Market Update
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.
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.
Japan Stocks Rebounded and Bond Yield Hovered Near Two-Decade Highs
Akira Ito
03 Dec, 2025
Tokyo
Stocks in Tokyo rebounded as investors returned and searched for bargains in AI-linked stocks.
The Nikkei 225 Stock Average soared 1.5%, and the broader Topix edged up a fraction ahead of rate decisions by the Bank of Japan later in the month.
Market sentiment improved, reflecting a rebound in overnight trading in New York, and tech stocks led gainers in Tokyo.
The yield on the Japanese 10-year bond edged up to 1.9%, and the Japanese yen weakened to 155.45 against the U.S. dollar.
The bond yield hovered near a two-decade high amid expectations that the Bank of Japan is likely to raise rates later in the month.
The U.S. Federal Reserve is set to announce its rate decisions on December 10, and investors are divided about a possible rate increase of 25 basis points.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.5% to 50,061.65, and the broader Topix edged up 0.1% to 3,342.43.
Advantest Corp. increased 5.4% to ¥20,985.0, Tokyo Electron advanced 5% to ¥32,870.0, and Disco Corp. jumped 5.4% to ¥44,660.0.
Toyota Motor Corp. decreased 1.5% to ¥3,004.0, Honda Corp. declined 1.6% to ¥1,506.0, and Nissan Motor Co. Ltd. fell 1.6% to ¥362.70.
Japan Stocks Rebounded and Bond Yield Hovered Near wo-Decade Highs
Akira Ito
03 Dec, 2025
Tokyo
Stocks in Tokyo rebounded as investors returned and searched for bargains in AI-linked stocks.
The Nikkei 225 Stock Average soared 1.5%, and the broader Topix edged up a fraction ahead of rate decisions by the Bank of Japan later in the month.
Market sentiment improved, reflecting a rebound in overnight trading in New York, and tech stocks led gainers in Tokyo.
The yield on the Japanese 10-year bond edged up to 1.9%, and the Japanese yen weakened to 155.45 against the U.S. dollar.
The bond yield hovered near a two-decade high amid expectations that the Bank of Japan is likely to raise rates later in the month.
The U.S. Federal Reserve is set to announce its rate decisions on December 10, and investors are divided about a possible rate increase of 25 basis points.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.5% to 50,061.65, and the broader Topix edged up 0.1% to 3,342.43.
Advantest Corp. increased 5.4% to ¥20,985.0, Tokyo Electron advanced 5% to ¥32,870.0, and Disco Corp. jumped 5.4% to ¥44,660.0.
Toyota Motor Corp. decreased 1.5% to ¥3,004.0, Honda Corp. declined 1.6% to ¥1,506.0, and Nissan Motor Co. Ltd. fell 1.6% to ¥362.70.
China and Hong Kong Lacked Direction as Investors Held Out for Policy Outcomes
Li Chen
03 Dec, 2025
Hong Kong
Stocks in China and Hong Kong turned lower ahead of rate decisions from major central banks.
The Hang Seng Index fell 1%, and the mainland-focused CSI 300 index edged down a fraction as investors looked elsewhere in the absence of market-moving domestic news.
The U.S. Federal Reserve is set to announce its rate decisions on Dec. 10, and investors are holding out for a rate cut of 25 basis points. Despite the growing speculation about the rate cut, the policy committee may decide to wait until more signs emerge confirming the sustained downturn in inflation.
The Bank of Japan is set to deliver its rate decisions on Dec. 24, and investors are divided about the rate path outlook. The recent weakness in the Japanese yen may prompt policymakers to lift rates and support the yen.
The Reserve Bank of India is expected to hold rates steady after its 3-day policy meeting on Friday, following economic growth accelerating to 8.2% in September and inflation hovering near a record low in October.
Closer to home, investors have low expectations that the annual central economic work conference chaired by top leaders of the country is likely to yield additional stimulus measures.
China Indexes and Stocks
The Hang Seng Index decreased 1% to 25,842.77, and the mainland-focused CSI 300 index inched lower 0.01% to 4,553.74.
Alibaba Group Holding declined 2% to HK $153.90, Tencent Holding dropped 1% to HK $610.50, and Baidu Inc. dropped 0.6% to HK $115.0.
Lemo Services soared more than 60% to HK $62.50 after the company listed its stock on the Hong Kong Stock Exchange.
The mechanical massage space operator sold 5.55 million shares at a price of HK $40.0 per share and raised gross proceeds of HK $222.2 million.
Anhui Jinyan Kaolin New Materials increased 11% to HK $7.43, and the company raised gross proceeds of HK $177.39 million in its public offering.
The commodities company sold 24.3 million shares at a price of HK $7.30 per share, and 21.87 million shares were purchased by foreign investors.
China and Hong Kong Lacked Direction as Investors Held Out for Policy Outcomes
Li Chen
03 Dec, 2025
Hong Kong
Stocks in China and Hong Kong turned lower ahead of rate decisions from major central banks.
The Hang Seng Index fell 1%, and the mainland-focused CSI 300 index edged down a fraction as investors looked elsewhere in the absence of market-moving domestic news.
The U.S. Federal Reserve is set to announce its rate decisions on Dec. 10, and investors are holding out for a rate cut of 25 basis points. Despite the growing speculation about the rate cut, the policy committee may decide to wait until more signs emerge confirming the sustained downturn in inflation.
The Bank of Japan is set to deliver its rate decisions on Dec. 24, and investors are divided about the rate path outlook. The recent weakness in the Japanese yen may prompt policymakers to lift rates and support the yen.
The Reserve Bank of India is expected to hold rates steady after its 3-day policy meeting on Friday, following economic growth accelerating to 8.2% in September and inflation hovering near a record low in October.
Closer to home, investors have low expectations that the annual central economic work conference chaired by top leaders of the country is likely to yield additional stimulus measures.
China Indexes and Stocks
The Hang Seng Index decreased 1% to 25,842.77, and the mainland-focused CSI 300 index inched lower 0.01% to 4,553.74.
Alibaba Group Holding declined 2% to HK $153.90, Tencent Holding dropped 1% to HK $610.50, and Baidu Inc. dropped 0.6% to HK $115.0.
Lemo Services soared more than 60% to HK $62.50 after the company listed its stock on the Hong Kong Stock Exchange.
The mechanical massage space operator sold 5.55 million shares at a price of HK $40.0 per share and raised gross proceeds of HK $222.2 million.
Anhui Jinyan Kaolin New Materials increased 11% to HK $7.43, and the company raised gross proceeds of HK $177.39 million in its public offering.
The commodities company sold 24.3 million shares at a price of HK $7.30 per share, and 21.87 million shares were purchased by foreign investors.
U.S. Movers: Credo Technology, MongoDB
Scott Peters
02 Dec, 2025
New York City
Credo Technology Group soared 18% to $202.0, and the data center connectivity solution provider reported sharply higher revenue and earnings in the fiscal second quarter ending in October.
Revenue increased 272% to $268.0 million from $72.0 million, net income swung to a profit of $82.6 million from a loss of $4.2 million, and diluted earnings per share improved to a profit of 44 cents from a loss of 3 cents a year ago.
The company estimated fiscal third quarter revenue to range between $335 million and $345 million, gross margin between 63.8% and 65.8%, and operating expenses between $116 million and $120 million.
MongoDB jumped 22% to $404.0 after the database developer reported strong fiscal third-quarter results.
Revenue increased 19% to $628.3 million from $529.4 million, net loss shrank to $2.0 million from $9.8 million, and diluted loss per share dropped to 2 cents from 13 cents a year ago.
MongoDB estimated fourth quarter revenue to range between $665 million and $670 million, adjusted income from operations between $139 million and $143 million, and adjusted diluted earnings per share between $1.44 and $1.48.
For the fiscal year 2026, the database developer estimated revenue between $2.434 billion and $2.439 billion, adjusted income from operations between $436.4 million and $440.4 million, and adjusted diluted earnings per share between $4.76 and $4.80.
U.S. Movers: Credo Technology, MongoDB
Scott Peters
02 Dec, 2025
New York City
Credo Technology Group soared 18% to $202.0, and the data center connectivity solution provider reported sharply higher revenue and earnings in the fiscal second quarter ending in October.
Revenue increased 272% to $268.0 million from $72.0 million, net income swung to a profit of $82.6 million from a loss of $4.2 million, and diluted earnings per share improved to a profit of 44 cents from a loss of 3 cents a year ago.
The company estimated fiscal third quarter revenue to range between $335 million and $345 million, gross margin between 63.8% and 65.8%, and operating expenses between $116 million and $120 million.
MongoDB jumped 22% to $404.0 after the database developer reported strong fiscal third-quarter results.
Revenue increased 19% to $628.3 million from $529.4 million, net loss shrank to $2.0 million from $9.8 million, and diluted loss per share dropped to 2 cents from 13 cents a year ago.
MongoDB estimated fourth quarter revenue to range between $665 million and $670 million, adjusted income from operations between $139 million and $143 million, and adjusted diluted earnings per share between $1.44 and $1.48.
For the fiscal year 2026, the database developer estimated revenue between $2.434 billion and $2.439 billion, adjusted income from operations between $436.4 million and $440.4 million, and adjusted diluted earnings per share between $4.76 and $4.80.
U.S. Stocks Trade Sideways as Market Rally Loses Steam
Barry Adams
02 Dec, 2025
New York City
Stocks lacked direction in early trading in New York, and investors debated possible rate outlooks after the Fed's policy meeting next week.
The S&P 500 index increased 0.01%, the tech-heavy Nasdaq Composite advanced 0.02%, and crude oil hovered near a four-year low.
Popular indexes struggled to advance this week, and the Nasdaq Composite halted a multi-month rally, weighed down by higher-for-longer inflation and AI bubble worries.
Investors are hoping that the Fed's rate cut decision could spark a year-end tech stock rally, which could broaden to include a wider list of sectors.
Across the Atlantic, the eurozone's jobless rate in October stood at 6.4%, matching the rate in the previous month, according to the latest update from Eurostat.
Inflation in the currency zone edged up to 2.2% in November from 2.1% in the previous month, and the core rate held at 2.4%, the statistical agency said in a separate report.
U.S. Movers
MongoDB jumped 22% to $404.0 after the database developer reported strong fiscal third-quarter results.
Revenue increased 19% to $628.3 million from $529.4 million, net loss shrank to $2.0 million from $9.8 million, and diluted loss per share dropped to 2 cents from 13 cents a year ago.
MongoDB estimated fourth quarter revenue to range between $665 million and $670 million, adjusted income from operations between $139 million and $143 million, and adjusted diluted earnings per share between $1.44 and $1.48.
For the fiscal year 2026, the database developer estimated revenue between $2.434 billion and $2.439 billion, adjusted income from operations between $436.4 million and $440.4 million, and adjusted diluted earnings per share between $4.76 and $4.80.
Credo Technology Group soared 18% to $202.0, and the data center connectivity solution provider reported sharply higher revenue and earnings in the fiscal second quarter ending in October.
Revenue increased 272% to $268.0 million from $72.0 million, net income swung to a profit of $82.6 million from a loss of $4.2 million, and diluted earnings per share improved to a profit of 44 cents from a loss of 3 cents a year ago.
The company estimated fiscal third quarter revenue to range between $335 million and $345 million, gross margin between 63.8% and 65.8%, and operating expenses between $116 million and $120 million.
U.S. Stocks Trade Sideways as Market Rally Loses Steam
Barry Adams
02 Dec, 2025
New York City
Stocks lacked direction in early trading in New York, and investors debated possible rate outlooks after the Fed's policy meeting next week.
The S&P 500 index increased 0.01%, the tech-heavy Nasdaq Composite advanced 0.02%, and crude oil hovered near a four-year low.
Popular indexes struggled to advance this week, and the Nasdaq Composite halted a multi-month rally, weighed down by higher-for-longer inflation and AI bubble worries.
Investors are hoping that the Fed's rate cut decision could spark a year-end tech stock rally, which could broaden to include a wider list of sectors.
Across the Atlantic, the eurozone's jobless rate in October stood at 6.4%, matching the rate in the previous month, according to the latest update from Eurostat.
Inflation in the currency zone edged up to 2.2% in November from 2.1% in the previous month, and the core rate held at 2.4%, the statistical agency said in a separate report.
U.S. Movers
MongoDB jumped 22% to $404.0 after the database developer reported strong fiscal third-quarter results.
Revenue increased 19% to $628.3 million from $529.4 million, net loss shrank to $2.0 million from $9.8 million, and diluted loss per share dropped to 2 cents from 13 cents a year ago.
MongoDB estimated fourth quarter revenue to range between $665 million and $670 million, adjusted income from operations between $139 million and $143 million, and adjusted diluted earnings per share between $1.44 and $1.48.
For the fiscal year 2026, the database developer estimated revenue between $2.434 billion and $2.439 billion, adjusted income from operations between $436.4 million and $440.4 million, and adjusted diluted earnings per share between $4.76 and $4.80.
Credo Technology Group soared 18% to $202.0, and the data center connectivity solution provider reported sharply higher revenue and earnings in the fiscal second quarter ending in October.
Revenue increased 272% to $268.0 million from $72.0 million, net income swung to a profit of $82.6 million from a loss of $4.2 million, and diluted earnings per share improved to a profit of 44 cents from a loss of 3 cents a year ago.
The company estimated fiscal third quarter revenue to range between $335 million and $345 million, gross margin between 63.8% and 65.8%, and operating expenses between $116 million and $120 million.
China and Hong Kong Indexes Diverged Amid Uneven Recovery
Li Chen
02 Dec, 2025
Hong Kong
Optimism ruled markets in China and Hong Kong amid expectations of additional stimulus measures to stabilize economic growth.
The Hang Seng Index edged up 0.1%, and the mainland-focused CSI 300 index decreased 0.6% as investors reviewed the latest official survey on business activities.
China's manufacturing and non-manufacturing activities confirmed the ongoing slowdown, according to the latest data released by the National Bureau of Statistics on Sunday.
The Manufacturing Purchasing Managers' Index for November edged up to 49.2 from 49.0 in October, after both production and demand showed a slight improvement.
A level above 50 indicates expansion, while a level below 50 shows contraction.
The persistent weakness in domestic demand, intense price competition, and cautious export outlook kept manufacturing activity in check.
The PMI for non-manufacturing, which includes construction, eased to 49.5 in November, weaker by 0.6 percentage points than in the previous month.
The weak property sector and lackluster consumer demand dragged down the growth into negative territory for the first time in three years and to the lowest level since December 2022.
New orders, export demand, and employment remained in contraction as businesses struggled with thin margins.
China's Composite PMI Output Index eased to 49.7 in November from 50.0 in the previous month, marking the lowest reading in 35 months.
China Indexes and Stocks
The weaker-than-expected business activities surveys raised expectations for additional policy support measures at the end of the annual economic work conference later this month.
The Hang Seng Index increased 0.1% to 26,061.75, and the mainland-focused CSI 300 index edged down 0.6% to 4,548.78.
Electric vehicle makers turned lower after November's sales gains fell short of market expectations. The government subsidies and lower tax rates, set to expire at the end of 2025, drew a rush of buyers.
Li Auto decreased 1.5% to HK $69.20, Xiaomi Corp. edged up 0.5% to HK $40.52, and Xpeng fell 5.4% to HK $78.85.
Xpeng said vehicle sales soared 18.9% to 36,728, and Nio's soared 76.3% to 36,275 in November.