US stocks closed mixed on Thursday, with the Dow Jones setting another all-time high while Oracle’s earnings weighed on tech shares. Although the Fed’s rate cut briefly boosted sentiment the day before, Oracle’s results revived concerns about stretched tech valuations.
Tech weakness erased some of Wednesday’s momentum, when the Fed delivered a third rate cut this year despite internal division. Policymakers removed the possibility of future hikes, helping push the S&P 500 to within a hair of a new record.
The FOMC lowered the federal funds rate by 25 basis points to a 3.50 to 3.75 percent range and signaled a slower pace of policy easing ahead. Fed Chair Jerome Powell said the central bank is “well positioned to watch how the economy evolves” and noted that President Trump’s tariff policies have contributed to elevated inflation.
On the data front, the US trade deficit unexpectedly narrowed to the smallest since 2020 as exports increased.
The Commerce Department reported the deficit shrank nearly 11 percent in September to 52.8 billion dollars, well below economists’ expectations.
US Markets
Most major tech names fell: Alphabet dropped 2.43 percent, Nvidia fell 1.55 percent, Tesla slipped 1.01 percent, Amazon dropped 0.65 percent, Apple dipped 0.27 percent, while Meta rose 0.4 percent and Microsoft gained 1.03 percent.
The Nasdaq Golden Dragon China Index fell 0.09 percent. ADRs saw mixed moves, with NIO up nearly 2 percent, Baidu and 21Vianet rising over 1 percent, while Alibaba, Zhihu, and Bilibili declined more than 1 percent. Xpeng slid over 2 percent.
Market Close:
Dow +646.26 pts (+1.34 percent) at 48,704.01
Nasdaq -60.30 pts (-0.25 percent) at 23,593.86
S&P 500 +14.31 pts (+0.21 percent) at 6,900.99
Hong Kong Markets
Hong Kong stocks opened higher and extended gains through midday. Tech names broadly advanced, with Lenovo, Xiaomi, and NetEase rising over 2 percent, and Meituan, Kuaishou, Alibaba up more than 1 percent.
Power equipment stocks surged, led by Dongfang Electric up more than 7 percent. GE Vernova lifted sector sentiment after raising long-term guidance and revealing that gas-turbine production is fully booked through 2028 and 90 percent booked for 2029.
Gold miners also rallied, with Zijin Mining up more than 3 percent. Bank of America reiterated that the gold bull market is “far from over,” projecting gold could reach 5,000 dollars per ounce next year.
Market Close:
HSI +1.36 percent at 25,878.49
HSTECH +1.45 percent at 5,614.94
HSCEI +1.17 percent at 9,038.54
A50
A-shares dipped early before rebounding. By midday, the Shanghai Composite fell 0.04 percent, while the Shenzhen Component rose 0.57 percent, and the ChiNext gained 0.6 percent. Over 3,200 stocks advanced and turnover reached 1.24 trillion yuan.
Grid equipment and precious metals stocks were active, while retail and Hainan-themed names weakened.
Market Close:
Shanghai -0.04 percent at 3,871.78
Shenzhen +0.57 percent at 13,222.51
ChiNext +0.6 percent at 3,182.68
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