Overnight US stocks | The three major indices simultaneously hit historical highs, with the Dow closing above 47,000 points for the first time in history.

On Friday, all three major stock indexes hit historic highs, with the Dow closing above 47,000 points for the first time in history. The U.S. September CPI increase was slightly lower than expected, paving the way for the Fed to cut rates again next week. The U.S. Labor Department reported on Friday, following a 0.4% increase in August, a 0.3% increase in September CPI month-on-month; the annual rate recorded 3.0%, slightly higher than the 2.9% increase in August. Excluding volatile food and energy components, core CPI rose 0.2% month-on-month (0.3% in August) and the year-on-year increase dropped from 3.1% in August to 3.0%. The three major U.S. stock indexes recorded gains this week, with the Dow up 2.2%, the S&P 500 up 1.92%, and the Nasdaq up 2.31%. [US Stocks] At the close, the Dow rose 472.51 points, or 1.01%, to 47,207.12 points; the Nasdaq rose 263.07 points, or 1.15%, to 23,204.87 points; and the S&P 500 rose 53.25 points, or 0.79%, to 6791.69 points. Ford Motor Company (F.US) surged 12%. Chip stocks rallied, with Intel Corporation (INTC.US) up 0.31%, AMD (AMD.US) up 7.63%, and Alphabet (GOOG.US) up 2.6%. The Nasdaq Golden Dragon Index closed up 0.2%, with Weilong Zhixing (WRD.US) up 5.1% and Alibaba Group Holding Limited Sponsored ADR (BABA.US) up 1.5%. [European Stocks] The Germany DAX30 index rose 21.17 points, or 0.09%, to 24,240.26 points; the UK FTSE 100 index rose 61.27 points, or 0.64%, to 9639.84 points; the France CAC40 index fell 0.15 points, or 0.00%, to 8225.63 points; the Europe Stoxx 50 index rose 5.32 points, or 0.09%, to 5673.65 points; the Spain IBEX35 index rose 40.00 points, or 0.25%, to 15,857.50 points; and the Italy FTSE MIB index rose 92.07 points, or 0.22%, to 42,474.00 points. [Crude Oil] NYMEX December light crude futures prices fell 28 cents to close at $61.50 per barrel, down 0.47%; December London Brent crude futures prices fell 5 cents to close at $65.94 per barrel, down 0.08%. [Cryptocurrency] Bitcoin rose by 0.78% to $110,972.2; Ethereum rose by nearly 1.9% to $3930.88. JPMorgan Chase & Co. plans to allow institutional clients to use their held Bitcoin and Ethereum as collateral for loans by the end of the year, signaling Wall Street's accelerating integration into the cryptocurrency ecosystem. [Dollar Index] The dollar index rose on the 24th. The dollar index, which measures the dollar against six major currencies, rose 0.02% to close at 98.953 in the foreign exchange market at the end of New York trading. At the end of New York trading, 1 euro exchanged for $1.1626, higher than the previous trading day's $1.1618; 1 pound exchanged for $1.3304, lower than the previous trading day's $1.3323. 1 dollar exchanged for 152.87 yen, higher than the previous trading day's 152.53 yen; 1 dollar exchanged for 0.7957 Swiss francs, higher than the previous trading day's 0.7952 Swiss francs; 1 dollar exchanged for 1.4001 Canadian dollars, higher than the previous trading day's 1.3989 Canadian dollars; and 1 dollar exchanged for 9.3948 Swedish kronor, higher than the previous trading day's 9.3909 Swedish kronor. [Precious Metals] Spot gold fell by 0.31% to $4112.75. In the current market environment of differentiated correlation among traditional asset classes, stocks, cash, gold, and bonds are experiencing the largest inflow of funds in history. According to EPFR Global data calculated on an annual basis by Bank of America Securities, stock funds are expected to attract $693 billion in 2025. Cash funds are expected to attract $1.1 trillion, the second highest on record. Gold and investment-grade bonds are each expected to attract $108 billion and $415 billion in inflows, respectively, setting new historical highs. The unpredictable U.S. trade policy has become the core factor causing market turmoil this year, testing investors' ability to allocate funds across major asset classes. Goldman Sachs Group, Inc. macro trader Bobby Molavi pointed out earlier this week that the historical correlation between bonds, stocks, and gold has been "thrown out the window," and "from multiple dimensions, it is still a postmodern market." [Macroeconomic News] White House announces that CPI reports may not be released next month, December Fed decisions may become extremely complex. The White House has just announced that it is likely that U.S. inflation data will not be released next month. Analysts point out that it is important to note that for October inflation data to be released, U.S. Bureau of Labor Statistics staff must collect price information during October - and in reality, they were hardly on duty at that time. Economists point out that releasing October employment data may be relatively easier - after all, companies know clearly which employees they have hired or laid off and have records to refer to - but if no price survey is conducted in October, it will be extremely difficult to reconstruct a CPI report. Analysts believe that this White House statement is a real reminder to the market: if key data is lacking, the Fed's policy decisions in December will become extremely complex. Policy makers may still have confidence in assessing the employment situation, but they are clearly lacking in their grasp of inflation trends. Federal Reserve reform of stress tests, will disclose confidential model and economic scenario design process. The Federal Reserve on Friday announced a comprehensive reform of the annual "stress tests" for large banks. According to a proposal that will be voted on by the Federal Reserve Board later that day, banks will receive more information on how stress tests operate, including publicly disclosing previously confidential models and soliciting feedback, as well as disclosing the process of designing the hypothetical economic recession scenarios used in the stress tests. Randal Quarles, Vice Chair for Supervision at the Federal Reserve, said that this reform will bring much-needed transparency to the stress tests. However, Federal Reserve Board member Lael Brainard strongly opposes this reform, stating that disclosing too much detail about the tests will make them "weaker and less credible." Brainard warned that banks may be able to accurately adjust their financial data to pass the tests with the lowest capital requirements, even though this capital is intended to withstand potential losses. It is expected that the Federal Reserve Board will push forward with this proposal and finalize it next year after soliciting public comments. U.S. consumer confidence slips slightly, inflation concerns continue to dominate economic expectations. Joanne Hsu, director of the University of Michigan Consumer Survey, stated that the consumer confidence index fell by 1.5 basis points month-on-month this month, remaining relatively stable. The slight increase in confidence among young consumers was offset by a decline in confidence among middle-aged and older consumers. While current financial conditions have improved slightly, future financial expectations have weakened. Overall, consumers perceive no substantial change in the economic environment compared to the previous month, with inflation and high prices remaining core concerns. Almost no consumers this month connected the federal government shutdown with economic conditions. Only about 2% of respondents mentioned the shutdown unprompted during interviews, significantly lower than the 10% mention rate during the 35-day shutdown in 2019. Short-term inflation expectations dropped from 4.7% in September to 4.6%, which is currently at a level midway between the year-ago period and the peak after the announcement of the tariff policy in May of this year. Long-term inflation expectations climbed from 3.7% to 3.9%, but still below the year's high of 4% in April - this month's increase is primarily driven by independents and Republicans. Bank of England to investigate loans to data centers, wary of AI bubble risks. The Bank of England is reviewing loans to data center projects - investments that are essentially a one-way bet on the future of artificial intelligence. Previously, the bank had warned of market risks due to soaring valuations in the industry, cautioning that if "expectations about the impact of AI fade, there could be a sharp correction." According to sources familiar with the matter, the bank's focus is now shifting to the connection between AI companies and the financial sector. While current loan volumes are limited (early construction is mostly supported by equity funding), they are expected to increase significantly. McKinsey data shows that global investment of about $52 trillion will be needed by 2030 to meet the AI computing power requirements. A source stated that the Bank of England is expanding its investigation of spending in this emerging industry, from talent recruitment to spending billions of dollars on the construction of purpose-built data centers. Canadian Prime Minister Trudeau: Talks on U.S.-Canada trade were making progress before Trump called them off. Canadian Prime Minister Mark Carney stated that Canada was prepared to "resume negotiations with the U.S. as soon as the Americans are ready to do so," just hours after U.S. President Trump announced the end of trade talks between the two countries. Before departing on a nine-day trip to Asia on Friday, Carney told the media, "We cannot control U.S. trade policy, but we are acutely aware that their policy has fundamentally diverged from the traditional path from the 1980s to the 2000s." Carney revealed that negotiators from both countries had made progress in talks on steel, aluminum, and energy prior to the U.S. side calling off the talks, saying that "we are ready to push negotiations forward on the basis of this progress." [Company News] Weilong Zhixing (WRD.US) partners with Uber Technologies, Inc. (UBER.US) to launch Robotaxi public operations in Riyadh. Autonomous driving technology company Weilong Zhixing and Uber Technologies, Inc. announced the launch of Robotaxi public operations in the Saudi capital Riyadh, marking the first time autonomous vehicles have been available on the Uber App in Saudi Arabia and a significant milestone in the collaboration between Weilong Zhixing, Uber Technologies, Inc., and the Saudi Transport General Authority (TGA) to promote the commercialization of autonomous driving operations. IBM (IBM.US) able to run quantum error correction algorithms with AMD (AMD.US) chips, stock prices soar to historic highs. U.S. chipmaker AMD.US's stock price surged by 7.63%, reaching an intraday high of $253.39, after reports that IBM Corp (IBM.US) was able to run quantum computing error correction algorithms using the company's chips. IBM rose by 7.88%, reaching an intraday high of $310.75. Media reports revealed that an academic paper to be published next week shows that IBM has successfully run quantum error correction algorithms on AMD's field-programmable gate arrays (FPGAs). An IBM spokesperson later confirmed this news. AMD has not yet responded to this. [Rating Updates] Wade Bush: Raised Intel Corporation's (INTC.US) target price from $20 to $30. Deutsche Bank Aktiengesellschaft: Lowered Blackstone Inc.'s (BX.US) target price from $188 to $166.