Market Update
Japan's Household Spending Declined First Time In Six Months In October
Akira Ito
05 Dec, 2025
Tokyo
Japan's benchmark indexes turned sharply lower on Friday, and investors turned cautious ahead of rate decisions from major central banks.
The Nikkei 225 Stock Average declined 1.1%, and the broader Topix decreased 1% as Japan's household spending declined in October.
Spending fell 3% from a year ago after rising 1.8% in the previous month and fell for the first time since April and dropped at the fastest pace since January 2024.
Spending increased to 306,872 yen, as food spending, which accounts for 30% of total outlay, decreased 1.1%, the Ministry of Internal Affairs and Communications reported Friday.
Spending on housing decreased 9.1%, transportation and communication dropped 9.2%, but healthcare and medical services increased 3.6% from a year ago.
Japan's household spending data are keenly watched by economists, as consumer spending accounts for more than half of Japan's gross domestic product.
Household income for two or more salaried people edged down 0.1% after adjusting for inflation to 599,845 yen.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 1.1% to 50,434.99, and the broader Topix declined 1% to 3,361.44.
Trading in technology stocks dominated on the Tokyo Stock Exchange, as investors avoided AI-linked semiconductor equipment makers.
Advantest Corp. decreased 2% to ¥20,200.0, Tokyo Electron fell 2% to ¥33,140.0, and Softbank Corp. fell 1.7% to ¥215.20.
Japan's Household Spending Declined First Time In Six Months In October
Akira Ito
05 Dec, 2025
Tokyo
Japan's benchmark indexes turned sharply lower on Friday, and investors turned cautious ahead of rate decisions from major central banks.
The Nikkei 225 Stock Average declined 1.1%, and the broader Topix declined 1% as Japan's household spending declined in October.
Spending fell 3% from a year ago after rising 1.8% in the previous month and fell for the first time since April and dropped at the fastest pace since January 2024.
Spending increased to 306,872 yen, as food spending, which accounts for 30% of total outlay, decreased 1.1%, the Ministry of Internal Affairs and Communications reported Friday.
Spending on housing decreased 9.1%, transportation and communication dropped 9.2%, but healthcare and medical services increased 3.6% from a year ago.
Japan's household spending data are keenly watched by economists, as consumer spending accounts for more than half of Japan's gross domestic product.
Household income for two or more salaried people edged down 0.1% after adjusting for inflation to 599,845 yen.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 1.1% to 50,434.99, and the broader Topix declined 1% to 3,361.44.
Trading in technology stocks dominated on the Tokyo Stock Exchange, as investors avoided AI-linked semiconductor equipment makers.
Advantest Corp. decreased 2% to ¥20,200.0, Tokyo Electron fell 2% to ¥33,140.0, and Softbank Corp. fell 1.7% to ¥215.20.
China Markets In Holding Pattern Ahead of 2026 Economic Growth Targets
Li Chen
05 Dec, 2025
Hong Kong
Stocks in China and Hong Kong lacked direction and momentum ahead of rate decisions from major central banks and domestic policy updates.
The Hang Seng index decreased 0.3%, and the mainland-focused CSI 300 index inched up 0.1% as investors await fresh signals after the annual policy meeting in Beijing later this month.
Investors debated rate outcomes after a meeting of policymakers in Washington, D.C., amid a weakening macroeconomic environment and rapidly cooling labor market.
Traders held out for a 25 basis-point rate cut at the end of a two-day Fed policy meeting on December 10, as the weakness in international crude oil prices overshadowed tariff-driven inflation.
The Bank of Japan is more likely to raise rates at the end of its policy meeting later in the month, as policymakers struggle to shore up the faltering yen and tackle resurgent inflation.
Closer to home, investors are worried that policymakers at the end of the annual economic conference may decide to wait a few more months before announcing a package of economic stimulus measures.
China's committee of top leaders is expected to lower the annual economic growth target of around 4.5% in 2026 from 5% in 2025 because of headwinds from the weakening domestic demand, persistent malaise in the property market, and uncertain outlook for international trade.
China Indexes and Stocks
The Hang Seng Index decreased 0.3% to 25,872.37, and the mainland-focused CSI 300 index inched up 0.1% to 4,551.81.
Moore Threads Technology soared more than fourfold to 590.81 yuan after the artificial-intelligence chip maker listed its stock on the Shanghai Stock Exchange.
Moore priced its initial public offering at 114.28 yuan per share and raised gross proceeds of 8 billion yuan, or $1.13 billion.
Guangdong Tianyu Semiconductor dropped 24% to HK $44.32, and the company priced its initial public offering at HK $58 per share.
The largest producer of silicon carbide epitaxial wafers sold 30.1 million shares and raised gross proceeds of HK $1.74 billion.
Guangzhou Xiao Noodles Catering Management plunged 27% to HK $5.08 after the company listed its stock on the Hong Kong Stock Exchange.
The operator of the noodle restaurant chain Yujian Xiaomian priced its 97.36 million-share initial public offering at HK$7.04 per share and raised gross proceeds of HK$685.4 million.
China Markets In Holding Pattern Ahead of 2026 Economic Growth Targets
Li Chen
05 Dec, 2025
Hong Kong
Stocks in China and Hong Kong lacked direction and momentum ahead of rate decisions from major central banks and domestic policy updates.
The Hang Seng index decreased 0.3%, and the mainland-focused CSI 300 index inched up 0.1% as investors await fresh signals after the annual policy meeting in Beijing later this month.
Investors debated rate outcomes after a meeting of policymakers in Washington, D.C., amid a weakening macroeconomic environment and rapidly cooling labor market.
Traders held out for a 25 basis-point rate cut at the end of a two-day Fed policy meeting on December 10, as the weakness in international crude oil prices overshadowed tariff-driven inflation.
The Bank of Japan is more likely to raise rates at the end of its policy meeting later in the month, as policymakers struggle to shore up the faltering yen and tackle resurgent inflation.
Closer to home, investors are worried that policymakers at the end of the annual economic conference may decide to wait a few more months before announcing a package of economic stimulus measures.
China's committee of top leaders is expected to lower the annual economic growth target of around 4.5% in 2026 from 5% in 2025 because of headwinds from the weakening domestic demand, persistent malaise in the property market, and uncertain outlook for international trade.
China Indexes and Stocks
The Hang Seng Index decreased 0.3% to 25,872.37, and the mainland-focused CSI 300 index inched up 0.1% to 4,551.81.
Moore Threads Technology soared more than fourfold to 590.81 yuan after the artificial-intelligence chip maker listed its stock on the Shanghai Stock Exchange.
Moore priced its initial public offering at 114.28 yuan per share and raised gross proceeds of 8 billion yuan, or $1.13 billion.
Guangdong Tianyu Semiconductor dropped 24% to HK $44.32, and the company priced its initial public offering at HK $58 per share.
The largest producer of silicon carbide epitaxial wafers sold 30.1 million shares and raised gross proceeds of HK $1.74 billion.
Guangzhou Xiao Noodles Catering Management plunged 27% to HK $5.08 after the company listed its stock on the Hong Kong Stock Exchange.
The operator of the noodle restaurant chain Yujian Xiaomian priced its 97.36 million-share initial public offering at HK$7.04 per share and raised gross proceeds of HK$685.4 million.
U.S. Movers: Marvell Technology, Okta
Scott Peters
03 Dec, 2025
New York City
Okta decreased 3.5% to $78.98 after the cybersecurity company reported results of the fiscal third quarter ending in October.
Revenue increased 12% to $742 million from $665 million, net income soared to $43 million from $16 million, and diluted earnings per share rose to 24 cents from breakeven a year ago.
Okta estimated fiscal 2026 revenue to range between $2.906 billion and $2.908 billion, adjusted operating income to fall between $753 million and $755 million, and adjusted diluted earnings per share between $3.43 and $3.44.
Marvell Technology soared 11.2% to $103.30 after the company reported better-than-expected fiscal third-quarter results and announced an acquisition.
Revenue increased to $2.1 billion from $1.5 billion, net income swung to a profit of $1.9 billion from a loss of $676.3 million, and diluted earnings per share increased to a profit of $2.20 from a loss of 78 cents a year ago.
Marvell estimated fiscal fourth-quarter revenue of $2.2 billion and diluted net income per share of 36 cents.
On August 14, Marvell completed the sale of its automotive Ethernet business to Infineon Technologies AG for $2.5 billion in cash, resulting in a pre-tax gain of $1.8 billion.
"Marvell's results for the third quarter of fiscal 2026 include the results of the automotive ethernet business through the sale date, while prior periods presented include the results of the automotive ethernet business for the entire period," the company added in a statement released to investors.
Marvell agreed to acquire Celestial AI for an upfront cost of $3.25 billion, including $1 billion in cash and 27.2 million of its common stock.
The company agreed to pay an additional $2.25 billion to Celestial AI shareholders if the data datacenter operator meets certain revenue milestones.
The full earnout would be paid if Celestial AI’s cumulative revenue by the end of Marvell’s fiscal year 2029 exceeds $2.0 billion.
U.S. Movers: Marvell Technology, Okta
Scott Peters
03 Dec, 2025
New York City
Okta decreased 3.5% to $78.98 after the cybersecurity company reported results of the fiscal third quarter ending in October.
Revenue increased 12% to $742 million from $665 million, net income soared to $43 million from $16 million, and diluted earnings per share rose to 24 cents from breakeven a year ago.
Okta estimated fiscal 2026 revenue to range between $2.906 billion and $2.908 billion, adjusted operating income to fall between $753 million and $755 million, and adjusted diluted earnings per share between $3.43 and $3.44.
Marvell Technology soared 11.2% to $103.30 after the company reported better-than-expected fiscal third-quarter results and announced an acquisition.
Revenue increased to $2.1 billion from $1.5 billion, net income swung to a profit of $1.9 billion from a loss of $676.3 million, and diluted earnings per share increased to a profit of $2.20 from a loss of 78 cents a year ago.
Marvell estimated fiscal fourth-quarter revenue of $2.2 billion and diluted net income per share of 36 cents.
On August 14, Marvell completed the sale of its automotive Ethernet business to Infineon Technologies AG for $2.5 billion in cash, resulting in a pre-tax gain of $1.8 billion.
"Marvell's results for the third quarter of fiscal 2026 include the results of the automotive ethernet business through the sale date, while prior periods presented include the results of the automotive ethernet business for the entire period," the company added in a statement released to investors.
Marvell agreed to acquire Celestial AI for an upfront cost of $3.25 billion, including $1 billion in cash and 27.2 million of its common stock.
The company agreed to pay an additional $2.25 billion to Celestial AI shareholders if the data datacenter operator meets certain revenue milestones.
The full earnout would be paid if Celestial AI’s cumulative revenue by the end of Marvell’s fiscal year 2029 exceeds $2.0 billion.
U.S. Movers: Salesforce, Snowflake
Scott Peters
04 Dec, 2025
New York City
Snowflake dropped 9.7% to $239.20, after the company's weaker-than-expected outlook overwhelmed the fiscal third quarter results.
Revenue increased 29% to $1.2 billion from $942 million, net loss shrank to $291.6 million from $327.9 million, and diluted loss per share eased to 87 cents from 98 cents a year ago.
Snowflake estimated fiscal fourth quarter product revenue to range between $1.195 billion and $1.20 billion, an increase of 27% from a year ago.
In addition, the company estimated product revenue in fiscal year 2026 at $4.446 billion, an increase of 28% from a year ago.
Salesforce increased 1.2% to $238.72 after the customer relations management software company reported mixed results in the fiscal third quarter ending in October.
Revenue increased 10% to $10.3 billion from $9.44 billion, net income advanced to $2.1 billion from $1.5 billion, and diluted earnings per share rose to $2.19 from $1.58 a year ago.
The company guided fiscal fourth-quarter revenue to range between $11.13 billion and $11.23 billion, an increase between 11% and 12% from a year ago.
Salesforce estimated diluted net income per share to fall between $1.47 and $1.49, and current remaining performance obligation to rise about 15% from a year ago.
For the full-year fiscal 2026, the company estimated revenue between $41.45 billion and $41.55 billion, an increase between 9% and 10%, and diluted earnings per share to range between $7.22 and $7.24.
U.S. Movers: Salesforce, Snowflake
Scott Peters
04 Dec, 2025
New York City
Snowflake dropped 9.7% to $239.20, after the company's weaker-than-expected outlook overwhelmed the fiscal third quarter results.
Revenue increased 29% to $1.2 billion from $942 million, net loss shrank to $291.6 million from $327.9 million, and diluted loss per share eased to 87 cents from 98 cents a year ago.
Snowflake estimated fiscal fourth quarter product revenue to range between $1.195 billion and $1.20 billion, an increase of 27% from a year ago.
In addition, the company estimated product revenue in fiscal year 2026 at $4.446 billion, an increase of 28% from a year ago.
Salesforce increased 1.2% to $238.72 after the customer relations management software company reported mixed results in the fiscal third quarter ending in October.
Revenue increased 10% to $10.3 billion from $9.44 billion, net income advanced to $2.1 billion from $1.5 billion, and diluted earnings per share rose to $2.19 from $1.58 a year ago.
The company guided fiscal fourth-quarter revenue to range between $11.13 billion and $11.23 billion, an increase between 11% and 12% from a year ago.
Salesforce estimated diluted net income per share to fall between $1.47 and $1.49, and current remaining performance obligation to rise about 15% from a year ago.
For the full-year fiscal 2026, the company estimated revenue between $41.45 billion and $41.55 billion, an increase between 9% and 10%, and diluted earnings per share to range between $7.22 and $7.24.
Rate-Cut Optimism Keeps Market Indexes Pointing Higher
Barry Adams
04 Dec, 2025
New York City
Stocks in New York lacked direction as investors debated rate paths ahead of the Fed's rate actions next week.
The S&P 500 increased 0.1%, and the tech-heavy Nasdaq Composite decreased 0.2% as investors reviewed the latest batch of earnings.
Investors are increasingly factoring in a possible 25 basis-point rate cut after the Fed's policy meeting next week. However, those expectations could be dashed if the committee decides to wait and review the impact of the Trump administration's goods tariffs on inflation.
Private businesses trimmed jobs in November, according to the latest data released by ADP on Wednesday.
Businesses cut 32,000 net jobs in November, following an upwardly revised 47,000 gain in October. Employers cut payrolls in four of the last six months, declining by the largest amount since March 2023.
The small companies cut jobs by 120,000, while medium establishments added jobs by 51,000 and large firms increased payrolls by 39,000 in November, according to the ADP's report.
Traders interpreted the labor market's bad news as good news for stocks, and the job market weakness may convince the Fed to lower the fed funds rate range next week.
U.S. Stock Movers
Snowflake dropped 9.7% to $239.20, after the company's weaker-than-expected outlook overwhelmed the fiscal third quarter results.
Revenue increased 29% to $1.2 billion from $942 million, net loss shrank to $291.6 million from $327.9 million, and diluted loss per share eased to 87 cents from 98 cents a year ago.
Snowflake estimated fiscal fourth quarter product revenue to range between $1.195 billion and $1.20 billion, an increase of 27% from a year ago.
In addition, the company estimated product revenue in fiscal year 2026 at $4.446 billion, an increase of 28% from a year ago.
Salesforce increased 1.2% to $238.72 after the customer relations management software company reported mixed results in the fiscal third quarter ending in October.
Revenue increased 10% to $10.3 billion from $9.44 billion, net income advanced to $2.1 billion from $1.5 billion, and diluted earnings per share rose to $2.19 from $1.58 a year ago.
The company guided fiscal fourth-quarter revenue to range between $11.13 billion and $11.23 billion, an increase between 11% and 12% from a year ago.
Salesforce estimated diluted net income per share to fall between $1.47 and $1.49 and the current remaining performance obligation to rise by about 15% from a year ago.
For the full-year fiscal 2026, the company estimated revenue between $41.45 billion and $41.55 billion, an increase between 9% and 10%, and diluted earnings per share to range between $7.22 and $7.24.
Rate-Cut Optimism Keeps Market Indexes Pointing Higher
Barry Adams
04 Dec, 2025
New York City
Stocks in New York lacked direction as investors debated rate paths ahead of the Fed's rate actions next week.
The S&P 500 increased 0.1%, and the tech-heavy Nasdaq Composite decreased 0.2% as investors reviewed the latest batch of earnings.
Investors are increasingly factoring in a possible 25 basis-point rate cut after the Fed's policy meeting next week. However, those expectations could be dashed if the committee decides to wait and review the impact of the Trump administration's goods tariffs on inflation.
Private businesses trimmed jobs in November, according to the latest data released by ADP on Wednesday.
Businesses cut 32,000 net jobs in November, following an upwardly revised 47,000 gain in October. Employers cut in four of the last six months, and payrolls declined by the largest amount since March 2023.
The small companies cut jobs by 120,000, while medium establishments added jobs by 51,000 and large firms increased payrolls by 39,000 in November, according to the ADP's report.
Traders interpreted the labor market's bad news as good news for stocks, and the job market weakness may convince the Fed to lower the fed funds rate range next week.
U.S. Stock Movers
Snowflake dropped 9.7% to $239.20, after the company's weaker-than-expected outlook overwhelmed the fiscal third quarter results.
Revenue increased 29% to $1.2 billion from $942 million, net loss shrank to $291.6 million from $327.9 million, and diluted loss per share eased to 87 cents from 98 cents a year ago.
Snowflake estimated fiscal fourth quarter product revenue to range between $1.195 billion and $1.20 billion, an increase of 27% from a year ago.
In addition, the company estimated product revenue in fiscal year 2026 at $4.446 billion, an increase of 28% from a year ago.
Salesforce increased 1.2% to $238.72 after the customer relations management software company reported mixed results in the fiscal third quarter ending in October.
Revenue increased 10% to $10.3 billion from $9.44 billion, net income advanced to $2.1 billion from $1.5 billion, and diluted earnings per share rose to $2.19 from $1.58 a year ago.
The company guided fiscal fourth-quarter revenue to range between $11.13 billion and $11.23 billion, an increase between 11% and 12% from a year ago.
Salesforce estimated diluted net income per share to fall between $1.47 and $1.49, and current remaining performance obligation to rise about 15% from a year ago.
For the full-year fiscal 2026, the company estimated revenue between $41.45 billion and $41.55 billion, an increase between 9% and 10%, and diluted earnings per share to range between $7.22 and $7.24.
Broad Rally Powered 2% Surge In Japan Indexes, Defense and Tech Stocks Led Gainers
Akira Ito
04 Dec, 2025
Tokyo
Japan's market indexes extended this week's gains, reflecting advances in overnight trading in New York.
The Nikkei 225 Stock Average soared 2%, and the broader Topix increased 1.7% as investors debated future rate paths in the U.S. and Japan.
The yield on 10-year Japanese government bonds inched up to a 17-year high of 1.9%, and the Japanese yen hovered at 155.30 yen against the U.S. dollar.
The U.S. Federal Reserve is likely to deliver a 25 basis point rate cut after a two-day meeting on December 10. Policymakers are likely to focus on the rapidly cooling labor market, overlooking the higher-for-longer inflation fueled by a surge in import tariffs.
The Bank of Japan is likely to lift rates, shoring up the faltering yen, shrinking the rate gap between Japan and the U.S., and dampening the so-called "carry trade."
Japan Indexes and Stocks
The Nikkei 225 Stock Average jumped 2% to 50,862.29, and the broader Topix gained 1.7% to 3,392.45.
Industrial robot makers advanced amid renewed interest from foreign investors.
Fanuc Corp. soared 12.5% to ¥5,942.0, Yaskawa Electric jumped 11.3% to ¥4,767.0, and Nabtesco advanced 10.7% to ¥3,798.0.
Defense stocks advanced as Japan ramped up armament purchases and loosened export controls.
IHI Corp. advanced 1.7% to ¥2,955.0, Kawasaki Heavy Industries advanced 5.4% to ¥10,660.0, and Mitsubishi Heavy Industries gained 4% to ¥4,043.0.
Broad Rally Powered 2% Surge In Japan Indexes, Defense and Tech Stocks
Akira Ito
04 Dec, 2025
Tokyo
Japan's market indexes extended this week's gains, reflecting advances in overnight trading in New York.
The Nikkei 225 Stock Average soared 2%, and the broader Topix increased 1.7% as investors debated future rate paths in the U.S. and Japan.
The yield on 10-year Japanese government bonds inched up to a 17-year high of 1.9%, and the Japanese yen hovered at 155.30 yen against the U.S. dollar.
The U.S. Federal Reserve is likely to deliver a 25 basis point rate cut after a two-day meeting on December 10. Policymakers are likely to focus on the rapidly cooling labor market, overlooking the higher-for-longer inflation fueled by a surge in import tariffs.
The Bank of Japan is likely to lift rates, shoring up the faltering yen, shrinking the rate gap between Japan and the U.S., and dampening the so-called "carry trade."
Japan Indexes and Stocks
The Nikkei 225 Stock Average jumped 2% to 50,862.29, and the broader Topix gained 1.7% to 3,392.45.
Industrial robot makers advanced amid renewed interest from foreign investors.
Fanuc Corp. soared 12.5% to ¥5,942.0, Yaskawa Electric jumped 11.3% to ¥4,767.0, and Nabtesco advanced 10.7% to ¥3,798.0.
Defense stocks advanced as Japan ramped up armament purchases and loosened export controls.
IHI Corp. advanced 1.7% to ¥2,955.0, Kawasaki Heavy Industries advanced 5.4% to ¥10,660.0, and Mitsubishi Heavy Industries gained 4% to ¥4,043.0.
China and Hong Kong Indexes Hovered Near Record Levels
Li Chen
04 Dec, 2025
Hong Kong
Stocks in China struggled to advance amid a lack of near-term catalysts and worries about stretched valuations.
The Hang Seng Index and the mainland-focused CSI 300 Index edged up fractionally as investors debated future rate paths in the U.S. and policy outcomes from Beijing.
Benchmark indexes in China and Hong Kong are up 19% and 32% in the year so far, leading most major markets around the world, after expectations of earnings growth recovered.
Traders are hoping that the U.S. Federal Reserve and the Bank of Japan will deliver rate decisions, which could further boost market sentiment.
Closer to home, home builders remained in focus after a recent Hong Kong fire destroyed several buildings and killed at least 150 residents.
Hong Kong residents blamed shoddy construction, a weak regulatory regime, and widespread corruption for the fire.
China Indexes and Stocks
The Hang Seng Index added 0.2% to 25,809.45, and the mainland-focused CSI 300 index inched higher 0.3% to 4,543.93.
Li Auto Inc. decreased 1.5% to HK $68.70, and the company was dropped from the FTSE China indexes.
Zijin Mining Group added 2.2% to HK $33.52, tracking recent gains in the international price of gold and silver.
Industrial and Commercial Bank of China rebounded from morning weakness to an increase of 1% to HK $6.23.
China and Hong Kong Indexes Hovered Near Record Levels
Li Chen
04 Dec, 2025
Hong Kong
Stocks in China struggled to advance amid a lack of near-term catalysts and worries about stretched valuations.
The Hang Seng Index and the mainland-focused CSI 300 Index edged up fractionally as investors debated future rate paths in the U.S. and policy outcomes from Beijing.
Benchmark indexes in China and Hong Kong are up 19% and 32% in the year so far, leading most major markets around the world, after expectations of earnings growth recovered.
Traders are hoping that the U.S. Federal Reserve and the Bank of Japan will deliver rate decisions, which could further boost market sentiment.
Closer to home, home builders remained in focus after a recent Hong Kong fire destroyed several buildings and killed at least 150 residents.
Hong Kong residents blamed shoddy construction, a weak regulatory regime, and widespread corruption for the fire.
China Indexes and Stocks
The Hang Seng Index added 0.2% to 25,809.45, and the mainland-focused CSI 300 index inched higher 0.3% to 4,543.93.
Li Auto Inc. decreased 1.5% to HK $68.70, and the company was dropped from the FTSE China indexes.
Zijin Mining Group added 2.2% to HK $33.52, tracking recent gains in the international price of gold and silver.
Industrial and Commercial Bank of China rebounded from morning weakness to an increase of 1% to HK $6.23.
U.S. Indexes In Holding Pattern Amid Valuation Worries and Rate Path Uncertainty
Barry Adams
03 Dec, 2025
New York City
Stocks seesawed in early trading and attempted to extend the previous week's gains ahead of rate decisions next week.
The S&P 500 index edged up 0.1%, and the tech-heavy Nasdaq Composite inched higher by 0.2% as investors speculated on the rate path.
The U.S. Federal Reserve is set to announce its rate decisions on December 10, and investors are hoping that policymakers will deliver a rate cut, setting aside worries of resurgent inflation.
Investors are cautiously optimistic about holiday sales, despite tariff-driven price increases and a softening job market.
Moreover, leading tech companies are likely to continue their elevated levels of investment in data centers, as tech players jostle for market share.
For the year so far as of Tuesday's close, the S&P 500 index is up 16%, and the Nasdaq Composite gained 21.3%.
In commodities, crude oil prices advanced 1.5% to $59.45 a barrel as traders weighed attacks on Russia's oil assets against oversupply in the seaborne export market.
Gold hovered around $4,210 an ounce as traders held out for a rebound in demand from major central banks in the months ahead as policymakers lighten their holdings of the U.S. dollar.
The Trump administration is actively seeking to devalue the U.S. dollar, and the worries of elevated federal government debt are pushing major central banks away from the world's most heavily traded currency.
U.S. Movers
Okta decreased 3.5% to $78.98 after the cybersecurity company reported results of the fiscal third quarter ending in October.
Revenue increased 12% to $742 million from $665 million, net income soared to $43 million from $16 million, and diluted earnings per share rose to 24 cents from breakeven a year ago.
Okta estimated fiscal 2026 revenue to range between $2.906 billion and $2.908 billion, adjusted operating income to fall between $753 million and $755 million, and adjusted diluted earnings per share between $3.43 and $3.44.
Marvell Technology soared 11.2% to $103.30 after the company reported better-than-expected fiscal third-quarter results and announced an acquisition.
Revenue increased to $2.1 billion from $1.5 billion, net income swung to a profit of $1.9 billion from a loss of $676.3 million, and diluted earnings per share increased to a profit of $2.20 from a loss of 78 cents a year ago.
Marvell estimated fiscal fourth-quarter revenue of $2.2 billion and diluted net income per share of 36 cents.
On August 14, Marvell completed the sale of its automotive Ethernet business to Infineon Technologies AG for $2.5 billion in cash, resulting in a pre-tax gain of $1.8 billion.
"Marvell's results for the third quarter of fiscal 2026 include the results of the automotive ethernet business through the sale date, while prior periods presented include the results of the automotive ethernet business for the entire period," the company added in a statement released to investors.
Marvell agreed to acquire Celestial AI for an upfront cost of $3.25 billion, including $1 billion in cash and 27.2 million of its common stock.
The company agreed to pay an additional $2.25 billion to Celestial AI shareholders if the data datacenter operator meets certain revenue milestones.
The full earnout would be paid if Celestial AI’s cumulative revenue by the end of Marvell’s fiscal year 2029 exceeds $2.0 billion.