Financial Services, November 21 (Editor Shi Zhengcheng) Before the market on Thursday, even though Nvidia's earnings report was “not perfect”, the rumor that Russia is suspected of using an ICBM (intercontinental ballistic missile) to attack Ukraine did not have much impact on the US stock market. However, geopolitical issues have contributed to the continued strengthening of gold.

As of press release, Dow Jones futures (2412 contracts) were up 0.37%, S&P 500 futures were up 0.25%, and Nasdaq 100 futures were up 0.13%. Spot gold, which had been rising for 3 days, continued to strengthen. The latest price was close to 2,665 US dollars/ounce, and the yield on US 10-year Treasury bonds fell slightly to 4.39%.

The news that had the biggest impact on the market on Thursday was that the Ukrainian side said that Russia attacked the Dnieper region using an RS-26 Rubezh ballistic missile without a mounted nuclear warhead. Some analysts also pointed out that if this is true, this is the first time in human history that an intercontinental ballistic missile has been used in actual combat. Generally speaking, this type of missile exists mainly as a nuclear deterrent.

Although outsiders have different opinions on whether the RS-26 Rubezh is a medium-range missile or ICBM, the maximum range of close to 6,000 kilometers is enough to cover all European capitals.

Of course, for targets such as attacking Ukraine, the use of RS-26 is still more of a deterrent than of actual combat value. Over the past few days, Ukraine has successively attacked mainland Russia using long-range missiles provided by the US and the UK. It is worth mentioning that now some media also quoted “Western officials” attending the conference in Laos as saying that Russia did not use an ICBM; it was just a ballistic missile; it is unclear why Ukraine said this.

Ukrainian President Zelensky said in his latest statement: “Russia has launched a new type of missile, and its speed and altitude indicate that it has intercontinental ballistic capabilities.”

Russia is currently silent about whether ICBM has been used. Kremlin spokesman Peskov only said “nothing to comment on” and asked the media to ask the Russian Ministry of Defense.

Affected by “ICBM doubts,” European stock and US stock index futures declined collectively for a while, but as of press time, most of them had turned up. As a source of anxiety in US stocks, although the latest earnings report of AI leader Nvidia is not perfect, CEO Hwang In-hoon's statement on Blackwell chips has made market sentiment quite clear.

As of press time, Nvidia was down 0.8% in the premarket, with an earlier decline of more than 4%.

Other news

[Nvidia Quarterly Report “Not Perfect” Wong In-hoon Dispels “Blackwell's Doubts”]

Nvidia's latest financial report released after the market on Wednesday. Although the company's revenue of 35.08 billion US dollars and net profit of 19.309 billion US dollars all nearly doubled year on year, the company's estimated revenue for the fourth fiscal quarter was 37.5 billion US dollars, which is only 0.4 billion dollars higher than the agreed forecast, and lower than the highest forecast of 41 billion US dollars.

The company's CEO Hwang In-hoon also responded to rumors surrounding Blackwell's chips on a conference call. He said that some of the company's most important end customers have already received some Blackwell chips and are expected to achieve “several billion dollars” of Blackwell revenue in the fourth fiscal quarter. Blackwell's sales volume for the next few quarters will depend entirely on Nvidia's production capacity.

[Bitcoin surged to 0.098 million US dollars and related concept stocks generally rose]

Due to US President-elect Trump's pro-cryptocurrency stance, Bitcoin's rise has continued since his election. As of press release, Thursday hit another all-time high of 0.0983 million dollars. Affected by this, cryptocurrency concept stocks generally rose before the market. As of press time, Coinbase was up 3.75%, Canaan Technology was up 3.59%, and MicroStrategy was up 10.90%.

[Pinduoduo's third-quarter revenue of 99.35 billion yuan increased 44% year-on-year, lower than market estimates]

As of press release, Pinduoduo fell 9% before the market on Thursday. Revenue for the third quarter was 99.35 billion yuan, up 44% year on year, estimated at 102.83 billion yuan; non-GAAP net profit for the third quarter was 27.46 billion yuan, up 61% year on year; and adjusted revenue per ADS for the third quarter was 18.59 yuan, estimated at 20.19 yuan. As of September 30, 2024, Pinduoduo's cash, cash equivalents, and short-term investments were RMB 308.5 billion (USD 44 billion), compared to RMB 217.2 billion as of December 31, 2023.

[US Department of Justice officially asks Google to divest Chrome]

The US Department of Justice officially filed a request with the court on Wednesday, urging a federal judge to force the sale of Google's Chrome web browser. Earlier, Google had been ruled that its search business violated US antitrust laws.

[Cloud data storage company Snowflake rose more than 20% before the market]

As of press release, US cloud data storage company Snowflake rose 22.37% before the market on Thursday. According to the three-quarter report disclosed by the company, the company's product revenue increased 29% year on year to 0.9 billion US dollars. At the same time, products are expected to be between 0.906 billion and 0.911 billion US dollars in the fourth quarter, all higher than market expectations. The company also announced a new collaboration with artificial intelligence startup Anthropic.

[Baidu Wenxin's large model calls reach 1.5 billion per day]

Before the market on Thursday, Baidu released its financial report for the third quarter of 2024, showing total quarterly revenue of 33.6 billion yuan, Baidu's core revenue of 26.5 billion yuan, and net profit attributable to Baidu's core of 7.54 billion yuan, an increase of 17% over the previous year, exceeding market expectations. Financial reports show that in November, the average number of calls to Wenxin's big model reached 1.5 billion per day. Compared to the 50 million announcements in Q4 last year, this is a 30-fold increase in one year. As of press release, Baidu's US stock fell 1.66% in the premarket.

Notable events during the US stock market (Beijing time)

November 21

21:30 The number of jobless claims in the US to the beginning of the week from November 16, the US November Philadelphia Federal Reserve Manufacturing Index

At 9:45 Cleveland Federal Reserve Chairman Hamak delivered a speech

23:00 Total sales of existing homes in the US in October

November 22

01:25 Chicago Federal Reserve Chairman Goulsby attends a public event

01:30 Cleveland Federal Reserve Chairman Hamak delivered a speech

05:40 Federal Reserve Governor Barr delivered a speech