SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
US Stock Futures Rise as US-Iran Ceasefire Hopes Boost Market Sentiment 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Gold Price Falls as Fed Rate Hike Fears and U.S.-Iran Tensions Weigh on Bullion 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
U.S. Stock Markets Rally on Amazon's Earnings
On Friday, U.S. stock indexes experienced a notable uptick, driven primarily by Amazon.com, which saw a 6.2% increase in shares following robust earnings that exceeded expectations. The positive momentum from Amazon helped mitigate losses in other tech stocks, notably Apple, which declined by 1.2% due to a conservative growth outlook.
Treasury Yields Rise Amid Economic Concerns
As stock markets rallied, 10-year Treasury yields reached a four-month high of 4.361%, up 7.7 basis points. This rise comes after a disappointing U.S. jobs report revealed minimal job growth in October, affected by industrial strikes and hurricanes. However, the unemployment rate remained steady at 4.1%, suggesting stability in the labor market.
Political Uncertainty Influences Investor Sentiment
With only four days until the U.S. presidential election, polls indicate a tight race between Republican Donald Trump and Democratic Vice President Kamala Harris. Strategists warn of a deteriorating fiscal trajectory regardless of the election outcome.
Global Market Trends
In global markets, MSCI's index rose by 0.34% as European stocks marked their largest single-day gain in five weeks, with the STOXX 600 climbing 1.09%. The dollar strengthened against the euro, trading at $1.084, while Bitcoin saw a slight increase of 0.57% to $69,531.
Conclusion
In summary, U.S. stock markets benefited from Amazon's strong performance, while Treasury yields climbed amid mixed economic signals. The upcoming election remains a critical focus for investors as they navigate these market fluctuations.
