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

【U.S. Stock Indices】

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

【U.S. Bonds】

On January 30, 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 rose 0.47%, Microsoft fell 0.74%, Amazon declined 1.01%, Meta dropped 2.95%, TSMC fell 2.66%, Tesla rose 3.33%, Super Micro Semiconductor dropped 6.13%, and Intel fell 4.50%.

【Global Indices】

【China Indices】

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

【Chinese Concept Stocks】

In popular Chinese concept stocks, Tencent Holdings (HK) fell 2.57%, Alibaba dropped 2.67%, Pinduoduo declined 1.61%, NetEase fell 2.48%, Baidu down 2.75%, Ctrip decreased 1.05%, Li Auto dropped 3.65%, Xpeng Motors fell 3.23%, and NIO declined 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 Moussadjem: Waller is fully capable of serving as Fed Chair

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

Senator Warren writes to Waller asking if he supports the DOJ investigation into 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

It is reported that Apple has recently seen several AI researchers and Siri team executives depart. (Cailian Press)

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

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

Trump: The renovation of the Federal Reserve headquarters 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 its investigation into Powell, preventing Republicans from advancing Waller’s nomination

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

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

Fed Governor Mester stated that she believes Waller will be welcomed by the Fed. 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 plant

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

Hasset not disappointed about “not being nominated as Fed Chair,” criticizes the Fed’s January pause

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.