| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 47,562.87 | 40.75 | 0.09% |
| S&P 500 | 6,840.20 | 17.86 | 0.26% |
| Nasdaq | 23,724.96 | 143.81 | 0.61% |
| VIX | 17.44 | 0.53 | 3.13% |
| Gold | 4,013.40 | -2.5 | -0.06% |
| Oil | 60.88 | 0.31 | 0.51% |
OVERVIEW OF THE US MARKET
Wall Street closed higher on October 31, 2025, buoyed by strong earnings from Amazon and a resilient outlook from Apple, offsetting concerns over AI spending and a hawkish Federal Reserve tone. The S&P 500 rose 0.26% to cap a volatile October with a 2.3% monthly gain, extending its longest streak of monthly advances since 2021, while the Nasdaq Composite climbed 0.61% and the Dow Jones Industrial Average added 0.09%. Amazon surged 9.58% after its cloud unit posted 20% growth, its fastest since 2022, while Apple shares fluctuated but ended positively despite a China sales dip and supply issues on iPhone 17 models. Nvidia dipped 0.20% amid CEO Jensen Huang’s comments on potential Blackwell chip sales to China, and Meta’s off-balance-sheet AI data center spending of $30 billion highlighted the sector’s capital intensity.
Sector gains were led by consumer discretionary up 4.08%, driven by Amazon, while energy rose 0.64% and financials added 0.18%. Materials fell 0.86%, utilities dropped 0.77%, and information technology eased 0.32%. Active stocks featured Nvidia with heavy volume, Amazon on its earnings pop, and Pfizer up 1.48%, while Getty Images fell 6.47% and Opendoor gained 5.86%.
The advance followed a $17 trillion rally since April, fueled by corporate confidence and rate-cut bets, though narrowing breadth raised short-term risks. October’s challenges, including trade risks, a US government shutdown, and elevated valuations at 23 times forward earnings, tested bulls, but earnings optimism prevailed with 83% of S&P 500 reports beating estimates. Treasury Secretary Scott Bessent noted China’s threat on rare earth exports was a mistake, amid a trade truce easing haven demand for gold, which slipped below $4,000 an ounce.
Fed Chair Jerome Powell’s warning against assuming a December cut, after a 10-2 vote for a quarter-point reduction, drew dissents from hawks like Dallas Fed’s Lorie Logan and Kansas City’s Jeffrey Schmid, who cited strong labor and inflation. Cleveland’s Beth Hammack and Atlanta’s Raphael Bostic echoed caution, while Governor Christopher Waller advocated for a December cut to support the labor market. With the shutdown delaying November’s jobs report, private data like ADP will gain focus.
Strategists at Nationwide’s Mark Hackett see skepticism on rally participation as another bear argument fading, supporting strength through year-end. Fundstrat’s Thomas Lee buys dips in a seasonally strong fourth quarter, with broad sector growth beyond AI. UBS’s Mark Haefele urges adding AI exposure via diversification, as mentions in transcripts accelerate and integration spreads to non-tech like Honeywell and Caterpillar. Janus Henderson’s Jeremiah Buckley notes growth stocks’ valuation premium over value is backed by fundamentals, unlike 2000, with profitability gaps widening.
OVERVIEW OF THE AUSTRALIAN MARKET
Australia’s share market closed slightly lower on October 31, 2025, in a lackluster session capping a grim week amid stock shocks and dashed rate-cut hopes. The S&P/ASX 200 slipped 0.04% to 8,881.9, down 1.52% weekly and 2.63% from its all-time high, while the All Ordinaries eased 0.01% to 9,178. Energy led gainers up 0.60%, with communication services adding 0.45% and materials 0.22%, but consumer discretionary plunged 1.70%, utilities fell 1.13%, and information technology dropped 0.55%.
The dip followed third-quarter CPI at 1.3% quarterly and 3.2% annually, with trimmed mean at 1.0% quarterly and 3.0% yearly, hotter than polls and solidifying no RBA cuts soon. Retail sales rose 0.3% quarterly, beating flat expectations. Gold stocks rebounded 3.3% as prices bounced, with Northern Star, Evolution, and Newmont up over 3%, though spot gold dipped below $A6,110 by close after China scrapped a gold tax break, potentially hiking consumer costs.
Critical minerals shone, with European Lithium up 26.8%, Resolution Minerals 20.5%, and Liontown up on sector strength. Woodside and uranium plays lifted energy, amid US nuclear plans. Health care edged 0.13% but shed over 8% weekly after CSL’s profit warning. Mayne Pharma cratered 31.5% on blocked $672 million takeover, Steadfast fell 9.7% on CEO probe, and JB Hi-Fi dropped 3.4%, Wesfarmers 2.5% in a discretionary rout.
Big banks mixed, with Westpac and CBA higher, ANZ down 0.6% on $1 billion earnings hit. Iron ore giants softened but gained weekly on prices. The Aussie dollar slipped to 0.6544 versus the US dollar.
