Tracking Market Trends
TradingKey - On November 4, following the release of the U.S. midterm election results, the three major U.S. stock indices rallied sharply across the board. The Democratic Party won both houses of Congress, easing market concerns over political uncertainty and oil-driven inflation; however, AI infrastructure stocks showed mixed performance, with cloud computing giants strengthening while chip and memory stocks came under pressure.
The Dow Jones Industrial Average rose 3.03% to close at 53,361.33; the S&P 500 Index gained 1.58% to close at 7,688.62; and the Nasdaq Composite Index climbed 1.44% to close at 25,736.51.
In terms of sectors and individual stocks, Microsoft (MSFT) rose 6.68%, Amazon (AMZN) gained 6.12%, Apple (AAPL) climbed 5.31%, Alphabet (GOOGL) added 3.18%, and Meta (META) advanced 1.44%.
Conversely, AI infrastructure-related stocks generally pulled back. Nvidia (NVDA) fell 3.17%, Micron (MU) dropped 7.00%, Broadcom (AVGO) slipped 2.00%, and the Philadelphia Semiconductor Index fell 3.13%. Tesla (TSLA) lost 3.34%.
In commodities, Brent crude (UKOIL) plunged 9.26% to close at $94.61; WTI crude (USOIL) dropped 8.99% to $88.05. As the market reassessed the escalation risk of U.S. policy toward Iran, the geopolitical risk premium previously accumulated in crude oil rapidly unwound.
In precious metals, gold (XAUUSD) was trading at around $4,069, edging higher. The U.S. Dollar Index stood at 101.24, down about 0.42%, while the 10-year U.S. Treasury yield eased to 4.88%, jointly supporting gold prices to remain above $4,000.
In cryptocurrencies, Bitcoin (BTC) closed at $80,504, up 3.94%. Crypto assets, previously suppressed by election uncertainty and the Binance security incident, experienced a recovery.
Market News
The US midterm election results are in, with Democrats gaining control of both houses of Congress. With Republicans losing sole control of Washington, markets need to focus on future changes in fiscal policy, AI regulation, and Iran policy.
Qualcomm reported fourth-quarter revenue of $10.322 billion, sending its stock down nearly 6% after hours. Qualcomm (QCOM) posted adjusted earnings per share of $2.17; handset revenue fell 26% year-over-year, but automotive revenue rose 89% year-over-year, and the company reiterated its target of $5 billion in data center revenue for fiscal year 2027.
Arm reported record second-quarter revenue of $1.44 billion. Arm (ARM) revenue grew 27% year-over-year, with licensing revenue up 50% year-over-year and data center royalty revenue doubling year-over-year.
The US ISM Services PMI fell to 54.5 in October. The index was below September's 54.9 but remained in expansion territory, as markets continue to await this week's US nonfarm payrolls report.
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