October 30, 2025 — U.S. stocks rose across the board yesterday, with Nvidia’s market capitalization surpassing $5 trillion, making it the first company in the world to reach this milestone. Safe-haven assets rebounded, with spot gold climbing more than 1% to reclaim the $4,000 level, while LME copper hit a record high and the U.S. dollar index edged higher. Early this morning, the Federal Reserve delivered a 25-basis-point rate cut as expected and announced that quantitative tightening will end in December.

U.S. Stocks: Nvidia Hits $5 Trillion, Semiconductor Sector Leads Gains

Nasdaq up 0.6%, S&P 500 up 0.2%, Dow Jones up 0.2%, all three posting record highs for a fourth consecutive day.

Nvidia surged over 5%, adding $1 trillion in just four months to cross the $5 trillion mark.

Top-performing sectors:

Semiconductors: AMD +3%, Micron +4%

Industrials: Caterpillar +9%

Financials: UBS +4%

Lagging stocks: Fiserv plunged 44% (weak forward guidance), Boeing fell over 3% (777X program delay).

Các yếu tố chính:

AI boom: Bellwether Wealth noted that an intensifying “AI arms race” continues to boost tech stock valuations.

Policy expectations: Markets had fully priced in a 25bp Fed cut, reinforcing the liquidity easing narrative.

Precious Metals & Commodities: Gold Rebounds, Copper Hits Record High

Spot gold rose over 1% to $4,000/oz, snapping a three-day losing streak.

Spot silver jumped 2% to $48.05/oz.

Fundamental analysis:

Technical rebound: Gold found strong support near $3,900, with short-covering driving prices higher.

Pre-decision hedging: Some investors sought safety ahead of the Fed decision.

Base metals:

LME copper gained nearly 1%, setting a new record high as supply concerns mounted due to operational issues at major mines.

Crude oil:

WTI crude traded narrowly as OPEC+ production cuts and weak demand remained in balance.

FX & Bonds: Dollar Slightly Stronger, Yields Steady

FX: U.S. Dollar Index rose 0.13% to 98.86; USD/JPY climbed to 152.16.

Bonds: 10-year Treasury yield held steady at 3.98%, with investors cautious ahead of the Fed announcement.

Market outlook:

If the Fed signals a pause in rate cuts, the dollar may test the 99.50 resistance level.

Global Equities: Broad Gains Across Asia-Pacific

Asia-Pacific:

Nikkei 225 up 2.2% to 51,307,

KOSPI up 1.76% to 4,081.

Châu Âu:

STOXX 50 flat,

DAX down 0.1%,

FTSE 100 up 0.3%.

Today’s focus:

Earnings: Microsoft, Meta, Amazon — AI capex and ad revenue in focus.

Apple: iPhone 17 demand and India supply chain progress under scrutiny.

U.S. Initial Jobless Claims (20:30): A reading above 220K could reinforce the easing bias.

Eurozone October CPI (18:00): A drop below 2% may heighten ECB rate-cut expectations.