| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 47,706.37 | 161.78 | 0.34% |
| S&P 500 | 6,890.89 | 15.73 | 0.23% |
| Nasdaq | 23,827.49 | 190.04 | 0.80% |
| VIX | 16.42 | 0.63 | 3.99% |
| Gold | 3,965.70 | -17.4 | -0.44% |
| Oil | 60.25 | 0.1 | 0.17% |
OVERVIEW OF THE US MARKET
Wall Street closed higher on October 28, 2025, buoyed by gains in technology stocks amid optimism over artificial intelligence developments and upcoming earnings reports. The S&P 500 rose 0.23% to a fresh all-time high just below 6,900, while the Nasdaq Composite climbed 0.80% and the Dow Jones Industrial Average added 0.34%. Tech megacaps led the advance, with Nvidia surging nearly 5% after CEO Jensen Huang dismissed AI bubble concerns and announced new partnerships, including a $1 billion investment in Nokia and collaborations with Uber, Palantir, and CrowdStrike. Nokia’s ADR jumped over 22% on the deal, while Microsoft rose on finalizing a 27% stake in OpenAI valued at $135 billion.
Other movers included SoFi Technologies up 5.53% and Intel gaining 5.03%, but BigBear.ai fell 4.51%. Sector performance was mixed, with information technology up 1.64% on AI enthusiasm, while real estate dropped 2.22% and utilities slid 1.66%. Investors are eyeing this week’s Magnificent Seven earnings, starting with Microsoft, Apple, and others on Wednesday and Thursday, with projections for 14% profit growth amid hefty AI infrastructure spending.
President Donald Trump’s upcoming meeting with Chinese President Xi Jinping added to sentiment, with reports of potential US tariff rollbacks in exchange for Beijing’s crackdown on fentanyl precursors. Consumer confidence unexpectedly fell to a six-month low, but private payrolls showed modest gains, keeping focus on the Federal Reserve’s policy decision Wednesday, where a 25 basis-point rate cut to 3.875%-4.125% is widely anticipated. Traders are also watching for signals on ending quantitative tightening, potentially as soon as this month.
Strategists remain optimistic, citing strong AI-driven earnings and over $7 trillion in money-market funds poised to shift into equities as yields decline. Goldman Sachs notes seasonal tailwinds, with the S&P 500 averaging 4.2% gains from late October through year-end since 1985. However, Ritholtz Wealth Management warns of skepticism around AI capex costs, projecting $450 billion from hyperscalers, which could pressure valuations if profitability lags. Citigroup highlights crowded tech positioning, with Nasdaq 100 longs increasing, raising risks of a near-term pullback if earnings disappoint.
Corporate highlights included Visa topping earnings estimates, Booking Holdings beating on gross bookings, and Nvidia unveiling quantum-AI links. Uber set a 100,000-robotaxi fleet goal with Nvidia tech starting 2027, while Amazon plans 14,000 job cuts amid AI shifts. United Parcel Service smashed profit forecasts via cost cuts, and PayPal raised guidance with an OpenAI tie-up. The Bloomberg Magnificent 7 Index rose 1.3%, underscoring the group’s dominance, now accounting for a quarter of the S&P 500.
OVERVIEW OF THE AUSTRALIAN MARKET
The Australian share market closed lower on October 29, 2025, reversing prior gains amid stock-specific shocks and weakness in mining and health care sectors. The S&P/ASX 200 fell 0.48% to 9,012.5, while the broader All Ordinaries dropped 0.60% to 9,295.8. Health care plunged 7.40% as CSL tumbled 15.9% after slashing earnings guidance at its AGM, while information technology slid 3.16% with WiseTech Global down 15.9% following ASIC and AFP raids over alleged improper trading. Materials declined 2.02% and energy 1.69%, hit by falling commodity prices and US-China trade thaw signals reducing safe-haven demand.
Gold miners suffered, with the XGD sub-index down 4.6% as spot gold fell 0.7% to $3,955.91 an ounce from recent highs. Critical minerals stocks like Lynas Rare Earths dropped 13.9%, despite higher base metal prices, amid profit-taking post-rally. Consumer discretionary rose 1.68% and financials 1.32%, buoyed by banks like Commonwealth Bank hitting 11-week highs above $175. Domino’s Pizza surged 7.2% before halting on private equity buyout rumors, while AUB Group gained 5.9% on an unsolicited acquisition proposal.
Investors eye Wednesday’s third-quarter CPI data, forecast at 1.1% quarterly and 3.1% annually headline, with trimmed mean at 0.8% quarterly; hotter prints could dash November rate cut hopes after RBA Governor Michele Bullock’s hawkish tone. US-China talks weighed on resources, as closer ties may sideline Australia in supply chains. Weebit Nano rose 9.1% on uptrend momentum, and Eagers Automotive added 6.3% post-investor event.
Fund flows shifted from resources to discretionary and financials in a zero-sum rotation. Upcoming US Fed decision and China PMI Friday add volatility risks, though November seasonality favors equities per Stock Trader’s Almanac.
