01 Stock Market
The U.S. major indexes closed as follows: Dow Jones up 0.26% at 53,417.16; S&P 500 fell 0.28% to 7,652.86; NASDAQ declined 0.76% to 25,980.19. Softer megacap-tech sentiment outweighed a modest lift in cyclical shares, leaving the broader market mixed at the close.
Semiconductor swings dominated the session, with chipmakers and related ETFs posting outsized moves. NVIDIA fell 2.91% at $208.48, while leveraged fund SOXL declined 7.83% at $111.16 and inverse peer SOXS surged 7.91% at $50.75. Memory giant Micron Technology slid 5.83% at $910.43, and Intel dropped 3.12% at $87.26. Graphics rival AMD fell 3.49% at $456.75, while networking name Marvell Technology retreated 3.27% at $229.29. Automotive heavyweight Tesla declined 3.83% at $348.95, contrasting with modest gains in Apple (up 0.32% at $310.34) and Meta (up 1.66% at $559.02).
Overall, profit-taking in high-growth technology overshadowed select advances in defensive and value pockets. Sector rotation was evident as traders digested fresh corporate funding moves, upcoming earnings, and policy headlines. Despite the choppy backdrop for tech, steady buying in select megacaps helped cap broader losses, leaving the Dow in positive territory.
02 Other Markets
U.S. 10-year Treasury yield was unchanged, latest at 4.70%.
WTI crude futures rose 0.13%, at 85.12 USD/bbl; COMEX gold futures rose 0.60%, at 1,725.80 USD/oz.
03 Top News
1. U.S. Treasury signalled it will keep its regular bond auctions despite plans for larger buybacks. Officials said the beefed-up repurchase programme targets 10- to 30-year securities but will not alter the auction calendar. The assurance aims to calm investors after recent volatility in long-term yields.
2. Boeing secured an Air Force contract worth up to $131 billion for F-15 Eagle upgrades. The indefinite-delivery/indefinite-quantity deal covers production and support through at least 2031, with options to 2037. Foreign military sales to Israel, Saudi Arabia, South Korea, and Japan are included, underscoring strong defence demand.
3. Washington and Ottawa escalated a tariff dispute that could hit $40 billion in bilateral trade. New U.S. levies on Canadian goods such as alcohol and furniture have taken effect under a rarely used trade law. Analysts warn prolonged frictions could disrupt key sectors including autos and agriculture.
4. Tesla quietly discontinued sales of its solar roof tiles as it pivots toward traditional panels. The product page now redirects to standard solar offerings, ending a decade-long effort to popularise integrated roof tiles. Tesla is focusing resources on a planned $10 billion solar-cell factory in Texas.
5. JPMorgan highlighted competition and China exposure as key watch-points ahead of Nvidia’s upcoming earnings. Analysts expect headline results to beat forecasts but see questions around GPU shipments, memory supply, and rival chip platforms. Ongoing industry investments could intensify pricing pressure.
6. Xpeng’s robotics subsidiary raised more than $900 million, valuing the unit above $6.3 billion. The record financing round, led by IDG Capital with backing from Tencent and Alibaba, will accelerate humanoid robot production. Xpeng targets 1,000 units per month and overseas expansion within two years.
7. Nevada regulators approved Tesla to deploy up to 5,000 robo-taxis over the next year. The permit represents a major step toward scaling the company’s autonomous service, which currently operates in a handful of cities. Wider rollout could bolster Tesla’s mobility ambitions and diversify revenue streams.
8. Nasdaq and NYSE plan to launch 23-hour weekday trading sessions starting in December. The exchanges say longer hours will accommodate global investors and increase liquidity. Observers debate potential risks for U.S. retail traders in a near-round-the-clock market.
9. Senior officials said the U.S. Treasury may tap its near $1 trillion General Account to finance expanded bond buybacks. Using existing cash reserves could amplify the agency’s ability to lower long-term yields without boosting short-term issuance. Market participants remain cautious about the strategy’s ultimate effectiveness.
10. Alibaba’s chairman and CEO bought about $15 million of shares following a large capital raise for AI investment. The insider purchases came after the company completed a HK$80 billion share placement priced at a discount. The move aims to restore confidence after the stock’s sharp slide.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data Disclaimer: This content is for reference only and does not constitute investment advice.