Asian markets pull back as stretched valuation fears jolt Wall St

SINGAPORE — Asian stocks extended an overnight selloff on Wall Street in early trading on Wednesday as investor concerns about stretched valuations sapped confidence.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.8%, led by declines in South Korean shares with a loss of 4.1%. US e-mini futures moved 0.4% lower after a 1.2% drop for the S&P 500 overnight.

“It’s a sea of red across broad markets,” said Chris Weston, head of research at Pepperstone Group in Melbourne. “There aren’t many reasons to buy here, and until we move closer to Nvidia’s earnings on 19 November, the market lacks a short-term catalyst.”

Stocks are retreating from record highs on fears equity markets may have become overstretched after the CEOs of Wall Street heavyweights Morgan Stanley and Goldman Sachs questioned whether sky-high valuations can be sustained.

Last month, banking giant JPMorgan Chase’s CEO Jamie Dimon had warned of a heightened risk of a significant correction in the US stock market within the next six months to two years.

The warnings come as a surge in enthusiasm for generative AI has swept across stock markets worldwide this year, drawing comparisons to the dot-com bubble.

Japan’s Nikkei stock index slid 2.5%, with SoftBank Group shares plunging 10%.

The US dollar dropped 0.2% against the yen to 153.41after the release of minutes from the Bank of Japan’s September policy meeting,

The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, briefly touched a five-month high of 100.25.

The yield on benchmark 10-year Treasury notes edged lower to 4.0697% compared with its US close of 4.091% on Tuesday.

Bitcoin fell below USD 100,000 for the first time since June, but rebounded afterwards and was last up 0.2% at USD 100,499.70. Gold attempted to recover after three consecutive days of losses, and was trading 0.1% higher at USD 3,936.48 per ounce.

The European single currency was little changed in early trading at USD 1.1484 after hitting a three-month low following five straight days of declines.

Brent crude was last unchanged at USD 64.44 per barrel.

(Reporting by Gregor Stuart Hunter
Editing by Shri Navaratnam)

Oil settles lower on stronger dollar, fears of oversupply

HOUSTON— Oil prices settled lower on Tuesday as weaker manufacturing numbers and a stronger dollar weighed on demand, while the OPEC+ decision to pause output hikes in the first quarter of next year could signal the group’s concern about a potential supply glut.

Brent crude futures closed 45 cents, or 0.7% lower at USD 64.44 a barrel. US West Texas Intermediate crude was down 49 cents, or 0.8%, at USD 60.56.

“Crude futures are feeling the pressure today from high US dollar valuation. The US stock market is also seeing a heavy downside correction in the early trade as the government shutdown may be beginning to add downside pressure, which could eventually hurt domestic fuel demand,” said Dennis Kissler, senior vice president of trading at BOK Financial.

The dollar climbed to a four-month high against the euro on Tuesday as divisions in the Federal Reserve raised doubt about the prospect of another rate cut this year. A stronger US currency makes dollar-priced assets such as oil more expensive to those holding other currencies.

Wall Street fell sharply following warnings of a market selloff from some big US banks.

The US government shutdown entered its 35th day, matching a record set during President Donald Trump’s first term for the longest in history.

The toll is mounting. Food assistance for the poor was halted for the first time, federal workers from airports to law enforcement and the military are going unpaid and the economy is flying blind with limited government reporting.

In Asia, Japan’s manufacturing activity shrank in October at the fastest pace in 19 months, a private-sector survey showed.

French oil major TotalEnergies expects global oil demand to rise until 2040 before declining gradually as energy security concerns and a lack of political coordination slow efforts to cut emissions, it said in its annual energy outlook report.

On Sunday, OPEC+, the Organization of the Petroleum Exporting Countries and allied producers, agreed to a small oil output increase for December and a pause in increases in the first quarter of 2026.

On Tuesday, a Reuters survey found that OPEC’s oil output rose further in October after an OPEC+ agreement to raise production. The scale of the increase slowed sharply from September and the summer months.

The boost to oil prices from the US sanctions on Russian energy companies Lukoil and Rosneft was fading, chief analyst of commodities Bjarne Schieldrop at SEB Research said in a note.

“Come Nov 21 when the sanctions (on other companies that continue to trade with the Russian companies) go into force they will likely evaporate, disappear or be pushed out in time.”

Market participants are now awaiting the latest US inventory data from the American Petroleum Institute (API), due later in the day. A preliminary Reuters poll showed US crude oil stockpiles were expected to have risen last week.

(By Arathy Somasekhar, Reporting by Seher Dareen in London, Ashitha Shivaprasad in Bengaluru and Emily Chow in Singapore; Editing by Ros Russell, Louise Heavens, Tomasz Janowski and David Gregorio)

China to support renminbi stocks trading counter to increase access to Hong Kong equities

HONG KONG — China will support the inclusion of a renminbi counter under a stock connect scheme that would for the first time allow mainland investors to trade Hong Kong-listed stocks in yuan, the latest policy effort to strengthen ties between the two markets and boost the currency’s international status.

China Securities Regulatory Commission Vice Chairman Li Ming said on Tuesday mainland authorities were keen to expand the current range of offshore renminbi initiatives.

He told the Global Financial Leaders’ Investment Summit in Hong Kong the regulator supports mainland investors to trade on a renminbi stock transaction counter – launched in 2023 to investors in Hong Kong – via the mainland-Hong Kong stock connect program linking the two markets.

“We will support the futures market in Hong Kong enrich the management tools for offshore renminbi initiatives, and help Hong Kong to continuously foster its position as an international financial market,” Li said.

An expansion of the policy would allow investors greater access to companies such as e-commerce giant Alibaba, while deepening offshore yuan liquidity in the financial hub.

The Hong Kong Monetary Authority’s summit, now in its fourth year, has brought together leading Chinese regulators, policy makers and global banking bosses.

Earlier, People’s Bank of China Deputy Governor Lu Lei said China’s central bank would “appropriately calibrate the strength and pace of policy support, ensure the implementation and execution of various monetary policy tools, and fully unleash the effects of these policies”.

The PBOC last cut interest rates and banks’ reserve requirement ratio in May, in an effort to soften the economic damage caused by a trade war with the United States.

Analysts remain divided on whether the PBOC will take further easing measures such as cutting rates by year-end.

Chinese Vice Premier He Lifeng said on Tuesday he hopes Hong Kong will strengthen cooperation with mainland China’s economic and financial sectors which would allow the city to enhance its status as a global financial center.

“I hope Hong Kong can grasp the opportunities and proactively deepen its connection with the country’s development plans and enhance economic and financial cooperation with the mainland,” He said.

Hong Kong’s role as a global financial center was in question after COVID-19 restrictions closed its borders for almost three years and following the implementation of China-imposed national security laws in 2020.

The city’s capital markets have bounced back in 2025 after new share sales fell to the lowest point in almost a decade.

Hong Kong Chief Executive John Lee told the summit there have been 80 initial public offerings in the first 10 months of 2025, reflecting the city’s resilient capital markets.

Hong Kong has overtaken New York and Nasdaq to be the global top venue for new listings, excluding special purpose acquisition companies this year, Dealogic data showed, with a total of USD 26.8 billion raised so far, nearly tripling the listing value from the same period in 2024.

(Reporting by Selena Li, Kane Wu and Jiaxing Li in Hong Kong, and Kevin Yao in Beijing; Writing by Scott Murdoch; Editing by Christopher Cushing and Lincoln Feast.)

Gold steady as focus shifts to US private payroll data

Gold prices held steady on Monday, hovering around USD 4,000 per ounce, as investors hunkered down for US private payroll data due this week to assess the chances of an additional US Federal Reserve interest rate cut this year.

Spot gold was little changed at USD 4,002.35 an ounce by 1:32 p.m. ET (1832 GMT). US gold futures for December delivery settled 0.4% higher at USD 4,014.

“Gold is in the process of carving out a trading range, maybe in the high 3000s to the mid-4000s… this is a kind of expected consolidation after such a big move,” said Marex analyst Edward Meir.

The metal, which has gained 53% this year, has dropped over 8% from a record high hit on October 20.

Investors are awaiting the release of ADP US employment data due on Wednesday and ISM PMIs this week, for cues on the Fed’s policy direction. The US government shutdown has halted the release of key economic data, including from the Bureau of Labor Statistics.

The central bank last week cut interest rates for the second time this year, but Chair Jerome Powell said another cut this year was “not a foregone conclusion”.

Traders are now pricing a 65.3% chance of a rate cut in December, down from a near certainty last week before the Fed meeting.

Non-yielding gold thrives when interest rates are low and in times of economic uncertainty.

“Gold’s pause still looks like a breather, not a breakdown. Seasonal softness, temporary Chinese policy noise, and a firmer dollar explain the short-term retreat, but none change the longer-term narrative,” said Ole Hansen, head of commodity strategy at Saxo Bank, in a note.

Meanwhile, China ended a long-standing tax exemption policy for some gold retailers on Saturday, potentially setting back a buying spree for the precious metal in the world’s biggest consumer market.

Elsewhere, spot silver fell 0.8% to USD 48.25 an ounce, platinum eased 0.2% at USD 1,564.30 and palladium gained 0.4% to USD 1,439.86.

(Reporting by Noel John and Pablo Sinha in Bengaluru; additional reporting by Kavya Balaraman; Editing by Leroy Leo and Vijay Kishore)

Oil prices steady despite OPEC+ plans to pause output increases

NEW YORK – Oil prices held steady on Monday as the market balanced the latest OPEC+ supply increase with the group’s plans to pause output increases in the first quarter of 2026 along with fears of an oil supply glut and weak factory data in Asia.

Brent crude futures rose 12 cents, or 0.2%, to settle at USD 64.89 a barrel. US West Texas Intermediate (WTI) crude rose 7 cents, or 0.1%, to settle at USD 61.05.

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, agreed on Sunday to raise output by a small 137,000 barrels per day (bpd) in December.

OPEC+ also agreed to pause increases in the first quarter of next year.

“Any negative price implications from OPEC’s furtherance of this quarter’s 137,000 bpd production increase were offset by the cartel’s suggested pause in output advances after the end of this year,” analysts at energy advisory firm Ritterbusch and Associates said in a note.

On Monday, Morgan Stanley raised its Brent crude forecast for the first half of 2026 to USD 60 a barrel from USD 57.50, citing the decision by OPEC+ to pause quota hikes in the first quarter of next year and recent US and EU sanctions on Russian oil assets.

Last month, the International Energy Agency said the global oil market faces a surplus next year of as much as 4 million bpd. OPEC expects global oil supply and demand to balance next year.

European oil CEOs at a conference in Abu Dhabi cautioned against being too bearish on oil.

Analysts at RBC, a Canadian bank, said Russia remains a supply wild card after US sanctions on Russian producers Rosneft and Lukoil and attacks on energy infrastructure.

Headwinds for Asia’s big manufacturing hubs persisted in October, business surveys showed on Monday. Asia is the world’s biggest oil-consuming region.

Chinese oil demand growth has slowed since 2020 as the country transitions to greener energy, oil major TotalEnergies CEO Patrick Pouyanne said on Monday. He said he remained optimistic long-term due to rising demand in India.

STRONG DOLLAR

A strong US dollar weighed on oil prices by making crude more expensive for buyers using other currencies. The dollar hovered at a three-month high against a basket of peers.

Federal Reserve officials kept pressing competing views of risks facing the US economy, and the debate should intensify ahead of the central bank’s next policy meeting in the absence of data suspended due to the federal government shutdown.

Federal Reserve Bank of Chicago President Austan Goolsbee said on Monday he’s in no hurry to cut interest rates again with inflation still too far above the central bank’s 2% target.

San Francisco Federal Reserve President Mary Daly on Monday said she supported the US central bank’s interest rate cut last week, and will want to sift through incoming data to assess if another reduction in borrowing costs is warranted at the December 9-10 meeting.

Lower interest rates can boost economic growth and oil demand by reducing costs for consumers.

US manufacturing contracted for an eighth straight month in October as new orders remained subdued, and suppliers were taking longer to deliver materials to factories against the backdrop of tariffs on imported goods.

President Donald Trump said the US military could deploy troops to Nigeria or carry out air strikes to stop what he called the killing of large numbers of Christians in the West African country, an OPEC member and Africa’s biggest oil producer.

(Reporting by Scott DiSavino in New York and Shadia Nasralla in London, additional reporting by Florence Tan in Singapore; Editing by David Goodman and David Gregorio)

Gold slips 1% on rate cut uncertainty, set for third monthly rise

Gold prices fell by 1% on Friday, weighed down by uncertainty over another US Federal Reserve interest rate cut this year, but the metal remained poised for a third straight monthly gain.

Spot gold fell 0.6% to USD 4,001.74 per ounce at 1:49 p.m. ET (1749 GMT) and was on track for a 3.7% gain this month.

US gold futures for December delivery settled 0.5% lower at USD 3,996.5 per ounce.

The dollar index held near a three-month high, making greenback-priced bullion more expensive for other currency holders.

Federal Reserve Bank of Cleveland President Beth Hammack said on Friday she had opposed the central bank cutting interest rates this week, adding that the Fed needs to maintain some restrictions to bring down inflation.

“Hammack is hammering gold as she becomes the third regional Fed President to publicly oppose further rate cuts at this stage, given elevated inflation. Hammack will be an FOMC voter in 2026 and shows the market was over-optimistic in pricing lower rates,” said Tai Wong, an independent metals trader.

The Fed cut interest rates on Wednesday, but hawkish remarks from Chair Jerome Powell mean markets are now pricing a 63% chance of an interest rate cut in December, down from over 90% earlier in the week, the CME FedWatch tool showed.

Gold loses its appeal when interest rates are higher, as it is a non-yielding asset. The metal has gained 53% this year, hitting a record high of USD 4,381.21 on October 20.

Morgan Stanley said on Friday it continues to see upside for gold on interest rate cuts, ETF inflows, central bank purchases and ongoing economic uncertainty. The bank expects gold to average USD 4,300 in the first half of 2026.

US President Donald Trump said on Thursday he would trim tariffs on China to 47% from 57% in exchange for Beijing cracking down on illicit fentanyl trade, resuming US soybean purchases and keeping rare earths exports flowing.

Elsewhere, spot silver fell 0.4% to USD 48.73 per ounce, platinum lost 1.7% to USD 1,583.41, and palladium fell 0.4% to USD 1,440.02.

(Reporting by Noel John and Pablo Sinha in Bengaluru; editing by Deepa Babington, Vijay Kishore, and Alexander Smith)

Investors piled into equity funds ahead of Fed rate cut, US-China trade deal

Global equity funds attracted massive investments in the week to October 29 ahead of an anticipated interest rate cut by the US Federal Reserve and a trade deal between US President Donald Trump and Chinese President Xi Jinping.

Investors accumulated a net USD 10.58 billion worth of global equity funds, extending their recent run of inflows into a sixth straight week, data from LSEG Lipper showed.

The Fed reduced interest rates by 25 basis points on Wednesday, thanks to easing inflationary pressure. The Fed Chair Jerome Powell, however, pushed back against another rate cut in December due to a lack of federal government data.

Trump on Thursday said he had agreed to reduce tariffs on Chinese imports in exchange for Beijing cracking down on the illicit fentanyl trade, resuming US soybean purchases and keeping rare earth exports flowing.

Asian equity funds witnessed the sharpest weekly inflow since January 2024 to the tune of USD 7.19 billion, with roughly USD 5.46 billion flowing into Japan.

US and European funds also secured USD 1.81 billion and USD 137 million inflows, respectively.

Sectoral funds had a mixed set of investments as tech and utilities saw inflows of USD 2.54 billion and USD 504 million, while investors ditched gold and precious metals equity funds of USD 1.51 billion.

Global bond funds recorded weekly inflows for the 28th straight week as these funds gained a net USD 11.84 billion in weekly inflows.

Investors pumped nearly USD 3.14 billion into euro-denominated bond funds, in line with the prior week’s USD 3.33 billion net purchase.

Government bond funds and high-yield bond funds also saw a significant USD 2.84 billion and USD 1.66 billion weekly net purchase.

Weekly net investments in money market funds, meanwhile, eased to USD 3.26 billion from USD 13.56 billion in the prior week.

Gold and precious metals commodity funds saw a net USD 4.17 billion weekly outflow, the first net sale in 10 weeks.

In emerging markets, investors snapped up equity funds to the tune of USD 2.23 billion, the most for a week since September 24, but they shed bond funds worth USD 437 million, data for a combined 28,822 funds showed.

(Reporting by Gaurav Dogra; Editing by Hugh Lawson)

Asia stocks wobble as Fed cuts, BOJ and Trump-Xi meeting in view

SINGAPORE – Asian stocks fluctuated between gains and losses early on Thursday after the Federal Reserve cut interest rates and as investors waited to see if US and Chinese leaders would thrash out a trade deal.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last trading flat, while US S&P 500 e-mini futures edged 0.1% higher after stocks on Wall Street posted a slim loss to snap a four-day winning streak.

Global markets are in the midst of a string of central bank decisions that will give clues about the path ahead for interest rates as US President Trump’s administration imposes blanket tariffs on foreign imports.

Trump is due to meet Chinese leader Xi Jinping in South Korea later today. US negotiators have signaled they seek a return to a fragile trade war truce, but tensions remain high, and longer-term economic irritants will likely persist between the geopolitical rivals.

“After a fair bit of action in the first couple of days of this week, we’ll probably finish the central banking story with a bit of a whimper in the next 24 hours, with probably not much happening either from the BOJ or the ECB,” said Sally Auld, chief economist at National Australia Bank in Sydney in a podcast.

The Nikkei 225 opened 0.1% lower, ahead of a decision from the Bank of Japan later today at which the central bank is widely expected to keep interest rates steady.

Against the yen, the US dollar was last unchanged at 152.70 yen after remarks by US Treasury Secretary Scott Bessent calling for speedier rate hikes to avoid weakening the currency too much, which analysts said may affect the BOJ’s communication on the future pace of rate hikes.

The Federal Reserve cut interest rates on Wednesday by a quarter of a percentage point as expected, but the US central bank’s new policy statement included several references to the lack of official data during the ongoing federal government shutdown, and Fed Chair Jerome Powell told reporters later that policymakers are likely to become more cautious if it deprives them of further job and inflation reports.

Traders have slashed their forecasts of a 25-basis-point rate cut next month, which had been viewed as a near-certainty earlier. Fed funds futures now imply a 67.8% probability that the Fed will hold rates at its next meeting on December 10, compared with a 9.1% chance yesterday, according to the CME Group’s FedWatch tool.

The yield on the US 10-year Treasury bond was last trading around a three-week high of 4.0757%, up 1.77 basis points compared with a previous close of 4.058%.

The dollar index, which measures the greenback’s strength against a basket of six currencies, climbed to a two-week high of 99.131. Gold was last up 0.4% at USD 3,944.25 per ounce.

The euro was last unchanged at USD 1.16035 ahead of a policy decision by the European Central Bank later in the day at which it is expected to leave rates on hold for a third meeting in a row.

Elsewhere, corporate earnings season is fueling fresh anxiety among investors over the cost of the AI buildout, even as the US economy appears to remain in rude health, putting pressure on tech megacap stocks that account for the biggest weighting in the S&P 500 Index.

Meta on Wednesday forecast “notably larger” capital expenses next year as its revenues beat market estimates, while Microsoft’s spending on artificial intelligence infrastructure soared to a record of nearly USD 35 billion in the September quarter. Shares of both companies slumped.

However, rival tech giant and Google parent Alphabet bucked the trend, with shares rising in after-hours trading after it beat revenue expectations.

In energy markets, Brent crude was last unchanged at USD 64.92 per barrel.

(Reporting by Gregor Stuart Hunter; Editing by Kim Coghill)

Dollar gains as Fed cut bets recede; yen on guard

SINGAPORE – The dollar nudged higher on Thursday as traders scaled back bets of a US rate cut in December following pushback from Federal Reserve Chair Jerome Powell, pinning the yen near an eight-month low ahead of the Bank of Japan’s (BOJ) rate decision.

The day was shaping up to be another busy one for markets with the BOJ’s policy announcement due and a highly anticipated meeting between US President Donald Trump and China’s leader Xi Jinping, where the two will seek to de-escalate their trade war.

Investors were still reeling from the aftermath of the Fed decision in the early Asian session, after the US central bank lowered rates by 25 basis points as expected and said it will end its balance sheet drawdown on December 1.

But Powell took the punch bowl away by saying a policy divide within the central bank and a lack of federal government data may put another rate cut out of reach this year.

That sent the dollar rising broadly, with sterling last trading at USD 1.3195 after falling to a 5-1/2-month low in the previous session.

The euro was nursing losses and rose 0.03% to USD 1.1604, after weakening 0.43% overnight.

“Clearly, the FOMC is divided on the policy outlook from here and with the government in shutdown still, I think Powell wants to approach policy more cautiously,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA).

“We still expect a cut in December, but obviously with Powell’s cautious comments, the risk is that a rate cut is delayed to 2026.”

The market odds of the Fed delivering another quarter-point cut in December have eased to around 68%, having been nearly fully priced before Wednesday’s decision.

WAITING ON THE BOJ

The focus on Thursday turned to a policy decision from the BOJ. The central bank is seen keeping rates steady but is likely to reiterate its resolve to continue pushing up still-low borrowing costs.

Ahead of the outcome, the yen was languishing near an eight-month low against a resurgent dollar and last stood at 152.59.

It similarly held near an all-time low against the euro at 177.12.

“I think the most interesting thing to look out for is the vote. At the last meeting, two out of nine board members were in favour of a 25-basis-point rate hike. So it will be interesting to see how many officials are calling for a hike at this meeting,” said CBA’s Kong.

“We know that the BOJ tends to be more politically sensitive. So given the Takaichi administration has just been elected, and they are now compiling another economic package, I think the BOJ will stay cautious in the very near term.”

Some investors are betting that the election of Sanae Takaichi as Japan’s new prime minister could complicate the BOJ rate outlook, given she is an advocate of loose monetary policy.

Elsewhere, the Australian dollar was little changed at USD 0.6575, while the New Zealand dollar eased slightly to USD 0.5763.

Apart from the BOJ, investors will also have their eyes on an expected meeting between Trump and Xi, as fragile trade ties between the two nations continue to keep markets on edge.

“Given the positive remarks from both parties at the conclusion of the preliminary talks in Malaysia over the weekend, markets already expect that the ceiling for tariffs is in place as China likely backs down from its latest rare-earth controls announcement,” said Garrett Melson, a portfolio strategist at Natixis Investment Managers.

(Reporting by Rae Wee; Editing by Kim Coghill)

Dow ends down, S&P 500 flat as Powell says December rate cut far from assured

NEW YORK – The Dow ended lower and the S&P 500 finished flat on Wednesday after the Federal Reserve cut interest rates but Fed Chair Jerome Powell said another rate cut in December is far from assured.

The Nasdaq registered another record closing high, boosted by Nvidia after the AI chipmaker made history as the first company to reach USD 5 trillion in market value.

In earlier trading, stocks rose and then added to gains after the Fed cut interest rates by a quarter of a percentage point, as expected, and said it will restart limited purchases of Treasury securities.

Fed policymakers also noted the limits in their decision-making process due to the US federal government shutdown. The Fed lowered the overnight benchmark rate to a target range of 3.75% to 4.00%, the second time the US central bank eased this year.

After Powell spoke, traders pared bets on a December rate cut, giving it a 71% chance, down from 90%.

“Chairman Powell indicated that another rate cut is not a foregone conclusion,” said Oliver Pursche, senior vice president and advisor for Wealthspire Advisors in Westport, Connecticut.

“But no rate cut is ever a foregone conclusion. So, to me, that is not an inappropriate comment. The (Fed) is data dependent.”

Nvidia’s stock ended the session up 3% at USD 207.04, giving it a stock market value of USD 5.03 trillion. It has risen more than 50% this year, leading the artificial intelligence rally on Wall Street.

The Dow Jones Industrial Average fell 74.37 points, or 0.16%, to 47,632.00, the S&P 500 lost 0.30 points to 6,890.59 and the Nasdaq Composite gained 130.98 points, or 0.55%, to 23,958.47.

“The rate cut was expected. Powell’s remarks took some shine off the market,” said Michael Rosen, chief investment officer at Angeles Investments in Santa Monica, California. “But this is a temporary reaction. It is earnings that ultimately drive equities, and those earnings have been strong.”

The majority of US earnings results so far this reporting period have beaten analysts’ expectations. Of the 222 companies in the S&P 500 that have reported so far, some 84.2% have posted earnings above Wall Street estimates, according to data compiled by LSEG as of Wednesday. That is above the 77% average from the past four quarters.

Among Wednesday’s key results, Caterpillar reported a third-quarter profit that beat expectations, and its shares jumped 11.6%.

After the closing bell, shares of Meta Platforms, Microsoft, and Alphabet were mixed following quarterly reports by the three megacaps.

Shares of Meta Platforms were down more than 8% in extended trading, while Microsoft was down 1% and Alphabet was up about 5%.

Meta recorded a nearly USD 16 billion one-time charge that hurt third-quarter profits and said its capital expenditure next year would be “notably larger” than in 2025.

Strong AI demand helped Alphabet’s financial results, while Microsoft’s AI infrastructure spending soared to a record in the September quarter and deepened investor cost concerns.

Declining issues outnumbered advancers by a 2.16-to-1 ratio on the NYSE. There were 476 new highs and 170 new lows on the NYSE.

On the Nasdaq, 1,453 stocks rose and 3,306 fell as declining issues outnumbered advancers by a 2.28-to-1 ratio.

Volume on US exchanges was 20.71 billion shares, compared with the 21 billion average for the full session over the last 20 trading days.

(Reporting by Caroline Valetkevitch; additional reporting by Pranav Kashyap and Twesha Dikshit in Bengaluru and Laura Matthews in New York; Editing by Shinjini Ganguli, Krishna Chandra Eluri, and David Gregorio)

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