Last night, U.S. stocks rose, gold fell sharply, and U.S.-listed Chinese new energy stocks surged.

At the close, the three major U.S. stock indices hit record highs, with the Nasdaq and S&P 500 both rising over 1%. The seven major U.S. tech giants all gained over 1%, with Tesla up more than 4%.

Most U.S.-listed Chinese stocks also advanced. New energy stocks surged, with Daqo New Energy up over 14% and Jinko Solar up over 5%. New energy vehicle stocks also rallied sharply, with Pony.ai and XPeng Motors both rising over 6%.

The FTSE A50 futures index rose during the late night session, closing up 0.17%.

Precious metals fell sharply. Gold fell below the $4,000 mark. On October 28, spot gold opened higher and was recently trading at $3,986.28 per ounce. The main domestic gold futures night session contract settled at 919.7 yuan per gram, down over 2%.

Affected by this, the Philadelphia Gold and Silver Index fell nearly 4%, and U.S.-listed gold and silver mining concept stocks generally declined. Galiano Gold, Aura Minerals, THM, Gold Fields, Harmony Gold, Newmont Mining, AU, and Coeur Mining all fell over 5%.

Analysis suggests that the safe-haven demand driving gold prices higher has significantly weakened recently, with investors turning to stocks and high-yield assets. After consecutive record highs, some funds opted to take profits, coupled with a rebound in market risk appetite, pushing gold prices into an adjustment phase.

On the macroeconomic front, the market expects the Federal Reserve to announce an interest rate cut. According to the CME FedWatch Tool, federal funds rate futures indicate that investors generally expect the Fed to lower the benchmark interest rate by 25 basis points. Analysts believe that improved liquidity expectations from the rate cut are a key backdrop for the stock market's strength.

Strengthening expectations of a Fed rate cut, combined with progress in U.S.-China trade talks, are boosting commodities and stocks. Goldman Sachs previously stated that the bull market is not over yet, as the Fed's rate-cutting cycle begins and liquidity recovery supports the stock market. However, caution is needed regarding potential quarterly pullbacks triggered by high-valuation sectors like tech stocks.

Additionally, the corporate earnings season is also a focus for the market. Several major tech companies are set to release their third-quarter earnings reports this week. The market generally expects profit growth to exceed previous estimates, particularly in artificial intelligence, cloud computing, and advertising revenue.