Market Overview

$Nasdaq Composite Index (.IXIC.US)$ surged nearly 2%, breaking 20,000 for the first time, while $Dow Jones Industrial Average (.DJI.US)$ declined. $Tesla (TSLA.US)$ led tech giants to record highs, with Tesla and $Alphabet-C (GOOG.US)$ up nearly 6%, joined by $Meta Platforms (META.US)$ , $Amazon (AMZN.US)$ , and $Netflix (NFLX.US)$ at new peaks. The semiconductor index gained nearly 3%, with $NVIDIA (NVDA.US)$ up over 3% and $Broadcom (AVGO.US)$ nearly 7%. $Apple (AAPL.US)$ hit a record high before reversing lower. $Advanced Micro Devices (AMD.US)$ dropped as much as 8% amid speculation it may be removed from the $NASDAQ 100 Index (.NDX.US)$ . $Adobe (ADBE.US)$ fell over 8% after-hours following its earnings report.

U.S. November CPI reinforced expectations of a rate cut next week, though a January pause remains likely. The dollar and Treasury yields rebounded in a V-shaped pattern.

Chinese stocks narrowed losses, with $NIO Inc (NIO.US)$ and $XPeng (XPEV.US)$ down over 2%, while $Fangdd Network (DUO.US)$ rose over 11%. Offshore yuan dropped over 300 pips, breaking below 7.29.

The Bank of Japan suggested no rush to hike rates, sending the yen below 152. Following a steep rate cut, the Canadian dollar and bond yields turned positive.

Bitcoin reclaimed $100,000. Spot gold rose 1% to $2,720, its highest in five weeks. Oil prices gained 2%.

In Asia, mainland Chinese equities were mixed, with consumer sectors rallying. Hong Kong stocks fell, with the $Hang Seng TECH Index (800700.HK)$ down over 1%. Chinese government bond futures declined.