Everything to Know about Macro and Markets
Last week, stocks extended their winning streak, with the Nasdaq 100 (NDX) hitting another record high on Friday. The S&P 500 (SPX) gained 0.26%, the Dow Jones Industrial Average (DJIA) rose 0.09%, and the Russell 2000 (IWM) added 0.54%. Seven of eleven sectors finished higher, led by Consumer Discretionary stocks, while Utilities lagged.
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Policy, Power, and Trade
The main story of the week came from Washington and Beijing, as U.S. President Donald Trump met Chinese President Xi Jinping. The two reached a temporary trade truce focused on rare earth exports. China agreed to delay new export controls for one year, while the U.S. paused plans to expand its export blacklist.
The deal was presented as a win for both sides, but details remain scarce. U.S. officials said the agreement may ease near-term pressure on supply chains for critical minerals used in semiconductors, fighter jets, and electric cars. Still, analysts cautioned that existing Chinese controls are unchanged, meaning producers remain dependent on Beijing for key materials.
The White House called the pause “a win for global stability,” though some critics said the compromise favors China more than the U.S. The Supreme Court is expected to hear a case this month that could further test the legality of Trump’s trade tariffs under emergency powers.
Meanwhile, Federal Reserve policymakers continued to signal caution on further rate cuts. Dallas Fed President Lorie Logan said the October cut was “unnecessary” and that another move in December would require faster progress on inflation. The 10-year yield’s drop reflected stable demand for bonds despite mixed Fed comments.
Stocks That Made the Week
Amazon (AMZN) climbed 9.56% after reporting strong results that beat expectations across the board. Amazon Web Services (AWS) revenue grew 20% year-over-year, pushing the company to a new all-time high. The results also helped lift sentiment across large-cap tech and consumer stocks.
Western Digital (WDC) jumped 8.76% after a strong quarterly report showed higher demand for AI-related storage products. Analysts raised their price targets following better margins and steady data-center orders.
Nvidia (NVDA) climbed over 9% last week, as the company remained in focus after reporting that its Blackwell and Rubin AI chips have over $500 billion in booked orders through next year. Despite export limits to China, investors viewed Nvidia’s position as unmatched in the AI supply chain.
Apple (AAPL) rose over 3% last week as investors looked past slower sales in China. The company’s Services revenue continued to grow, showing resilience even as tariffs and supply constraints weighed on iPhone shipments.
Coinbase Global (COIN) rose nearly 2% last week, after strong third-quarter earnings showed better transaction revenue and profit margins. The crypto market’s strength also supported gains, with Bitcoin and Ethereum both advancing by more than 1%.
Tesla (TSLA) closed the week with a nearly 4% rise, holding near record levels after posting higher energy storage revenue. Investors noted that Tesla’s free cash flow rose to $4 billion, though tariffs and price cuts continued to pressure margins.
Microsoft (MSFT), Alphabet (GOOGL), and Meta Platforms (META) all benefited from optimism around continued AI infrastructure spending. Together, the trio helped drive another week of gains for the “Magnificent Seven” stocks that have powered the market through 2025.
Upcoming Earnings and Dividend Announcements
The Q3 earnings season continues in full swing, with another heavy lineup of major reports ahead. This week’s spotlight will fall on Palantir (PLTR), Advanced Micro Devices (AMD), and Super Micro Computer (SMCI), which are set to provide key insights into the semiconductor sector’s momentum amid strong AI-driven demand.
Other key releases include those from Pfizer (PFE), IonQ (IONQ), D-Wave (QBTS), Archer Aviation (ACHR), and Qualcomm (QCOM).
Ex-Dividend Dates This Week
Several dividend-paying companies will trade ex-dividend in the coming days, including Citigroup (C), Blackstone (BX), Alcoa (AA), Sirius XM Holdings (SIRI), Pfizer (PFE), and Ford Motor (F). Income-focused investors should take note as these firms continue to deliver consistent shareholder returns even amid market volatility.