US Stock Market: All three major US stock indexes closed higher on December 2nd. At the close, the Dow Jones Industrial Average rose 185.13 points to 47,474.46, a gain of 0.39%; the S&P 500... The S&P 500 index rose 16.74 points to close at 6829.37, a gain of 0.25%; the Nasdaq ... The composite index rose 137.75 points to close at 23,413.67, a gain of 0.59%.
Most popular tech stocks rose, with Apple among them. Intel shares rose over 1%, marking its seventh consecutive trading day of gains and setting a new all-time high. Nvidia shares rise over 8% Broadcom rose nearly 1% Both fell by more than 1%, and AMD fell by more than 2%.
semiconductor Equipment and materials, along with crypto reserves, led the gains, with Strategy and KANT Technology among the top performers. ASML rose more than 5%. Gold and energy stocks rose nearly 2%, with Coinbase gaining over 1%. Gold and energy stocks declined, while US energy stocks... Jintian fell more than 5%. Gold resources Pan American silver fell more than 3%. Cordellen Mining ExxonMobil fell more than 2%. Chevron Boeing fell more than 1%. The stock surged over 10%, marking its largest single-day gain since April, and the company expects its cash flow to recover next year.
Most popular Chinese concept stocks fell, with the Nasdaq China Golden Dragon Index closing down 0.65%. XPeng Motors... iQiyi fell nearly 8%. NIO fell more than 3%. Bilibili Alibaba fell more than 2%. Li Auto fell nearly 2% It rose by nearly 1%.
European stock markets: The three major European stock indices closed mixed on December 2nd. The FTSE 100 index in London closed at 9701.8 points, down 0.73 points, or 0.01%, from the previous trading day; the CAC 40 index in Paris closed at 8074.61 points, down 22.39 points, or 0.28%, from the previous trading day; and the DAX index in Frankfurt closed at 23710.86 points, up 121.42 points, or 0.51%, from the previous trading day.
Commodity Markets: International oil prices fell on December 2nd. 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 $58.59 per barrel, a decrease of 1.23%. The COMEX gold futures contract for the current month fell $36.10, a decrease of 0.84%, to settle at $4238.7 per ounce.
Overnight news
Trump sets a schedule! The new Fed chair is planned to be announced early next year.
On Tuesday (December 2nd) local time, US President Trump stated that he plans to announce his nominee for the next Federal Reserve Chairman in early 2026. Speaking at a cabinet meeting, Trump said, "We'll probably announce someone early next year as the new Chairman of the Federal Reserve." This statement provides a more concrete timeline for the announcement.
Nvidia CFO Interview: OpenAI's Hundreds of Billions Contract Not Yet Finalized, Leading Advantage "Absolutely Not Narrowed"
On Tuesday local time, Nvidia CFO Colette Kress attended UBS's Global Technology and Artificial Intelligence Summit. At the conference, he shared his insights on hot topics such as the AI bubble, demand for Nvidia products, and market competition. As the focus of post-event discussion, Kress revealed that Nvidia's "$100 billion investment in OpenAI" announced at the end of September is still in the letter of intent stage. This agreement involves deploying "at least 10 gigawatts" of Nvidia systems for OpenAI, equivalent to generating $400-500 billion in revenue for Nvidia.
Amazon's new AI chip is now available! The next-generation chip will integrate with the Nvidia ecosystem.
Early Wednesday morning Beijing time, global cloud computing Amazon, the "number one" AWS announced its next-generation self-developed AI chip , which Wall Street has been eagerly anticipating, during the re:Invent conference. Trainium 3 has officially launched. According to the company, Trainium 3 is Amazon's first 3nm chip. Compared to the previous generation Trainium chip, Trainium 3 offers up to 4.4 times the computing performance, 4 times the energy efficiency, and almost 4 times the memory bandwidth, targeting the cost-effective AI computing power market. UltraServer systems composed of Trainium 3 chips can also be interconnected, with each system accommodating 144 chips, providing up to 1 million Trainium 3 chips for a single application—10 times that of the previous generation.
US listing rules are set to be significantly relaxed, with the SEC preparing to support more small business IPOs.
US Securities The Securities and Exchange Commission (SEC) plans to make it easier for smaller businesses to go public by reducing mandatory disclosures and relaxing requirements based on company size. SEC Chairman Paul Atkins said in prepared remarks for an event at the New York Stock Exchange on Tuesday (December 2nd) that this move could increase the number of IPOs and revitalize the ranks of publicly traded companies.
Putin's inability to accept the revised peace plan casts a shadow over Zelensky's remarks.
According to Xinhua News Agency, prior to his meeting with US Middle East envoy Vitkov on the 2nd, Russian President Vladimir Putin stated that Russia cannot accept any attempts by Europe to modify the US-proposed Russia-Ukraine peace plan. Putin pointed out that Europe's attempts to alter the Russia-Ukraine peace plan are aimed at obstructing the peace process and attempting to shift the blame for the collapse of the Ukrainian peace process onto Russia.
IBM CEO questions data center construction boom: "There is absolutely no possibility" of a return on investment at current costs.
In the race toward Artificial General (AGI), tech companies are investing heavily in building data centers. According to IBM CEO Arvind Krishna, given the current high costs of infrastructure, it is "absolutely impossible" for tech giants to recoup their capital expenditures on data centers . Krishna expressed this view on the "Decoder" podcast, emphasizing that his rough estimate is based on current costs, "because everything in the future is speculation."
OECD: Developed economies' room for easing is nearing its end; Fed may only have two more rate cuts left.
According to the latest forecast from the Organization for Economic Cooperation and Development (OECD), advanced economies will end their current interest rate cutting cycle by the end of 2026. This indicates that, despite potential economic slowdown, most major central banks have very limited room for policy easing. The OECD expects the Federal Reserve to cut rates only twice more by the end of 2026, subsequently maintaining the federal funds rate between 3.25% and 3.5% throughout 2027, as the bank needs to balance inflationary pressures from tariffs with a weakening labor market.
AWS launches new custom training service for large models for just $100,000 a year.
At the Re:Invent conference on Tuesday, Amazon , the world's leading cloud computing company, released the second generation of its Nova large models. However, compared to the four new models, the Nova Forge service, which the company launched simultaneously for self-training large models, attracted more attention. Let's briefly introduce the four new Nova 2 series models. Nova 2 Lite is a cost-effective inference model for everyday workloads, capable of handling text, images, and video; Nova 2 Pro is an inference agent designed to handle "highly complex tasks" such as programming; Nova 2 Sonic is a speech-to-speech model for dialogue; and Nova 2 Omni is a multimodal inference and generation model with a context window of up to 750,000 words, hours of audio, long videos, or hundreds of pages of documents. Judging from the published benchmark scores, Amazon's models are roughly equivalent to mainstream competing products.
UN report: Financial volatility could jeopardize global trade and push the global economy "to the brink of crisis".
The United Nations Conference on Trade and Development (UNCTAD) released its Trade and Development Report 2025 on December 2, projecting that global economic growth will slow to 2.6% in 2025, down from 2.9% in 2024. The report focuses on the impact of finance on trade, noting that financial market volatility has an impact on global trade almost as significant as that on real economic activity, and influences the global development outlook.
Dell founder donates $6.25 billion to add $250 start-up capital to American children's accounts.
Michael Dell, founder of the American personal computer manufacturer Dell, and his wife Susan announced a $6.25 billion donation to help most American children open investment accounts. According to the Dells, this donation builds upon the "Invest in America" initiative under Trump's "Big and Beautiful" bill—establishing a $1,000 tax-deferred investment account, also known as a "Trump Account," for all American children born between 2025 and 2025.
Interest rate hike signals trigger a double whammy in Japanese stocks and bonds; carry trade unwinding storm may return.
Japanese government bond yields surged after Bank of Japan Governor Kazuo Ueda hinted on December 1 that a rate hike later this month was possible, triggering a sell-off in global bond markets. Yields on sovereign bonds from the US to Europe and other parts of Asia also rose. The Bank of Japan's last rate hike was in January of this year, when it raised the rate from 0.25% to 0.5%, bringing Japan's borrowing costs to their highest level in 17 years. Ueda unexpectedly stated this week that the Bank of Japan would "weigh the pros and cons" and consider raising the policy rate at its policy meeting ending on December 19.
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
