Market analysis on October 28th

This week, the global market focused on a series of heavyweight economic data and corporate earnings reports. The overall performance of the US stock market was positive, with small-cap indexes leading the market, rising by 1.7%. The Nasdaq index is approaching its historical high. Despite the overall upward trend in the large cap, Tesla and chip stocks turned downward, with Nvidia's stock price dropping by 1% at one point during trading.

In industry news, North American uranium mines and nuclear energy concept stocks performed strongly, especially Oklo, a nuclear energy company supported by OpenAI CEO Sam Altman, saw its stock price surge by over 28% to a new high. As the US presidential election approaches, media stocks related to Trump surged by over 21%.

Apple leads in technological innovation, launching the iMac equipped with the latest M4 chip. Its initial AI features include writing tools, image cleaning, and content summarization, attracting widespread attention. Market expectations for Apple's earnings this week are anticipated to show outstanding performance, with Goldman Sachs optimistically predicting earnings far exceeding market consensus. In addition, Volkswagen announced the closure of at least three factories in Germany and a large-scale layoff, marking the first such measure in the company's eighty-seven-year history, demonstrating immense pressure in the auto industry.

In the Chinese concept stock market, performance was particularly eye-catching. The Chinese concept index rose by 4%, Nio Inc. surged by over 10%, and Daqo New Energy in the solar industry rose by over 14%. Discussions within the US-China Economic Work Group focus on the detailed arrangements of a package of incremental policies, expected to be announced after statutory procedures in November.

The bond market witnessed a comprehensive rebound in US bond yields, with the 10-year US bond yield hitting a three-month high, while the US dollar against the Japanese yen exchange rate hit a three-month low. As the US election approaches, the challenges faced by the Federal Reserve become complex, with markets broadly focusing on inflation prospects and the US Treasury's debt management strategy.

In the cryptocurrency field, the price of bitcoin futures surged, surpassing the $0.07 million mark, and the stock price of cryptocurrency trading platform Coinbase also rose significantly. Meanwhile, oil prices and gold experienced drastic fluctuations, with oil prices plunging over 6% within a week, while gold recovered from its early drop during the US trading session. Asian markets were also active, with the Shanghai Composite Index rising by 0.68%. Although the Shenzhen Component Index experienced a slight decline, the overall market sentiment remained positive.

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