Overnight US Stock Market | Nasdaq surged and then pulled back, the three major indexes were mixed; Marvell Technology (MRVL.US) fell 12.7%

According to Zhitong Finance APP, on Monday, U.S. stocks opened higher but closed lower, with the Nasdaq briefly rising more than 1% intraday. Iran’s Supreme Leader Mojtaba Khamenei approved the government’s move to pursue peace talks, signaling a possible diplomatic breakthrough amid growing concerns about renewed U.S.-Israeli conflict with Iran. Later Monday, Trump said the White House was willing to hold negotiations, hinting that progress had been made, but he did not provide any details or evidence.

The U.S. midterm elections will be held on Tuesday, with Democrats expected to control the House of Representatives, while control of the Senate remains uncertain.

[U.S. Stocks] At the close, the Dow Jones Index was up 213.67 points, or 0.41%, to 51,983.98 points; the S&P 500 Index was down 38.67 points, or 0.51%, to 7,541.40 points; the Nasdaq Composite Index fell 272.68 points, or 1.07%, to 25,164.32 points. The Philadelphia Semiconductor Index dropped 3.3%. Intel (INTC.US) fell 8.8%, Micron Technology (MU.US) dropped 5.7%, Marvell Technology (MRVL.US) plunged 12.7%, and Oracle (ORCL.US) fell 8.8%. The Nasdaq Golden Dragon China Index rose 2.2%, Alibaba (BABA.US) rose 3.5%, and Bilibili (BILI.US) jumped 6.5%.

[European Stocks] Germany's DAX30 Index rose 168.50 points, or 0.65%, to 25,986.71 points; the UK FTSE 100 Index climbed 37.67 points, or 0.35%, to 10,767.45 points; France’s CAC40 Index gained 78.27 points, or 0.98%, to 8,047.69 points; the Euro Stoxx 50 Index rose 47.54 points, or 0.78%, to 6,178.85 points; Spain’s IBEX35 Index jumped 311.99 points, or 1.67%, to 18,964.89 points; Italy’s FTSE MIB Index advanced 466.53 points, or 0.94%, to 49,967.50 points.

[Forex] The U.S. Dollar Index, which measures the dollar against six major currencies, fell 0.16% on the day, closing at 101.719 in the late Forex market. At the close in New York, 1 euro exchanged for 1.1194 dollars, up from 1.1167 dollars in the previous session; 1 British pound exchanged for 1.3410 dollars, up from 1.3394 dollars. 1 U.S. dollar exchanged for 157.91 Japanese yen, up from 157.37 yen; 1 U.S. dollar exchanged for 0.8183 Swiss franc, down from 0.8236 Swiss franc; 1 U.S. dollar exchanged for 1.3987 Canadian dollar, up from 1.3956 Canadian dollar; 1 U.S. dollar exchanged for 9.7807 Swedish krona, down from 9.8170 Swedish krona in the previous session.

[Cryptocurrency] Bitcoin fell below the $77,000 mark, trading at $76,720 at the time of writing; Ethereum declined 0.77% to $2,255.

[Precious Metals] Spot gold rose 1.8% to $3,945.83; spot silver was up more than 3% to $50.637 per ounce.

[Crude Oil] The price of light crude oil futures for December delivery on the New York Mercantile Exchange fell $7.66 to close at $96.46 per barrel, a drop of 7.36%; January delivery Brent crude oil futures fell $8.66 to close at $104.77 per barrel, a decline of 7.63%.

[Macroeconomic News]

U.S. natural gas production declines over weekend; low prices may prompt producers to voluntarily cut output. U.S. natural gas futures prices rose as natural gas production declined over the weekend, with output reductions most pronounced in the Appalachian shale gas region. The drop in supply suggests that producers may be proactively reducing output amid sluggish natural gas prices. In addition, the weather forecast turned slightly colder, which could increase natural gas demand for heating and power generation as the winter heating season starts. However, most parts of the U.S. are expected to remain above seasonal average temperatures in the coming weeks, which could limit the upside for gas prices and offset the marginal support from increased heating demand. Additionally, natural gas flows to LNG export terminals have also decreased, leaving more gas in the U.S. domestic market and exerting downward pressure on prices.

Economists: U.S. manufacturing sector expands, cost pressures persist, future inflation trend faces new challenges. Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated: "U.S. factories continued strong expansion in October, extending the best manufacturing growth momentum since early 2022. This recovery has also driven employment to grow at the fastest pace in five and a half years, reaching the highest level since the surge in demand during the pandemic. However, stresses brought by manufacturing growth are also evident. Against the backdrop of supply chain disruptions, factories are struggling to meet strong demand, especially for AI-related goods and equipment. Delivery delays are now more common than at any time since 2022, largely due to shipping and logistics issues. With demand frequently exceeding supply, producers are increasingly able to pass on cost increases to customers, especially regarding energy-related inputs. Therefore, in October, factory gate price inflation further accelerated, reaching its highest since September 2022. Such a substantial increase in factory prices will inevitably pass through to consumers in the coming months, keeping inflation above the Fed's target and increasing pressure on policymakers to continue raising rates."

UK banks' deposit battle intensifies; traditional banks face pressure from funds outflow. The focus of major UK banks in their Q3 earnings reports was not bank taxes, rising interest rates, inflation, or artificial intelligence, but rather deposit competition. UBS analyst Jason Napier said during Lloyds Banking Group’s earnings call that deposits have become “the investors’ number one concern.” Other analysts even apologized for repeatedly raising questions about deposits. The earnings reports highlighted the intense level of competition for deposits among banks. In the three months ended September 30, Lloyds saw a £300 million ($403 million) reduction in UK retail savings deposits. NatWest Group’s private banking and wealth management divisions also saw a similar size decline. Barclays UK corporate banking deposits decreased by £2 billion from the previous quarter. HSBC Holdings said a key profitability metric remained stable, but newly emerged competitive pressure on customer deposits in markets like the UK offset some positive effects. Deposits are a funding source for banks with costs lower than wholesale funding. Wholesale funding refers to banks borrowing from institutional investors and other channels. Banks use deposits to make loans and earn revenue from them. Shrinking deposit balances mean banks must either reduce lending or bear higher funding costs.

[Individual Stocks News]

Apple revenue exceeds expectations but growth slows; Greater China and services segments under pressure. Apple (AAPL.US) FY2026 Q4 revenue increased by 12% year-on-year to $114.5 billion, above the market expectation of $113.5 billion, but the growth rate slowed from 16% in the previous quarter. Greater China revenue rose 21% year-on-year to $17.53 billion, but still fell short of market consensus of $18.75 billion. The company faces pressures from the standard iPhone not being updated in September as usual, product supply constraints, slower service business growth, and lagging progress in AI. Services revenue grew less than 10% year-on-year for the quarter, the lowest rate since 2022, covering iCloud storage, App Store commissions, AppleCare warranty services, and Google search engine licensing income. In addition, Apple’s capital expenditures for the quarter were only $2.24 billion, lower than market expectations of $3.33 billion and far below other large tech companies’ investments in AI infrastructure. The market will focus on the contribution of the foldable screen iPhone Duo to holiday season sales, as well as when the company can ease supply restrictions. After the results were announced, Apple shares fell slightly in after-hours U.S. trading.

AI giant Anthropic’s revenue grows at a rapid pace; massive losses and expenses soar simultaneously. Anthropic’s revenue for the third quarter ended September 30 reached nearly $17 billion, up 12x from the same period last year—a performance that could further boost market expectations for the AI firm’s IPO, which could become a record-setting listing. According to documents Anthropic filed with the U.S. SEC on Monday, the Claude platform developer had a net loss of $23.3 billion in the three months ended September, compared to a net loss of $12.1 billion a year earlier. Operating expenses for the quarter surged to $17.5 billion, up 292% year-over-year. The filing indicates Anthropic currently has contractual and other commitment expenses totaling $895 billion, with most tied to computing power and infrastructure. About $448 billion is expected to be spent by the end of 2030, with around $70 billion to be paid in the 12 months ending September 2027. Anthropic submitted its IPO application on October 26, planning to list before the U.S. Thanksgiving holiday. People familiar with the matter previously said the company aims to raise as much as, or more than, the $86.2 billion raised by SpaceX at its market debut.