U.S. Market Recap: Equities Gain Amid Tech Rebound, Steady Futures, and Rising Treasury Yields

Index Update:  U.S. stocks advanced on Wednesday, with the Dow up 0.48%, S&P 500 up 0.37%, and Nasdaq up 0.65%. AI-related stocks rebounded from earlier valuation pressures—AMD gained 2.5% on strong Q3 results, Micron jumped 8.9%, and Broadcom rose 2%, while SMCI dropped 11.3% on weak guidance. In after-hours trading, Snap surged over 14% on a USD 500 million buyback and strong Q4 outlook, and Arm Holdings climbed 3% after beating earnings and revenue estimates.

Market Movers:  On Wednesday, the top gainers were MMTec, Inc. (+626.97%), followed by Anbio Biotechnology (+57.48%). On the contrary Biohaven Ltd. (-40.22%), and QVC Group, Inc. - Series A. (-39.52%) declined the most the same day.

Commodities Update:  Oil prices edged higher Thursday, with WTI nearing USD 60 and Brent approaching USD 64 per barrel, trimming prior losses but staying close to two-week lows amid supply concerns. U.S. crude inventories rose by over 5 million barrels, the biggest jump since July, while gasoline stocks fell sharply. Rising global output and Saudi Arabia’s price cuts for Asian buyers signaled a well-supplied market, though OPEC+’s decision to pause production hikes in early 2026 suggested caution amid weakening demand. Meanwhile, gold regained the USD 4,000 level, supported by a weaker dollar and ongoing economic uncertainty following the prolonged U.S. government shutdown. Stronger-than-expected private payrolls and services data limited expectations for further rate cuts, as Fed officials maintained a hawkish stance, tempering gold’s gains despite its safe-haven appeal.

Macro Updates:  U.S. household debt reached a record USD 18.59 trillion in Q3 2025, rising USD 197 billion from the prior quarter. Mortgages led the increase, up USD 137 billion to USD 13.07 trillion, while credit card, student loan, and HELOC balances also grew. Auto loans remained stable at USD 1.66 trillion, and mortgage originations rose to USD 512 billion. According to the New York Fed, debt is expanding at a moderate pace with stable delinquency rates, reflecting a resilient housing market supported by strong home equity and strict lending standards.

Bonds Commentary:  The 10-year U.S. Treasury yield climbed to 4.15%, a one-month high, as recent data signaled economic resilience. The ISM Services PMI and its price index rose strongly, while the ADP report showed a rebound in private employment, easing job market fears. As a result, expectations for a December Fed rate cut fell to 65% from full consensus last week. Meanwhile, the Treasury confirmed plans to borrow USD 125 billion in November with no changes to its debt structure, countering expectations of more short-term issuance even as the Fed prepares to buy Treasury bills in December to offset maturing MBS holdings.

Futures Update:  U.S. stock futures were steady on Thursday as investors assessed corporate earnings and monitored the Supreme Court hearing on Trump’s tariffs. All major indexes posted modest gains of around 0.1%. On Wednesday, Wall Street advanced, led by strength in mega-cap tech stocks, lifting the NASDAQ Composite by 0.7% and easing concerns over high valuations in the AI-driven tech sector.

Following the selloff observed in the previous session, stocks experienced a strong rebound throughout much of Wednesday's trading day before coming under pressure again late in the session. The S&P 500 gained 24.76 points, or 0.37%, closing at 6,796.30. From a technical perspective, the index found support at key levels and gradually moved higher. There is a possibility that stocks may continue their relief rally today. Additionally, the 14-day Relative Strength Index (RSI) is near the midpoint and has shown an upward trend. Key support levels are around 6,700, while resistance is expected near 6,880.