<p>On U.S. Election Day, tech stocks supported a rebound in U.S. stocks, with all three major U.S. indices rising over 1%. NVIDIA rose nearly 3%, surpassing Apple in market value to become the world's largest, while Tesla closed up 3.5%.</p>
<p>Chinese concept stocks rose over 1%, with Chinese new energy vehicle stocks surging, XPeng rising over 6%. The offshore yuan broke 7.11 during trading.</p>
<p>The results of the ten-year U.S. Treasury bond auction were strong, with U.S. Treasury yields rising and then falling back, as the ten-year yield approached a four-month high before declining. The U.S. dollar index fell again. Oil prices rose for five consecutive days, gold hit a one-week low before turning up, and Bitcoin briefly surpassed $70,000.</p>
<h3>Focus on the Election</h3>
<p>The United States is holding the 2024 presidential election, with results expected to be announced on the 6th at noon.</p>
<p>Indiana and Kentucky were the first two states to conclude voting in the presidential election. At 7 a.m. Beijing time on the 6th, polling stations in Indiana and Kentucky gradually closed, becoming the first two states to end voting in the 2024 U.S. presidential election, with counting immediately commencing. If the election is not very close, major U.S. media may predict the winner on election night. Conversely, it may take several days to determine the winner if the race is tight.</p>
<p>According to data from the University of Florida's election lab, as of 10:50 p.m. Eastern Time on November 4, over 82.71 million voters had cast early votes for the 2024 presidential election.</p>
<p>It is understood that most states in the U.S. have fixed party affiliations, while &#34;swing states&#34; are uncertain in their support. This year's election features seven swing states: Pennsylvania, Michigan, Wisconsin, Georgia, North Carolina, Arizona, and Nevada. Pennsylvania had been a Democratic stronghold for decades before Trump won the state in 2016 by a narrow margin of 44,000 votes, or just 0.7%.</p>
<p><strong>Goldman Sachs Strategist</strong>: The likelihood of the stock market turning bearish after the U.S. election vote is low.</p>
<p>The U.S. stock market is unlikely to enter a bear market in the next 12 months, as resilient economic performance continues to support the stock market.</p>
<p>The research team led by Andrea Ferrario believes that even considering election risks, the probability of a more than 20% decline in U.S. stocks, which would enter a technical bear market, is only 18%.</p>
<p>The Goldman Sachs strategist wrote in a report, &#34;As long as stronger economic growth drives the market, stocks should be able to absorb rising bond yields.&#34; However, they warned that volatility may occur after the U.S. election voting day.</p>
<p><strong>Goldman Sachs Top Trader</strong>: &#34;Buckle up&#34; on election day, any clear result will significantly impact U.S. stock volatility.</p>
<p>Goldman Sachs hedge fund research head Pasquariello stated that the trading community has significantly reduced risk in recent weeks, with macro positions greatly decreased, most notably in U.S. interest rates; if investors quickly follow the market trends brought by the initial election results, he will closely monitor the bond market.</p>
<p>On Tuesday, November 5, the decisive day of the U.S. election arrives, and Goldman Sachs top trader and hedge fund research head Tony Pasquariello warned that on election day, those who prefer risk investments should &#34;buckle up,&#34; noting that fund managers have recently proactively reduced risk</p>
<h3>DJT Experiences Wild Fluctuations, Soaring 19% Before Continuous Circuit Breaker Drop, Closing Down 1.1%</h3>
<p>The wild fluctuations during the trading session were related to election sentiment. Additionally, DJT announced its earnings after hours, reporting a net loss of $19.2 million for the third quarter. After initially dropping 7% post-announcement, DJT rebounded by 6%. Regulatory filings indicated that the company had net sales of $1 million and a net loss of $19.2 million for the third quarter, resulting in a loss of $0.10 per share.</p>
<h3>NVIDIA Surpasses Apple to Become the World's Most Valuable Company</h3>
<p>NVIDIA's stock price rose 2.9% to $139.93, corresponding to a market capitalization of $3.43 trillion.</p>
<p>This market cap exceeds Apple's $3.38 trillion and Microsoft's $3.06 trillion. NVIDIA's stock price has increased by 183% this year, adding over $2.2 trillion in market value;</p>
<p>As NVIDIA's stock price has risen recently, the company has alleviated investor concerns regarding product delays and long-term growth prospects;</p>
<p>NVIDIA previously held the title of the world's largest company by market cap in June, but that was short-lived.</p>
<h3>Ferrari Q3 Deliveries Decline, No Upgrade to Earnings Guidance, Dropping Over 6.9% Intraday</h3>
<p>Ferrari's third-quarter shipments fell 2.2% year-on-year, with the Chinese market down 29% and the U.S. market down 2.4%. The company did not upgrade its full-year earnings guidance provided in August, leading to a drop of over 6.9% in its stock price during Tuesday's trading session.</p>
<p>Ferrari has typically upgraded its Q3 earnings guidance every year since 2016, with the exceptions of 2018 and this year.</p>
<h3>U.S. October ISM Services Index Rises to 56%, Marking Largest Increase in Two Years</h3>
<p>The Institute for Supply Management (ISM) reported that U.S. service sector economic activity expanded for the fourth consecutive month in October. The services PMI recorded 56, exceeding expectations of 53.8, marking the 50th expansion in 53 months for the sector.</p>
<p>Steve Miller, chairman of the Services Business Survey Committee, stated that 14 industries reported growth in October, an increase of two from the 12 industries in September. The growth in October was driven by an increase of over 4 points in the employment index and supplier delivery index. Both the business activity and new orders indices fell by at least 2 points. All four of these categorical indices are now above the average level for 2024. Concerns about political uncertainty have become more prevalent compared to last month. The impacts of hurricanes and port labor unrest were frequently mentioned, although several committee members noted that the impact of the dockworkers' strike was less significant than feared due to its short duration.</p>
<h3>Bitcoin Breaks Through $70,000, Rising 4.4%</h3>
<p>On Tuesday, Bitcoin surged nearly 5%, exceeding $70,400 during the trading session. Dogecoin saw even greater gains, soaring 18%, partly benefiting from comments by its long-time supporter Elon Musk. Musk mentioned that if Trump wins the election, he would establish a government efficiency department, abbreviated as D.O.G.E. Solana also saw a significant increase, surpassing Bitcoin's gains that day.</p>
<p>For most of this year, smaller cryptocurrencies like Dogecoin and Solana have generally lagged behind Bitcoin. With the U.S. presidential election approaching, these cryptocurrencies may experience greater volatility
Some industry insiders believe that the U.S. election has little impact on Bitcoin. Altcoins are either big winners or big losers</p>

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<p>Tesla closed up 3.5%, NVIDIA rose nearly 3%, surpassing Apple in market value; DJT surged nearly 19% in early trading but later turned down over 4%; Palantir skyrocketed 23%; Super Micro Computer briefly fell nearly 20% after hours; Chinese concept stocks generally rose, with XPeng up over 6%. U.S. Treasury yields surged and then retreated. The U.S. dollar index hit a nearly three-week low, and the offshore yuan rose over 100 points to break 7.11 during the session. Bitcoin surged nearly $4,000 to break the $70,000 mark, then briefly retreated nearly $2,000</p>

- On U.S. election day, tech stocks drove a rebound in the U.S. markets, with major indices rising over 1%.  
- Nvidia's stock surged nearly 3%, surpassing Apple to become the world's most valuable company, while Tesla gained 3.5%.  
- The election results are expected to be announced on November 6, with over 82.7 million early votes cast, and analysts predict low chances of a bear market following the election.

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Breakfast | The election is underway! Three major indices rose over 1%, DJT experienced multiple circuit breakers during the session