MARKET SNAPSHOT

Stocks rose as the Anthropic-inspired rally extended into day two. Treasury yields ticked higher as data indicated U.S. business and consumers remain resilient in the face of high borrowing costs. Gold settled higher as oil futures pulled back amid diplomatic efforts to ease tensions in the Middle East. The U.S. dollar rose sharply in anticipation of a hawkish statement from the Fed.

MARKET WRAPS EQUITIES

U.S. stocks rose for the second straight session amid growing optimism about upcoming earnings reports from so-called artificial-intelligence hyperscalers.

The broad S&P 500 rose 0.6% and the tech-heavy Nasdaq Composite gained 1.18%. The Dow Jones Industrial Average edged up 0.03%.

Treasury yields rose as traders awaited the Federal Reserve's policy decision Wednesday. The central bank is widely expected to hold rates steady, but hotter-than-anticipated readings of inflation in recent weeks suggest an increase remains possible.

"Hiking probabilities took a leg down when tech-sector credit seemed to be under pressure," said strategists at British brokerage Standard Chartered Global Research, in a note to clients. "But tech and AI have rebounded, so downside financial-market risks are now less pronounced."

The Standard Chartered strategists estimated there was a roughly one-in-four chance that the Fed would surprise markets with a rate hike on Wednesday.

Earlier Tuesday, Asian equities were mixed as investors weighed artificial-intelligence bellwether Anthropic's hotly-anticipated IPO filing ahead of the Federal Reserve's policy meeting this week.

Asia's AI infrastructure stocks were broadly higher on the news after their recent weakness.

China's Shanghai Composite Index declined 1.3% while the Shenzhen Composite Index lost 2.6%. The tech-focused ChiNext Price Index slid 3.4%.

Hong Kong's Hang Seng Index dropped 0.7%.

South Korea's Kospi, however, jumped 3.1%, led by gains in chip and battery stocks.

Japan's Nikkei Stock Average added 1.7% amid strength in chip-related stocks.

Stocks in Australia rose, as the S&P/ASX 200 increased 0.5%. New Zealand's S&P/NZX 50 Index fell 0.4%.

COMMODITIES

Oil prices fell, with U.S. benchmark crude slipping back under $100 a barrel as traders held out hopes for regional diplomatic efforts to ease Middle East tensions.

December Brent crude futures settled down 1.7% at $113.88 a barrel, and December West Texas Intermediate fell 1.8% to $99.90 a barrel.

"The possibility of a peace deal in Iran is putting pressure on prices," said Robert Yawger, commodity specialist at Mizuho Securities USA. The pullback was likely influenced by profit-taking after speculative investors had been loading up long positions, he added.

Iran, Saudi Arabia, Pakistan and Turkey agreed to continue talks on regional peace and security after senior officials met in Tehran on Monday, according to a joint statement issued after the meeting.

Gold settled higher as oil futures pulled back with the market focusing on diplomatic efforts to ease tensions in the Middle East.

Expectations that the Fed will leave interest rates unchanged this week give the metal some help.

"While the absence of an immediate Fed hike could offer temporary support, a firm dollar, elevated energy-driven inflation and limited scope for policy easing could restrict any sustained recovery," Kaynat Chainwala of Kotak Neo said.

Front-month gold settled up 0.9% at $4,058.80 a troy ounce. Silver edged up 0.3% to $54.293 a troy ounce.

TODAY'S TOP HEADLINES

U.S. Consumer Confidence Improved in October, Conference Board Says

Consumer confidence in October revived to June levels as consumer appraisals improved both for the present situation and for future expectations, a monthly survey from The Conference Board said.

The research group said its consumer confidence index rose to 91.7 this month from 84.2 in September. Economists polled by The Wall Street Journal had expected a reading of 81. September's level was revised slightly upward.

The recovery was in line with retail gasoline prices easing from September to October, said Fergus McCormick, Senior Economist, Global Indicators at the Conference Board.

U.S. Home Price Growth Kept Climbing in August

U.S. home price growth climbed again in August, led by major metropolitan areas including Chicago and New York.

The S&P Cotality Case-Shiller National Home Price Index, which measures home prices across the country, rose 2.1% in the 12 months through August, compared with a 1.9% increase in July.

For the 15th consecutive month, U.S. home values fell in real terms, as August's 3.4% inflation ran roughly 1.3 percentage points above the 2.1% home price gain, the survey said.

China Claims Strong Economic Growth, but Skeptics Question Official Figures

SINGAPORE-China has reported robust growth this year, despite a continuing crash in its property market and consumer spending that is largely at a standstill. That is stirring questions that have long dogged China's official data: Are the numbers accurate?

Opaque collection methods and concerns about political influence have for years cast doubts on Beijing's economic data. But as the country grapples with a persistent slowdown that doesn't always show up in government figures, that skepticism is growing louder.

Estimates from some Western analysts for China's full-year growth range from 0% to 3%, far lower than the 4.5% expansion Beijing reported for the third quarter. Moreover, several prominent economists in China are arguing that the unemployment rate-which edged down to 5.2% in September, according to government figures-masks a more serious jobs crisis.

Boeing Turnaround Shows Progress but Commercial Unit Sputters

Boeing posted another quarterly loss after higher costs ate into profits within its commercial-jet business.

Heavy investments in new airplane production, a roughly $700 million payment to cover a Justice Department settlement and other accounting charges also crimped profits during the September quarter. But the plane maker continued generating cash, a major test of its turnaround.

Boeing booked an overall third-quarter loss of $116 million, compared with a $5.34 billion loss a year earlier. On a per-share basis, the loss shrank to 26 cents from $7.14 a year earlier.

Seagate Posts Soaring Profit on Continued Data-Storage Demand

Seagate Technology reported a soaring profit in the fiscal first quarter, as the artificial-intelligence infrastructure build-out continues to drive demand for the company's data-storage components.

The company on Tuesday reported a profit of $1.76 billion, or $7.59 a share, in the quarter ended Oct. 2. That compares with a profit of $549 million, or $2.43 a share, a year earlier.

On an adjusted basis, earnings were $7.68 a share, beating the $7.45 a share expected by analysts polled by FactSet.

Visa Reports Higher Profit on Payment Volumes, Transactions Growth

Visa reported a higher profit and growing revenue in the fiscal fourth quarter boosted by an increase in payment volumes and processed transactions.

The payments company on Tuesday reported a profit of $6 billion, or $3.19 a share, compared with a profit of $5.09 billion, or $2.62 a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were $3.48 a share. Analysts polled by FactSet expected $3.44 a share.

General Motors Moving Stock Listing to Nasdaq From NYSE

General Motors is moving its stock listing to Nasdaq from the New York Stock Exchange, becoming the latest marquee name to make the jump from the Big Board to its younger rival.

GM on Tuesday said it expects to begin trading as a Nasdaq-listed company on Nov. 17 under its current GM stock symbol.

GM's shares will continue to trade on the NYSE, the automaker's home since it returned to the public markets in 2010 following a bankruptcy and public bailout, through the close of business on Nov. 16.

Chip-Equipment Supplier ASM International Lifts Guidance Again Amid AI Spending Frenzy

ASM International raised its sales forecasts for next year once again as companies invest heavily in semiconductors and the tools needed to produce them to keep up with soaring demand for artificial intelligence.

The Dutch group, which supplies chip makers with wafer processing equipment for the deposition of thin films, said revenue next year should exceed 5.7 billion euros, equivalent to $6.37 billion. The upgrade comes three months after the group boosted its 2027 projections.

In September last year, ASM International set a 2027 revenue target between 3.7 billion euros and 4.6 billion euros. In July, it boosted that goal, saying revenue would exceed the top end of that range.

Expected Major Events for Wednesday 00:30/AUS: Sep CPI

01:00/NZ: Reserve Bank of New Zealand Monetary Policy Review

02:00/SKA: Sep Department store sales

04:00/MAL: Sep PPI

07:00/THA: Bank of Thailand Monetary Policy Committee meeting and decision

08:00/TAI: Sep Business Indicators

08:30/HK: Sep External Merchandise Trade

21:00/SKA: Nov Business Survey Index

23:50/JPN: Oct Provisional Trade Statistics for 1st 10 days of Month

00:00/NZ: Oct ANZ Business Outlook

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