U.S. Stocks Rise Mildly, Nvidia Soars Over 4%

On October 8th Eastern Time, several Federal Reserve officials made concentrated statements supporting further interest rate cuts, leading to a moderate rise in the three major U.S. stock indices. NVIDIA's stock rose by more than 4%, leading the market, due to high demand for the Blackwell platform and other multiple positive factors. International oil prices plummeted, with WTI and Brent crude oil prices once diving by more than 5%.

Multiple Federal Reserve Officials Speak, U.S. Stocks Rise Together

New York Fed Chairman Williams stated that the U.S. economy is ready for a "soft landing" and supports a 25 basis point interest rate cut in November. Boston Fed Chairman Collins also said that further interest rate cuts may be needed in the future, and future actions will be data-dependent.

Federal Reserve Governor Kugler pointed out that he very much welcomed the healthy employment levels in last Friday's non-farm report. The cooling of the labor market has begun, but the Federal Reserve focuses on trends, not single data points.

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St. Louis Fed Chairman Mutharlem said that, given the economic outlook, the possibility of further interest rate cuts is relatively high. He supports the Federal Reserve's decision in September to lower interest rates by 50 basis points, and policy patience has brought good results for the Federal Reserve. He also believes that the financial environment still supports economic growth, and Federal Reserve interest rate cuts have injected some vitality into the real estate market.

U.S. stocks rose moderately and closed up collectively. As of the close, the S&P 500 index rose by 0.97%, reporting 5,751.13 points; the Nasdaq index rose by 1.45%, reporting 18,182.92 points; the Dow Jones Industrial index rose by 0.3%, reporting 42,080.37 points.

NVIDIA's stock rose by more than 4%

In terms of news, sources said that NVIDIA's competitor, artificial intelligence chip manufacturer Cerebras Systems, may delay its IPO.

In addition, Foxconn executives said on Tuesday that the company is building the world's largest NVIDIA super chip factory in Mexico to help alleviate the huge demand for NVIDIA's Blackwell platform. NVIDIA said in August this year that after adjusting the design, it has begun to deliver Blackwell samples to partners and customers, and expects these chips to generate billions of dollars in revenue in the fourth quarter.

International oil prices plummeted, with U.S. oil and Brent oil prices once diving by more than 5%.On October 8th Eastern Time, international oil prices plummeted due to concerns about demand prospects and the increased possibility of a ceasefire in the Middle East. By the close of the US stock market, the WTI November crude oil futures fell by $3.57, a decrease of 4.63%, to $73.57 per barrel, with the lowest drop nearing 5.8% during the US stock market's midday session. It is currently at $73.83 per barrel.

The Brent December crude oil futures fell by $3.75, a decrease of 4.63%, to $77.18 per barrel, with the lowest drop exceeding 5.6% during the US stock market's midday session. It is currently at $77.44 per barrel.

In terms of news, the US Energy Information Administration (EIA) has lowered its price forecasts for Brent and WTI crude oil for the years 2024 and 2025. The EIA has reduced the expected price for Brent crude oil in 2024 to $81 per barrel, and for WTI crude oil to $77 per barrel; for 2025, the Brent crude oil is further reduced to $78 per barrel, and WTI crude oil to $73 per barrel.