**Markets** - Nasdaq closed at a new record high on October 30 as the Federal Reserve cut rates and signaled an end to balance sheet reduction. - Nvidia's market cap surpassed $5 trillion, ranking among the top 20 most traded U.S. stocks. - Chinese ADRs were mixed: ASE Technology rose 8.08%, while Pony.ai fell 3.06%. - Oil prices climbed Wednesday amid a sharp drop in U.S. inventories. - Spot gold dipped 0.30% to $3,940.43/oz. - European stocks held steady amid earnings season, with focus on the Fed.

**Macro** - The Fed cut rates by 25 bps, with two dissenting votes, and announced it would halt balance sheet reduction starting December 1. Chair Powell warned that a government shutdown had dampened economic activity. - The U.S. House of Representatives suspended staff pay due to the funding impasse. - The U.S. plans to reduce troop presence in NATO’s eastern flank but reaffirmed its commitment to Europe. - The world’s largest sovereign wealth fund posted over 5% returns, buoyed by AI optimism.

**Corporate** - Nvidia became the first company to hit a $5 trillion market cap, surpassing the GDP of India and Germany. - Meta’s Q3 revenue reached $51.24 billion, but net profit plunged 83% YoY. The company plans heavy AI investments, projecting higher expenses by 2026. - Alphabet shares surged post-market as Google Cloud drove better-than-expected sales. - Caterpillar’s Q3 earnings beat estimates, fueled by strong demand for power equipment in data centers. - Microsoft faced an outage in Azure and 365 services ahead of its earnings report. - General Motors placed 5,500 employees on unpaid leave, citing pressure on EV operations from regulatory policies. - Fiserv shares plummeted 44% after slashing its outlook.

**Commodities & Commentary** - Oil rebounded, while gold pared gains after Powell’s remarks; copper hit a fresh high. - European bond markets stabilized ahead of central bank decisions. - Analysts debated whether Fed rate cuts could inflate asset bubbles. - Caterpillar noted power equipment now outpaces bulldozers in driving growth. - Citi closed short positions on the Canadian dollar after the BoC’s rate cut.