Overnight US Stocks: Mixed Indexes, Dow Hits New High

On Friday, the three major indices showed mixed performance, with the Dow Jones Industrial Average (DJIA) reaching a new historical high.

All three stock indices recorded gains for the second consecutive week.

For the week, the DJIA rose by 1.61%, the S&P 500 increased by 1.36%, and the Nasdaq Composite was up by 1.49%.

**U.S. Stocks**: As of the closing bell, the Dow Jones Industrial Average gained 38.17 points, or 0.09%, to 42,063.36; the Nasdaq Composite fell 65.66 points, or 0.36%, to 17,948.32; the S&P 500 index dropped 11.09 points, or 0.19%, to 5,702.55.

Qualcomm (QCOM.US) fell 2.87%, while Intel (INTC.US) rose 3.31% amid reports that the two companies are discussing a potential merger.

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FedEx (FDX.US) dropped 15.23%, and Nike (NKE.US) opened higher and closed up 6.99%.

**European Stocks**: European major stock indices closed lower, with the German DAX 30 down 1.47%, the UK's FTSE 100 down 1.18%, the French CAC 40 down 1.51%, and the Euro Stoxx 50 down 1.43%.

**Asia-Pacific Stocks**: The Nikkei 225 in Japan rose over 1.5%, the Jakarta Composite in Indonesia fell over 2%, and the VN30 in Vietnam gained 0.58%.

**Gold**: Both spot gold and COMEX gold futures continued to reach new highs.

Spot gold rose 1.36% to $2,621.88 per ounce, with a weekly increase of 1.71%.

COMEX gold futures increased by 1.25% to $2,647.4 per ounce, with a weekly gain of 1.41%.

**Cryptocurrency**: Bitcoin continued its upward trend, gaining 0.44% on Friday to $63,208.

**Oil**: U.S. West Texas Intermediate (WTI) crude oil closed essentially flat on Friday.

The futures rose over 4% for the week, marking the second consecutive week of gains.

The significant interest rate cut by the Federal Reserve this week, along with a decline in U.S. crude oil supplies, supported oil prices.

The NYMEX October WTI futures settled down $0.03, or 0.04%, at $71.92 a barrel.

WTI crude oil rose 4.76% for the week.

Brent November crude oil futures settled down $0.39, or about 0.52%, at $74.49 a barrel.

**Metals**: Most metals in London closed lower, with nickel up 0.91%; copper down 0.18%, aluminum down nearly 2%, and zinc down over 2%.

**Macro News**: Federal Reserve Governor Waller: If the job market deteriorates, a 50 basis point rate cut could be considered.

Governor Waller stated that a 50 basis point rate cut by the Federal Reserve is the right move to keep the economy strong; the inflation data released during the quiet period has led me to favor a substantial rate cut; the extent of future rate cuts will depend on upcoming data; if the job market worsens, a 50 basis point rate cut could be considered again; if progress against inflation stalls, may advocate for a pause in rate cuts; if economic data is weak, more willing to make a substantial rate cut; do not believe we are behind the curve; inflation may be on a lower trajectory than we anticipated.

JPMorgan Chase CEO Dimon: Skeptical of a soft landing for the U.S. economy after rate cut.

JPMorgan Chase CEO Dimon said he remains skeptical about a soft landing for the economy after the Federal Reserve's first rate cut in more than four years.

He said on Friday at the Atlantic Festival in Washington, "I am more skeptical than others, I think the chances of a soft landing are low, I certainly hope it can happen, but I am more skeptical about whether inflation will disappear so easily, not because it has not gone down, but whether it can go down further."

RBC: High risk of fiscal spending after U.S. elections limits the upside for 2-10 year Treasury notes.

Royal Bank of Canada's BlueBay Asset Management Chief Investment Officer Dowding said that the risk of continued increases in fiscal spending after the U.S. elections is high, so the upside for two-year to 10-year Treasury notes is limited.

He said: "Considering that the yield on 2-10 year U.S. Treasury notes is about 3.5%, we believe that unless there is a substantial economic recession, the significant upside for these bonds may be limited."

Dowding said that the Federal Reserve's 50 basis point rate cut this week may limit the prospects for further rate cuts, thereby limiting further declines in yields.

BlueBay also expects the spread between two-year and 30-year U.S. Treasury yields to widen, leading to a steeper yield curve.

Apollo Global Management receives $5 billion in new funding from BNP Paribas to challenge Wall Street banks in the lending business.

Apollo Global Management has received $5 billion in new funding from BNP Paribas.

The company is seeking to develop a key lending business and further penetrate an area once dominated by banks.

Apollo Co-President Jim Zelter said: "This is one of the largest long-term private credit financing deals in history, if not the largest."

Apollo CEO Marc Rowan is ambitious to build a credit machine that can compete with Wall Street banks, and he hopes that Apollo's 16 financing platforms - providing mortgage loans, aircraft loans, and other debts that can constitute private credit investments - will generate transactions of $200 billion to $250 billion per year within five years.

**Stock News**: Google (GOOG.US) faces an ultimatum from the EU, which could be heavily fined if it does not adjust its search engine business practices.

Reports suggest that Google is facing another blow from EU regulators, and could face substantial fines and be ordered to change its business model if it does not take swift action to give competitors more room to grow.

EU officials are preparing a formal charge sheet against Google under the Digital Markets Act, mainly concerning how Google displays competitors' product results in different search services (such as Google Flights and Google Hotels).

If it does not comply with the regulations, Google could face heavy fines up to 10% of its global annual revenue.

Insiders say that the preliminary findings of the EU investigation may be released before the end of October, and given the upcoming reshuffling of the European Commission, the meeting time may be delayed, giving Google more time to alleviate the concerns of EU authorities.

The final ruling on this case will be made before the end of March next year.

General Motors (GM.US) announces recall of over 449,000 vehicles.

According to local news on September 20th, General Motors announced the recall of over 449,000 sport utility vehicles (SUVs) and pickup trucks, as some vehicles' electronic brake control software may not properly alert when brake fluid is lost.

General Motors stated that without warning lights, drivers may drive with insufficient brake fluid, which would reduce the vehicle's braking performance and increase the risk of accidents.

Some manufacturers can no longer order Nvidia (NVDA.US) H20 chips.

Today, industry insiders reported that some manufacturers can no longer place orders for Nvidia H20 chips.

An industry chain source said today, "Nvidia started not taking H20 orders last month, but there was no formal notice."

Another AI manufacturer also said, "There has indeed been a recent situation where Nvidia is not taking H20 orders from some manufacturers."

Including internet manufacturers, large model manufacturers, and chip suppliers, several industry insiders said that they have been hearing that H20 will be discontinued, but Nvidia is still trying.

However, several manufacturers also reported, "There have been large shipments of H20 recently, and the shipments for the year have already exceeded the annual shipment expectation of about 400,000 units."