Tracking Market Trends
TradingKey - On November 3, the three major U.S. stock indices ended mixed. A rebound in semiconductor and mega-cap tech stocks pushed the Nasdaq to snap a three-day losing streak; Apple dragged lower on weak margin guidance, causing the Dow to fall slightly. In post-market trading, AMD (AMD) reported strong results and raised its growth guidance, bringing the AI infrastructure theme back into focus.
The Dow Jones Industrial Average fell 0.38% to close at 51,792.19; the S&P 500 Index rose 0.36% to end at 7,568.92; the Nasdaq Composite Index gained 0.83% to finish at 25,372.01.
In terms of sectors and individual stocks, chip stocks rebounded broadly, with the Philadelphia Semiconductor Index rising 2.6%. Nvidia (NVDA) rose 2.29%, Broadcom (AVGO) gained 3.07%, AMD advanced 3.65%, Micron (MU) climbed 2.58%; Microsoft (MSFT), Amazon (AMZN), and Meta (META) all gained over 2%.
In commodities, Brent crude (UKOIL) closed at $104.26, down slightly by 0.07%; WTI crude (USOIL) stood at $96.75 per barrel, up 0.52%. Intertwined with U.S.-Iran diplomatic efforts and geopolitical risks around the Strait of Hormuz, oil prices remained highly volatile.
In precious metals, gold (XAUUSD) traded at $3,930, down 0.42%. The 10-year U.S. Treasury yield rose to 4.95%, up 4 basis points from the previous trading day, limiting upside in gold prices.
In cryptocurrencies, Bitcoin (BTCUSD) was quoted at around $77,454, up 0.83%.
Market News
AMD's third-quarter revenue grew 45% year-over-year, with its data center business up 97%. AMD reported third-quarter revenue of $13.377 billion and data center revenue of $8.546 billion; the company expects fourth-quarter revenue of approximately $17 billion, plus or minus 3%. Following the release of the results, AMD rose nearly 5% in after-hours trading.
Arista Networks' third-quarter revenue grew 58.5% year-over-year. Arista Networks (ANET) reported third-quarter revenue of $3.66 billion and expects fourth-quarter revenue to be between $3.9 billion and $4.0 billion.
Super Micro Computer announced preliminary unaudited results, with first-fiscal-quarter revenue of $19.9 billion. Super Micro Computer (SMCI) expects next-fiscal-quarter revenue to be $19.5 billion to $21.5 billion; the company stated that the financial closing process is not yet complete, and final results may be subject to adjustment.
US job openings stood at 7.5 million in September. Data from the US Bureau of Labor Statistics showed that hires in September were 5.4 million, and August job openings were revised to 7.2 million.
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