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The U.S. Senate will begin its final vote on Milans nomination to the Federal Reserve Board in ten minutes.Integrated Circuits (Chips): 1. Nvidia is fully shifting its technological development focus to its next-generation product, the SOCAMM2. 2. Micron Technology has suspended NAND flash memory and DRAM pricing for a week, with the market predicting price increases. 3. Nvidia is considering being the first to adopt TSMCs most advanced process, the A16 process, which will enter mass production in the second half of next year. Others: 1. OpenAI released GPT-5-CODEX. 2. Version 2.0 of the "AI Security Governance Framework" has been released. 3. Lei Jun: The Xiaomi 17 series is a comprehensive competitor to the iPhone. 4. The US Secretary of Energy stated that nuclear fusion power generation could be possible within eight years. 5. Nvidia is requiring suppliers to develop MLCP technology, with a unit price 3-5 times that of existing cooling solutions. 6. Xiaomis Lu Weibing: R&D investment will increase to 200 billion RMB over the next five years. 7. Elon Musk: The Samsung factory in Texas will produce AI6 chips, not AI5 chips, and a decision on whether to use high-bandwidth memory (HBM) has not yet been made. Nuanwa Insight, an AI technology company in the insurance industry, has applied for an IPO in Hong Kong.1. All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.11%, the S&P 500 up 0.47%, and the Nasdaq up 0.94%. Both the S&P 500 and Nasdaq reached new all-time highs. Amazon and Apple rose over 1%, leading the Dow. The Wind S7 Index rose 1.53%, with Google up over 4% and Tesla up over 3%. Most Chinese concept stocks rose, with Pony.ai rising nearly 11% and Li Auto up nearly 7%. 2. U.S. Treasury yields fell across the board, with the 2-year Treasury yield down 2.30 basis points to 3.526%, the 3-year Treasury yield down 3.32 basis points to 3.494%, the 5-year Treasury yield down 3.30 basis points to 3.600%, the 10-year Treasury yield down 3.64 basis points to 4.034%, and the 30-year Treasury yield down 2.80 basis points to 4.653%. 3. International precious metal futures generally closed higher, with COMEX gold futures up 0.90% at $3,719.50/oz and COMEX silver futures up 0.84% at $43.19/oz. US President Trumps pressure on the Federal Reserve to cut interest rates has sparked market concerns, and deteriorating US employment data has reinforced expectations of a rate cut. 4. International oil prices rose slightly, with the main US crude oil contract up 0.94% at $63.28/barrel; the main Brent crude oil contract rose 0.69% to $67.45/barrel. 5. Most base metals closed higher in London, with LME copper futures up 1.21% at $10,189/ton, a 15-month high; LME zinc futures up 0.85% at $2,982/ton; LME nickel futures up 0.22% at $15,425/ton; and LME aluminum futures up 0.56% at $2,704.5/ton.September 16th news, in the procedural vote held by the Senate on Monday, the senators cleared the procedural obstacles of Milans confirmation vote with a majority of 50 votes in favor and 44 votes against. The economic adviser of Trump is just one step away from joining the Federal Reserve as a governor. The final vote will be held later on Monday. If confirmed, Milan will be able to walk into the Federal Reserves office in Washington on Tuesday morning and participate in the Federal Open Market Committee (FOMC) interest rate policy meeting scheduled for Tuesday and Wednesday in time.

Apple's Decline And Powell's Speech Cause The S&P 500 to Decline

Aria Thomas

Nov 30, 2022 11:53

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Tuesday's S&P 500 decline was led by losses in Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) ahead of a speech by U.S. Federal Reserve Chair Jerome Powell that could foreshadow the amount of future interest rate increases.


Recent protests over COVID-19 restrictions in China, particularly at the world's largest iPhone manufacturing facility, captured the attention of investors.


Apple's shares declined 2.1% for the fourth trading session in a row.


Wednesday during a Brookings Institution speech, Powell is set to discuss the economic and labor market outlook for the United States. Investors will be looking for signs as to when the Fed will stop its relentless rate hikes.


"Given that Powell will speak tomorrow, nobody is willing to buy now. Everyone is anxious to hear what he has to say "Ron Saba, the senior portfolio manager for Horizon Investments in Charlotte, stated as much.


Amazon (NASDAQ:AMZN), Nvidia (NASDAQ:NVDA), and Tesla (NASDAQ:TSLA) all had declines greater than 1 percent.


In November, it is anticipated that the benchmark S&P 500 index will post its second consecutive month of gains on predictions that recent inflation readings indicating a minor decline in prices will force the Federal Reserve to decrease the pace of its interest rate hikes.


In December, the Fed is projected to slow its rate hikes to 50 basis points from 75 basis points previously. 


In November, according to a study released on Tuesday, consumer confidence in the United States fell further due to ongoing concerns about the rising cost of living.


Mainland The newest surge of civil disobedience in China comes as the number of COVID cases reaches daily record highs and as substantial areas of various cities face fresh lockdowns, further threatening the world's second-largest economy.


The S&P 500 energy sector index increased by 1.3%, although gains in oil prices were later offset by fears that OPEC+ may sustain output at its upcoming summit.


The S&P 500 closed at 3,957.60 points, a decrease of 0.16 percent.


The Nasdaq decreased 0.59 percent to 10,983.78 points, and the Dow Jones Industrial Average rose 0.01 percent to 33,852.13 points.


Despite the decline of the S&P 500, gaining stocks outpaced losing stocks by a ratio of 1.3 to 1.


The S&P 500 achieved two new highs and three new lows, whilst the Nasdaq recorded 68 new highs and 183 new lows.


Alibaba (NYSE:BABA), Pinduoduo (NASDAQ:PDD), and JD.com (NASDAQ:JD) are Chinese companies with U.S.-listed shares. The value of publicly traded firms surged by more than 5 percent following China's development of equity financing channels for real estate developers.


After reporting excellent quarterly results, shares of Chinese internet service provider Bilibili (NASDAQ:BILI) rose 22%.


Compared to the 20-session average of 11.2 billion shares, volume on U.S. exchanges was relatively low, with 9.6 billion shares exchanging hands.