Market Recap
US stocks continued their record-setting streak on Tuesday, with all three major indexes closing higher for a third straight session. The S&P 500 briefly topped 6,900 for the first time before settling just below that milestone. Investor attention remains focused on Big Tech earnings, the Fed’s rate decision, and US–China trade progress.
Reports from Xinhua confirmed that US and Chinese trade officials met in Kuala Lumpur, where both sides discussed constructive solutions and reached preliminary consensus on several key issues. Optimism over potential progress helped sustain market momentum.
Meanwhile, the Federal Reserve began its two-day policy meeting, with markets largely expecting a second rate cut this year. Traders are also looking for signals of another potential move in December amid softening labor data.
Due to the ongoing US government shutdown, the Fed is operating with limited official data. ADP’s newly introduced four-week average employment tracker showed moderate labor market growth as of mid-October.
US Stocks
Tech stocks led the rally once again.
- NVIDIA surged 4.98% to $201.03, pushing its market cap close to $4.9 trillion.
- Microsoft rose 1.98%, closing at a record high with its valuation surpassing $4 trillion.
- Apple added 0.07%, briefly crossing the $4 trillion mark intraday.
Other major techs were mixed: Amazon +1%, Tesla +1.8%, Meta +0.08%, while Google C slipped 0.56%.
Chinese ADRs traded mostly higher, with Pony.ai (+11.13%), Bilibili (+5.37%), and Xpeng (+1.39%) among top gainers.
US Stocks Market Snapshot:
- Dow Jones: +161.78 pts (+0.34%) → 47,706.37
- Nasdaq: +190.04 pts (+0.80%) → 23,827.49
- S&P 500: +15.73 pts (+0.23%) → 6,890.89
Hong Kong
Hong Kong markets were closed for the Chung Yeung Festival on October 29 and will resume trading on October 30.
A50
Mainland China’s A-shares traded higher across the board, led by cyclical and resource sectors.
- Shanghai Composite: +0.37% → 4,002.83
- Shenzhen Component: +0.90% → 13,550.65
- ChiNext: +1.35% → 3,273.28
Gainers included Hainan, nonferrous metals, and securities, while banks and logistics lagged behind.
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