U.S. Markets Rally on Strong Tech Earnings; Commodities Weaken Ahead of OPEC+ Meeting

Index Update:  U.S. stock futures rose on the final trading day of October, supported by strong corporate earnings. S&P 500 futures climbed 0.7%, Nasdaq 100 gained 1.4%, and Dow futures rose about 80 points. Apple advanced 2% on upbeat results and guidance, Amazon surged 13% on robust cloud growth, and Netflix rose 2% after announcing a 10-for-1 stock split. Chevron gained 0.5% on solid earnings, while Exxon Mobil fell 1.8% after weaker profits. For October, the S&P 500 rose over 2%, the Nasdaq 4.1%, and the Dow 2.4%, marking the Dow’s sixth straight monthly gain—the longest streak since 2018.

Market Movers:  On Thursday, the top gainers were Boqii Holding Limited (+113.73%), followed by Charming Medical Limited. (+45.04%). On the contrary FMC Corporation. (-46.52%), and Apellis Pharmaceuticals, Inc. (-31.01%) declined the most the same day.

Commodities Update:  WTI crude fell toward USD 60 and Brent toward USD 64 per barrel on Friday, both heading for a third consecutive monthly decline amid rising global output ahead of the OPEC+ meeting. The cartel plans to increase production by 137,000 bpd in December to regain market share, while Saudi exports hit a six-month high and U.S. output reached a record 13.6 million bpd. These factors could offset the impact of new U.S. sanctions on Russian producers. Additionally, a stronger dollar and news of China resuming U.S. energy purchases undercut prices further. Gold hovered around USD 4,020 per ounce, facing its second straight weekly loss as hopes for Fed rate cuts faded and the dollar strengthened. Despite short-term pressure, gold is still up nearly 50% this year, supported by strong central bank buying, which rose 28% in Q3 to 220 tons, led by Kazakhstan and Brazil.

Macro Updates:  The average 30-year fixed mortgage rate fell to 6.17% as of October 30, 2025 — the lowest since early October 2024 — down from 6.19% the previous week, according to Freddie Mac. The decline followed the Federal Reserve’s recent quarter-point rate cut. Freddie Mac’s chief economist, Sam Khater, noted that this marks the fourth straight weekly drop, encouraging more homebuyers to reenter the market.

Futures Update:  U.S. stock futures rose on Friday, led by tech gains after strong earnings from Apple and Amazon. Dow futures were up 0.1%, S&P 500 futures rose 0.7%, and Nasdaq 100 futures gained 1.4%. The previous session saw declines due to weakness in Meta and Microsoft shares. Despite that, October has been a solid month for markets — the S&P 500 is up 2%, the Nasdaq Composite over 4%, and the Dow 2.4%, putting the Dow on track for its sixth consecutive monthly gain, its longest winning streak since 2018.

Stocks generally declined throughout Thursday's trading session, with the S&P 500 falling by 68.25 points, or 0.99%, to close at 6,822.35. From a technical standpoint, the index faced resistance at key levels and drifted lower; however, there is a possibility of a relief rally in today's session. Additionally, the 14-day Relative Strength Index (RSI) remains above the midpoint, indicating a positive outlook. Key support levels are around 6,755, while resistance is expected near 6,900.