Financial Services Association, December 4 (Editor Shi Zhengcheng) As investors from around the world watched the turbulence that went down in history in Korean politics, the US stock market continued to rise while showing a state of fatigue. Although the S&P 500 index and NASDAQ once again reached record highs, the actual increase was not significant.

By the close of Tuesday, the S&P 500 had risen 0.05% to 6049.88 points, the 55th record high in the year; the Nasdaq Composite Index rose 0.4% to 19480.91 points; and the Dow Jones Industrial Average fell 0.17% to 44,705.53 points.

(S&P 500 daily chart, source: TradingView)

What helps tech giants continue to carry the index forward is the market's expectations of interest rate cuts and a soft landing in the economy. The October JOLTS job vacancy data released on Tuesday reached 7.744 million, exceeding expectations of 7.49 million people.

Cory Stahle, an economist at Indeed Employers Lab, said that in a context where the labor market is gradually cooling down and the economy is nearing a soft landing, today's JOLTS report can be said to be the best result of reasonable expectations — layoffs remain low, and the number of job vacancies and resignations are rising at the same time, which indicates that the confidence of employers and job seekers is improving, respectively.

According to the CME “Federal Reserve Watch Tool”, traders raised expectations on Tuesday that the Federal Reserve will cut interest rates in two weeks, and the probability rose by nearly 10 percentage points from 61% on Monday.

(Source: CME)

Jeffrey Roach, chief economist at LPL Financial, said that the Fed's decision on December 18 will be a tight choice, but if most voting members prioritize employment tasks, the market should expect policy interest rates to fall, thereby supporting risk appetite.

On the upcoming Wednesday trading day, in addition to having ADP data for “small non-farmers”, Federal Reserve Chairman Powell will also speak publicly. The US non-farm payroll report for November will be released before the market on Friday.

The performance of popular stocks

Tuesday was another day when most of the tech giants rose. Among them, Apple rose 1.28%, Microsoft rose 0.05%, Amazon rose 1.3%, Nvidia rose 1.18%, Google C rose 0.02%, Musk's salary package problem caused Tesla to drop 1.59%, Meta rose 3.51%, and Intel, which has an uncertain future, plummeted 6.1%.

Regarding the situation where the market is extremely crowded on the technology and AI concept stocks side, Joe Davis, chief economist at Vanguard, the world's second-largest asset management company, warned that even if the impact of AI could be similar to the popularity of computers in the 80s, investors' enthusiasm for this topic this year still excessively exaggerates the short-term potential of this technology, increasing the risk of “correction” of stock prices.

The Nasdaq China Golden Dragon Index closed up 1.16% on Tuesday, rising for the fourth consecutive trading day. The performance of medium securities with small to medium market capitalization was clearly better than that of large internet platforms.

By the close of Tuesday, Alibaba was down 0.31%, JD was down 0.99%, Baidu was down 0.62%, Pinduoduo was down 0.54%, the “Millet Economy” concept stock was up 9.64%, Jinko Energy was up 7.13%, New Oriental was up 6.54%, NIO was up 5.45%, Tuya Inc was up 5.17%, and Futu Holdings Ltd. was up 3.4%.

Undoubtedly, the most “drama” on Tuesday was still the MSCI Korea ETF (EWY) in the US stock market. After falling more than 7% during the day, it ended up falling 1.59%.

Other news

[Tesla's “Ushisan” announced that it will no longer be ALL-IN]

Leo KoGuan (Leo KoGuan), Tesla's third-largest individual shareholder, recently said that he is cutting his holdings in Tesla and investing his capital in short-term US treasury bills. He said he is selling Tesla shares and increasing his holdings of US treasury bonds for a period of 3 months.

[Trump's eldest son once again leverages the stock market to double the company's stock price]

PSQ Holdings, a US stock listed company, announced on Tuesday that Donald Trump Jr. (Donald Trump Jr.), the eldest son of US President-elect Trump, will join the group's board of directors, and the company's stock price soared 270% by the close of trading.

Notably, last week Downer Jr. joined the advisory board of drone manufacturer Drone Machines. It caused the company's stock price to rise more than 325% in a week, but this week it has already fallen by more than 36%.

[Apple evaluates the use of Amazon chips to train AI models]

Benoit Dupin, Apple's senior director of machine learning and artificial intelligence, made an unexpected appearance at the re:Invent conference held by Amazon Cloud Services on Tuesday. He said that Apple has been using Amazon's custom chip to run services such as Maps, Siri, App Store, etc., and is also evaluating AWS' latest AI training chip Trainium2 to pre-train Apple's artificial intelligence models.

[US CDC Announces End of McDonald's Escherichia coli Outbreak]

The US Centers for Disease Control and Prevention (CDC) announced on Tuesday local time that the deadly Escherichia coli outbreak associated with onion chips supplied by McDonald's has ended. In October, an Escherichia coli infection incident occurred in 14 US states. 104 people were unwell after eating the problematic burger. Of these, 1 died, 34 were hospitalized, and at least 4 had hemolytic-uremic syndrome. Regulators also believe that the actual number of people infected with Escherichia coli is likely to be much higher.

[Meta is also seeking nuclear power deals]

Reports on Tuesday showed that US tech giant Meta is seeking partners to begin rolling out nuclear reactors in the “early 2030s” to support the power needs of data centers. Urvi Parekh, head of global energy at Meta, said the company is open to many ideas about the size, type, and location of the reactor, and is looking for “partners who will participate from the beginning to the end of the project.” Meta is also willing to share costs early in the development cycle and has purchasing power when the project goes live.