Markets moved on a mix of policy and tech headlines: S&P 500 and Nasdaq flirted with records while the Dow lagged as Treasury yields jumped. Volatility rose after the Fed’s 25bp cut and Powell’s caution, Nvidia’s $5tn milestone pumped tech, and cloud outages and Big Tech capex warnings kept investors rotating between growth and cyclical names.
The Federal Reserve cut interest rates for the second time this year but signalled uncertainty about further easing, prompting markets to reassess rate-cut expectations and volatility to spike across bonds and equities.
5 trillion – Nvidia becomes the first public company to reach a $5 trillion market capitalization.
Nvidia surged to an unprecedented valuation as AI demand fuels outsized gains, cementing the chipmaker’s central role in the market rally and prompting fresh debate about concentration risk in tech.
President Trump and Xi Jinping held face-to-face talks that produced a series of trade announcements and bilateral pledges, shifting near-term geopolitical and market expectations around tariffs and supply chains.
GSK hikes guidance; shares jump on stronger sales
GSK raised 2025 guidance after a stronger-than-expected quarter, sending shares higher as investors cheered profit resilience amid drug-pricing debates.
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The U.S. trimmed a targeted tariff on fentanyl-related imports from China, a move tied to recent high-level talks and potential trade concessions that could reshape tariff policy and exports.
A global Microsoft Azure outage disrupted airlines, enterprise tools and consumer services; Microsoft said a configuration change caused the disruption as recovery efforts continued and customers scrambled for workarounds.
Fiserv plunges after brutal Q3 selloff
Fintech firm Fiserv saw shares collapse after disappointing Q3 results and a sharp guidance cut, triggering heavy investor selling and sector scrutiny.
Amazon announced a sweeping round of corporate job cuts as it reorganizes for the AI era, marking one of the largest layoffs in Big Tech this year and adding to global layoff momentum.
Microsoft acknowledged its cloud business is strained by surging AI demand, with finance chiefs warning that Azure capacity constraints could limit near-term growth despite robust revenue gains.
Fed cut rates and signalled an end to balance-sheet runoff; Canada trimmed its policy rate; White House says a TikTok US-ownership deal could be finalized in South Korea; Trump ordered a cut to a fentanyl-related tariff on China to 10%.
Meta reported a one-time tax charge that dented profits and warned of stepped-up AI infrastructure spending next year, underscoring the heavy capex commitments weighing on tech earnings.
Alphabet posted record revenue, topping $100 billion for the quarter on strong search and cloud demand — a sign that Big Tech ad and cloud spending remains resilient even amid higher costs.
A December cut is not a foregone conclusion.
— Jerome Powell
Japan’s central bank left policy unchanged in its first meeting after a new prime minister took office, maintaining a cautious stance as domestic politics and external tariffs weigh on the outlook.
Canada’s central bank cut its benchmark rate, joining other central banks easing policy and signalling that its easing cycle may be pausing even as policymakers weigh future moves.
Hurricane Melissa made landfall as a powerful Category 5 storm, causing catastrophic damage in Jamaica and triggering rescue and relief operations as aerial footage revealed the scale of destruction.
The White House said a deal to put TikTok under U.S. ownership could be finalized during talks in South Korea, a development that would resolve months of regulatory uncertainty for the app in the U.S.
The yen weakened after the Bank of Japan held rates, reflecting investor caution about Japan’s policy direction and the impact of new political leadership on monetary strategy.
Boeing pushed 777X deliveries back and faced a multibillion-dollar penalty, a development that deepened the company’s large quarterly loss and underscored certification and production risks in aerospace.
Big tech giants reaffirmed hefty AI investments across cloud and infrastructure, a theme that dominated earnings and investor attention as firms chase long-term AI leadership despite near-term cost pressure.
France’s Societe Generale delivered stronger profit headlines as management pushed cost cuts and capital improvements, a sign European banks are leaning on restructuring to bolster returns amid mixed revenues.
Automakers face tariff pressure and regional weakness: Volkswagen swung to a large Q3 loss while Hyundai flagged tariff-related hits but suggested relief ahead, highlighting how trade costs dent manufacturer earnings.