On Monday, the three major indices closed mixed as tech stocks staged a strong rebound, with Tesla Motors (TSLA.US) and Meta Platforms, Inc. (META.US) both scheduled to release their latest earnings reports later this week.
By the close, the Dow Jones Industrial Average fell 36.37 points, or 0.07%, to 51,966.03; the S&P 500 gained 31.29 points, or 0.41%, to 7,690.73; and the Nasdaq Composite rose 290.85 points, or 1.11%, to 26,430.88. SK Hynix (SKHY.US) climbed 4.6%, Micron Technology (MU.US) advanced nearly 3%, Tesla Motors (TSLA.US) gained 3.7%, and Amazon (AMZN.US) rose nearly 5%. The Nasdaq Golden Dragon China Index closed down 0.26%.
European Markets
Germany's DAX 30 fell 302.43 points, or 1.18%, to 25,320.18; the UK's FTSE 100 dropped 118.00 points, or 1.08%, to 10,763.90; France's CAC 40 declined 88.65 points, or 1.11%, to 7,868.05; the Euro Stoxx 50 shed 57.38 points, or 0.92%, to 6,146.85; Spain's IBEX 35 lost 290.38 points, or 1.50%, to 19,035.92; and Italy's FTSE MIB fell 763.68 points, or 1.53%, to 49,093.50.
Forex
The US Dollar Index, which measures the greenback against six major currencies, rose 0.14% to close at 101.980. At the New York close, the euro traded at 1.1212 per dollar, down from 1.1233 in the prior session; the pound was at 1.3305 per dollar, down from 1.3319. The dollar stood at 158.52 yen, up from 158.05; 0.8265 Swiss francs, up from 0.8242; 1.4106 Canadian dollars, down from 1.4153; and 9.9200 Swedish kronor, up from 9.9192.
Cryptocurrencies
Bitcoin rose 0.24% to $81,960 as of press time. Ethereum gained 0.23% to $2,401.
Precious Metals
Spot gold fell 0.1% to $4,165.94 per ounce; spot silver dropped 0.77% to $56.986 per ounce.
Crude Oil
November light crude futures on the New York Mercantile Exchange rose $2.25 to settle at $103.66 per barrel, up 2.22%; December Brent crude futures on the London exchange fell 31 cents to settle at $109.55 per barrel, down 0.28%.
Macro News
The US Department of Energy plans to convert sanctioned tankers into compliant vessels for transporting unsanctioned crude. Energy Secretary Wright said the Trump administration is pushing to move some sanctioned tankers through an approval process to become compliant ships, with investors planning to acquire idle tankers and refurbish them to carry non-sanctioned crude. Wright stressed that this is not about lifting sanctions on tankers transporting crude from Russia, Iran, and other countries, but rather about converting those vessels into legally operating ships and ensuring they no longer carry sanctioned crude. He estimated that the global sanctioned "shadow fleet" numbers around 1,600 vessels, and the plan could ultimately add dozens or even hundreds of tankers to the legal fleet.
Hassett: CPI data shows inflation still needs "work." White House National Economic Council Director Hassett said prices for items such as beef and eggs have declined, but September consumer price data shows overall inflation still requires policy attention. "If you look at the past three months, inflation seemed completely under control, but now it appears to be picking up again and needs some intervention," Hassett said. He described it as "either a brief bounce in a downward trend or just temporary volatility." Hassett also said he respects the central bank's independence and noted that Warsh would "do what he believes is right." Hassett added: "People are very optimistic about economic performance and are increasing spending. Of course, that is exactly what the Fed needs to watch."
Canada's September inflation edged higher but core measures eased. Driven by rising gasoline prices, Canada's September inflation rate ticked up to 3.1%, though indicators reflecting core inflation pressure moderated. Statistics Canada reported Monday that gasoline prices rose 27.8% year-over-year last month, compared with a 22.8% increase in August. Excluding food and energy, the inflation rate was 2.1%. Meanwhile, the Bank of Canada's median and trimmed mean core inflation measures edged down to 1.9% and 1.8%, respectively. The CPI also rose 0.1% month-over-month. Economists had previously expected headline inflation to rise from 3% in August to 3.2% in September, with the central bank's preferred core inflation measures unchanged. The slower-than-expected price growth, combined with cooling core inflation indicators, may provide some relief ahead of the Bank of Canada's rate decision next week.
Individual Stock News
Nvidia completes quantum error correction validation, reducing required physical qubits by 90%. Nvidia (NVDA.US) announced that using 8,192 GPUs on Germany's JUPITER supercomputer, it successfully simulated a 104-qubit fault-tolerant quantum computing system and validated a technique called "magic state cultivation." Nvidia said the technique could reduce the number of physical qubits needed to achieve fault-tolerant quantum computing by about 90%, and the simulation shortened computations that would originally take weeks to just days. The progress helps researchers test and optimize quantum computer designs in advance, though technical challenges remain before practical application.
Apple confirms new product launch event next week, expected to unveil first touchscreen MacBook Pro. Apple (AAPL.US) announced it will hold a new product launch event on October 28 at 1 PM Eastern Time (1 AM Beijing Time on October 29) in Los Angeles. According to tech journalist Gurman, Apple is expected to unveil its first touchscreen MacBook Pro, new Macs powered by the M6 chip, and an iPad mini equipped with an OLED display.
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