Market Update
China Indexes Lacked Direction Amid Skepticism About the US-China Trade Agreement
Li Chen
03 Nov, 2025
Hong Kong
Stocks in China lacked direction as domestic investors focused on stretched valuation and foreign investors focused on receding US-China trade tensions.
The Hang Seng Index increased 0.5%, and the CSI 300 Index decreased 0.5% amid hopes that the mercurial U.S. president will not change his mind and fulfill the terms of the latest framework.
Despite the latest trade framework agreement, US-China trade relations are rocky, and tensions are likely to flare up amid constantly changing US trade policy and erratic Donald Trump.
Benchmark indexes in China and Hong Kong registered losses in October amid worries about stretched valuations, slowing economic growth, and persistent weakness in the residential real estate market.
The Hang Seng Index dropped 4%, and the CSI 300 Index decreased 1.9% in the previous month, the first monthly decline since April, when the U.S. president launched a global trade war.
China Indexes and Stocks
The Hang Seng Index gained 0.5% to 26,048.60, and the mainland-focused CSI 300 index decreased 0.5% to 4,619.67.
Chow Tai Fook Jewellery Group Ltd. dropped 7.6% to HK $14.05, Zijin Mining Group decreased 3% to HK $31.24, and Zijin Gold International Co. Ltd. fell 1.5% to HK $129.50.
Mininglamp Technology Group soared more than 100% to HK $286.0, and the company completed its initial public offering and listed its share on the Hong Kong Stock Exchange.
The data intelligence application software company sold 7.16 million shares at a price of HK $141 per share and raised a net proceed of HK $902.2 million.
Dynamiker Biotechnology Tianjin catapulted 500% to 102.53 yuan on the first day of its trading on the Beijing stock exchange.
U.S. Movers: Amazon.com, Apple, Exxon Mobil
Scott Peters
31 Oct, 2025
New York City
Apple Inc. gained 1.7% to $276.0, and the mobile phone maker reported better-than-expected fiscal fourth-quarter earnings.
Total sales increased to $102.5 billion from $94.9 billion, net income advanced to $27.5 billion from $14.7 billion, and diluted earnings per share rose to $1.85 from 97 cents a year ago.
The company declared a quarterly cash dividend of 26 cents per share payable on November 13 to shareholders on November 10.
The popular electronic device maker provided strong guidance for the December quarter, driven by better-than-estimated demand for its iPhone 17 mobile devices.
Amazon.com Inc. soared 13% to $251.61, and the e-commerce company reported better-than-expected third-quarter results.
Net sales increased 13% to $180.2 billion from $158.9 billion, net income rose to $21.2 billion from $15.3 billion, and diluted earnings per share advanced to $1.95 from $1.43 a year ago.
Sales in North America increased 11% from a year ago to $106.3 billion, international segment sales rose 14% to $40.9 billion, and AWS, or cloud unit, revenue soared 20% to $33.0 billion.
The e-commerce company "expanded Same-Day Delivery of perishable groceries to 1,000+ cities and towns in the U.S., with plans to reach 2,300+ locations by the end of 2025."
The company guided fourth-quarter sales to fall in the range of $206 billion and $213 billion, an increase of between 10% and 13% from a year ago.
The company estimated operating income between $21 billion and $26 billion, compared to $21.2 billion in the quarter a year ago.
Exxon Mobil Corp. decreased 1.5% to $112.88, and the oil company reported a decline in earnings in the third quarter.
Total revenues decreased to $85.3 billion from $90.0 billion, net income fell to $7.5 billion from $8.6 billion, and diluted earnings per share dropped to $1.76 from $1.92 a year ago.
"Year-to-date net production was 4.7 million oil-equivalent barrels per day, highlighted by a new quarterly production record in both the Permian, with nearly 1.7 million oil-equivalent barrels per day, and Guyana, where gross production exceeded 700,000 oil-equivalent barrels per day," the company highlighted in its statement to investors.
The company increased its quarterly dividend by 4% to $1.03 per share payable on December 10 to shareholders recorded on November 14.
U.S. Movers: Amazon.com, Apple, Exxon Mobil
Scott Peters
31 Oct, 2025
New York City
Apple Inc. gained 1.7% to $276.0, and the mobile phone maker reported better-than-expected fiscal fourth-quarter earnings.
Total sales increased to $102.5 billion from $94.9 billion, net income advanced to $27.5 billion from $14.7 billion, and diluted earnings per share rose to $1.85 from 97 cents a year ago.
The company declared a quarterly cash dividend of 26 cents per share payable on November 13 to shareholders on November 10.
The popular electronic device maker provided strong guidance for the December quarter, driven by better-than-estimated demand for its iPhone 17 mobile devices.
Amazon.com Inc. soared 13% to $251.61, and the e-commerce company reported better-than-expected third-quarter results.
Net sales increased 13% to $180.2 billion from $158.9 billion, net income rose to $21.2 billion from $15.3 billion, and diluted earnings per share advanced to $1.95 from $1.43 a year ago.
Sales in North America increased 11% from a year ago to $106.3 billion, international segment sales rose 14% to $40.9 billion, and AWS, or cloud unit, revenue soared 20% to $33.0 billion.
The e-commerce company "expanded Same-Day Delivery of perishable groceries to 1,000+ cities and towns in the U.S., with plans to reach 2,300+ locations by the end of 2025."
The company guided fourth-quarter sales to fall in the range of $206 billion and $213 billion, an increase of between 10% and 13% from a year ago.
The company estimated operating income between $21 billion and $26 billion, compared to $21.2 billion in the quarter a year ago.
Exxon Mobil Corp. decreased 1.5% to $112.88, and the oil company reported a decline in earnings in the third quarter.
Total revenues decreased to $85.3 billion from $90.0 billion, net income fell to $7.5 billion from $8.6 billion, and diluted earnings per share dropped to $1.76 from $1.92 a year ago.
"Year-to-date net production was 4.7 million oil-equivalent barrels per day, highlighted by a new quarterly production record in both the Permian, with nearly 1.7 million oil-equivalent barrels per day, and Guyana, where gross production exceeded 700,000 oil-equivalent barrels per day," the company highlighted in its statement to investors.
The company increased its quarterly dividend by 4% to $1.03 per share payable on December 10 to shareholders recorded on November 14.
U.S. Movers: CVS Health, Seagate Technology, Visa
Scott Peters
29 Oct, 2025
New York City
CVS Health Corp. increased 0.8% to $82.64, and the pharmaceutical retailer hiked its outlook and reported better-than-expected third-quarter results.
Total revenues rose 7.8% to $102.9 billion from $95.4 billion, net income swung to a loss of $3.99 billion from a profit of $71 million, and diluted earnings per share turned to a loss of $3.13 compared to a profit of 7 cents a year ago.
The third quarter GAAP diluted loss per share of $3.13 reflects a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, partially offset by a gain of $483 million on the deconsolidation of Omnicare, LLC in connection with the initiation of Omnicare's voluntary Chapter 11 proceedings.
Adjusted earnings per share, which excludes certain items and transactions, increased to $1.60 from $1.09 in the prior year primarily due to improved adjusted operating income in the Health Care Benefits segment.
The company raised its full-year 2025 guidance range to between $6.55 and $6.65 from the previous range between $6.30 and $6.40.
CVS estimated 2025 GAAP diluted loss per share to range between 34 cents and 24 cents from the previous estimated profit range between $3.84 and $3.94.
Seagate Technology Holdings PLC increased 6.7% to $238.30, and the data storage company reported sharply higher results in the fiscal first quarter ending on October 3.
Revenue increased to $2.6 billion from $2.2 billion, net income advanced to $549 million from $305 million, and diluted earnings per share rose to $2.43 from $1.41 a year ago.
The company declared a cash dividend of 74 cents per share, payable on January 9, 2026, to investors on record on December 24, 2025.
The company estimated fiscal second quarter revenue of $2.7 billion, with a band of $100 million, and adjusted earnings per share of $2.75, with a band of 20 cents.
Visa Inc. increased 1% to $347.21, and the payment processor reported better-than-expected fiscal fourth-quarter results.
Revenue increased 12% to $10.7 billion, net income decreased 4% to $5.1 billion, and diluted earnings per share eased 1% to $2.62.
Payment volume rose 9%, driven by a 12% rise in cross-border volume, and processed transactions advanced 10% from a year ago.
U.S. Movers: CVS Health, Seagate Technology, Visa
Scott Peters
02 Nov, 2025
New York City
CVS Health Corp. increased 0.8% to $82.64, and the pharmaceutical retailer hiked its outlook and reported better-than-expected third-quarter results.
Total revenues rose 7.8% to $102.9 billion from $95.4 billion, net income swung to a loss of $3.99 billion from a profit of $71 million, and diluted earnings per share turned to a loss of $3.13 compared to a profit of 7 cents a year ago.
The third quarter GAAP diluted loss per share of $3.13 reflects a $5.7 billion goodwill impairment charge related to the Health Care Delivery reporting unit, partially offset by a gain of $483 million on the deconsolidation of Omnicare, LLC in connection with the initiation of Omnicare's voluntary Chapter 11 proceedings.
Adjusted earnings per share, which excludes certain items and transactions, increased to $1.60 from $1.09 in the prior year primarily due to improved adjusted operating income in the Health Care Benefits segment.
The company raised its full-year 2025 guidance range to between $6.55 and $6.65 from the previous range between $6.30 and $6.40.
CVS estimated 2025 GAAP diluted loss per share to range between 34 cents and 24 cents from the previous estimated profit range between $3.84 and $3.94.
Seagate Technology Holdings PLC increased 6.7% to $238.30, and the data storage company reported sharply higher results in the fiscal first quarter ending on October 3.
Revenue increased to $2.6 billion from $2.2 billion, net income advanced to $549 million from $305 million, and diluted earnings per share rose to $2.43 from $1.41 a year ago.
The company declared a cash dividend of 74 cents per share, payable on January 9, 2026, to investors on record on December 24, 2025.
The company estimated fiscal second quarter revenue of $2.7 billion, with a band of $100 million, and adjusted earnings per share of $2.75, with a band of 20 cents.
Visa Inc. increased 1% to $347.21, and the payment processor reported better-than-expected fiscal fourth-quarter results.
Revenue increased 12% to $10.7 billion, net income decreased 4% to $5.1 billion, and diluted earnings per share eased 1% to $2.62.
Payment volume rose 9%, driven by a 12% rise in cross-border volume, and processed transactions advanced 10% from a year ago.
U.S. Movers: Amazon.com, Cadence Design, Chegg, F5, NXP Semiconductors
Scott Peters
28 Oct, 2025
New York City
NXP Semiconductors increased 2% to $226.0, and the Dutch manufacturer reported better-than-expected third-quarter results.
Revenue decreased 2% to $3.2 billion from $3.25 billion. Net income decreased 12% to $631 million from $745 million, and diluted earnings per share dropped 11% to $2.48 from $2.79 a year ago.
The company's fourth-quarter guidance surpassed market expectations.
Revenue in the fourth quarter is estimated to range between $3.2 billion and $3.4 billion, operating income between $878 million and $1.0 billion, and diluted earnings per share to fall between $2.40 and $2.81.
Cadence Design Systems decreased 1.4% to $346.50, and the software company lifted its full-year outlook.
Revenue increased to $1.3 billion from $1.2 billion, net income advanced to $287.1 million from $238.1 million, and diluted earnings per share rose to $1.05 from 87 cents a year ago.
The company said the backlog at the end of the quarter increased to $7.0 billion, and revenue expected to be recognized in the next 12 months from remaining performance obligations was $3.5 billion.
Cadence estimated full-year revenue to range between $5.26 billion and $5.29 billion, and diluted net income per share to fall between $3.80 and $3.86.
Chegg Inc. decreased to $1.40 after the company announced it would lay off 45% of its corporate staff, and the former chief executive Dan Rosensweig returned effective October 27, replacing the current CEO Nathan Schulz.
Amazon.com Inc. rose 0.4% to $228.0, and the company plans to lay off as many as 30,000 from its corporate ranks as the e-commerce company accelerates its AI investment.
F5 Inc. dropped 7.7% to $267.53, and the cybersecurity company's guidance fell short of market expectations.
Revenue in the fiscal fourth quarter increased 8% to $810 million from $747 million, net income advanced 15% to $190 million from $165 million, and diluted earnings per share rose to $3.26 from $2.80 a year ago.
Systems revenue jumped 42% to $186 million, software revenue inched up 0.3% to $229 million, and global services advanced 2% to $396 million from a year ago, respectively.
U.S. Movers: Amazon.com, Cadence Design, Chegg, F5, NXP Semiconductors
Scott Peters
28 Oct, 2025
New York City
NXP Semiconductors increased 2% to $226.0, and the Dutch manufacturer reported better-than-expected third-quarter results.
Revenue decreased 2% to $3.2 billion from $3.25 billion. Net income decreased 12% to $631 million from $745 million, and diluted earnings per share dropped 11% to $2.48 from $2.79 a year ago.
The company's fourth-quarter guidance surpassed market expectations.
Revenue in the fourth quarter is estimated to range between $3.2 billion and $3.4 billion, operating income between $878 million and $1.0 billion, and diluted earnings per share to fall between $2.40 and $2.81.
Cadence Design Systems decreased 1.4% to $346.50, and the software company lifted its full-year outlook.
Revenue increased to $1.3 billion from $1.2 billion, net income advanced to $287.1 million from $238.1 million, and diluted earnings per share rose to $1.05 from 87 cents a year ago.
The company said the backlog at the end of the quarter increased to $7.0 billion, and revenue expected to be recognized in the next 12 months from remaining performance obligations was $3.5 billion.
Cadence estimated full-year revenue to range between $5.26 billion and $5.29 billion, and diluted net income per share to fall between $3.80 and $3.86.
Chegg Inc. decreased to $1.40 after the company announced it would lay off 45% of its corporate staff, and the former chief executive Dan Rosensweig returned effective October 27, replacing the current CEO Nathan Schulz.
Amazon.com Inc. rose 0.4% to $228.0, and the company plans to lay off as many as 30,000 from its corporate ranks as the e-commerce company accelerates its AI investment.
F5 Inc. dropped 7.7% to $267.53, and the cybersecurity company's guidance fell short of market expectations.
Revenue in the fiscal fourth quarter increased 8% to $810 million from $747 million, net income advanced 15% to $190 million from $165 million, and diluted earnings per share rose to $3.26 from $2.80 a year ago.
Systems revenue jumped 42% to $186 million, software revenue inched up 0.3% to $229 million, and global services advanced 2% to $396 million from a year ago, respectively.
U.S. Movers: Southwest Airlines, Tesla
Scott Peters
23 Oct, 2025
New York City
Southwest Airlines Co. increased 1% to $34.11 after the company reported a surprise income in the third quarter.
Revenue increased 1% to $6.94 million from $6.87 million, net income dropped 19% to $54 million from $67 million, and diluted earnings per share decreased to 10 cents from 11 cents a year ago.
The airline guided available seat miles to increase by about 6% and revenue per available seat mile to rise between 1% and 3% in the fourth quarter, respectively.
The airline estimated its 2025 operating earnings to be between $600 million and $800 million, and the company reiterated its contribution to operating earnings from improvement initiatives of $1.8 billion.
Tesla Inc. decreased 3.3% to $424.55, and the electric vehicle maker reported mixed third-quarter results.
Revenue advanced 12% to $28 billion from $25.2 billion, net income dropped 37% to $1.4 billion from $2.2 billion, and diluted earnings per share dropped 37% to 39 cents from 67 cents.
Revenue in the automotive segment rose 6% to $21.2 billion, energy generation and storage soared 44%, and services and other revenues advanced 25% to $3.5 billion.
International Business Machines dropped 6.7% to $287.51 after the company released its third-quarter results.
Revenue increased 9% to $16.3 billion from $14.9 billion, net income swung to a profit of $1.7 billion from a loss of $330 million, and diluted earnings per share were $1.84 compared to a loss of 36 cents a year ago.
The company declared a cash dividend of $1.68 per share payable on December 10 to shareholders, recorded on November 10.
Stock faced selling pressure after revenue growth in the hybrid cloud unit, also known as Red Hat, slowed to 14% from 16% in the previous quarter.
The company raised its fiscal year revenue outlook to a growth of more than 5%, compared to the previous estimate of at least 5%.
U.S. Movers: Southwest Airlines, Tesla
Scott Peters
23 Oct, 2025
New York City
Southwest Airlines Co. increased 1% to $34.11 after the company reported a surprise income in the third quarter.
Revenue increased 1% to $6.94 million from $6.87 million, net income dropped 19% to $54 million from $67 million, and diluted earnings per share decreased to 10 cents from 11 cents a year ago.
The airline guided available seat miles to increase by about 6% and revenue per available seat mile to rise between 1% and 3% in the fourth quarter, respectively.
The airline estimated its 2025 operating earnings to be between $600 million and $800 million, and the company reiterated its contribution to operating earnings from improvement initiatives of $1.8 billion.
Tesla Inc. decreased 3.3% to $424.55, and the electric vehicle maker reported mixed third-quarter results.
Revenue advanced 12% to $28 billion from $25.2 billion, net income dropped 37% to $1.4 billion from $2.2 billion, and diluted earnings per share dropped 37% to 39 cents from 67 cents.
Revenue in the automotive segment rose 6% to $21.2 billion, energy generation and storage soared 44%, and services and other revenues advanced 25% to $3.5 billion.
International Business Machines dropped 6.7% to $287.51 after the company released its third-quarter results.
Revenue increased 9% to $16.3 billion from $14.9 billion, net income swung to a profit of $1.7 billion from a loss of $330 million, and diluted earnings per share were $1.84 compared to a loss of 36 cents a year ago.
The company declared a cash dividend of $1.68 per share payable on December 10 to shareholders, recorded on November 10.
Stock faced selling pressure after revenue growth in the hybrid cloud unit, also known as Red Hat, slowed to 14% from 16% in the previous quarter.
The company raised its fiscal year revenue outlook to a growth of more than 5%, compared to the previous estimate of at least 5%.
U.S. Movers: Coca-Cola Company, Netflix, Western Alliance
Scott Peters
22 Oct, 2025
New York City
Netflix Inc. dropped 7% to $1,154.23 after the streaming services provider reported mixed third-quarter results.
Revenue in the period increased to $11.5 billion from $9.8 billion, net income advanced to $2.5 billion from $2.4 billion, and diluted earnings per share rose to $5.87 from $5.40 a year ago.
The streaming service provider attributed weaker-than-estimated earnings to the ongoing $619 million tax expense with the Brazilian tax department.
Western Alliance Bancorp rose 2.4% to $78.06 after the regional bank reported better-than-expected third-quarter earnings.
Net revenue increased 10.9% to $938.2 million, net income advanced 9.5% to $260.5 million from $237.8 million, and diluted earnings per share rose 10.1% to $2.28 from $2.07 a year ago.
Coca-Cola Company jumped 4% to $71.22, and the beverage company reported better-than-expected revenue and earnings in the third quarter.
The resilient demand for zero-sugar beverages and Fairlife, ultra-filtered milk, in the U.S. supported the 1% increase in global unit sales, while the price rose 6% from a year ago.
Revenue in the period increased 5% to $12.5 billion from $11.8 billion, net income advanced to $3.8 billion from $2.9 billion, and diluted earnings per share rose to 86 cents from 66 cents a year ago.
The company reiterated adjusted revenue growth between 5% and 6%, and comparable adjusted earnings per share to increase 3% to $2.88.
The Atlanta-based beverage company is set to launch the U.S. launch of the 7.5-ounce single-serve sugarcane drink this fall, priced at less than $2 in convenience stores.
U.S. Movers: Coca-Cola Company, Netflix, Western Alliance
Scott Peters
22 Oct, 2025
New York City
Netflix Inc. dropped 7% to $1,154.23 after the streaming services provider reported mixed third-quarter results.
Revenue in the period increased to $11.5 billion from $9.8 billion, net income advanced to $2.5 billion from $2.4 billion, and diluted earnings per share rose to $5.87 from $5.40 a year ago.
The streaming service provider attributed weaker-than-estimated earnings to the ongoing $619 million tax expense with the Brazilian tax department.
Western Alliance Bancorp rose 2.4% to $78.06 after the regional bank reported better-than-expected third-quarter earnings.
Net revenue increased 10.9% to $938.2 million, net income advanced 9.5% to $260.5 million from $237.8 million, and diluted earnings per share rose 10.1% to $2.28 from $2.07 a year ago.
Coca-Cola Company jumped 4% to $71.22, and the beverage company reported better-than-expected revenue and earnings in the third quarter.
The resilient demand for zero-sugar beverages and Fairlife, ultra-filtered milk, in the U.S. supported the 1% increase in global unit sales, while the price rose 6% from a year ago.
Revenue in the period increased 5% to $12.5 billion from $11.8 billion, net income advanced to $3.8 billion from $2.9 billion, and diluted earnings per share rose to 86 cents from 66 cents a year ago.
The company reiterated adjusted revenue growth between 5% and 6%, and comparable adjusted earnings per share to increase 3% to $2.88.
The Atlanta-based beverage company is set to launch the U.S. launch of the 7.5-ounce single-serve sugarcane drink this fall, priced at less than $2 in convenience stores.
Apple and Amazon Earnings Spark Rebound In U.S. Indexes
Barry Adams
31 Oct, 2025
New York City
Stocks advanced on Friday as investors reviewed a fresh batch of quarterly results.
The S&P 500 index increased 0.7%, and the tech-heavy Nasdaq Composite gained 1.1% after solid earnings from Apple Inc., Amazon.com, and Cloudflare Inc.
Benchmark indexes lacked momentum in Thursday's trading amid worries that Microsoft and Meta Platforms may pull back on their investments in AI data centers.
However, those worries were set aside after Amazon.com, Apple, and Alphabet Inc. confirmed elevated investments in artificial intelligence and data centers.
The federal government shutdown is limiting macroeconomic data visibility, but corporate results are clearly indicating a rapidly bifurcating economy.
Low- and mid-income consumers are limiting their purchases to basic items and foregoing luxuries, avoiding high-priced restaurant meals, and struggling from one paycheck to the next.
However, consumers at the top end are participating in the current stock market surge, benefiting from the rapid rise in home prices over the last five years, and enjoying job and income stability.
Coca-Cola, Chipotle Mexican Grill, Crocs, United Airlines, and Delta Air confirmed the fast-developing K-shaped economy with growing income and wealth inequalities.
U.S. Stock Movers
Apple Inc. gained 1.7% to $276.0, and the mobile phone maker reported better-than-expected fiscal fourth-quarter earnings.
Total sales increased to $102.5 billion from $94.9 billion, net income advanced to $27.5 billion from $14.7 billion, and diluted earnings per share rose to $1.85 from 97 cents a year ago.
The company declared a quarterly cash dividend of 26 cents per share payable on November 13 to shareholders on November 10.
The popular electronic device maker provided strong guidance for the December quarter, driven by better-than-estimated demand for its iPhone 17 mobile devices.
Amazon.com Inc. soared 13% to $251.61, and the e-commerce company reported better-than-expected third-quarter results.
Net sales increased 13% to $180.2 billion from $158.9 billion, net income rose to $21.2 billion from $15.3 billion, and diluted earnings per share advanced to $1.95 from $1.43 a year ago.
Sales in North America increased 11% from a year ago to $106.3 billion, international segment sales rose 14% to $40.9 billion, and AWS, or cloud unit, revenue soared 20% to $33.0 billion.
The e-commerce company "expanded Same-Day Delivery of perishable groceries to 1,000+ cities and towns in the U.S., with plans to reach 2,300+ locations by the end of 2025."
The company guided fourth-quarter sales to fall in the range of $206 billion and $213 billion, an increase of between 10% and 13% from a year ago.
The company estimated operating income between $21 billion and $26 billion, compared to $21.2 billion in the quarter a year ago.
Exxon Mobil Corp. decreased 1.5% to $112.88, and the oil company reported a decline in earnings in the third quarter.
Total revenues decreased to $85.3 billion from $90.0 billion, net income fell to $7.5 billion from $8.6 billion, and diluted earnings per share dropped to $1.76 from $1.92 a year ago.
"Year-to-date net production was 4.7 million oil-equivalent barrels per day, highlighted by a new quarterly production record in both the Permian, with nearly 1.7 million oil-equivalent barrels per day, and Guyana, where gross production exceeded 700,000 oil-equivalent barrels per day," the company highlighted in its statement to investors.
The company increased its quarterly dividend by 4% to $1.03 per share payable on December 10 to shareholders recorded on November 14.
Apple and Amazon Earnings Spark Rebound In U.S. Indexes
Barry Adams
31 Oct, 2025
New York City
Stocks advanced on Friday as investors reviewed a fresh batch of quarterly results.
The S&P 500 index increased 0.7%, and the tech-heavy Nasdaq Composite gained 1.1% after solid earnings from Apple Inc., Amazon.com, and Cloudflare Inc.
Benchmark indexes lacked momentum in Thursday's trading amid worries that Microsoft and Meta Platforms may pull back on their investments in AI data centers.
However, those worries were set aside after Amazon.com, Apple, and Alphabet Inc. confirmed elevated investments in artificial intelligence and data centers.
The federal government shutdown is limiting macroeconomic data visibility, but corporate results are clearly indicating a rapidly bifurcating economy.
Low- and mid-income consumers are limiting their purchases to basic items and foregoing luxuries, avoiding high-priced restaurant meals, and struggling from one paycheck to the next.
However, consumers at the top end are participating in the current stock market surge, benefiting from the rapid rise in home prices over the last five years, and enjoying job and income stability.
Coca-Cola, Chipotle Mexican Grill, Crocs, United Airlines, and Delta Air confirmed the fast-developing K-shaped economy with growing income and wealth inequalities.
U.S. Stock Movers
Apple Inc. gained 1.7% to $276.0, and the mobile phone maker reported better-than-expected fiscal fourth-quarter earnings.
Total sales increased to $102.5 billion from $94.9 billion, net income advanced to $27.5 billion from $14.7 billion, and diluted earnings per share rose to $1.85 from 97 cents a year ago.
The company declared a quarterly cash dividend of 26 cents per share payable on November 13 to shareholders on November 10.
The popular electronic device maker provided strong guidance for the December quarter, driven by better-than-estimated demand for its iPhone 17 mobile devices.
Amazon.com Inc. soared 13% to $251.61, and the e-commerce company reported better-than-expected third-quarter results.
Net sales increased 13% to $180.2 billion from $158.9 billion, net income rose to $21.2 billion from $15.3 billion, and diluted earnings per share advanced to $1.95 from $1.43 a year ago.
Sales in North America increased 11% from a year ago to $106.3 billion, international segment sales rose 14% to $40.9 billion, and AWS, or cloud unit, revenue soared 20% to $33.0 billion.
The e-commerce company "expanded Same-Day Delivery of perishable groceries to 1,000+ cities and towns in the U.S., with plans to reach 2,300+ locations by the end of 2025."
The company guided fourth-quarter sales to fall in the range of $206 billion and $213 billion, an increase of between 10% and 13% from a year ago.
The company estimated operating income between $21 billion and $26 billion, compared to $21.2 billion in the quarter a year ago.
Exxon Mobil Corp. decreased 1.5% to $112.88, and the oil company reported a decline in earnings in the third quarter.
Total revenues decreased to $85.3 billion from $90.0 billion, net income fell to $7.5 billion from $8.6 billion, and diluted earnings per share dropped to $1.76 from $1.92 a year ago.
"Year-to-date net production was 4.7 million oil-equivalent barrels per day, highlighted by a new quarterly production record in both the Permian, with nearly 1.7 million oil-equivalent barrels per day, and Guyana, where gross production exceeded 700,000 oil-equivalent barrels per day," the company highlighted in its statement to investors.
The company increased its quarterly dividend by 4% to $1.03 per share payable on December 10 to shareholders recorded on November 14.
China's Manufacturing Contraction Extends to October, Hang Seng Index Drops 3%
Li Chen
31 Oct, 2025
Hong Kong
China and Hong Kong indexes headed lower after business activity surveys confirmed a persistent deflationary trend.
The Hang Seng Index decreased 0.5%, and the mainland-focused CSI 300 index fell 1% amid worries about the ongoing weakness in the private sector.
China's manufacturing activity contracted for the seventh consecutive month in October, driven by a soft domestic demand and strong external headwinds.
The manufacturing purchasing managers' index eased to 49.0 in October from 49.8 in the previous month, the National Bureau of Statistics said on Friday.
The non-manufacturing PMI, which includes services and construction sectors, inched up to 50.1 in October from 50.0 in the previous month, according to the statistical bureau.
The weakness in the manufacturing sector dragged down the overall business activities level, driven by weak economic momentum.
The composite PMI in October eased to 50.0 from 50.6 in the previous month, the official data confirmed.
China Indexes and Stocks
The Hang Seng Index decreased 0.5% to 26,050.08, and the mainland-focused CSI 300 index declined 1% to 4,661.77.
The Hong Kong index closed down 3% in October, the first monthly decline since September amid volatile trade tensions between the U.S. and China.
BYD dropped 4% to HK $91.45 after the company reported third-quarter results.
The decline in sales and intense competition dragged down profit from a year ago by 32%.
Alibaba Group Holding decreased 3.2% to HK $166.40, Tencent Holdings fell 2.3% to HK $636.0, and Meituan increased 0.7% to HK $103.20.
SMIC plunged 5% to HK $75.20 as investors turned bearish about the chip manufacturing sector amid a lack of progress in trade tensions between the U.S. and China.
China's Manufacturing Contraction Extends to October, Hang Seng Index Drops 3%
Li Chen
31 Oct, 2025
Hong Kong
China and Hong Kong indexes headed lower after business activity surveys confirmed a persistent deflationary trend.
The Hang Seng Index decreased 0.5%, and the mainland-focused CSI 300 index fell 1% amid worries about the ongoing weakness in the private sector.
China's manufacturing activity contracted for the seventh consecutive month in October, driven by a soft domestic demand and strong external headwinds.
The manufacturing purchasing managers' index eased to 49.0 in October from 49.8 in the previous month, the National Bureau of Statistics said on Friday.
The non-manufacturing PMI, which includes services and construction sectors, inched up to 50.1 in October from 50.0 in the previous month, according to the statistical bureau.
The weakness in the manufacturing sector dragged down the overall business activities level, driven by weak economic momentum.
The composite PMI in October eased to 50.0 from 50.6 in the previous month, the official data confirmed.
China Indexes and Stocks
The Hang Seng Index decreased 0.5% to 26,050.08, and the mainland-focused CSI 300 index declined 1% to 4,661.77.
The Hong Kong index closed down 3% in October, the first monthly decline since September amid volatile trade tensions between the U.S. and China.
BYD dropped 4% to HK $91.45 after the company reported third-quarter results.
The decline in sales and intense competition dragged down profit from a year ago by 32%.
Alibaba Group Holding decreased 3.2% to HK $166.40, Tencent Holdings fell 2.3% to HK $636.0, and Meituan increased 0.7% to HK $103.20.
SMIC plunged 5% to HK $75.20 as investors turned bearish about the chip manufacturing sector amid a lack of progress in trade tensions between the U.S. and China.