U.S. Stocks Extend Six-Month Winning Streak as Dollar and Treasury Yields Rise for the Week

Market Overview

On Friday, Amazons impressive earnings results sent its shares soaring nearly 10%, boosting tech stocks and lifting all three major U.S. equity indexes on the final trading day of October. However, performance across individual stocks was mixed—Apple opened higher but ended slightly lower after reporting earnings, while Meta dropped 2.72%, extending its monthly loss to nearly 12%.

Throughout October, U.S. markets absorbed geopolitical risks, hawkish remarks from Fed Chair Jerome Powell, and end-of-month profit-taking. Despite these headwinds, all major indexes posted monthly gains, marking at least six consecutive months of advances.

In the bond and forex markets, the U.S. 10-year Treasury yield edged slightly lower on Friday but rose a total of 9.23 basis points for the week. The U.S. Dollar Index recorded its third straight weekly gain, rising 0.27% on Friday as the greenback strengthened past the 7.12 level against the offshore Chinese yuan.

Among major cryptocurrencies, Bitcoin rebounded 1.8%, testing the $111,000 mark. Spot gold slipped 0.55% to $4,002 per ounce, briefly dipping below the key $4,000 threshold. Crude oil prices fluctuated after an intraday surge driven by Venezuela-related geopolitical tensions.

Hot Topics Ahead

● U.S. Government Shutdown Nears Record Duration

The ongoing U.S. government shutdown has now lasted 32 days, approaching the record 35-day closure. Meanwhile, funding for the Supplemental Nutrition Assistance Program (SNAP)—which supports 42 million Americans—expired on November 1, triggering growing concerns over a potential humanitarian crisis. The Senate is scheduled to hold a new vote on November 3, though bipartisan negotiations remain at an impasse over key issues.

● Microsoft Earnings Reveal OpenAIs Massive Losses

Microsoft‘s latest earnings report disclosed financial details about OpenAI, showing a $3.1 billion reduction in quarterly net income from its equity investment. Based on Microsoft’s estimated 27% stake, OpenAI posted a quarterly net loss of roughly $11.5 billion. Adjusting for pre-tax losses and Microsofts effective ownership of 32.5%, total losses could exceed $12 billion—nearly three times its first-half revenue of $4.3 billion.

Key Events to Watch (GMT+8)

22:45 — U.S. October S&P Global Manufacturing PMI (Final)

23:00 — U.S. October ISM Manufacturing PMI

01:00 (Overnight) — 2027 FOMC voter & San Francisco Fed President Mary Daly speaks