On Wednesday local time, US bond yields fell to a 2-month low, while the three major US stock indices closed slightly higher. As of the close, the Dow rose 184.74 points, or 0.53%, to 35273.03 points; The S&P 500 index rose 18.43 points, or 0.41%, to 4556.62 points; The Nasdaq rose 65.88 points, or 0.46%, to 14265.86.
In terms of sectors, US technology stocks rose generally, with Microsoft's stock price reaching a new closing high of $377.85, an increase of 1.28%, and a total market value of $2.8 trillion.
In addition, international oil prices have been hit by market news again, resulting in a significant drop in intraday trading. The OPEC ministerial meeting originally scheduled for this weekend will be postponed to November 30th. Upon news, WTI crude oil fell by more than 5% at one point, falling below the $75/barrel mark, and Brent oil fell by more than 4%, reaching below $80/barrel.
The three major US stock indices ended slightly higher
As US bond yields fell to their lowest level in two months, US stocks closed slightly higher on Wednesday local time. As of the close, the Dow rose 184.74 points, or 0.53%, to 35273.03 points; The S&P 500 index rose 18.43 points, or 0.41%, to 4556.62 points; The Nasdaq rose 65.88 points, or 0.46%, to 14265.86.
Technology stocks generally rose, with Apple and Netflix slightly up, while Google, Facebook, and Amazon rose by over 1%; Microsoft rose 1.28%, setting a new closing high for its stock price.
Bank stocks mostly rose, with Morgan Stanley, JPMorgan Chase, and Wells Fargo slightly up, Goldman Sachs up more than 1%, and Citigroup and Bank of America slightly down.
Popular Chinese concept stocks have fluctuated, with Baidu up over 5%, Vipshop up over 2%, Weibo up over 1%, and JD.com, NetEase, and Alibaba slightly rising. Tencent Music fell more than 2%, Futu Holdings fell more than 1%, and Bilibili, NIO, and Ideal Motors slightly declined.
International oil prices plummeted during the trading session
The sudden news that the OPEC ministerial meeting originally scheduled for this weekend will be postponed to November 30th led to a significant drop in international oil prices on the 23rd. WTI crude oil prices fell by over 5% at one point, falling below the $75/barrel mark; Brent crude oil fell below $80 per barrel, a decrease of over 4%.
The OPEC statement shows that the 51st OPEC Joint Ministerial Supervisory Committee (JMMC) meeting and the 36th OPEC and Non OPEC Oil Producing Countries Ministerial Meeting (ONOMM) have been postponed to November 30th. However, the statement did not provide a specific reason for the postponement of the meeting.
Compared to the timing of the meeting, the market is more concerned about whether OPEC can reach an agreement on further production cuts. Previously, there were rumors in the market that OPEC may announce further cuts in oil production at this meeting, which once saved the plummeting international oil prices.
Goldman Sachs believes that OPEC will use its oil pricing power to ensure that Brent crude oil prices are between $80 and $100. OPEC put options will maintain the lower limit of next year's oil prices at $80, while idle capacity will maintain the upper limit at $100.
The latest report from Morgan Stanley stated that OPEC is expected to continue to limit production and stabilize oil inventories at current levels, thereby supporting Brent crude oil prices to remain in the mid range of $80-90 per barrel.
Affected by the significant decline in oil prices, US energy stocks fell across the board. Marathon Petroleum, ConocoPhillips, ExxonMobil, Schlumberger, Western Petroleum, and others all closed slightly lower.
European Central Bank: Financial stability in the eurozone remains fragile
According to CCTV News, the European Central Bank released its "Financial Stability Report" on November 22 local time, stating that the current financial stability situation in the eurozone is still fragile. The main reasons are weak real economic growth, high inflation rates, and geopolitical tensions.
However, the European Central Bank also pointed out that due to strong financial regulatory measures and prudent business strategies of major banks, the eurozone banking system currently has a strong ability to resist risks.