Market Recap
US stocks closed mixed on Tuesday, with the Dow Jones surging over 560 points to a record high while the Nasdaq lagged as AI-related stocks sold off again on valuation concerns. Markets grew increasingly confident that the US government shutdown will soon end, following progress in Congress toward a funding vote.
The House reconvened after a 53-day recess to vote on a funding bill, while the Senate had already passed its version late Monday night. The temporary measure excludes Democrats’ healthcare subsidy extension but is expected to be revisited in December.
Meanwhile, SoftBank revealed it had fully exited its Nvidia position, cashing out about $5.8 billion, adding to worries that the AI rally may have peaked. Those fears deepened after CoreWeave, a cloud firm backed by Nvidia, cut its annual revenue guidance due to construction delays at its data centers.
Adding to the caution, ADP data showed the US private sector lost an average of 11,250 jobs per week in the four weeks ending October 25. President Donald Trump also warned that if the Supreme Court rules against his emergency-tariff powers, it could have “catastrophic consequences” for the US economy and national security.
US Markets
Tech stocks were mixed:
- Apple +2.16%
- Microsoft +0.53%
- Google A +0.42%
- Amazon +0.28%
- Tesla -1.26%
- Meta -0.74%
- Nvidia -2.96%
Chinese ADRs also traded mixed, with the Nasdaq Golden Dragon China Index down 0.06%.
- XPeng Motors +7%
- NetEase +1%
- Li Auto +1%
- Alibaba -3%
- Bilibili -1%
- Nio -1%
Market Snapshot:
- Dow Jones: +559.33 pts (+1.18%) → 47,927.96
- Nasdaq: -58.87 pts (-0.25%) → 23,468.30
- S&P 500: +14.18 pts (+0.21%) → 6,846.61
Hong Kong Markets
Hong Kong stocks closed mixed.
- Hang Seng Index: +0.63% → 26,865.12
- Hang Seng Tech Index: -0.41% → 5,900.05
- China Enterprises Index: +0.60% → 9,517.90
Tech stocks diverged, with Xiaomi up 2%, JD.com up 1%, while Baidu and Alibaba fell over 2%.
Real estate stocks rose, led by Shimao Group +9%, after CICC said China’s property market is in the early “stabilization” stage.
Biotech stocks rebounded, with BeiGene +7% after reporting a 44.2% YoY revenue increase to ¥27.6 billion in Q3 2025, supported by rising sales of its cancer drugs.
A50 & Mainland China
Mainland Chinese markets fell broadly, with over 4,000 stocks declining.
- Shanghai Composite: -0.23% → 3,993.35
- Shenzhen Component: -1.07% → 13,146.42
- ChiNext Index: -1.58% → 3,084.70
Sectors such as oil & gas, insurance, and banking gained, while solar equipment, chemicals, defense, and AI chip stocks retreated.
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