Overnight U.S. Stocks | Three Major Indices Hit New Historical Highs, Gold and Silver Surge and Then Retreat

According to the Zhitong Finance APP, on Thursday, all three major stock indices set historical closing records. The U.S. prediction trading platform Kalshi shows that the market now expects the U.S. government shutdown to last nearly 13 days, up from yesterday's prediction of 9 days. Market sentiment is shifting towards the belief that the deadlock in Washington will last longer.

[U.S. Stocks] At the close, the Dow Jones Industrial Average rose 78.62 points, or 0.17%, to 46,519.72 points; the Nasdaq Composite rose 88.89 points, or 0.39%, to 22,844.05 points; the S&P 500 index rose 4.15 points, or 0.06%, to 6,715.35 points. Intel (INTC.US) rose 3.78%, AMD (AMD.US) rose 3.5%, Circle (CRCL.US) rose 16.05%, Coinbase (COIN.US) rose 7.48%; Tesla (TSLA.US) fell 5.11%. The Nasdaq China Golden Dragon Index closed up 1.06%, with Alibaba (BABA.US) rising 3.59% and Nio (NIO.US) rising 3.14%.

[European Stocks] The German DAX 30 index rose 287.77 points, or 1.19%, to 24,437.22 points; the UK FTSE 100 index fell 22.98 points, or 0.24%, to 9,423.45 points; the French CAC 40 index rose 89.68 points, or 1.13%, to 8,056.63 points; the Euro Stoxx 50 index rose 66.24 points, or 1.19%, to 5,647.45 points; the Spanish IBEX 35 index fell 59.63 points, or 0.38%, to 15,498.67 points; the Italian FTSE MIB index rose 13.42 points, or 0.03%, to 43,093.00 points.

[Crude Oil] Oil prices fell to a nearly five-month low as the market expects OPEC+ to agree to restore more idle production capacity at the weekend meeting, while the ongoing U.S. government shutdown has triggered risk-averse sentiment. WTI fell more than 2%, closing at $60.48 per barrel, the lowest closing price since early May. Brent also declined, closing at around $64 per barrel, the lowest since the end of May.

[Cryptocurrency] Bitcoin surged above $120,000, the highest level since August, triggering nearly $400 million in forced liquidations over the past 24 hours. Data shows that about $282 million came from short positions and $120 million from long positions, mainly in Bitcoin and Ethereum. Since the beginning of this week, the largest cryptocurrency by market capitalization has risen more than 7%. Traders are closely watching the performance in the fourth quarter, as historically, October has been one of the strongest months for Bitcoin, with an average return of 21%. Market participants are adjusting their positions to see if the current upward trend can continue into the last quarter.

[Precious Metals] Spot gold fell 0.26%, reported at $3,855.64 per ounce, stabilizing below $3,870 before 16:00 Beijing time, then gradually rising, reaching $3,896.85 at 21:31, setting a new historical high, before quickly falling back, refreshing the daily low to $3,819.56 at 23:38 COMEX gold futures fell 0.45% to $3,879.90 per ounce, rising to $3,923.30 at 21:31, setting an intraday historical high, and then refreshing the daily low to $3,842.80 at 23:38. Spot silver fell 0.79% to $469,427 per ounce, rising to $48.0516 at 21:24—continuing to approach the top of $49.8044 on April 25, 2011, and refreshing the daily low to $45.9130 at 23:37. COMEX silver futures fell 1.77% to $46.835 per ounce. COMEX copper futures rose 1.43% to $4.9525 per pound. Spot platinum rose 0.42% to $1,572.59 per ounce; spot palladium fell 0.26% to $1,255.33 per ounce.

[Macroeconomic News]

U.S. media: September non-farm data may be ready for release, Senator Warren calls for the government to release it "on schedule" on Friday. According to U.S. media reports, a Senate aide stated on Thursday local time that Democratic Senator Elizabeth Warren urged the Trump administration to release the September non-farm employment report "on schedule" on Friday amid the government shutdown. An aide from the Senate Banking Committee indicated that employees of the Bureau of Labor Statistics (BLS) on leave informed Warren's office that the labor data for September had been collected and might be ready for release. Warren stated in a press release, "Without non-farm employment data, the Federal Reserve will not be able to fully understand the situation needed to make interest rate decisions this month, which will affect every household in the country." The BLS previously stated that major economic data, including the non-farm employment report, would not be released during the government shutdown. If the shutdown continues, it will also delay the collection and release of two major inflation reports scheduled for mid-October.

U.S. Department of Energy announces termination of nearly $8 billion in new energy projects. The U.S. Department of Energy announced on the 2nd the termination of 223 energy projects, with related funding totaling approximately $7.56 billion. These projects mainly involve clean energy and renewable energy, and states that voted for the Democratic Party in last year's presidential election will be generally impacted. The U.S. Department of Energy stated in a press release that the terminated projects failed to meet the standards for continued federal investment from the perspectives of economic benefits, national security, and energy security. Project funding recipients may appeal within 30 days. Russell Vought, director of the White House Office of Management and Budget, posted on social media on the evening of the 1st, previewing: "Nearly $8 billion in funding for pushing the left-wing climate agenda has been canceled."

The White House has drafted a list of federal agencies for cuts, and layoff procedures may start tomorrow. According to reports, two White House officials revealed that the U.S. government has identified a list of federal agencies that are about to be cut, with specific plans expected to be announced as early as tomorrow. "We may announce the streamlining plan on Friday, Saturday, or Sunday," one official stated. The government is still refining the specific details of the cut plan, and this list has been jointly drafted by the Office of Management and Budget in collaboration with the targeted agencies. U.S. President Trump met today with Russell Vought, the director of the Office of Management and Budget, who previously previewed this meeting on a social media platform, stating that they would jointly decide which departments to cut among "many Democrat-controlled agencies," and whether these cuts are temporary or permanent An official revealed that Trump meets and talks with Water several times a day.

【Individual Stock News】

Federal tax credits expiration sparks car buying frenzy; Tesla (TSLA.US) quarterly sales unexpectedly increase. Due to American consumers accelerating their purchases of electric vehicles before the expiration of federal tax credits, Tesla reported an unexpected increase in quarterly vehicle sales. The company delivered a record 497,099 vehicles globally during this period, a 7.4% increase compared to the same period last year. In contrast, the market average expectation was about 439,600 vehicles. A federal government electric vehicle tax credit of up to $7,500 is set to expire, providing a temporary boost to U.S. electric vehicle sales. The car purchase incentive policy will gradually be phased out after September 30, driving a surge in demand for models from General Motors, Ford, and Hyundai.

Boeing (BA.US) 777X aircraft delayed until 2027, potentially leading to billions in losses. According to insiders, Boeing's new wide-body aircraft, the 777X, is expected to enter commercial service in early 2027, a full year later than originally planned. As the launch customer for this model, Lufthansa has begun preparing for subsequent adjustments. Insiders indicate that the German airline's current fleet planning has ruled out the possibility of receiving the 777X before 2027. Executives at Emirates, the model's largest customer, are also taking a more cautious stance, expecting that the model will be difficult to operate before 2027. Analysts estimate that the resulting non-cash accounting losses could range from $2.5 billion to as much as $4 billion, although Boeing has not specified an exact amount. According to an insider, in recent weeks, company executives have held meetings with major investors and are developing a crisis response plan to distribute the financial impact across the entire aircraft program.

【Major Ratings】

Morgan Stanley: Raised the target price for Apple (AAPL.US) to $298, up from $240.

Deutsche Bank: Raised the target price for Lithium Americas (LAC.US) from $2.5 to $6.3