December 3, 2025 — U.S. equities opened higher across the board, with the Nasdaq up 0.45%. The U.S. dollar index was flat at 99.40, while the yen weakened to 155.76 per dollar. Spot gold slipped more than 1%, breaking below $4,190 per ounce. Bitcoin rebounded 1.2% to $87,457, ending its recent losing streak.
Key Market Moves & Fundamental Analysis
1. U.S. Equities: Tech Stocks Lead Gains; Chinese ADRs Mixed
The S&P 500 rose 0.27% to 6,830.96, the Dow climbed 0.27% to 47,416.91, and the Nasdaq gained 0.45% to 23,379.75.
行业亮点：
Semiconductors advanced (Nvidia up nearly 3%), with AI-related names following higher.
Chinese ADRs were mixed: Pony.ai up 3.3%, Alibaba down 1.69%, Xpeng Motors down 4.33%.
Market drivers:
Easing policy expectations: The probability of a Fed rate cut in December rose to 85%, easing valuation pressures.
Soft macro data: November ISM Manufacturing PMI fell to 48.2, reinforcing the need for monetary easing.
2. FX Market: Yen Pulls Back; U.S. Treasury Yields Edge Higher
The U.S. dollar index held at 99.40, while EUR/USD slipped slightly to 1.1605.
The yen weakened to 155.76 per dollar as recent BoJ tightening expectations saw short-term profit-taking.
Key developments:
Strong JGB auction: 10-year JGB yields fell to 1.855%, with robust demand capping yen strength.
Fed in wait-and-see mode: Markets await Friday’s PCE data and the December FOMC meeting.
3. Precious Metals: Technical Pullback in Gold; Silver Retreats from Overbought Levels
Spot gold fell 1%, dipping below $4,190, while silver declined 1.2% to $57.27.
