Bitget UEX Daily Report | Bitcoin falls below $77,000; chip rebound boosts Nasdaq; AMD guidance highlights AI demand (November 4, 2026)

1. Selected Hot News

U.S. Economy | Job vacancies remain at 7.5 million, tonight's employment and service industry data to follow

In September, the U.S. JOLTS job vacancies were approximately 7.5 million, with about 5.4 million hires and around 5.3 million separations, showing little change from the previous month. The data has not yet indicated a sudden contraction in labor demand, with an increase in voluntary resignations.

This combination is insufficient to confirm a weakening job market or a reduction in inflationary pressures. Tonight's ADP employment and ISM services report will provide additional observations, focusing on whether hiring, service prices, and orders change in the same direction, as well as how U.S. Treasury yields respond.

International Energy | Crude oil settles lower, Asia's early trading rises again

On November 3, the Brent January 2027 contract settled at $103.60 per barrel, while the WTI December contract settled at $96.09 per barrel. As of this morning Beijing time, both returned to $104.38 and $96.67, respectively.

The market is still weighing diplomatic progress against supply risks. The price drop helps alleviate transportation and manufacturing cost pressures, but a single-day decline is not enough to confirm a sustained cooling of energy inflation before supply expectations stabilize.

Market System | U.S. individual stock perpetual futures gain compliant trading pathway

On November 3, the CFTC announced that individual stock perpetual futures could be traded for the first time in designated contract markets that meet the criteria and have completed relevant SEC registrations. This development targets regulated trading venues and the corresponding product conditions.

From a market structure perspective, traditional securities and perpetual derivatives are further connected, and subsequent observations should focus on the actual online varieties, trading depth, margin, and funding rate arrangements. The progress in the system itself does not equate to an increase in trading volume being realized.

2. Market Review

Commodity and Forex Performance

Item | Reference Price | Data Source

Gold | $3,940.10 per ounce | December 2026 futures, 08:56 intraday

Silver | $49.700 per ounce | December 2026 futures, 08:56 intraday

WTI Crude Oil | $96.67 per barrel | December 2026 contract, 08:56 intraday

Brent Crude Oil | $104.38 per barrel | January 2027 contract, 08:55 intraday

U.S. Dollar Index DXY | 101.684 | 08:56 intraday

U.S. 10-Year Treasury Yield | 4.952% | Reference quote at 03:59 Beijing time on November 4

Crude oil in early trading is above the previous trading day's settlement price, with supply risk premiums still resilient. Precious metals will need to pay more attention to the correlation with the dollar and U.S. Treasury yields: if economic data supports high interest rates, the holding cost pressure for gold remains; if growth and employment slow simultaneously, safe-haven demand may form more sustained support.

Cryptocurrency Performance

BTC/USDT is at 76,844.00, down 0.45% in 24 hours; ETH/USDT is at 2,261.19, up 0.03% in 24 hours. The total market capitalization of the cryptocurrency market is approximately $2.61 trillion, down 2.36% in 24 hours, with the total market cap last updated at 09:01 Beijing time.

BTC liquidation zone: Today's major potential liquidation zones above and below have not completed real-time verification, and specific price levels and distances are not listed for now.

ETH liquidation zone: Today's major potential liquidation zones above and below also lack verifiable real-time data, and it is not determined which side's liquidation area is closer. The data gap shared by both coins does not support using yesterday's liquidation zones or inferring direction from them.

BTC institutional cost: Strategy's latest disclosure on November 2 shows the overall average holding price at $75,451, with a holding of 849,327 BTC; the current price is approximately 1.74% higher than this cost, corresponding to a reference floating profit. Glassnode's estimate of the overall cost of the U.S. spot BTC ETF released on October 28 is about $81,500, with the current price approximately 5.81% lower than this reference, corresponding to a reference floating loss; this estimate retains the original disclosure date and is not the real-time cost for today.

In summary: BTC remains between Strategy's overall cost and the ETF cost estimate, while ETH has been roughly flat over the past 24 hours; first, observe whether BTC can return to $77,000 and combine this with tonight's macro data to assess changes in risk appetite, without making conclusions about short squeezes or long liquidations based on missing liquidation charts.

Major U.S. Stock Index Performance

Index | Closing Level | Change

Dow Jones Industrial Average | 51,786.72 | -0.38%

S&P 500 Index | 7,568.92 | +0.36%

NASDAQ Composite Index | 25,372.01 | +0.83%

The three major indices showed divergence, with tech stocks driving the NASDAQ and S&P higher, while the Dow closed lower. The rebound mainly reflects a recovery in growth stocks, and one cannot simply conclude that market risk has been fully alleviated based solely on the index rise.

Performance of the Seven Tech Giants

Company | Closing Price (USD) | Change

NVIDIA NVDA | 206.69 | +2.29%

Apple AAPL | 331.90 | -1.90%

Microsoft MSFT | 520.99 | +2.74%

Alphabet GOOGL | 280.03 | +0.37%

Amazon AMZN | 250.69 | +2.06%

Meta META | 621.03 | +2.36%

Tesla TSLA | 398.50 | -1.32%

Five of the seven giants rose while two fell, with Microsoft leading the gains, and Apple and Tesla retreating. The recovery in chip, cloud, and platform stocks occurred simultaneously, but consumer hardware and automotive performance was relatively weak, with earnings reports and cost control remaining important factors in distinguishing individual stocks.

Sector Movement Observations

Semiconductors and AI Infrastructure: NVIDIA rose 2.29%, Micron rose 2.58%, AMD rose 3.65%. AMD's post-market earnings report further provided evidence of data center demand, but these gains during regular hours occurred before the earnings release, and subsequent trading reactions need to be observed separately.

Cryptocurrency-related stocks: Coinbase rose 5.53%, Strategy rose 3.72%, Robinhood rose 2.19%. Related stocks recovered during the same period, while BTC remains below $77,000, and it is necessary to observe whether the stock rebound can corroborate improvements in cryptocurrency spot demand.

3. In-Depth Analysis of Key U.S. Stocks

AMD | Data Center Revenue Nearly Doubles, Q4 Growth Guidance Accelerates

Event Overview: AMD announced on November 3 that its Q3 revenue was $13.377 billion, a 45% year-over-year increase; data center revenue was approximately $8.5 billion, a 97% year-over-year increase. The Q4 revenue guidance median is approximately $17 billion, with a fluctuation of 3% up or down. The regular closing price was $483.90, up 3.65%.

Market Interpretation: The growth in data centers strengthens the logic of AI demand realization, but the Q4 non-GAAP gross margin guidance is about 55%, lower than the 56% in Q3, indicating that revenue expansion does not necessarily mean a simultaneous increase in gross margin.

Investment Insight: Focus on tracking the volume of Helios and Venice, product mix, and delivery progress to assess whether growth can translate into sustained profits.

Super Micro Computer SMCI | Sales Surge, Gross Margin and Cash Flow Still Need Scrutiny

Event Overview: The company disclosed on November 3 that its sales for Q1 of FY2027 were $19.9 billion, up from $11.1 billion in the previous quarter; gross margin was 12.7%, down from 17.5% in the previous quarter, with a net cash outflow of $434 million. The regular closing price was $31.39, up 3.12%.

Market Interpretation: Revenue scale expansion is evident, but the sequential decline in gross margin and cash flow outflow indicates that order delivery and cash recovery need to be assessed separately.

Investment Insight: The sales guidance for the next quarter is $19.5 billion to $21.5 billion; continue to observe gross margin, working capital usage, and cash recovery to verify the quality of growth.

Shopify SHOP | Revenue Grows 32%, Stock Price Still Drops Sharply

Event Overview: Shopify announced on November 3 that its Q3 revenue was $3.742 billion, a 32% year-over-year increase; free cash flow was $816 million, with a free cash flow rate of 22%. The stock price closed at $142.57, down 8.74%.

Market Interpretation: Growth and cash generation capabilities coexist, and the stock price reaction indicates that operational data and market pricing do not always align; the lack of a unified expectation framework means that the decline cannot simply be attributed to "performance not meeting expectations."

Investment Insight: Q4 revenue is expected to grow by just over 30% year-over-year, with gross profit growth expected to be in the latter part of 20%. Pay attention to holiday sales, payment business mix, and cost control.

4. Market and Project Dynamics

Canton Coin receives case-specific regulatory response. The SEC's Division of Corporation Finance on November 3, based on the applicant's statements, views Canton Coin as a digital commodity under relevant interpretations and does not recommend enforcement action regarding specific programmed minting arrangements. This response relies on specific facts and only represents the division's enforcement stance, not a general legal conclusion applicable to all trading arrangements.

tZERO signs merger listing agreement. The company announced on November 2 that it has signed a final business merger agreement with FG Imperii, with a pre-investment equity valuation of $350 million, including up to $25 million in milestone consideration. The transaction is expected to be completed in early 2027, pending shareholder, regulatory, and other closing conditions, and cannot be considered as already listed or financing received.

Circle faces performance verification today. The company has announced that it will release its Q3 performance on November 4 and hold a video earnings conference at 21:00 Beijing time. The market can focus on USDC scale, reserve income, and distribution costs, as well as the contribution of the payment business to the revenue structure; as of the time of this report, the unreleased performance figures for this quarter cannot be cited.

5. Today's Market Calendar

Beijing Time | Country/Region | Event | Market Attention Level

21:00 | U.S. | Circle Q3 Video Earnings Conference | ★★★★

21:15 | U.S. | ADP Employment Report | ★★★★

21:30 | U.S. | Trade Balance and Other Trade Data | ★★★

23:00 | U.S. | ISM Services Report | ★★★★★

Ongoing Updates | U.S. | Midterm Election Vote Counting and Congressional Seat Results | ★★★★★

Key Event Outlook: Tonight's employment and service industry data will jointly influence interest rate expectations. If service industry demand and prices remain strong, growth stock recovery may face yield constraints; if employment and orders cool simultaneously, further differentiation between the benefits of interest rate declines and profit pressures will be needed. There is no unified release time for election vote counting results, and as of the time of this report, control of Congress has not been confirmed.

Institutional View: Jay Hatfield, CEO of Infrastructure Capital Management, interpreted the day's performance on November 3 as a rotation of funds from relatively defensive targets like Apple to chip stocks. This view helps explain the day's divergence, but whether it can continue still requires verification through earnings reports and subsequent price movements.

This article is for market information exchange only and does not constitute investment advice.