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

【U.S. Stock Indices】

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

【U.S. Treasury 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 U.S. stocks, Nvidia fell 0.72%, Google Class C fell 0.04%, Google Class A fell 0.01%, Apple rose 0.47%, Microsoft fell 0.74%, Amazon fell 1.01%, Meta fell 2.95%, TSMC fell 2.66%, Tesla rose 3.33%, Super Micro Semiconductor fell 6.13%, and Intel fell 4.50%.

【Global Indices】

【China Indices】

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

【Chinese Concept Stocks】

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

【Forex and Commodities】

【Global News】

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

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

Federal Reserve’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 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 official Moussadjem: Lowering interest rates now would be unwise

Cailian Press, January 31 — Fed official Moussadjem 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 a weakening labor market emerges, it could support rate cuts. Short-term inflation is unlikely to accelerate, and if inflation expectations fall to the target level, that could support rate cuts. The U.S. economy is expected to grow at or above trend levels through 2026. (Cailian Press)

Trump: Fed headquarters renovation is either incompetence or theft

Trump stated that the renovation of the Federal Reserve headquarters is either incompetence or theft when discussing the DOJ investigation into Powell. (Cailian Press)

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 of Fed Chair Powell, then Republicans will be unable to advance Waller’s nomination. (Cailian Press)

Fed Board Member Mester: Deregulation will enable the Fed to shrink its balance sheet

Fed Board Member Mester stated that she believes Waller will be welcomed by Fed officials. Continuing to actively optimize regulatory scale and relaxing regulations will allow the Fed to reduce 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 “failed 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.