On Wednesday, the three major indices showed mixed performance during the trading session. The Nasdaq reached an intraday high of 22,182.34 points, while the S&P 500 broke through the 6,600-point threshold for the first time, hitting an intraday peak of 6,600.21 points. Both indices set new intraday historical records. All three major US stock indices recorded weekly gains. The Dow Jones gained 0.95% for the week, the Nasdaq advanced 2.03%, and the S&P 500 rose 1.59%. The S&P 500 delivered its best weekly performance since early August and posted its fifth weekly gain in six weeks. The Nasdaq extended its winning streak to a second consecutive week, while the Dow achieved its first weekly gain in three weeks.

**US Markets** At the close, the Dow Jones fell 273.78 points or 0.59% to 45,834.22 points. The Nasdaq gained 98.03 points or 0.44% to 22,141.10 points. The S&P 500 declined 3.18 points or 0.05% to 6,584.29 points.

Tesla (TSLA.US) surged 7.36%, Oracle (ORCL.US) dropped over 5%, and Apple (AAPL.US) climbed 1.76%. Cryptocurrency trading platform Gemini Space Station, Inc. (GEMI.US) jumped 14.29% on its market debut. Vaccine stocks declined, with BioNTech SE (BNTX.US) falling 7.26% and Moderna (MRNA.US) dropping 7.40%.

**European Markets** Germany's DAX30 fell 0.14 points or 0.00% to 23,693.19 points. The UK's FTSE 100 declined 17.03 points or 0.18% to 9,280.55 points. France's CAC40 gained 1.72 points or 0.02% to 7,825.24 points. The Euro Stoxx 50 rose 3.88 points or 0.07% to 5,390.65 points. Spain's IBEX35 added 0.73 points or 0.00% to 15,308.73 points. Italy's FTSE MIB increased 127.58 points or 0.30% to 42,560.00 points.

**Oil Markets** WTI crude oil futures for October delivery rose 32 cents or 0.51% to $62.69 per barrel. Brent crude futures for November delivery gained 62 cents or 0.93% to $66.99 per barrel.

**Foreign Exchange** The US Dollar Index, measuring the dollar against six major currencies, rose 0.02% to close at 97.549. At the New York market close: 1 euro traded at $1.1741, up from $1.1736 the previous day; 1 British pound at $1.3570, down from $1.3579; 1 dollar bought 147.49 yen, up from 147.18; 1 dollar traded at 0.7959 Swiss francs, up from 0.7956; 1 dollar bought 1.3839 Canadian dollars, up from 1.3837; and 1 dollar traded at 9.3218 Swedish kronor, up from 9.3090.

**Cryptocurrencies** Bitcoin gained 0.43% to $116,004.19. Ethereum broke above $4,600 per token, reaching its highest level since August 28, with a daily gain of 3.21%.

**Gold** COMEX gold futures rose 0.19% to $3,680.7 per ounce. Spot gold advanced 0.26% to $3,642.97.

**Macro News** BlackRock executive Rick Rieder has emerged as a leading candidate for Federal Reserve Chair. According to a US government official, Rieder's ranking has risen among potential Fed Chair candidates. The official revealed that Treasury Secretary Bessent conducted an extensive two-hour meeting with Rieder in New York on Friday, discussing monetary policy, Federal Reserve organizational structure, and regulatory policies. Bessent has now interviewed four of the eleven publicly recognized candidates on the consideration list, emphasizing that the selection process remains ongoing. One or two additional candidates may likely join the list. Rieder, one of BlackRock's most senior executives overseeing the company's fixed income business, impressed Bessent with his extensive experience leading large teams in financial markets and his deep understanding of micro and macro factors affecting the economy. If appointed Fed Chair, Rieder would bring a steady leadership style and comprehensive knowledge of financial institutions beyond the banking system. Bessent particularly values Rieder's ability to use forward-looking frameworks to assess economic trends rather than relying solely on lagging historical data.

European lawmakers are pushing to modify a controversial EU-US trade agreement reached this summer, potentially creating new friction as the EU attempts to stabilize relations with President Trump. According to sources, European Parliament members are advocating for a "sunset clause" to limit the duration of tariff reductions on US industrial goods and adjust tariffs on specific products. Sources indicate the European Commission conveyed these requests to member states this week. The Commission had negotiated the agreement in July, which stipulates 15% US tariffs on most EU exports while the EU agreed to eliminate tariffs on US industrial goods. Nearly all parliamentary groups have criticized this arrangement as unbalanced. The Parliament's push for revisions could delay agreement approval or potentially jeopardize the entire deal.

**Individual Company News** Tesla Chairman Robin Denholm dismissed concerns that Elon Musk's political activities have caused declining sales for the electric vehicle manufacturer, stating he has full autonomy regarding future election participation. "From a political standpoint, his political motivations and actions are up to him. Obviously, we live in a democratic society, so everyone has the right to express their views," Denholm said. She added, "In my opinion, people will buy what they truly love in the long term. Tesla vehicles are products people genuinely love." She noted that after working at the White House for several months, Musk remains "front and center" at Tesla.

ExxonMobil (XOM.US) announced it has invented a new type of graphite that can extend electric vehicle battery life by up to 30%. CEO Darren Woods stated at the University of Texas at Austin energy symposium: "We invented a new carbon molecule that will extend battery life by 30%." He called this a "revolutionary leap" in battery performance. Woods indicated the invention is currently being tested by multiple electric vehicle manufacturers. The synthetic graphite used in battery anodes enables faster charging speeds, longer lifespan, and extended driving range.

The Federal Trade Commission is investigating whether Amazon (AMZN.US) and Alphabet's (GOOG.US) Google have misled advertisers in their website advertising processes. Sources indicate the investigation, led by the agency's consumer protection division, focuses on whether both companies adequately disclosed advertising terms and pricing information. The FTC investigation marks another regulatory front against Google and Amazon, even as top technology company executives work to court President Trump's support. Additionally, judges overseeing two Justice Department cases against Google have already ruled the company maintains illegal monopolies in online search and certain search advertising areas, as well as in technology used for online advertising transactions.

Nvidia (NVDA.US) is scaling back its cloud computing business. Sources reveal that Nvidia is reducing focus on its DGX Cloud business, previously positioned as a competitor to Amazon Web Services. According to a person directly familiar with the situation, the company now plans to primarily use the service for its own researchers rather than actively seeking external corporate customers. The service consists of servers powered by its AI chips. The company previously had ambitious goals for its cloud business, believing it could eventually generate $150 billion in revenue.

**Analyst Ratings** Bank of America lowered Adobe's (ADBE.US) target price to $460 from $475.