Market Recap
US stocks closed mixed on Monday as Amazon’s $38 billion cloud partnership with OpenAI sent tech shares higher and helped the Nasdaq finish in positive territory. The Dow Jones and S&P 500 slipped modestly, while traders weighed ongoing US government shutdown risks and the start of a busy earnings week with over 100 S&P 500 companies set to report results.
October ended on a strong note for Wall Street: the S&P 500 gained 2.3%, the Dow rose 2.5%, and the Nasdaq climbed 4.7%, supported by continued momentum in AI-related trades and signs of easing US-China tensions.
However, Washington’s budget impasse continues, delaying the release of key economic indicators — including the nonfarm payrolls report (NFP), forcing investors to rely on private-sector data this week to gauge the Fed’s policy outlook. Fed Chair Jerome Powell recently cautioned markets against assuming a December rate cut is guaranteed.
US Markets
Tech stocks were mixed but largely supported by gains in Amazon and Nvidia.
- Amazon (+4%) surged after inking its $38B AI infrastructure deal with OpenAI.
- Nvidia (+2.17%) extended its record-setting rally.
- Apple (-0.49%) and Microsoft (-0.15%) edged lower, while Alphabet (+0.82%) and Tesla (+2.59%) advanced.
- Eli Lilly (+3.9%) also boosted the healthcare sector.
Among Chinese ADRs, performance was mixed. The Nasdaq Golden Dragon China Index rose 0.26%. Notable movers included:
- EHang (+9.68%), Atour (+5.83%), and So-Young (+19.24%) posting strong gains.
- Alibaba (-1.61%), JD.com (-0.79%), and Li Auto (-1.77%) fell slightly.
Market Snapshot:
- Dow Jones: ↓ 226.19 pts (-0.48%) at 47,336.68
- Nasdaq: ↑ 109.77 pts (+0.46%) at 23,834.72
- S&P 500: ↑ 11.77 pts (+0.17%) at 6,851.97
Hong Kong Markets
Hong Kong stocks ended mixed by midday. Tech shares slipped, with Xiaomi and JD.com down over 1%, while Baidu jumped more than 6%.
Energy and banking stocks led gains:
- PetroChina (+2%) extended its rally after OPEC+ announced plans to pause production increases in Q1 2026, marking its first pause since April.
- CMB (+2%) climbed among active mainland banks.
Gold miners retreated, with Lingbao Gold (-5%) leading losses as spot gold fell below $3,990/oz. Analysts at GF Securities cited profit-taking and easing geopolitical tensions as key factors for gold’s pullback.
Market Snapshot:
- Hang Seng Index: ↑ 0.20% at 26,210.51
- Hang Seng Tech Index: ↓ 0.20% at 5,910.47
- China Enterprises Index: ↑ 0.21% at 9,278.34
A50 & Mainland China
Mainland markets traded lower.
- Shanghai Composite: ↓ 0.19% at 3,969.05
- Shenzhen Component: ↓ 1.27% at 13,234.07
- ChiNext: ↓ 1.51% at 3,148.46
Turnover across Shanghai, Shenzhen, and Beijing exchanges totaled ¥1.23 trillion, down ¥167 billion from the previous session, with over 3,600 stocks declining.
Leading sectors: banking, insurance, coal, and electric equipment advanced;
laggards included precious metals, robotics, pharmaceuticals, and wind energy.
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