Market Overview

U.S. stocks staged a V-shaped recovery, with $S&P 500 Index (.SPX.US)$ , $Dow Jones Industrial Average (.DJI.US)$ , and small-cap stocks turning positive in late trading, while $Nasdaq Composite Index (.IXIC.US)$ sharply narrowed its losses. $NVIDIA (NVDA.US)$ fell nearly 3% during the session but closed down 0.8%; post-market, its stock dropped as much as 5% before recovering most of the losses. Despite Q3 results beating expectations, its Q4 guidance midpoint missed the high-end estimates. $Target (TGT.US)$ plummeted over 21%. Oklo, a nuclear energy company backed by OpenAI’s Sam Altman, faced a short-seller attack, falling as much as 10% intraday.

The dollar ended a three-day losing streak. U.S. Treasury yields initially fell but rebounded as weak demand for 20-year bonds weighed on the market.

The China ADR Index outperformed with a 1.4% gain. $NIO Inc (NIO.US)$ , down nearly 7% earlier, reversed to end higher. Offshore yuan dropped nearly 200 points, falling below 7.25 per dollar.

Bitcoin climbed to a fresh record above $94,500. Non-dollar currencies broadly declined, gold rose for the third straight session to a one-week high, and oil prices fell 0.7%.

In Asia, Chinese A-shares closed higher, with the Beijing Stock Exchange 50 Index up more than 3%. Media, AI, and tech sectors led gains, while Hong Kong stocks also advanced.