The Zhitong Finance App learned that on Tuesday, the three major indices had mixed ups and downs. The S&P 500 index stopped falling for three consecutive days, and chip stocks, which had been falling sharply over the past few days, experienced a rebound. Investors await the US midterm election results, which will determine control of the US Congress for the remaining two years of President Trump's term. Polling stations in the US closed as early as 6 p.m. EST. The trading price of the betting platform Polymarket shows that the probability of the Democratic Party controlling the House of Representatives is about 95%, and the chance of winning the Senate is about 77%.
[US Stocks] At the close, the Dow Jones index fell 197.12 points, or 0.38%, to 51786.86 points; the S&P 500 rose 27.55 points, or 0.37%, to 7568.95 points; the Nasdaq Composite rose 207.65 points, or 0.83%, to 25372.01 points. Micron Technology (MU.US), SK Hynix (SKHY.US), and Nvidia (NVDA.US) all rose more than 2%, AMD (AMD.US) rose 3.6%, Oracle (ORCL.US) rose 5.8%, and Apple (AAPL.US) fell nearly 2%. The Nasdaq China Golden Dragon Index rose 0.21%, and JD.com (JD.US) rose 2.3%.
[European stocks] The German DAX30 index fell 118.94 points, or 0.46%, to 25863.93 points; the British FTSE 100 index fell 121.06 points, or 1.12%, to 10640.27 points; the French CAC40 index fell 27.38 points, or 0.34%, to 8020.31 points; the European Stoxx 50 index fell 37.51 points, or 0.61%, to 6138.55 points; Spain's IBEX35 index fell 171.90 points, or 0.91%, to 0.91% Reported at 18800.00 points; Italy's FTSE MIB index fell 30.44 points, or 0.06%, to 49917.50 points.
[Foreign Exchange] The US dollar index, which measures the US dollar against the six major currencies, rose 0.15% on the same day and closed at 101.867 at the end of the foreign exchange market. As of the end of the exchange market in New York, 1 euro was worth $1,190, down from $1,194 on the previous trading day; 1 pound was worth $1.3415, up from $1.3410 on the previous trading day. 1 US dollar was worth 158.73 yen, up from 157.91 yen on the previous trading day; 1 US dollar was worth 0.8209 Swiss franc, higher than 0.8183 Swiss franc on the previous trading day; 1 US dollar was worth 1.4003 Canadian dollars, higher than 1.3987 Canadian dollars on the previous trading day; 1 US dollar was worth 9.7940 SEK, up from 9.7807 on the previous trading day.
[Cryptocurrency] Bitcoin rose 1.4% to break through the $77,000 mark. As of press time, it reported $77,748; Ethereum rose more than 1.8% to $2290.
[Precious Metals] Spot gold fell 0.39% to $3930.47; spot silver fell 1.67% to $49.792 per ounce.
[Crude oil] Light crude oil futures for December delivery on the New York Mercantile Exchange fell 37 cents, or 0.38%, to close at $96.09 a barrel; London Brent crude oil futures for January delivery fell $1.17, to close at $103.60 a barrel, or 1.12%.
[Macro News]
Labor demand in the US unexpectedly picked up, and the number of job vacancies increased by 333,000. The number of job vacancies in the US unexpectedly rose to a four-month high in September, while the number of layoffs fell to its lowest level in more than a year, indicating an increase in labor demand before entering the fourth quarter. According to data released by the US Bureau of Labor Statistics on Tuesday, the number of job vacancies increased by 333,000 in September to 7.52 million, higher than the 7.19 million revised in August, and also exceeded the expectations of all economists in the survey. The report also shows that the number of layoffs has fallen to its lowest level since March 2025, while the number of voluntary separations has increased. The active turnover rate, which measures the proportion of active employees leaving each month, rose to 2.1%, the highest level in more than a year. The increase in job vacancies and recruitment is a positive sign, but it will take months to confirm that the labor market is entering a stronger phase of growth. For over a year, due to high prices and geopolitical uncertainty, many employers have been reluctant to increase or reduce staff. However, as economic growth accelerates and consumer spending remains resilient, companies may be gradually regaining confidence and beginning to expand their workforce.
Goldman Sachs warns of a “hidden bear market” in US stocks. About 60% of the S&P 500's constituent stocks have fallen into a bear market. The S&P 500 index is only about 3% from its latest all-time high, yet about 60% of the index's constituent stocks have fallen into a bear market zone. Goldman Sachs Group trader Bobby Molavi pointed out that this market pattern is quite amazing. He said that the so-called “strange thing” is that the capital expenditure of tech giants, which is driving the rise in artificial intelligence-related stocks, and the related stocks of companies that have received these investments actually fell at the same time. Molavi, head of executive services at Goldman Sachs Europe, Middle East and Africa, wrote in a note to clients: “I don't understand why both sides are being penalized by the market at the same time, especially when artificial intelligence will change everything is still a basic expectation.” He described the current market pattern as a “hidden bear market.” Technology stocks have been hit hard in recent weeks as investors withdrew from related stocks due to concerns about the sustainability of huge AI spending, and there has been large-scale market rotation. On the other hand, most components of the S&P 500 index have continued to rise in the past month, and capital is shifting from areas where trading is crowded to defensive sectors and areas that were previously underallocated.
[Individual Stock News]
AMD's revenue and performance outlook both surpassed expectations and rose more than 9% after the market. AMD (AMD.US)'s 2026 Q3 revenue was US$13.38 billion, up 45% year over year, higher than market expectations of US$13.09 billion; adjusted EPS was US$2.09, higher than the forecast of US$1.95. Data center business revenue nearly doubled year-on-year to US$8.5 billion, accounting for 64% of total revenue, up from 47% in the same period last year, mainly driven by increased demand for AI processors. CEO Su Zifeng said that demand for data center processors is expected to accelerate further, and the company is capable of meeting the demand for AI chips. AMD expects Q4 revenue of approximately US$17 billion, higher than market expectations of US$16.2 billion to US$16.3 billion, but the gross margin guidance is 55%, which is lower than the market forecast of 55.3%. Meanwhile, due to the tight supply of memory chips and rising prices, the PC market continued to be under pressure. Revenue from the PC and gaming business fell 8% year over year to 3.7 billion US dollars, of which game revenue fell 40%. After the financial report was announced, AMD rose more than 9% after the market, driving chip stocks such as Nvidia and SK Hynix higher.
Meta's dollar bonds were subscribed to as much as $58 billion, but financing costs increased significantly compared to April. According to people familiar with the matter, the Meta Platforms (META.US) dollar bond issuance attracted subscription orders of up to 58 billion US dollars, which is about 4 times the issuance of at least 15 billion US dollars. The overall cross-border financing scale is expected to be at least 20 billion US dollars, and plans to issue the first Euro bond as soon as Wednesday. Despite strong subscription demand, Meta still needs to provide higher yields to attract investors. The yield on its 2056 bonds is about 2.2 percentage points higher than the premium on US Treasury bonds, and about 0.9 percentage points higher than similar bonds in April this year. The expansion of AI investment is driving up financing costs for tech giants. The bond yield premium for large technology companies has risen to the highest level since 2003, and credit default protection costs for some companies are close to historical highs. Analysts expect relevant companies to invest $4.5 trillion in AI over the next three years, with Meta exceeding $740 billion. Meta also raised $37.5 billion by issuing common and preferred shares, and plans to issue up to $60 billion in additional shares; S&P has downgraded its rating outlook to negative due to AI spending pressure.