Overnight US stocks | Oracle Corporation (ORCL.US) suffered a sharp drop of nearly 11%, dragging down the Nasdaq, while Bitcoin dropped back to $93,000.

On Thursday, Oracle Corporation (ORCL.US) shares plummeted nearly 11%, dragging down the Nasdaq. During the trading session, the Dow Jones Industrial Average reached a high of 48,765.34 points, setting a new intraday record high. [US Stocks] At the close, the Dow rose 646.26 points, or 1.34%, to 48,704.01 points; the Nasdaq fell 60.30 points, or 0.25%, to 23,593.86 points; the S&P 500 index rose 14.31 points, or 0.21%, to 6,900.99 points. Oracle Corporation (ORCL.US) fell 10.83%, Intel Corporation (INTC.US) fell 3%, NVIDIA Corporation (NVDA.US) fell 1.5%. The Nasdaq Golden Dragon Index edged lower, with Alibaba Group Holding Limited Sponsored ADR (BABA.US) falling 1%. [European Stocks] The German DAX30 index rose by 188.41 points, or 0.78%, to 24,298.44 points; the UK FTSE 100 index rose 44.97 points, or 0.47%, to 9,700.50 points; the French CAC40 index rose 63.07 points, or 0.79%, to 8,085.76 points; the Euro Stoxx 50 index rose 47.63 points, or 0.83%, to 5,755.75 points; the Spanish IBEX35 index rose 135.38 points, or 0.81%, to 16,882.08 points; the Italian FTSE MIB index rose 236.66 points, or 0.54%, to 43,702.00 points. [Asia-Pacific Stock Market] The Nikkei 225 index fell by 0.9%, the South Korea KOSPI index fell by 0.59%, the India BSE SENSEX rose by 0.51%, and the Indonesia Composite Index fell by 0.92%. [Foreign Exchange] The US dollar index, which measures the dollar against six major currencies, fell by 0.45% on the day, closing at 98.346 in the foreign exchange market. At the close of the New York foreign exchange market, 1 euro exchanged for 1.1740 US dollars, up from the previous trading day's 1.1678 US dollars; 1 pound exchanged for 1.3389 US dollars, up from the previous trading day's 1.3365 US dollars. 1 US dollar exchanged for 155.61 Japanese yen, down from the previous trading day's 156.26 Japanese yen; 1 US dollar exchanged for 0.7951 Swiss francs, down from the previous trading day's 0.8011 Swiss francs; 1 US dollar exchanged for 1.3779 Canadian dollars, down from the previous trading day's 1.3810 Canadian dollars; 1 US dollar exchanged for 9.2542 Swedish kronor, down from the previous trading day's 9.2864 Swedish kronor. [Cryptocurrency] Bitcoin rose by over 1%, trading at $93,005.06, briefly falling below $90,000 during the trading session; Ethereum fell by 1.94%, trading at $3259.6. [Precious Metals] Spot gold rose by 1.22%, trading at $4280.12 per ounce. Spot silver fell slightly by 0.07%, trading at $63.536 per ounce. [Crude Oil] Light crude oil futures for January 2026 delivery on the New York Mercantile Exchange fell by 86 cents, closing at $57.60 per barrel, a decrease of 1.47%; Brent crude oil futures for February delivery fell by 93 cents, closing at $61.28 per barrel, a decrease of 1.49%. [Macro News] U.S. wholesale inventory growth rate hits seven-month high in September. The growth rate of U.S. wholesale inventories in September hit the fastest pace since February this year, driven mainly by non-durable goods. Data from the U.S. Department of Commerce on Thursday showed that wholesale inventories of goods grew by 0.5% on a monthly basis in September, with the market expecting only a slight increase of 0.1% in September. The indicator is a component of the calculation of the U.S. GDP, originally scheduled for release on November 6, but delayed due to the federal government shutdown. Non-durable goods inventories rose by 0.7% in September, completely offsetting the 0.1% decline in August. Among them, drug inventories increased by 1.9%, food and grocery by 0.5%, while clothing decreased by 0.9%. Durable goods inventories rose by 0.3% in September, reversing the 0.1% decline in August. The growth mainly came from the rise in inventories of electrical equipment, machinery, computer and hardware products, while inventories of automotive products remained flat. The inventory-to-sales ratio, which measures the months required to sell current inventory, for wholesalers was 1.29, higher than the 1.28 in August. Federal Reserve reappoints 11 regional Fed presidents, easing worries about personnel uncertainty. The Federal Reserve announced on Thursday that its Board of Governors had voted unanimously to reappoint 11 regional Fed presidents for five-year terms starting on March 1 next year. The Federal Reserve stated that the reappointments were made after a comprehensive evaluation by the regional Fed boards of the regional Fed presidents and received "unanimous consent" from the Federal Reserve Board of Governors. According to the law, all regional Fed presidents and first vice presidents serve five-year terms. The current terms will expire on February 28, 2026. This move resolves a key issue around the future composition of the Federal Open Market Committee. Earlier reports suggested that Trump might try to appoint allies to review these reappointment decisions, part of a broader effort to increase pressure on the Federal Reserve. American Financial Group, Inc. to shift focus of the Financial Stability Oversight Council to regulatory relaxation. Treasury Secretary Bassant announced on Thursday that the Trump administration is reforming government regulatory agencies responsible for monitoring financial system risks to focus more on promoting economic growth and reducing the burden of strict financial rules. Bassant stated that the Financial Stability Oversight Council (FSOC), which he chairs, will shift its focus to relaxing financial regulations, as he believes that the costs of regulation to economic growth itself pose a risk. As part of this effort, Bassant said that the FSOC will create multiple working groups focusing on market and household resilience, as well as a working group to explore the opportunities and risks posed by artificial intelligence. Trump administration reportedly plans to increase corporate tax cuts. The U.S. Treasury Department is reportedly preparing to release a corporate tax relief plan that will save companies like Salesforce (CRM.N) and Qualcomm (QCOM.O) substantial tax payments. According to sources, this tax directive could be issued as early as next week and will allow companies to take full advantage of the research and development tax breaks included in President Trump's "One Big Beautiful" tax act. The Treasury Department's proposal aims to address concerns within the business community that have persisted for months regarding a 15% minimum tax rate for companies with annual revenues of at least $1 billion imposed during the Biden administration, which prevented companies from fully benefiting from research and development (R&D) tax credits. Sources indicate that this directive will address concerns within the business community. [Stock News] Tesla, Inc. November U.S. sales hit a near four-year low, low-cost models fail to reverse decline. According to data provided by Cox Automotive, despite Tesla, Inc.'s (TSLA.US) introduction of a cheaper version of its best-selling electric vehicle, the company's November sales in the U.S. hit their lowest level in nearly four years. Overall electric vehicle sales in the U.S. have been sluggish since the end of September when the Trump administration canceled the $7,500 federal tax credit. To counter the decline in demand, Tesla, Inc. introduced simplified versions of the Model Y and Model 3 in October, priced about $5,000 lower than the previous base models. The demand for the standard version was expected to support November sales, but Cox's data showed that Tesla, Inc. saw a nearly 23% year-on-year decline in total sales that month, from 51,513 vehicles in the same period last year to 39,800 vehicles, the lowest level since January 2022. Apple Inc. overturns part of court order in Epic antitrust case. Apple Inc. (AAPL.US) convinced a U.S. appeals court to overturn part of a court order on Thursday. The order required Apple Inc. to make adjustments to its lucrative App Store to foster greater competition. The Ninth Circuit Court of Appeals in San Francisco handed down a ruling in the lawsuit brought by Epic Games, finding that a district judge's order issued in April, which held Apple Inc. in contempt of court for violating a prior ruling, was overly broad and must be modified. However, the appeals court upheld most of the contempt finding and the injunction against Apple Inc. A three-judge panel on the appeals court modified a lower court ruling that prohibited Apple Inc. from charging any commission or fee on purchases not occurring on its platform. The appeals court stated that the district judge must now revise that part of the order. As competition heats up with Alphabet Inc. Class C, OpenAI launches more advanced model GPT-5.2. OpenAI announced in a statement that the company launched the GPT-5.2 artificial intelligence model on Thursday, claiming improvements in general intelligence, coding, and long-context understanding. Several weeks ago, Alphabet Inc. Class C (GOOG.US) released the popular Gemini 3, putting the startup company on the defensive. OpenAI stated that the new model is expected to bring more economic value to users as it performs better at creating spreadsheets, building presentations, and handling complex multi-step projects. It is reported that the GPT-5.2 instant, reflection, and professional versions will be launched on Thursday in ChatGPT, with paying users having early access. The pricing for GPT-5.2 is $1.75 per million input tokens and $14 per million output tokens, with a 90% discount for cached inputs. OpenAI also stated that there are no plans to deprecate GPT-5.1, GPT-5, or GPT-4.1 in the API. "Tesla, Inc.'s rival" Rivian introduces AI chips to replace NVIDIA Corporation products in future models. According to reports, "Tesla, Inc.'s rival," U.S. electric vehicle company Rivian (RIVN.US) is developing its own artificial intelligence chip to replace NVIDIA Corporation (NVDA.O) technology as part of a broader effort to increase and enhance autonomous driving capabilities in its future vehicles. Rivian (RIVN.O) will equip its upcoming R2 sports multipurpose vehicle with the Rivian Autonomous Driving Processing Chip (RAP1) and new lidar sensors. Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR will be responsible for producing these chips, combined with the development of new sensors and artificial intelligence models, will help Rivian achieve its goal of providing autonomous driving capabilities. It is reported that two RAP1 chips will power Rivian's new generation in-vehicle computer, the Autonomy Compute Module 3, which can process 5 billion pixels per second, four times the performance of the NVIDIA Corporation system in Rivian's current models. [Market Ratings] Morgan Stanley: Lowers Meta Platforms (META.US) price target from $820 to $750 KeyBanc: Oracle Corporation (ORCL.US) second-quarter earnings report did not alleviate investor concerns about its short-term prospects, lowering the target price from $350 to $300.