Preview of US Stock Market | All three major stock index futures rise together; Nvidia plunges in premarket trading; Brent crude falls below $95; the latest U.S. inflation data and earnings reports from three major tech companies are coming this week.

Premarket Market Moves 1. On Monday, November 9, in the U.S. premarket session, all three major U.S. stock index futures rose together. As of press time, Dow futures were up 1.08%, S&P 500 futures were up 0.70%, and Nasdaq futures were up 0.39%. 2. As of press time, Germany's DAX index was up 1.12%, the UK's FTSE 100 was up 0.74%, France's CAC 40 was up 0.72%, and the Euro Stoxx 50 was up 1.22%. 3. As of press time, WTI crude oil was down 2.97% at $88.13 per barrel. Brent crude oil was down 3.46% at $94.92 per barrel. Market News U.S. Stocks Week Ahead: CPI on Tuesday, Earnings From Three Major Tech Companies to Follow Can AI Trades Stop the Selloff? Investors face a U.S. stock market with an unstable foundation this week: the core AI trade has suffered a deep selloff. Last week, tech stocks were hit hard on concerns that a Democratic "blue wave" will slow the pace of AI data center construction. This adds unease to the market ahead of inflation data and earnings reports from several tech companies. The biggest events this week are the U.S. October CPI data to be released on Tuesday and the October PPI data to be released on Friday. With expectations for Federal Reserve monetary policy clearly shifting, the two inflation readings will be important bases for judging the future path of interest rates. The latest October nonfarm payrolls data came in strong, further weakening market expectations for the Fed to shift toward easing in the near term. After the jobs report, bets in interest rate futures markets on a 25-basis-point Fed rate hike in December clearly increased. In addition, several Fed officials will speak this week, and investors will look for clues on the Fed's monetary policy path. On the corporate earnings front, CoreWeave (CRWV.US), Applied Materials (AMAT.US), and Cisco Systems, Inc. (CSCO.US) will report earnings this week. Among them, neocloud provider CoreWeave is at the center of market concerns about financing for AI buildouts, and its shares have been hit hard in recent weeks; its earnings could affect the stock and the broader AI trade. Trump: Will not escalate the Iran conflict, close to reaching a deal with Iran. U.S. President Trump said in an interview program broadcast on the 8th that he will not escalate the Iran conflict. Trump said: "I don't plan to do so. I think there is no reason to do so." He believes a deal with Iran is close, saying "they want to make a deal... if it weren't for the election, a deal might have been reached already or in a few more days." Midterm elections expose market vulnerabilities! AI trades face tough scrutiny, and U.S. earnings expectations may face major adjustments. Midterm elections usually free investors from political concerns and turn them back to fundamentals. But this time, political factors collided directly with the investment cycle, largely exposing these vulnerabilities. After the U.S. midterm election results and the subsequent market plunge, investors may need to readjust their expectations for investment returns. At present, the surge in volatility futures shows that short-term risk remains the market's primary concern, and the market is rapidly refocusing on economic and monetary policy fundamentals. Compared with short-term macroeconomic and monetary policy changes, uncertainty around the AI investment cycle itself may be a deeper market concern. Uncertainty over the outlook for AI infrastructure investment could ultimately feed further into corporate earnings expectations. The market may need to re-examine previously overly optimistic earnings forecasts in the future. Funds flood into U.S. Treasuries, accelerating the decline of the "anchor of global asset pricing" will this add momentum to a recovery in AI computing power and semiconductors? The U.S. Treasury market is receiving bullish support simultaneously from strong safe-haven demand amid the global AI computing power theme, semiconductors, and the broad tech stock selloff, as well as from global funds rushing in as fiscal expansion expectations cool and energy inflation pressure eases. If the downward move in the 10-year U.S. Treasury yield curve known as the "anchor of global asset pricing" continues, it could significantly reduce the risk-free rate/risk-free yield pressure on the valuation side of the stock market, especially greatly easing the valuation pressure on AI computing power and semiconductors, which have plunged recently, and could even drive AI financing costs into a sustained downward trajectory. If corporate earnings also continue to show resilient growth, the allocation appeal of bonds and recovery opportunities in AI computing power, semiconductors, and even global tech stocks broadly could strengthen at the same time. Gold sees sharp short-term swings, but is the long-term bullish logic still solid? Citi looks to $5,000, with central bank buying underpinning "gold faith." Citi's recently given gold price path relies more on turning points in energy and policy: it has a 0-3 month gold target of $4,500 and a 6-12 month target of $5,000. The key prerequisites are the reopening of the Strait of Hormuz and de-escalation of the conflict between Yemen and Saudi Arabia before year-end, driving a marked decline in oil prices and creating room for the Fed to shift toward easing. Citi's investment logic for gold is that global central bank buying continues to support gold, and as U.S. Treasury yields continue to decline due to safe-haven buying and Democrats regaining a majority in Congress, while energy shocks from Middle East and Russia-Ukraine conflicts fade, real interest rates and dollar pressure may fall, re-attracting ETF and trend-following funds to buy gold. It is worth noting that $5,000 is a price target for a specific time window; Citi also cut its forecast for the 2027 full-year average gold price to $4,700, indicating that it likewise expects bumps in the recovery process. Individual Stock News Jensen Huang's personal scandal combined with an internal investigation sends NVIDIA Corporation (NVDA.US) shares plunging in premarket trading. Affected by CEO Jensen Huang's personal scandal and the company's launch of an independent investigation, NVIDIA Corporation fell nearly 5% in Monday's U.S. premarket session as of press time. It is reported that Jensen Huang sent an internal letter to all employees on November 8, acknowledging infidelity to his wife and apologizing to his family, employees, board of directors, partners, and shareholders. Reports said the woman involved in Huang's extramarital affair was an asset of a foreign intelligence agency. NVIDIA Corporation's board announced the same day that it had established a special committee composed of independent directors and, with the assistance of outside independent legal counsel, launched an independent investigation to determine whether Jensen Huang had been targeted by a foreign intelligence agency operation. The board said there is currently no reason to believe that national security-related interests or NVIDIA Corporation's core trade secrets have been harmed, but the special investigation will still verify all available information one by one. Some research institutions noted that Wall Street's overall judgment on NVIDIA Corporation has not yet turned, the company's fundamentals have not changed, and its third-quarter earnings will still be released as scheduled. But many securities analysts also believe that the personal scandal of a core figure combined with the uncertainty of an independent investigation will inevitably affect NVIDIA Corporation's share price in the short term. Alphabet (GOOGL.US) reportedly plans its first Hong Kong dollar and Singapore dollar bond issuance, which may test investor confidence as AI financing concerns intensify. According to people familiar with the matter, Alphabet has recently held discussions on a possible first-time issuance of Hong Kong dollar and Singapore dollar bonds. Alphabet may have communicated with banks and investors about the bond issuance as early as this month. The people said the company plans to issue Hong Kong dollar bonds equivalent to $1 billion to $1.5 billion and about $1.5 billion of Singapore dollar bonds. They added that proceeds will be used for general corporate purposes. As construction of data centers, AI chips, and cloud computing infrastructure continues to accelerate, tech giants' demand for funds keeps rising, and the bond market has become an important channel for them to raise long-term funds. But with global markets fluctuating due to the selloff in AI-related sectors, this deal will test Asian investors' willingness to subscribe. Berkshire Hathaway (BRK.A.US) Q3 operating profit $12.71 billion, single-quarter buybacks highest of the year, cash reserves rise to a record high. Berkshire Hathaway's third-quarter revenue was $105.647 billion, compared with $94.972 billion a year earlier; operating profit was $12.71 billion, down 5.8% year over year; net income attributable to shareholders was $22.112 billion, compared with $30.796 billion a year earlier; net earnings per Class A equivalent common share were $15,502; third-quarter net investment income was $9.407 billion, compared with $17.311 billion a year earlier. It repurchased about $9.6 billion of its own stock in the third quarter, the highest single quarter of the year, with cumulative buybacks of $14.4 billion in the first nine months. As of September 30, the company's cash and equivalents rose to $377.4 billion, climbing further from the previous quarter and once again setting a record high. Barrick Mining (B.US) Q3 results mixed, with gold price benefits and cost pressure coexisting. The earnings report showed that Barrick Mining's Q3 revenue was $5.073 billion, up 22% year over year and down 4% quarter over quarter; net income attributable to shareholders was $1.317 billion, up 1% year over year, with earnings per share of $0.80; adjusted earnings per share were $0.82, up 41% year over year. The market had previously expected adjusted earnings per share of $0.79 and revenue of $5.13 billion. Rising gold prices were the main reason for revenue growth: the realized gold price in the quarter was $4,243 per ounce, up 23% year over year. But costs also rose in tandem, with all-in sustaining costs (AISC) for gold rising to $1,911 per ounce, up 24% year over year; total cash costs were $1,386 per ounce, up 22%. The company said cost pressure came from lower mined grades, higher royalties driven by rising gold prices, as well as higher diesel and consumables prices and appreciation of some local currencies. Important Economic Data and Event Preview 23:00 Beijing time 2027 FOMC voter and Chicago Fed President Goolsbee speaks 00:00 Beijing time the next day U.S. October New York Fed 1-year/3-year inflation expectations 01:15 Beijing time the next day 2027 FOMC voter and Richmond Fed President Barkin speaks Earnings Preview Tuesday morning: Occidental Petroleum Corporation (OXY.US), Take-Two (TTWO.US), Skydance (SKYD.US), Rocket Lab (RKLB.US), AST SpaceMobile (ASTS.US), MARA Holdings (MARA.US) Tuesday premarket: Honda (HMC.US), Vodafone Group Plc Sponsored ADR (VOD.US), Sea (SE.US), On Running (ONON.US)