On November 4, the Dow rose 1,569.40 points (+3.03%), the S&P 500 gained 1.58%, and the VIX fell 20.26%. Vance said the Iran war caused Republican election losses, Brent crude fell 8.46% to $94.83, and the 10-year Treasury yield retreated to 4.90%; AI data center stocks bucked the trend and plunged, with the Philadelphia Semiconductor Index down 3.13%.

On November 3, U.S. stocks rebounded after the AI selloff, with the Nasdaq up 0.83% and the S&P 500 up 0.37%; AMD's data center revenue nearly doubled year-over-year and rose 8% after hours, while Apple fell 1.90% on memory cost concerns. The 10-year Treasury yield rose to 4.952%, and Brent settlement fell 1.12% to $103.60. The next day, focus will be on midterm election vote counting, ADP data, and RIOT's earnings report.

On November 2, US tech stocks were sold off again: the Nasdaq fell 1.07% and the Philadelphia Semiconductor Index dropped 3.37%, while Marvell plunged 12.72% after its $115 billion acquisition of Lumentum, fueling growing concerns over AI capital expenditure; the Dow rose 0.41%. Expectations of US-Iran peace talks pushed the WTI settlement price down 7.5% to $96.33. In crypto-related US stocks, Strategy added 811 BTC to bring its holdings to 849,327 BTC, with market cap at 0.85x the value of its holdings. The next day, focus will be on the midterm elections, AMD's earnings, and nonfarm payrolls.

On Friday, October 30 (US Eastern Time), all three major US stock indices closed lower, with the Nasdaq Composite falling 2.86% to 25,437 points, recording its worst monthly performance since March 2025. The core driver of this sell-off was anxiety over AI infrastructure capital expenditures—Amazon's Q3 capital expenditure reached $75.9 billion with full-year guidance raised to approximately $220 billion, compounded by Alphabet's search advertising miss and Intel's Q4 guidance falling significantly below market expectations, sending the Philadelphia Semiconductor Index down 7.20%. Crypto-related US stocks declined across the board, with Bitcoin ETFs recording cumulative net outflows of approximately $111 million in October. Next week, focus will be on Apple's earnings report, October nonfarm payroll data, and the evolution of geopolitical tensions in the Middle East.

Alphabet's Q3 revenue miss triggered concerns over AI capital expenditure, with shares plunging 12.64% in a single day and market cap evaporating by $482 billion—the largest single-day decline in history. The Nasdaq closed down 1.38% at 26,184.73 points. After hours, Amazon and Intel earnings again fell below expectations, and Nasdaq futures extended losses by 1.88%. Strategy recorded $20.9 billion in operating profit for Q3 due to fair value changes in Bitcoin, but its average holding cost of $75,446 is now approaching the current price, with mNAV dropping to 0.82x; Binance disclosed that approximately $6.3 billion in assets were affected by an attack. Tomorrow, focus on the preliminary reading of US Q3 GDP and September PCE.

The Fed's October meeting held rates steady at 3.75%-4.00% in a 10-2 vote, with two voting members advocating for a rate hike. The 10-year Treasury yield rose to 5.045%, while the three major indices closed slightly higher, with the Nasdaq up 0.27%. After hours, GOOGL fell nearly 10% on a revenue miss and negative free cash flow, while Microsoft rose about 3% on Azure's 48% growth. Tonight, focus on the Q3 GDP preliminary reading, September core PCE, and after-hours earnings from MSTR and Coinbase.

On October 27 US Eastern Time, enthusiasm for AI investment reignited, with the Philadelphia Semiconductor Index surging 3.6%, the Nasdaq rising 1.18% for its best performance in nearly a month, the S&P 500 gaining 0.60%, and the Dow edging up 0.03%. The Federal Reserve's October 27-28 FOMC meeting is underway, with the rate decision scheduled to be announced at 2:00 AM Beijing Time on October 29. 94 economists expect rates to remain unchanged at 3.75%-4.00%.

On Monday, October 26 (US Eastern Time), all three major US stock indices closed higher: the S&P 500 rose 0.70% to 7,676.77, the Nasdaq gained 0.83% to 26,169.38, and the Dow added 0.28% to 52,361.58, while the semiconductor sector surged 2.82%. Anthropic publicly filed its S-1 prospectus, disclosing $16.3 billion in revenue for the first half of the year, boosting sentiment across AI and technology sectors.

US stocks extended their decline, with the Dow down 1.23% and the Nasdaq down just 0.21% as the AI selloff cooled; Brent crude rose 3.1% to $116.72, a new high since April; the 10-year Treasury yield rebounded to 4.99% as the market awaits the Fed's decision on October 28.

Geopolitical conflicts persist, the 10-year U.S. Treasury yield falls back to 5%, AI stocks see massive sell-offs.