Oil Prices Steady in Asia but Headed for Weekly Loss on Supply Glut Concerns 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge 
Asian Markets Rebound as Tech Rally Lifts Wall Street, Investors Brace for BOJ Rate Hike 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 
Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Asian Stocks Edge Higher as Tech Recovers, U.S. Economic Uncertainty Caps Gains 
Austan Goolsbee Signals Potential for More Fed Rate Cuts as Inflation Shows Improvement 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
Asian Stocks Slide as AI Spending Fears and Global Central Bank Decisions Weigh on Markets 
Yen Near Lows as Markets Await Bank of Japan Rate Decision, Euro Slips After ECB Signals Caution 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
Oil Prices Rebound as Trump Orders Blockade of Sanctioned Venezuelan Tankers 
BoE Set to Cut Rates as UK Inflation Slows, but Further Easing Likely Limited 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
Market Overview
The Dow Jones Industrial Average and S&P 500 reached record closing highs on Friday, buoyed by a surge in Netflix shares and overall gains in technology stocks. All three major Wall Street benchmarks celebrated their sixth consecutive weekly gain, marking their longest winning streak since late 2023.
Weekly Performance Highlights
- S&P 500: Up 0.9%
- Nasdaq Composite: Up 0.8%
- Dow Jones Industrial Average: Up 1%
Netflix shares soared 11.1%, closing at a record high after surpassing Wall Street's subscriber growth expectations, with a positive outlook for the remainder of the year. Other prominent tech stocks, often referred to as the "Magnificent Seven," also contributed to market gains. Apple rose 1.2% following a significant increase in new iPhone sales in China, while Nvidia gained 0.8% after Bank of America Global Research raised its price target.
Sector Analysis
The communication services sector, driven by Netflix, increased by 0.9%, making it the top-performing sector among the S&P 500, while the information technology sector rose by 0.5%.
Economic Outlook
David Waddell, CEO of Waddell & Associates, expressed optimism, stating, "It's kind of the 'what's not to like' market," highlighting favorable economic data and positive corporate earnings. However, concerns about stretched valuations— with the S&P 500 trading at nearly 22 times forward earnings— and the potential volatility surrounding the November 5 U.S. presidential election could pose risks.
Notable Declines
Despite the overall gains, American Express fell 3.1% after reporting quarterly revenue below estimates, contributing to a modest decline in the financial sector. The energy sector was the week's worst performer, dropping 2.6%, impacted by falling oil prices and disappointing earnings from SLB, which decreased by 4.7%.
