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).
主な推進要因:
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.
