Overview

• The S&P 500 rose 0.4% and the Nasdaq gained 0.7%, while the Dow slipped 0.04% after a sharp intraday swing.
• Morgan Stanley and Bank of America beat third‑quarter estimates, lifting financials alongside semiconductor gains tied to ASML’s upbeat outlook and AMD’s Oracle deal.
• Gold broke above $4,200 an ounce to a new high as investors sought havens, while U.S. crude settled near $58 and the dollar weakened.
• Volatility stayed elevated with the VIX near 22 as trade tensions flared over soy purchases and rare earth export controls.
• Fed Chair Jerome Powell’s cautious tone and a data gap from the ongoing shutdown reinforced expectations for near‑term rate cuts, as the Beige Book pointed to flat growth.