U.S. Stocks Open Higher, Led by Memory Chips, Semiconductor Equipment, and Foundry Sectors
U.S. stocks opened: Dow up 0.29%, Nasdaq up 1.04%, S&P 500 up 0.62%. Memory chip concept led gains, with Micron Technology up 6.8%, SK Hynix up 6.9%, and SanDisk and Western Digital both up over 8%. Semiconductor equipment, foundry, and optical communications sectors rose: UMC up 5.6%, TSMC up over 4%, Lam Research up 6%, Applied Materials and KLA up over 5%. Lumentum up 6%, Marvell Technology up 5.6%.
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Saudi Arabia's oil production in October surged by 26%, reaching the highest level since the onset of the conflict, while Brent crude has dropped over 20% this month
OPEC's monthly report shows that Saudi Arabia's average daily crude oil production in October rose to 10.56 million barrels, just several hundred thousand barrels lower than the pre-war level in February and slightly above its quoted limit under the OPEC framework. Iraq's daily output in October also reached approximately 4.9 million barrels, a new high since the outbreak of war. Meanwhile, after the UAE exited OPEC and began competing in the market independently, both the UAE and Saudi Arabia recently slashed their official December cargo prices for Asian buyers, intensifying the competitive landscape.
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