According to the intelligence from Zhitong Finance, on Monday, the three major indices closed higher, with the Dow and S&P 500 hitting new historical highs again, and the Dow closing above the 43,000-point mark for the first time. The US bull market entered its third year, with the S&P 500 index up nearly 64% since closing at a bear market low of 3577.03 on October 12, 2022. Taiwan Semiconductor's stock price hit a new all-time high on Monday, with a market cap briefly exceeding $1 trillion.

At the close in the US stock market, the Dow rose 201.36 points, an increase of 0.47%, to 43065.22 points; the Nasdaq rose by 159.75 points, an increase of 0.87%, to 18502.69 points; the S&P 500 index rose 44.82 points, an increase of 0.77%, to 5859.85 points. Arm (ARM.US) rose more than 5%, Adobe (ADBE.US), ASML Holding (ASML.US), NVIDIA (NVDA.US) rose more than 3%.

In European stock markets, the German DAX30 index rose by 157.42 points, an increase of 0.81%, to 19513.15 points; the UK's FTSE 100 index rose by 37.79 points, an increase of 0.46%, to 8291.44 points; the French CAC 40 index rose by 24.17 points, an increase of 0.32%, to 7602.06 points; the Euro Stoxx 50 index rose by 36.03 points, an increase of 0.72%, to 5039.95 points; the Spanish IBEX 35 index rose by 123.56 points, an increase of 1.05%, to 11843.56 points; the Italian FTSE MIB index rose by 368.99 points, an increase of 1.08%, to 34677.00 points.

In the Asia-Pacific stock markets, the Nikkei 225 index rose by 0.57%, the Indonesia Jakarta Composite Index rose by 0.54%, and the Vietnam VN30 index rose by 0.14%.

In the cryptocurrency market, Bitcoin rose by over 4.5% to $65885 per coin; Ethereum rose by over 6.5% to $2620.87 per coin.

In the COMEX gold market, gold futures fell by 0.45% to $2664.30 per ounce; COMEX silver futures fell by 1.15% to $31.390 per ounce.

New York Mercantile Exchange November delivery of West Texas Intermediate (WTI) crude oil futures prices fell by $1.73, a decrease of 2.29%, closing at $73.83 per barrel; Intercontinental Exchange in Europe December delivery of Brent crude oil futures prices fell by $1.58, a decrease of 2%, closing at $77.46 per barrel.

London metals fell, with LME nickel down over 1.2%, LME copper down over 1.6%, LME aluminum down over 1.5%, LME zinc down 1.9%.

Macro news

Fed Governor Walle calls for 'cautious' rate cuts. Fed Governor Walle called for 'more cautious' rate cuts in the future on Monday, citing rising inflation and stronger-than-expected U.S. economic and job markets as reasons. Walle stated, 'Regardless of recent events, my basic expectation is still to gradually lower policy rates over the next year.' However, he said that after the Fed's 0.5 percentage point rate cut in September, as long as the job market does not deteriorate suddenly and inflation continues to fall as he expects, the Fed should now proceed with 'cautious steps' to cut rates. Walle warned that in the short term, recent hurricanes and the Boeing strike could reduce job growth by 0.1 million in October. If inflation unexpectedly rises, the Fed may pause rate cuts; if inflation falls below the Fed's 2% target, or if the job market deteriorates, the Fed may cut rates early.

BofA survey: Geopolitical concerns reach highest level in over 10 years. Bank of America's credit investor survey in September showed that credit investors' concerns about geopolitical risks have reached the highest level in the past 10 years. The results of the third consecutive survey show that geopolitics remain the most worrying issue. In September, 32% of credit investors listed geopolitics as their biggest concern, up from 24% in August. Global economic downturn is the second biggest concern, with 16% of investors listing it as the second biggest concern, up from 11% in August. The survey shows that another 16% of investors list central bank policy mistakes as their biggest concern, down from 20% in August.

OPEC lowers global oil demand growth expectations for the third consecutive month. OPEC has downgraded oil demand growth expectations for this and next year for the third consecutive month, belatedly realizing the global fuel demand slowdown. In its monthly report, OPEC stated that by 2024, global oil consumption will increase by 1.9 million barrels per day, an increase of about 2%, a decrease of 0.106 million barrels per day from previous forecasts. This adjustment is mainly due to actual data received, and slightly reduced expectations for certain regions. With three consecutive downgrades, OPEC is now stepping back from its strong bullish expectations that have been maintained throughout this year. Even after the production cuts, its demand estimates are still an outlier (higher than Wall Street banks and trading companies), at the top end of Saudi Aramco's expectations. This is roughly double the forecast of the International Energy Agency.

[Individual stock news]

Tesla (TSLA.US) humanoid robot reportedly capable of remote control. According to foreign media citing informed sources, at Tesla's 'We, Robot' event held last week, Tesla remotely controlled its Optimus humanoid robot prototype, with offsite employees responsible for controlling the humanoid machine and many interactions with attendees. Online, there is at least one video reportedly from the 'We, Robot' event on October 10, where an Optimus 'bartender' admits it has 'human help.' The Optimus prototype can walk under artificial intelligence control without external control.

Nvidia (NVDA.US) stock price closed at a record high, investors expect long-term strong demand for artificial intelligence. Nvidia's stock price closed at a record high on Monday, for the first time in about four months, as investors continue to expect a strong long-term trend in artificial intelligence demand. Nvidia's stock price rose 2.4% to $138.07, breaking the record set in June. The stock has rebounded by 40% from its low in August, and has risen 179% year-to-date. The momentum in 2024 has increased the company's market cap by over $2 billion. The recent strong performance of the stock is attributed to CEO Huang Renxun's remarks. He stated that demand for the Blackwell chip has reached a "crazy" level, easing concerns about the delayed release of the chip due to engineering problems.

Buffett continues to make moves by consistently buying into a broadcasting company. Broadcasting company Sirius XM (SIRI.US) recently submitted documents to regulatory agencies showing that Berkshire Hathaway, Buffett's investment company, has been continuously buying shares of the company, totaling $86.73 million. The regulatory filing shows that Berkshire Hathaway purchased 0.8698 million shares of Sirius XM stock last Wednesday; on Thursday, they made two separate transactions buying 0.9178 million shares and 517,200 shares of the company's stock; and on Friday, they bought an additional 1.2593 million shares of the company's stock. Roughly calculated, Berkshire Hathaway bought approximately $86.73 million worth of Sirius XM stock within three days, increasing its total holdings in the company to 108.72 million shares. According to reports, as early as November 2023, Berkshire Hathaway had disclosed its stake in Sirius XM.

Bank review:

Jefferies Financial: Raises BlackRock (BLK.US) target price from $1,075 to $1,129