📈 TL;DR – Last Week in 60 Seconds
Amazon’s results kept megacaps in the driver’s seat, helping stocks notch another winning week. The Nasdaq extended its monthly streak, while small-caps lagged as investors stuck with “big, liquid, profitable” themes. Treasury yields eased a bit as traders weighed the U.S. central bank’s next move.
The dollar firmed; gold cooled after early-October fireworks; and Bitcoin slipped from recent records. Bottom line: leadership stayed narrow, but trends stayed intact—tech up, dollar up, defensives mixed.
Quick Levels → Last week’s change
S&P 500: 6,879.17 | ↑0.49%
Nasdaq 100: 25,858.13 | ↑0.61%
Dow: 47,562.87 | ↑0.32%
Russell 2000: 2,479.38 | ↓1.89%
Gold/oz: $4,002 | ↓2.71%
Bitcoin (BTC): $110,591 | ↓3.44%
U.S. Dollar Index (DXY): 99.72 | ↑0.79%
Source: Andrew Caballero-Reynolds/AFP/Getty Images
🚀 Top Movers Last Week
Twilio (TWLO): ↑19.83% — Post-earnings efficiency push and margin focus reignited interest in communications software.
Rigetti Computing (RGTI): ↑13.98% — Quantum name surged as investors chased AI-adjacent compute plays; liquidity remains thin.
Amazon (AMZN): ↑8.92% — Cloud growth re-accelerated to fastest pace in ~3 years; upbeat outlook and Q4 sales forecast lifted shares to records. Amazon also announced 14,000 layoffs last week.
Nvidia (NVDA): ↑8.71% — AI demand headlines, $5T valuation chatter and supercomputer plans fueled chip momentum.
Meta (META): ↓12.19% — Post-earnings expense outlook and $70–$72B 2025 capex ramp rattled sentiment amid AI infrastructure spend debate.
🗺 Market Map
Trump-Xi: trade thaw headlines: U.S. trims some tariffs; China pledges soybean buys, pauses rare-earth curbs, and steps up fentanyl policing. Details still emerging, but tone improved after the South Korea summit.
AI capex remains the market’s engine: Mega-caps raised spending plans again; Amazon and Apple earnings beats contrasted with Meta’s slide on bigger capex and a tax charge. The AI build-out is broadening to industrials and power equipment.
Post-FOMC speeches divided: After a 0.25% cut, officials split: Waller favors a December cut; others urge patience. Powell said another move isn’t guaranteed as labor data wobble.
Data week, with partial data: A government shutdown could delay Friday’s jobs report, so traders lean on ADP, ISM*, and central-bank decisions (BoE, RBA). A firmer dollar adds pressure to commodities and non-U.S. earnings translations.
🛒 Buy Zone
Long-term investors — Consider a measured add to Utilities & Grid infrastructure. U.S. power demand is set to hit fresh records in 2025–26 as data centers multiply, and regulators are pushing long-range transmission* planning—tailwinds for select utilities and grid owners. Risks: higher rates, regulatory pushback on returns, and project delays.
Short-term traders — Watch rate-sensitives (financials, homebuilders, utilities) around Treasury’s Quarterly Refunding Announcement (QRA) today and auction details Wed; with official data limited by the shutdown, ISM/ADP may swing yields. Guardrail: if long-end auction sizes or demand surprise, expect quick moves in 10-year notes.
💡 Signal Spotlight
Power is the new bottleneck: why AI could re-rate utilities.
AI is turning electricity into the next scarce input. U.S. demand is set to hit records, IEA* forecasts have moved higher, and PJM* shows faster local load growth. That supports multi-year grid capex, steadier earnings, and healthier dividends for well-run utilities—plus selective upside for dependable generation. Watch permitting and project costs, but the structural tailwind looks real.
👀 What to Watch
Mon, Nov 3 — ISM Manufacturing PMI: Early read on orders, hiring, and prices.
Mon, Nov 3 — Treasury Quarterly Refunding announcement*: Sizes/mix set the tone for yields and risk appetite.
Tue, Nov 4 — AMD earnings: AI demand check for chips, capex, and data centers.
Wed, Nov 5 — ISM Services PMI + ADP payrolls: Services momentum and labor snapshot.
Wed, Nov 5 — Qualcomm, McDonald’s & Robinhood earnings: Handsets, global consumers, and trading activity.
Thu–Fri, Nov 6–7 — Fed speeches: Policy tone can sway cut expectations and dollar/yields quickly.
Fri, Nov 7 — University of Michigan sentiment: Spending confidence and inflation expectations.
📚 Decoder
IEA (International Energy Agency): Global energy market research organization.
ISM (Institute for Supply Management): Surveys purchasing managers for activity levels.
PJM: Mid-Atlantic grid operator managing wholesale electricity markets.
Quarterly Refunding Announcement: Treasury’s plan for upcoming note/bond issuance.
Transmission (grid): High-voltage lines moving power long distances.
🕔 That’s your 5-minute guide to start the week. There’s more info out there…dive in! News is free; risk isn’t.
We’ll be back to check-in on Thursday at 7 AM ET.
Educational only—not investment advice.
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