
According to CME's "Federal Reserve Watch", the probability of the Fed keeping current interest rates unchanged until December is 44.1%, and the probability of a cumulative 25 basis point rate cut is 55.9%. The probability of maintaining the current interest rate unchanged until January next year is 33.7%, the probability of reducing interest rates by 25 basis points cumulatively is 53.1%, and the probability of reducing interest rates by 50 basis points cumulatively is 13.2%.
SEC Chairman Gensler announces
Intend to step down in January next year
According to CCTV News, on November 21st local time, Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), announced that he plans to resign from his position as SEC Chairman on January 20th, 2025.
It is reported that the reform plan implemented by Gensler during his tenure has sparked controversy on Wall Street and in the cryptocurrency industry.
Putin confirms: actual combat tests against Ukraine
New type of medium range hypersonic missile
According to CCTV News, on the evening of November 21st local time, Russian President Putin made a phone speech stating that on November 21st, "the Russian military launched a joint attack on Ukrainian military enterprises. During the attack, the Russian military tested a new type of medium range hypersonic missile, codenamed 'Hazel Tree', which did not carry a nuclear warhead. This missile is capable of striking targets at a speed of 10 Mach, and currently there is no anti missile system that can intercept this type of missile.
On November 21st, the Ukrainian Air Force posted on the social media platform "Telegram" stating that "on that morning, the Russian military launched an attack on key infrastructure and enterprises in the Ukrainian city of Dnipro using multiple missiles, including intercontinental ballistic missiles." However, Ukrainian and American officials later stated that the Russian military launched "possibly medium range ballistic missiles" that day.