On November 3, the three major U.S. stock indices rose early before pulling back, with technology shares under pressure, oil prices plunging, and markets focused on the midterm elections and employment data.
Most popular Chinese concept stocks advanced on November 3, with Alibaba gaining more than 3%.
In commodities, oil prices tumbled sharply while copper and gold rebounded. European stock markets closed higher, as falling oil prices lifted cyclical stocks, though Alstom dropped sharply.
On the macro front, Trump said he is "in no hurry" to decide whether to restart military action against Iran. Khamenei gave a green light to peace talks, and Trump said a deal with Iran is "possible." Trump's midterm election "closing argument" went off topic, with more than 20 minutes of his opening focused on the reflecting pool. Trump said Iran wants to reach a settlement "as soon as possible." Trump denied that strikes on Iran would resume after the midterm elections. The Iranian president said Iran's supreme leader has granted the government certain authority in the negotiation sphere. Iran's foreign minister said indirect consultations with the United States have been "very intensive." Iran said it intercepted a U.S. MQ-9 drone in the eastern part of the Strait of Hormuz, and explosions were heard in waters near the southern port of Bandar Lengeh. Qatari mediators traveled to Tehran again to hold talks on a potential U.S.-Iran agreement. An oil pipeline between Kazakhstan and Russia was suspended after an attack on facilities inside Russia. The U.K. is advancing reform of its permanent residency system, and 500,000 people may face longer waiting periods. Putin spoke by phone with Iran's Supreme National Security Council secretary to discuss the Middle East situation.
On the corporate side, Palantir reported third-quarter revenue of $2.31 billion, beating expectations, with U.S. commercial revenue exceeding government revenue for the first time.
Apple's first earnings report under its new CEO was mixed: iPhone sales were strong and holiday-quarter guidance beat expectations, but Greater China and iPad results fell short. Apple's fourth-quarter revenue and profit both beat expectations, with strong iPhone sales but weaker-than-expected revenue in Greater China.
Alphabet raised 6 billion euros through a euro bond issuance, paying a higher premium to attract buyers.
Ahead of its IPO, Anthropic's revenue surged, reaching 12 times the level of the same period last year in the third quarter.
Oracle launched $20 billion in stock and bond financing to "raise provisions" for AI spending.
Meta appointed banks to arrange dollar- and euro-denominated bond issuance.
Goldman Sachs restricted the use of certain artificial intelligence tools by traders and bankers.
Marriott International said demand in U.S. and Canadian markets recovered across the board, with revenue achieving growth.
Chipmaker Marvell Technology plans to acquire Lumentum for $80 billion.
In commentary, U.S. Treasuries maintained their gains, with the sharp drop in oil prices easing inflation concerns. The International Maritime Organization still does not recommend ships navigate the Strait of Hormuz. The governor of the Bank of France said markets may be overreacting to the fiscal situation and that the budget bill will most likely pass. Hassett pushed back on AI financing concerns, saying the sector does not face the risk of a broad selloff. Deutsche Bank turned bullish on the technology sector. U.S. manufacturing activity accelerated in October, with the production gauge hitting its highest level since 2021. Large multi-strategy hedge funds are highly leveraged, and converging positions could amplify market shocks. Sina partners with major platforms for futures account opening, offering safety, speed, and security.
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