MARKET SNAPSHOT
U.S. stocks fell, with the tech-heavy Nasdaq leading declines. Treasury prices rose, pulling down yields, while the U.S. dollar strengthened. Crude futures fell as surplus fears weighed on sentiment. Gold futures fell further below the $4,000 per troy ounce mark.
MARKET WRAPS
EQUITIES
A note of caution is creeping into markets. U.S. stocks stumbled Tuesday, with the tech-heavy Nasdaq Composite leading declines. Wall Street's fear gauge, the VIX index of stock volatility, jumped.
The Nasdaq Composite dropped 2%, the S&P 500 fell 1.2%, and the Dow Jones Industrial Average declined 0.5%.
Palantir's stock dropped, despite the data-analytics company reporting another quarter of record revenue.
Indexes are close to record highs after a rapid run-up since April. Speaking in Hong Kong on Tuesday, Morgan Stanley Chief Executive Ted Pick and other finance bosses warned the winning streak has made stocks vulnerable to a pullback. Among the risks: trade tensions, bubble worries and trouble in credit markets.
Investors have also been unsettled by indications that the Federal Reserve might not cut interest rates again next month. On Monday, Fed governor Lisa Cook described the central bank's December meeting as "live." Two other officials, Mary Daly and Austan Goolsbee, said they had open minds as they weigh a slowing labor market against above-target inflation.
Earlier Tuesday, markets in Asia traded mostly lower, with profit-taking setting in at many exchanges after recent gains.
China's benchmark Shanghai Composite Index declined 0.4%, the Shenzhen Composite Index fell 1.3%, and the ChiNext Price Index dropped 2%.
Hong Kong's Hang Seng Index decreased 0.8%.
Japan's Nikkei Stock Average dropped 1.7%.
Stocks in Australia slipped, as the S&P/ASX 200 Benchmark Index fell 0.9%.
New Zealand's S&P/NZX 50 Index rose 0.4%.
COMMODITIES
Oil futures retreated as the market digested the OPEC+ decision to raise output in December and pause increases in the first quarter of next year.
"We continue to believe that $60 WTI and flat OPEC+ supply will not be sufficient to return the global oil market to a healthy balance in a timely fashion (by year-end 2026)," Macquarie energy strategist Walt Chancellor said.
WTI would need to be in the low- to mid-$50s a barrel to halt tight-oil growth in the U.S., and OPEC+ would need to cut, Chancellor said.
Despite this bearish view, "we still see potential for short-term bullish catalysts from Russia, Venezuela, China SPR buys, and winter weather risk to U.S. supply," Chancellor added.
WTI settled down 0.8% at $60.56 a barrel and Brent fell 0.7% to $64.44.
Gold futures fell further below the $4,000 per troy ounce mark, with some analysts calling the lower trend a "correction."
"I'd consider this an intermission but also recognize that the correction could grow deeper over the near-term," said John Caruso of RJO Futures.
But Caruso stressed that further upticks in precious metals are likely to materialize after this pressure passes.
"I still have yet to see gold put in a hard bottom," said Caruso.
Front-month gold settled down 1.3% to $3,947.70/oz.
Front month silver finished off 1.6% to $47.13/oz.
TODAY'S TOP HEADLINES
Lawmakers See Hope for Ending Shutdown as Record Nears
WASHINGTON-Senators said they were increasingly optimistic that they could reach a bipartisan deal to end the government shutdown, while President Trump raised pressure on Republicans to bypass Democrats and end the near-record-setting impasse without their votes.
Senate Majority Leader John Thune (R., S.D.) on Tuesday outlined a pathway forward, pointing to the possibility of combining a new short-term bill to reopen the government with some of the 12 annual appropriations bills that fund federal agencies. He said that the off-ramp was focused on giving Democrats a vote on an extension of expiring Affordable Care Act subsidies along with plans for the spending bills.
"I've said this before, but the question is whether or not they'll take 'yes' for the answer," Thune said.
AMD Reports Sharply Higher Profits, Sales
Advanced Micro Devices reported sharp increases in both profit and sales for the latest quarter as the chip designer moved deeper into artificial-intelligence data centers and increased sales of personal computer processors.
The chip maker on Tuesday posted a profit of $1.96 million, or $1.20 a share, compared with $1.5 billion, or 92 cents a share, a year earlier. Adjusted earnings per share beat estimates, according to analysts polled by FactSet.
Data center revenue rose 22% to $4.3 billion. Client and gaming sales rose 73% to $4 billion, while sales in the company's embedded segment declined 8% to $857 million. Client revenue, which includes PC processors, set a record.
Amgen Raises Full-Year Outlook After Third-Quarter Profit, Sales Jump
Amgen raised its outlook for the year after third-quarter profit jumped aided by sixteen products posting at least double-digit sales growth.
The Thousand Oaks, Calif.-based biotechnology company on Tuesday reported a profit of $3.22 billion, or $5.93 a share, compared with a profit of $2.83 billion, or $5.22 a share, in the same quarter a year ago.
Adjusted earnings were $5.64 a share. Analysts polled by FactSet expected $5.02 a share.
Pfizer, Novo Nordisk Escalate Bidding War for Weight-Loss Drug Startup
Drugmakers Novo Nordisk and Pfizer raised their offers in the multibillion-dollar takeover battle for obesity-drug developer Metsera, the latest twist in their unusual fight over the startup.
Metsera said Tuesday that Novo Nordisk's proposal values the biotech company at up to $86.20 a share, or approximately $10 billion, up from its previous bid of $9 billion. This valuation represents an approximately 159% premium to Metsera's closing price on Sept. 19, the last trading day before the Pfizer deal was disclosed.
Pfizer's new offer values Metsera at up to $70 a share, or about $8.1 billion. Pfizer had previously struck a deal to buy Metsera for up to $7.3 billion.
Trump Negotiating Deal With Ozempic Maker to Sell Some Weight-Loss Drugs for $149
The Trump administration is negotiating a deal with weight-loss drugmakers Eli Lilly and Novo Nordisk that would allow the lowest doses of some of their obesity drugs to be sold to consumers at $149 for a month's supply via TrumpRx, according to people familiar with the matter.
The deals would also result in Medicare and Medicaid covering the drugs for weight loss, the people said, which would be a boon to the companies.
The discussions are still ongoing but if agreements are finalized, Trump is expected to announce them Thursday morning at the White House, alongside pharmaceutical executives, the people said.
Major Tesla Investor Rejects Elon Musk's $1 Trillion Pay Deal
Norway's sovereign-wealth fund rejected Tesla Chief Executive Elon Musk's new $1 trillion pay package, becoming the first major investor to disclose its decision.Norges Bank Investment Management, the arm of the central bank which manages the $1.9 trillion fund, raised concerns Tuesday over the size of the remuneration package.
"While we appreciate the significant value created under Mr. Musk's visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk-consistent with our views on executive compensation," it said in a statement.
Tesla shares dropped 5.2% on Tuesday.
Expected Major Events for Wednesday
00:30/HK: Oct Hong Kong Whole Economy PMI
00:30/SIN: Oct Singapore Whole Economy PMI
01:00/PHI: Oct CPI
01:00/AUS: Oct VFACTS vehicle sales
01:45/CHN: Oct China Services PMI
03:30/THA: Oct CPI
04:00/INA: 3Q GDP
05:00/SIN: Sep Retail Sales
08:20/TAI: Oct International Reserves
23:00/SKA: Sep Balance of payments
23:30/JPN: Sep Provisional Labour Survey - Earnings, Employment & Hours Worked
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(END) Dow Jones Newswires
November 04, 2025 16:56 ET (21:56 GMT)
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