Overnight US stocks | US-Iran negotiations entered the technical negotiation stage, and the three major indices closed up, Dell (DELL.US) rose more than 5%

The Zhitong Finance App learned that on Friday, the three major indices closed higher and international oil prices plummeted. The news said that negotiations between the US and Iran in New York had moved from initial diplomatic contacts to a more in-depth technical consultation stage. Iran is promoting a “seven-day plan”. If the US lifts its blockade against Iran, Iran will reopen the Strait of Hormuz.

[US stocks] At the close, the Dow rose 478.64 points, or 0.93%, to 51828.62 points, up 0.28% this week; the S&P 500 index rose 39.28 points, or 0.51%, this week up 1.22% to 7743.41 points; and the NASDAQ rose 129.34 points, or 0.48%, to 27068.71 points, up 2.06% this week. Dell (DELL.US) rose more than 5%, Qualcomm (QCOM.US) rose 3.97%, Microsoft (MSFT.US) rose 3.66%, SK Hynix (SKHY.US) rose 2.78%; Intel (INTC.US) fell 3.45%, and MetaPlatforms (META.US) fell 3.33%. The Nasdaq China Golden Dragon Index fell 0.64%, NetEase (NTES.US) fell 1.83%, and Baidu (BIDU.US) fell 0.85%.

[European stocks] The German DAX30 index rose 143.97 points, or 0.57%, to 25399.89 points; the British FTSE 100 index rose 16.18 points, or 0.15%, to 10696.17 points; the French CAC40 index fell 3.63 points, or 0.04%, to 8077.80 points; the European Stoxx 50 index rose 25.65 points, or 0.41%, to 6298.15 points; Spain's IBEX35 index rose 124.69 points, or 0.64%, to report 19698.09 points; Italy's FTSE MIB index rose 314.05 points, or 0.61%, to 51857.50 points.

[US Dollar Index] The US dollar index, which measures the US dollar against the six major currencies, fell 0.31% on the same day and closed at 100.971 at the end of the foreign exchange market. As of the end of the exchange market in New York, 1 euro was worth $1.1399, up from $1.1374 on the previous trading day; 1 pound was worth $1.3252, up from $1.3217 on the previous trading day. 1 US dollar was worth 157.13 yen, lower than 158.85 yen on the previous trading day; 1 US dollar was worth 0.8282 Swiss franc, the same as the previous trading day; 1 US dollar was worth 1.4144 Canadian dollars, higher than 1.4141 Canadian dollars on the previous trading day; 1 US dollar was worth 9.9045 SEK, lower than 9.9224 on the previous trading day.

[Cryptocurrency] Bitcoin fell slightly by 0.2% to $8,4070. At one point during the intraday period, it fell to $83155.32; Ethereum rose 0.3% to about $2,692.

[Crude oil] Light crude oil futures for November delivery on the New York Mercantile Exchange fell $2.20, or 2.33%, to close at $92.41 a barrel; London Brent crude oil futures for November delivery fell $2.28, to close at $104.32 a barrel, or 2.14%.

[Precious Metals] Spot gold rose 0.27% to 4285.99 US dollars/ounce; spot silver rose 0.72% to $64.296 per ounce.

[Macro News]

Federal Reserve Hamak: The rise in US bond yields is not due to a loss of confidence in inflation. Cleveland Federal Reserve Chairman Beth Hamack said that the recent sharp rise in US bond yields was not due to the market's loss of confidence in falling inflation, but was mainly driven by factors such as rising real interest rates, strong economic prospects, fiscal policy, and investors' capital competition. She said that current inflation expectations are still “basically well anchored,” but inflation that continues to exceed the Federal Reserve's 2% target still brings real costs and may affect economic planning and wage pressure. Hamak said that currently the biggest risk of inflation is the formation of an “inflationary mentality,” that is, the public is beginning to think that high inflation will continue for a long time. She pointed out that inflation has been above the target level for many years, and the Federal Reserve needs to ensure that monetary policy maintains a restrictive stance to push inflation back to the 2% target. On the bond market side, Hamak said that part of the increase in yield reflects the market's repricing of the Federal Reserve's policy and the government's fiscal policy. At the same time, investment demand from the AI and technology industries is also competing with the bond market for investment capital. She also said that America's current fiscal path is unsustainable.

OpenAI claims that the AI agent triggered multiple abnormal incidents to be investigated or continued for several months. According to reports, OpenAI is still investigating the scope of abnormal activity of its AI agents. Two people familiar with the matter said that after continuing to sort through internal logs, the number of issues discovered by OpenAI is still increasing, and the entire investigation is expected to continue for several months. OpenAI said its agent recently leaked 53 images of ChatGPT users and has notified dozens of relevant third parties. Most of the leaked images have been removed, and OpenAI is pushing hosting providers to remove the remaining content. According to people familiar with the matter, as of mid-September, OpenAI had discovered about 24 smart device anomalies, including the previously disclosed smart device attack “hugging the face” incident, as well as other unauthorized activities. Some of the events were discovered by external researchers and not actively identified by OpenAI. The report pointed out that the OpenAI agent came into contact with relevant images because it could access anonymized user data for model training. According to OpenAI, user data will be anonymised before training to delete metadata, names, and contact information, but outsiders believe that there is still a risk of personal information being leaked during the anonymization process.

Report: US-Iran negotiations have entered the technical consultation stage, and Iran proposed a seven-day plan to reopen Hormuz. According to reports, negotiations between the US and Iran in New York have moved from initial diplomatic contacts to a more in-depth technical consultation stage. Al-Jazeera's Tehran branch director Nurdin DeGail said that after US envoy Steve Witkoff and Jared Kushner completed the first round of talks, technical experts had joined the follow-up discussions. The report said that the Iranian delegation was not previously granted a visa by the US government, but was later allowed to enter and participate in negotiations. Qatar has continued to act as a mediator between the US and Iran for several months. According to reports, Iran is promoting a “seven-day plan”: if the US lifts its blockade against Iran, Iran will reopen the Strait of Hormuz. The plan is viewed as an accelerated version of the 60-day negotiation process previously discussed. The goal is to push the two sides back to direct negotiations on Iran's nuclear issue. The core topics currently being discussed between the two sides include lifting sanctions, easing oil export restrictions, unfreezing Iranian assets, and future management arrangements for the Strait of Hormuz, including whether Iran and Oman can resume some kind of joint management model within the framework of the participation of the US and regional countries, and US ship traffic rules. De Geir said that although the two sides still have differences, Tehran sources believe that negotiations are making some progress, talks are continuing, and Qatar is working hard to narrow the gap between the two sides.

Media: The White House plans to reduce the price of diesel but will not ban exports. According to media quoting three people familiar with the matter, the Trump administration is considering other measures to ease the pressure on diesel prices rather than imposing a ban on diesel exports. People familiar with the matter said that the government is considering easing the pressure on high oil prices by increasing the supply of duty-free diesel used in agriculture, construction and other industries, and pushing more states to abolish diesel taxes. The report quoted sources as saying that the Trump administration may announce the relevant policies as soon as this Friday or early next week, but no final decision has been made yet.

[Individual Stock News]

People familiar with the matter: Solidigm, a subsidiary of SK Hynix, is considering an IPO valuation of 150 billion US dollars. According to reports, Solidigm, an American solid-state storage business subsidiary under SKHY.US (SKHY.US), is considering an initial public offering as early as next year, with a valuation of 150 billion US dollars. According to people familiar with the matter, Solidigm has held an IPO underwriting bidding meeting with several investment banks this week and may raise about $15 billion through the listing. However, the size and timing of the IPO is still in the early stages of discussion and may be adjusted according to market conditions. Solidigm is headquartered in California, USA, and is the NAND flash memory and solid-state drive business division of SK Hynix. SK Hynix acquired Intel's NAND flash memory and SSD business for approximately US$9 billion in 2020, and established Solidigm in 2021. Solidigm mainly provides enterprise-grade SSD products for servers, cloud computing, and data centers, and focuses on the high-capacity storage market required for AI applications. If listed, its valuation will greatly exceed recent semiconductor IPO cases, including Arm (ARM.US) with a valuation of about US$54 billion at the time of listing in 2023, and Cerebras (CBRS.US) with an IPO valuation of about US$56 billion in 2026.