Eastern time on Monday, October 2, the market waited for the release of the US September non-farm employment data this week, the US government to avoid a shutdown, the US debt selling momentum increased, and the three major US stock indexes rose and fell.
Fed Chairman Jerome Powell spoke again at the roundtable, reaffirming the Fed's determination to stabilize prices.
Goldman Sachs to upgrade Nvidia rating! Nvidia rose nearly 3%, boosting its market value by more than $31.5 billion (about 230 billion yuan).
Federal Reserve Chairman Jerome Powell:
Stable prices are the cornerstone of the economy
According to Bloomberg, Reuters and other reports, on October 2 local time, Federal Reserve Chairman Powell participated in a roundtable discussion with workers, small business owners, local employers and community leaders in Pennsylvania to discuss rebuilding and developing the local economy, and Philadelphia Federal Reserve Chairman Harker will also attend.
At the roundtable, Powell reiterated that the Fed's focus is on a healthy economy and that the Fed's goal is a continued strong labor market. To achieve that goal requires maintaining price stability, and the Fed is very focused on achieving that goal.
Powell also argued that the U.S. economy is still suffering from the negative effects of the coronavirus pandemic, there is a labor shortage in the healthcare sector, and child care services are facing ongoing difficulties, along with other problems such as a health crisis. Powell added that if a good labor market lasts for a while, "there's a lot more good to come" than real wage growth.
"In fact, as the expansion gets longer, more and more of the wage demand is going to those at the lower end of the wage scale." Powell said, "These are very beneficial. But for that to happen, history has shown very clearly that we need a stable price."
In addition, Michael Barr, the Fed's vice chairman for financial supervision, also said he agreed with Powell that interest rate adjustments can be made cautiously. He further stressed that the most important question is not whether further rate hikes are needed this year, but how long the Fed will need to keep rates tight enough. This is expected to take "some time"; Much progress has been made on inflation.
The sell-off in US debt gained momentum
The three major U.S. stock indexes were divided
Eastern time on Monday, October 2, the US government passed a temporary funding bill to avoid a government shutdown on the evening of September 30 local time, the US debt selling momentum increased, and the market waited for the release of the US non-farm employment data in September this week, while the US ISM manufacturing index in September improved beyond expectations, the three major US stock indexes rose and fell, and eventually rose and fell.
U.S. Treasury yields moved higher Monday, pushing long-term yields to their highest levels in more than a decade. At the end of the press, the US 10-year Treasury yield was at 4.678%, after rising as high as 13 basis points to 4.71%, the highest since October 15, 2007.
The dollar index DXY, a basket of six major currencies, rose 0.7 percent to break through 107, breaking a 10-1/2-month high since November, after 11 straight weeks of gains.
Temporarily avoid the first trading day after the government shutdown, the US stock market opened slightly lower, but some investors in the market began to worry about and price the possibility of the US government shutdown in 2024, the US stock market trend was weak, and the US bond yield hit a new high of more than a decade once again put US stocks under pressure again, but the decline was significantly narrowed in the end, and finally the Dow closed down to the lowest in four months, and the S&P closed dangerously up. Nasdaq closed higher.

By the close, the Dow was down 74.15 points, or 0.22%, at 33,433.25. The S&P 500 closed up 0.34, or 0.01 percent, at 4,288.39. The Nasdaq rose 88.45 points, or 0.67 percent, to 13,307.77.
As for the after-market, Goldman expects large-cap U.S. tech stocks to rebound from September's steep sell-off, citing the fact that the sell-off has left tech valuations at historic lows at a time when earnings forecasts are still rising.
Hedge fund mogul Bill Ackman believes the U.S. economy is slowing and the Fed's rate hike cycle is over.
Goldman makes its move
Nvidia jumped $230 billion
Eastern time on Monday, October 2, Nvidia closed up 2.95% to $447.82, with a transaction of $19.321 billion, the latest total market value of $1.11 trillion, and the market value rose by more than $31.5 billion (about 230 billion yuan).
On the news, Goldman Sachs added Nvidia to its "conviction list" and upgraded its rating from "buy" to "strong buy" with a price target of $605, implying a 39% upside.

Goldman expects Nvidia to maintain its position going forward. Goldman Sachs said it expects Nvidia's GPU vendor to "maintain its position for the foreseeable future," given its competitive advantage and the increasingly sophisticated AI models that clients develop and publish. Goldman Sachs also said that the strength of Nvidia's data center business will not weaken in the near term, noting that its supply constraints have begun to ease.
Big tech stocks closed higher
Eastern time on Monday, October 2, large technology stocks collectively closed higher. Apple is up 1.48%, Microsoft is up 1.92%, Google is up 2.53%, Amazon is up 1.84%, Tesla is up 0.55% and Meta is up 2.20%.
On the news, Google introduced Chromebook Plus, starting at $399; Google CEO Sundar Pichai recently said that Google will partner with Hewlett-Packard to produce Chromebooks in India.
Tesla China announced that the new Tesla Model Y was officially launched, and a total of three new models were launched, with a price range of 263,900 to 349,900 yuan.