Global News | U.S. Stocks Close Lower Across the Board, Federal Reserve Board Member Supports Rate Cut Policy

【U.S. Stock Indices】

On Wednesday, February 11th, Eastern Time, the three major U.S. stock indices all closed lower, with the S&P 500 down 0.00% at 6,941.47 points; the Dow Jones Industrial Average down 0.13% at 50,121.40 points; and the Nasdaq Composite down 0.16% at 23,066.47 points.

【U.S. Treasury Bonds】

On February 11th, the benchmark 10-year U.S. Treasury yield was 4.18%, and the yield on the 2-year Treasury, most sensitive to Federal Reserve policy rates, was 3.52%.

【Popular U.S. Stocks】

Among popular U.S. stocks, Nvidia rose 0.78%, Apple increased 0.67%, Google C fell 2.32%, Google A fell 2.39%, Microsoft declined 2.15%, Amazon dropped 1.34%, TSMC rose 3.40%, Meta fell 0.30%, Tesla increased 0.80%, Super Micro Semiconductor rose 0.01%, and Intel gained 2.46%.

【Global Indices】

【Chinese Indices】

On February 11th, overnight Hang Seng Tech Index futures rose 0.72%, Nasdaq China Golden Dragon Index fell 0.65%, and FTSE China A50 Index declined 0.24%.

【Chinese Concept Stocks】

In popular Chinese concept stocks, Tencent Holdings (HK) fell 0.54%, Alibaba dropped 1.35%, Pinduoduo declined 0.82%, NetEase fell 4.06%, Baidu decreased 1.72%, Ctrip rose 0.77%, Li Auto increased 1.64%, Xpeng Motors rose 1.71%, and NIO gained 2.12%.

【Forex and Commodities】

【Global News】

Fed Governor Mester Says Despite Strong January Jobs Data, There Are Still Reasons to Support Rate Cuts

Fed Governor Mester stated that the surprisingly strong January employment data does not mean policymakers should pause further rate cuts. She indicated that planned supply-side reforms, such as reducing business regulation, and expectations of easing housing inflation will clear obstacles for policymakers to continue lowering the benchmark rate. Since joining the Fed in September, Mester has consistently opposed rate hikes and advocates for larger cuts than other Fed officials are willing to support. (Sina Finance)

Apple’s Latest Attempt to Upgrade Siri Faces Obstacles

Apple’s upgrade to Siri during testing has encountered setbacks, potentially delaying the release of several highly anticipated features. Apple is currently working to distribute these new features across future versions, with some possibly postponed until at least iOS 26.5 or iOS 27. Testing revealed issues including Siri’s inability to correctly handle queries, long response times, accuracy problems, and Siri interrupting users when they speak too quickly. (Sina)

U.S. Non-Farm Payrolls Increase by 130,000 in January, Annual Benchmark Revision Mostly Consistent with Initial Estimates

U.S. January employment exceeded expectations, and the unemployment rate unexpectedly declined, indicating continued labor market stabilization early in the year. The Bureau of Labor Statistics reported that non-farm payrolls increased by 130,000 last month, with the unemployment rate falling to 4.3%. Each January, the BLS revises the employment benchmark based on more accurate but less timely “Employment and Wages Quarterly Census” data, which covers most U.S. jobs and is based on state unemployment insurance tax records. Adjusted data shows that over the 12 months ending March 2025, the employment increase was nearly 900,000 less than initially reported. This figure roughly aligns with the BLS’s preliminary forecast. The report was originally scheduled for release on February 6 but was delayed due to a partial federal government shutdown.

U.S. January Non-Farm Payrolls Far Exceed Expectations, Signaling Improvement in the Labor Market

The Financial Times noted that the January addition of 130,000 jobs far exceeded market expectations, indicating signs of improvement in the U.S. labor market after a series of weak data. U.S. Treasury yields surged as investors lowered expectations for rate cuts this year. The two-year Treasury yield, highly sensitive to monetary policy, jumped to 3.55%, a one-week high. The unemployment rate slightly declined to 4.3%. After years of strong growth, U.S. hiring slowed sharply in 2025. Recent reports show increased layoffs and fewer job openings, suggesting further deterioration. However, the latest data may reinforce Fed Chair Powell’s view that the labor market is showing “signs of stabilization.”

Traders Fully Price in a Fed Rate Cut in July, Previously Expecting June

Traders have fully priced in a rate cut by the Federal Reserve in July, previously expecting it in June.

U.S. January Seasonally Adjusted Non-Farm Payrolls Increase by 130,000, Expectation was 70,000

U.S. January seasonally adjusted non-farm payrolls rose by 130,000, versus an expected 70,000, with the previous figure revised from 50,000 to 48,000.

Wall Street’s New Trading Logic: Sell Any Company That Could Be Replaced by AI

Since early last week, a series of AI product launches have caused a clear shift in sentiment. Investors are no longer focusing on picking winners but are eager to sell any company that might be replaced by AI. John Belton, fund manager at Gabelli Funds, said, “Any company with a risk of being disrupted by AI is being indiscriminately sold.”

Meituan Launches Native “Deep Research” Agent, Strategy Usability Surpasses ChatGPT

On February 11th, Meituan’s LongCat released a native “Deep Research” Agent. Based on an original three-layer intelligent agent closed-loop architecture and trained with Meituan’s accumulated physical-world data, this product effectively addresses current AI hallucination issues when solving real-world physical problems. User blind tests show an overall strategy usability rate of 61.1%, better than ChatGPT’s 42.8%. The feature is now freely available on LongCat’s website.

ANZ Bank: Bank of Japan Has Limited Room to Tighten Policy in 2026

ANZ Bank’s economists, led by Brian Martin, stated in a report that the Bank of Japan has limited room to tighten policy in 2026. They expect the Japanese economy to grow 0.8% in 2023 and 2027, with average inflation of 1.7% this year and 2.0% next year. Martin said, “Achieving inflation targets is important for Prime Minister Sanae’s economic agenda, as higher inflation increases tax revenue and boosts nominal GDP growth.” ANZ Bank expects the BOJ to raise rates by another 25 basis points in Q2, possibly in April, reaching a policy rate of 1.0%. He added that the limited room for rate hikes will also create a relatively favorable environment for Japanese government bonds. (Sina Finance)

Capgemini and Microsoft Announce Partnership for Sovereign Cloud Services

On February 11th, Capgemini announced a strategic partnership with Microsoft to jointly launch a managed cloud service model focused on data sovereignty, compliance, and business continuity.