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On Friday, the S&P 500 Index closed up 0.26%, the Dow Jones Industrial Average rose by 0.09%, and the Nasdaq 100 increased by 0.48%. Amazon.com led tech stocks with a 9% gain after reporting Q3 net sales of $180.17 billion, exceeding the consensus of $177.82 billion. More than 80% of S&P 500 companies reporting Q3 earnings have beaten estimates, indicating a strong quarter.
The Chicago PMI for October rose to 43.8, surpassing expectations of 42.3. However, hawkish comments from Federal Reserve officials indicated hesitancy regarding further rate cuts, with a 64% probability of a 25 basis point cut at the next FOMC meeting in December. The government shutdown continues, potentially impacting federal employment, with estimates suggesting 640,000 furloughed workers.
Markets reacted positively to a tariff truce between the U.S. and China, with reductions on certain tariffs and a resumption of Chinese agricultural purchases. The Euro Stoxx 50 fell 0.65%, while Japan’s Nikkei 225 rose 2.12%. The U.S. 10-year T-note yield remained relatively stable at 4.095%, with safe-haven demand influenced by geopolitical tensions.
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