Global News | US Stocks Close Lower, Federal Reserve Officials Say Rate Cuts Are Not Wise

【U.S. Stock Indices】

On January 30th (Friday), the three major U.S. stock indices all closed lower, with the S&P 500 down 0.43% at 6,939.03; the Dow Jones Industrial Average down 0.37% at 48,892.47; and the Nasdaq down 0.94% at 23,461.82.

【U.S. Bonds】

On January 30th, the benchmark 10-year U.S. Treasury yield was 4.26%, and the yield on the 2-year Treasury, most sensitive to Federal Reserve policy rates, was 3.52%.

【Popular U.S. Stocks】

Among popular stocks, Nvidia fell 0.72%, Google Class C down 0.04%, Google Class A down 0.01%, Apple up 0.47%, Microsoft down 0.74%, Amazon down 1.01%, Meta down 2.95%, TSMC down 2.66%, Tesla up 3.33%, Seagate Technology down 6.13%, and Intel down 4.50%.

【Global Indices】

【China Indices】

On January 30th, overnight Hang Seng Tech Index futures fell 2.07%, Nasdaq China Golden Dragon Index declined 2.36%, and FTSE China A50 Index dropped 0.67%.

【Chinese Concept Stocks】

In popular Chinese concept stocks, Tencent Holdings (HK) fell 2.57%, Alibaba down 2.67%, Pinduoduo down 1.61%, NetEase down 2.48%, Baidu down 2.75%, Ctrip down 1.05%, Li Auto down 3.65%, Xpeng Motors down 3.23%, and NIO down 1.15%.

【Forex and Commodities】

【Global News】

Federal Reserve Governor Mester states that Trump never asked her to do anything regarding monetary policy

Federal Reserve Governor Mester said that Trump never asked her to do anything regarding monetary policy. (Cailian Press)

Fed’s Mester: Waller is fully capable of serving as Fed Chair

Fed’s Mester stated that Waller is fully capable of serving as Fed Chair. (Cailian Press)

Senator Warren writes to Waller asking if he supports DOJ investigation of Powell and Cook

Senator Warren sent a letter to Waller on Friday, asking whether he supports the Department of Justice’s investigation into Powell and Cook. (Cailian Press)

Apple has recently seen multiple AI researchers and Siri team executives leave

Reports indicate that Apple has recently seen several AI researchers and Siri team executives depart. (Cailian Press)

Fed’s Mester: Lowering interest rates now would be unwise

Cailian Press, January 31 — Fed’s Mester said that lowering interest rates at this time would be unwise. The risk of a significant deterioration in the labor market has decreased, and if new evidence of softening employment emerges, it could support rate cuts. Inflation is unlikely to accelerate in the short term, and if inflation expectations fall to target levels, that could support easing. The U.S. economy is expected to grow at or above trend through 2026. (Cailian Press)

Trump: Fed headquarters renovation is either incompetence or theft

Trump commented on the DOJ investigation into Powell, stating that the renovation of the Fed headquarters is either incompetence or theft.

Senate Minority Leader Schumer: DOJ will not withdraw investigation of Powell, Republicans cannot push Waller’s nomination

Senator Schumer said that if the DOJ does not withdraw its investigation into Fed Chair Powell, Republicans will be unable to advance Waller’s nomination. (Cailian Press)

Fed’s Mester: Deregulation will enable the Fed to reduce its balance sheet

Fed’s Mester stated that she believes Fed officials would welcome Waller. Continuing to actively optimize regulatory scale and relaxing regulations will allow the Fed to shrink its balance sheet. The Fed’s forecasts can be modernized. (Cailian Press)

Eli Lilly plans to invest $3.5 billion in a Pennsylvania factory

Eli Lilly plans to spend $3.5 billion on a factory in Pennsylvania to produce next-generation weight-loss drugs.

Hasset not disappointed about “unsuccessful Fed Chair nomination,” criticizes Fed’s January inaction

White House advisor Hasset said he is not disappointed about not being nominated as Fed Chair by President Trump. Hasset expressed high respect for Kevin Woor, the Fed Chair nominee, and will do his best to promote Senate confirmation. The White House believes Woor’s nomination should be quickly confirmed by Congress. The Fed’s decision not to cut rates in January was a mistake.