Midnight! Chinese assets, explosion
Chinese assets soared late into the night.
On Monday, the three major US stock indexes fell at the opening, and as of the time of writing, the three major stock indexes rose and fell, with the Dow Jones Industrial Average down 0.26%, the Nasdaq down 0.07%, and the S&P 500 up 0.05%.
The US energy regulator rejected Amazon's proposal to buy nuclear power for its AI data center, and the nuclear stocks fell collectively, with Centrus Energy down nearly 15%, Constellation Energy down nearly 10%, and Talen Energy down nearly 8%.
Super Micro Computer's stock price was in a huge fluctuation, falling as much as 8% in the middle of the day, and as of the time of writing, it turned red.
Trump Media Technology Group's stock price rose as much as 6% at one point, and as of the time of writing, it turned red, falling 4.06%.
Nvidia rose 1.4%, with a total market value of US$337bn, surpassing Apple to regain the title of the world's most valuable company. Since the beginning of this year, Nvidia's stock price has risen by 180%.
The Nasdaq China Dragon Index soared, rising more than 3% at one point, and as of the time of writing, it was still up more than 2%. Yum China rose more than 10%, Xiaopeng Auto and Lexinfintech rose more than 8%, and Trip.Com rose more than 6%.
The US dollar index, which rose sharply on Friday, suddenly fell today (November 4), hovering around 103.7 points, showing a significant decline compared to its high of 104.34 points on Friday.
At the same time, the offshore yuan soared nearly 600 points. The central parity of the yuan against the US dollar was Rmb7.1203 on November 4, down 68 points.
Compared with the more significant decline in the stock market in the past presidential election, the US stock market performed relatively well in the past month. Citigroup's strategists said that this showed that the optimism about the economy and further rate cuts by the Fed outweighed their concerns about the US election.
"The stock market's performance on the eve of the election is different from that in previous elections," the team led by Chris Montagu said in a report to clients on Monday, "Usually, the US stock market will weaken in the month before the election, but the stock market performed relatively strongly in October this year. The Fed is expected to cut interest rates by 25 basis points on Thursday. Montagu said that investors did not adopt a defensive strategy or reduce portfolio risk as they did in the past, but continued to push momentum trading. He also noted that the VIX Index, which measures volatility, was low, which seemed unusual considering the tight race in the polls. The stock market near the high and the low VIX Index means that traders are not worried about the election result. "The current abnormality has little to do with the market's prediction of a particular election result, but more to do with the expectation that the Fed will continue to cut interest rates and the US economy may slow down in a relatively smooth manner," the strategist wrote.