The S&P 500 and Nasdaq Composite rose for a second consecutive session. NVIDIA closed up more than 2%, while Amazon surged 4%. Cipher Mining soared 22%. IREN gained 11.5%. Palantir, which reported strong earnings, jumped as much as 7% in after-hours trading. The yield on the 10-year U.S. Treasury note hit a three-week high. The U.S. dollar index rose for a fourth straight session to a three-month peak. Cryptocurrencies plummeted during trading, with Bitcoin falling nearly 5% and Ethereum dropping close to 9%. Crude oil extended its rally for a fourth session to reach a one-week high. Gold futures once climbed over 1%. Copper prices on the London Metal Exchange fell for a third day.
Amazon announced a $38 billion agreement with OpenAI to provide computing power support. Amazon shares surged, driving the Nasdaq and S&P 500 higher, but disappointing U.S. ISM manufacturing data led to a divergence in market performance, characterized by strength in tech stocks and weakness in other sectors. Over 300 companies in the S&P 500 fell, while the Dow Jones Industrial Average and small-cap indexes also closed lower.
U.S. Treasury yields pulled back, with the 10-year yield hitting a three-week high. The U.S. dollar index rose for a fourth consecutive session to a three-month peak but briefly turned negative following the release of the U.S. ISM index. Cryptocurrencies plunged during trading, with Bitcoin dropping nearly 5% and Ethereum declining close to 9%. Below are the movements of key assets:
Before the U.S. stock market opened, Amazon signed a $38 billion computing power agreement with OpenAI, under which it will provide hundreds of thousands of NVIDIA GPUs. The news drove Amazon's pre-market price up more than 6%, lifting Nasdaq futures as well.In early trading, all three major U.S. stock indices opened higher, led by gains in technology stocks. Amazon surged 5.2% at the open, while NVIDIA rose 3%. Global technology stocks and semiconductor ETFs recorded significant gains. However, bank stocks performed weakly, with regional bank ETFs falling more than 1.4%.
During mid-session, the U.S. October ISM Manufacturing PMI contracted for the eighth consecutive month, reflecting weak demand and employment, alongside cooling inflation. U.S. Treasury yields briefly plunged below 4.09%. The cryptocurrency market suffered heavy losses, with Bitcoin once falling below the mid-October low of $106,000, and Ethereum dropping more than 8% from its daily high.
In afternoon trading, the 10-year U.S. Treasury yield rebounded and rose approximately 4 basis points, breaking above last week's high. Additionally, the impact of a potential U.S. government shutdown raised concerns about aviation safety, with the U.S. Transportation Secretary stating that if necessary, national airspace would be closed, further increasing market uncertainty.
U.S. stocks in the closing hours,Federal Reserve Governor CookFed Governor Cook, in her first public remarks since being sued by Trump, said she has not yet decided whether to support a rate cut in December. She believes risks in the labor market outweigh inflation risks but warned that if tariff-driven inflation persists, she is prepared to take 'strong action.'
After the US market close, Palantir's Q3 revenue exceeded expectations, and the company raised its full-year revenue guidance. Shares surged as much as 7% in after-hours trading before retracing gains significantly.
The Nasdaq approached a record high on Monday, with both the S&P 500 and Nasdaq posting consecutive gains. NVIDIA closed up more than 2%, while Amazon rose 4%. Cipher Mining surged 22% after signing a data center lease agreement with Amazon; IREN climbed 11.5% following a cloud services agreement with Microsoft. Palantir, which reported strong earnings, rose as much as 7% in after-hours trading.
Benchmark US Equity Indices:
The S&P 500 Index closed up 11.77 points, or 0.17%, at 6851.97.
The Dow Jones Industrial Average fell 226.19 points, or 0.48%, to close at 47336.68.
The Nasdaq Composite Index gained 109.766 points, or 0.46%, to close at 23834.723. The Nasdaq 100 Index rose 114.817 points, or 0.44%, to finish at 25972.943.
The Russell 2000 Index fell 0.33% to close at 2471.241.
The VIX volatility index, also known as the 'fear gauge,' declined 1.49% to close at 17.18.
U.S. Sector ETFs:
The Consumer Discretionary ETF rose 0.94%, the Semiconductor ETF increased by 0.85%, the Global Airlines ETF and the Technology Sector ETF gained at least 0.41%, while the Internet Index ETF and the Energy Sector ETF closed roughly flat.
Mag 7:
The index tracking the Magnificent Seven U.S. tech giants rose 1.01% to 213.81 points.
Amazon surged 4.02%, Tesla gained 2.59%, NVIDIA rose 2.17%, while Microsoft and Apple fell by as much as 0.57%, and Meta declined by 2.55%.
Chip Stocks:
The Philadelphia Semiconductor Index rose 0.59% to close at 7270.969 points.
Taiwan Semiconductor Manufacturing Co. (TSMC) climbed 1.47%, while AMD advanced 1.38%.
Chinese Concept Stocks:
The Nasdaq Golden Dragon China Index closed up 0.26% at 8,295.19 points.
Among popular Chinese stocks, Canadian Solar surged 9.7%, Atour increased by 5.7%, Tencent Music rose 3.8%, and Xiaomi gained 3.4%.
Other stocks:
Eli Lilly and Co closed up 3.90%, while Berkshire Hathaway's Class B shares, owned by Buffett, fell 0.39%.
Beyond Meat dropped 16.01% after the company postponed its earnings report due to impairment charges.
Kimberly-Clark fell 14.57% as reports indicated that Kimberly-Clark would acquire kenvue through a cash-and-stock transaction.
Cipher Mining surged 22.04% after signing a 15-year, $5.5 billion data center lease agreement with Amazon.
Amkor Technology’s stock price jumped 17.22%, marking its largest intraday gain since July, after NVIDIA CEO Jensen Huang mentioned the company in a media interview.
Germany's benchmark stock index closed over 0.7% higher. The Eurozone's blue-chip index ended up 0.3%, led by German companies such as RHM, Volkswagen, SAP, and Mercedes-Benz.
Pan-European equities:
The European STOXX 600 Index closed up 0.07% at 572.28 points.
The Eurozone STOXX 50 Index closed up 0.30% at 5,679.25 points.
National indices:
The German DAX 30 Index closed up 0.73% at 24,132.41 points.
The French CAC 40 Index closed down 0.14% at 8,109.79 points.
The UK FTSE 100 Index closed down 0.16% at 9,701.37 points.
Sector and Stock Performance:
Among the blue chips in the Eurozone, Germany’s Rheinmetall closed 4.23% higher, Siemens Energy rose 2.52%, Volkswagen Group gained 2.31%, and both SAP SE and Mercedes-Benz Group increased by 1.96%.
Among all components of the European STOXX 600 Index, Gaztransport Et Technigaz closed 8.74% higher, A2A rose 7.21%, and Deutsche Lufthansa gained 5.74%, ranking third in performance.
U.S. Treasury bonds declined, with the yield on the 10-year Treasury note reaching a three-week high. The yield on the 30-year Treasury bond rose approximately 3.7 basis points, while yields on sovereign bonds across the Eurozone generally increased by more than 2 basis points.
U.S. Treasury Bonds:
At the New York close, the yield on the U.S. 10-year Treasury note rose 2.71 basis points to 4.1046%.
The yield on the two-year U.S. Treasury note climbed 2.47 basis points to 3.5984%.
Eurozone bonds:
At the European market close, the yield on the German 10-year government bond increased by 3.4 basis points to 2.667%, trading within a range of 2.634%-2.667% during the session.
The yield on the UK 10-year government bond rose 2.7 basis points to 4.436%, with trading occurring between 4.399% and 4.445%.
The average increase in yields for 10-year government bonds from France, Italy, Spain, and Greece was 2.55 basis points.
The US Dollar Index rose for four consecutive sessions to a three-month high, briefly turning negative after the release of the US ISM index; offshore renminbi once fell over 100 pips, nearing 7.13 and reaching a one-week low; cryptocurrencies plummeted during trading, with Bitcoin dropping nearly 5% and Ethereum falling almost 9%.
US Dollar:
At the New York close, the ICE US Dollar Index increased by 0.07%, reaching 99.872 points, with an intraday trading range of 99.708-99.988 points.
The Bloomberg US Dollar Index rose by 0.03%, closing at 1221.25 points, with an intraday trading range of 1219.75-1222.54 points.
Non-USD Currencies:
At the New York close, the euro fell 0.17% against the dollar to 1.1522, and the pound dropped 0.08% against the dollar to 1.3142; the dollar gained 0.41% against the Swiss franc, reaching 0.8079.
Among commodity currencies, the Australian dollar fell 0.13% against the US dollar, the New Zealand dollar declined 0.26% against the US dollar, and the US dollar rose 0.30% against the Canadian dollar.
Japanese Yen:
In late New York trading, the US dollar rose 0.13% against the Japanese yen to 154.19 yen, with intraday trading ranging between 153.93 and 154.30 yen.
Offshore Renminbi:
In late New York trading, the US dollar rose 0.08% against the offshore Chinese yuan to 7.12605.
Cryptocurrencies:
In late New York trading, the spot price of Bitcoin fell 2.8% to $106,882.
Spot Ethereum fell nearly 7% to $3,592.
Crude oil prices fluctuated today due to OPEC's decision to pause production increases and weak macroeconomic data from the United States.
Crude oil:
WTI December crude oil futures settled up $0.07, or 0.11%, at $61.05 per barrel.
Brent crude oil futures for January settled up by $0.12, or 0.19%, at $64.89 per barrel.
Natural Gas:
NYMEX natural gas futures for December closed at $4.2660 per million British thermal units.
Gold rebounded, with futures rising over 1% at one point. LME copper fell for a third consecutive session to another one-week low, while LME aluminum rose for a second straight session to its highest level in more than three years.
Gold:
In late New York trading, spot gold was roughly flat, trading at $4001.69 per ounce.
COMEX gold futures rose by 0.44% to settle at $4013.30 per ounce.
Silver:
Spot silver fell 1.22% to USD 48.0979 per ounce in late New York trading.
COMEX silver futures dropped 0.47% to USD 47.935 per ounce.
Other metals:
LME copper futures closed down USD 32 at USD 10,855 per tonne.
LME aluminum futures closed up USD 18 at USD 2,902 per tonne. LME nickel futures closed down USD 84 at USD 15,142 per tonne.
Editor /rice