October 29, 2025 — U.S. stocks closed broadly higher, with Apple’s market capitalization surpassing $4 trillion for the first time. Safe-haven assets were sold off, sending spot gold below $3,900, its lowest since October 10. The yen briefly rebounded to 151.95, while U.S. Treasury yields remained steady at 3.97%. Market focus centered on the tug-of-war between “central bank outlooks” and “earnings season validation.”

U.S. Equities: Apple Hits $4 Trillion as Tech and Cyclical Stocks Rally Together

The Dow Jones rose 0.6%, the S&P 500 gained 0.3%, and the Nasdaq added 0.5%, marking a third straight record high.

Milestone Event: Apple shares edged up 0.2%, bringing its total market cap to $4 trillion, making it the first company in history to reach that level.

Sector Performance:

Top gainers: Nuclear power (Cameco +18%), logistics (UPS +11%), and payments (PayPal +8%).

Tech leaders: Microsoft +4% (signed a new agreement with OpenAI); Trump Media +3% (expanding into prediction markets).

Principaux facteurs moteurs :

Trade optimism: Progress in U.S.-China talks eased tariff concerns and refocused attention on corporate earnings resilience.

Policy expectations: Markets are pricing in a near 100% probability of a 25-basis-point Fed rate cut in October, reinforcing the liquidity-easing narrative.

Precious Metals & Forex: Gold Breaks Below $3,900 as Yen Briefly Rebounds

Spot gold fell more than 2% to $3,907/oz, with silver following lower.

Fundamental analysis:

Diminished safe-haven demand: Improved trade sentiment has weakened gold’s hedging appeal. Citi warns prices could test $3,800.

Technical breakdown: Having fallen below the key $4,000 psychological level, Saxo Bank noted that a “long-delayed correction” has begun.

Currency markets:

The yen rose 0.6% to 151.95 after Japan’s and the U.S.’s finance ministers discussed FX volatility, before slipping back to 152.16.

The U.S. dollar index was flat at 98.81, as traders awaited the Fed’s policy guidance.

Commodities & Crypto: Oil Steady, Cryptos Decline

Energy: WTI crude fluctuated narrowly, with OPEC+ output cuts balancing demand worries.

Cryptocurrency: Bitcoin fell 0.3%, Ethereum 0.7%, as capital rotated away amid the risk-on rally.

Industrial metals: U.S. copper futures held steady, supported by expectations of a global economic recovery.

Global Markets: Mixed Performance in Europe and Asia

Europe: STOXX 50 fell 0.3%, Germany’s DAX down 0.2%, France’s CAC 40 off 0.4%.

Asia-Pacific: Nikkei 225 slipped 0.24%, South Korea’s KOSPI lost 0.8%, as investors turned cautious ahead of earnings releases.

L'objectif du jour

Federal Reserve rate decision

U.S. September JOLTS job openings: A reading below the previous 8.8 million may reinforce rate-cut expectations.

Eurozone October Economic Sentiment Index: A drop below 96 could fuel dovish ECB expectations.

Earnings highlights:

Amazon, Meta (after-hours): AI-driven ad revenue and cloud cost control will be key.

Qualcomm: After a 20% surge, markets look for proof of sustained AI chip orders.

Bank of Japan decision: Expected to stand pat; focus on its tolerance for yen weakness.

European Central Bank decision: Likely to keep rates unchanged, with Lagarde expected to emphasize “data dependence.”