US Stock Market: All three major US stock indexes closed higher on November 25. At the close, the Dow Jones Industrial Average rose 664.18 points to 47,112.45, a gain of 1.43%. The S&P 500... The S&P 500 index rose 60.76 points to close at 6765.88, a gain of 0.91%; the Nasdaq ... The composite index rose 153.58 points to close at 23,025.59, a gain of 0.67%.
Major tech stocks diverged, with Google rising over 1% to a record high, pushing its market capitalization close to $4 trillion. Apple... Up 0.38%, hitting a new all-time high; Meta rose over 3%; Amazon... AMD rose over 1%; Nvidia fell over 4%. Netflix Oracle fell more than 2%. It fell by more than 1%.
In terms of financial reports, Dell reported third-quarter revenue of $27.01 billion, exceeding market expectations of $27.126 billion. The company projects full-year revenue of $111.2 billion to $112.2 billion, up from its previous forecast of $105 billion to $109 billion. Dell shares rose over 2% in after-hours trading. HP... HP reported fourth-quarter net revenue of $14.64 billion, exceeding market expectations of $14.53 billion; adjusted earnings per share were $0.93, below market expectations of $0.92. The company projects adjusted earnings per share of $2.90-$3.20 for fiscal year 2026, compared to market expectations of $3.32. HP plans to lay off 4,000 to 6,000 employees by the end of fiscal year 2028. HP shares fell more than 7% in after-hours trading.
Popular Chinese concept stocks showed mixed performance, with the Nasdaq China Golden Dragon Index closing up 0.35%. XPeng Motors... Bilibili Li Auto shares rose more than 3%. NIO rose more than 1%. Alibaba fell more than 4%. Baidu fell more than 2%. It fell by more than 1%.
European stock markets: All three major European stock indices rose on November 25. The FTSE 100 index in London closed at 9609.53 points, up 74.62 points, or 0.78%, from the previous trading day; the CAC 40 index in Paris closed at 8025.8 points, up 66.13 points, or 0.83%; and the DAX index in Frankfurt closed at 23464.63 points, up 225.45 points, or 0.97%.
Commodity Markets: International oil prices fell on November 25. At the close of trading that day, the WTI crude oil futures contract for the current month on the New York Mercantile Exchange fell $0.73 to settle at $58.11 per barrel, a drop of 1.24%. The COMEX gold futures contract for the current month rose $32.10, or 0.78%, to settle at $4,126.3 per ounce.
Overnight news
Trump: Russia-Ukraine peace agreement is "very close" to being reached.
On March 25, local time, US President Trump stated that a peace agreement between Ukraine and Russia was "very close to being reached," but European leaders expressed skepticism. White House Press Secretary Levitt stated on the same day that some delicate details regarding the proposed peace agreement to end the Ukraine crisis still need to be resolved, but these issues are not insurmountable. Further consultations between Ukraine, Russia, and the United States will be necessary.
Google's TPU steals the spotlight; Nvidia issues urgent statement: We are still a generation ahead of the industry.
On Tuesday (November 25), Nvidia officially stated that its technology remains a generation ahead of the industry and is the only one capable of running all artificial intelligence. (AI) models and platforms applicable to all computing scenarios. Analysts believe this move by Nvidia is a response to Wall Street concerns that its dominance in AI infrastructure may be threatened by Google chips.
Market research firm: Apple is expected to reclaim its title as the world's largest smartphone manufacturer this year.
Driven by the launch of the new generation of iPhones and a wave of consumer upgrades, Apple is poised to reclaim its title as the world's largest smartphone manufacturer for the first time in over a decade. According to forecasts from market research firm Counterpoint Research, Apple 's iPhone shipments will surpass those of its long-time rival Samsung in 2025. The firm predicts that iPhone shipments will grow by 10% this year compared to last year, while Samsung's growth will be 4.6%.
US private sector employment data showed a significant loss, and belated retail sales figures also fell short of expectations.
Amid the cancellation of the official US non-farm payrolls report for October, Tuesday's ADP employment report continued to show signs of a contraction in the US labor market. Meanwhile, belated September retail sales data also fell short of expectations, sounding alarm bells for the US economy. Let's first look at the persistently weak employment data. Payroll processing company ADP reported on Tuesday that private sector employers lost an average of 13,500 jobs per week in the four weeks ending November 8. Due to the absence of the non-farm payrolls report, ADP recently began releasing these estimates. This data has a two-week lag, providing a four-week moving average of US employment changes.
The yuan exchange rate broke through 7.09 intraday, hitting a new high in over a year. Experts predict it will maintain a moderate appreciation until 2026.
On November 25, both the offshore and onshore RMB exchange rates against the US dollar broke through the 7.09 mark, reaching a new intraday high in over a year. On the same day, the People's Bank of China... The China Foreign Exchange Trading Center announced that the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was 7.0826 yuan per US dollar on that day, an increase of 21 basis points compared with the central parity rate of the previous trading day. So far this year, the central parity rate of the RMB has risen by approximately 1,000 basis points.
Alibaba's financial report is out! AI revenue has seen triple-digit growth for nine consecutive quarters. Executives: "The 380 billion yuan investment was still too low."
On the evening of November 25th, Alibaba released its financial report for the second fiscal quarter of 2026 (the third quarter of 2025), showing that Alibaba achieved revenue of RMB 247.795 billion, a year-on-year increase of 5%. Excluding the impact of the sale of Sun Art Retail and Intime Retail, revenue on a comparable basis increased by 15% year-on-year. Due to investments in instant retail, user experience, and technology, Alibaba's profits declined. Operating profit was RMB 5.365 billion, a year-on-year decrease of 85%; adjusted EBITA decreased by 78% year-on-year to RMB 9.073 billion; net profit was RMB 20.612 billion, a year-on-year decrease of 53%; and net profit attributable to ordinary shareholders was RMB 20.99 billion, a year-on-year decrease of 52%. Net cash flow from operating activities was RMB 10.099 billion, a year-on-year decrease of 68%. Free cash flow also decreased from a net inflow of RMB 13.735 billion in the same period of 2024 to a net outflow of RMB 21.84 billion in this period.
The US budget deficit reached $284 billion in October.
On November 25 local time, the U.S. Treasury Department stated that the federal government budget deficit reached $284 billion in October due to the recent federal government shutdown. A Treasury official stated that the release of the budget results for the first month of fiscal year 2026 was delayed because the shutdown of many federal agencies for 43 days caused delays in the payment of some funds (such as government employee salaries).
Scientific breakthroughs can happen in just a few hours? America's AI "foundational mission" still faces three hurdles.
The U.S. government has launched a new "Manhattan Project" for the age of artificial intelligence (AI). On November 24, local time, U.S. President Trump signed an executive order officially launching the "Genesis Mission." The White House described it as "an unprecedented whole-of-government mobilization" that will "revolutionize the paradigm of scientific research," significantly accelerating the productivity and impact of research and development.
Australian rare earth giant faces power supply problems, warns of significant impact on production capacity.
Lynas Rare Earths, the largest rare earth producer outside of China, announced on Tuesday that its Kalgoorlie processing facility in Western Australia will experience a sharp reduction in capacity due to a severe power outage.
US Treasury Secretary foreshadows: Trump "highly likely" to nominate a new Federal Reserve Chairman within a month.
Just as Wall Street analysts were nervously speculating about whether the Federal Reserve would cut interest rates in December, US Treasury Secretary Bessant once again reminded the market that Powell's days at the helm of the Federal Reserve were numbered. According to CCTV News, Bessant stated on Tuesday that US President Trump was "very likely" to nominate a successor to Federal Reserve Chairman Powell before the traditional holidays at the end of the year.
Google's TPU ignites a "new DeepSeek moment," but is Wall Street starting to abandon Nvidia?
Last week, Google released its latest large language model, Gemini 3, which many industry experts believe has "surpassed" OpenAI's GPT model. This model was trained using a TPU, not an Nvidia chip.
Disclaimer: This article is generated by AI and is for reference only. It does not constitute any investment advice, and any actions taken based on it are at your own risk.
(Article source: Eastmoney) Research Center
