ADDX GO Market Morning Wrap - 10th Oct

Stock Market

Overnight and into this morning, the S&P 500 and Nasdaq retreated after opening at record highs. Apart from Nvidia, which hit a new high, major blue-chip stocks underperformed, dragging the Dow down for its fourth consecutive trading day.  

 

At the close, the S&P 500 fell 0.28% to 6,735.11 points; the Nasdaq Composite dipped 0.08% to 23,024.63 points; the Dow Jones Industrial Average dropped 0.52% to 46,358.42 points.  

 

S&P 500 daily chart, source: TradingView  

 

Popular tech stocks were mixed: Nvidia rose nearly 2%, hitting a record high; Oracle gained over 3%; Meta climbed over 2%; while Apple and Google fell over 1%, Micron Technology dropped over 2%, and AMD slid over 1%.

 

Such pauses are not uncommon in the ongoing rally that has persisted since the brief April crash.  

 

Piper Sandler’s chief market technician Craig Johnson noted that caution is prudent for stocks with excessive short-term gains. The breadth of the rally is showing early signs of fatigue, which could lead to a consolidation phase.  

 

The upcoming Q3 earnings season, starting next week, will not only test corporate profit health but also temporarily curb stock buybacks.  

 

Strategas’ investment strategy research head Ryan Grabinski pointed out that the next two weeks mark the peak of the stock buyback blackout window. Amid economic growth concerns, this could usher in a period of weakness.、、

However, buyback demand is expected to rebound in early November as year-end approaches.  

Global Hotspots

Israeli Government Approves Gaza Ceasefire Deal  

 

Early on October 10, Israel’s government approved a Gaza ceasefire agreement. According to mediators, the deal between Israel and Hamas will facilitate an end to the war, the release of Israeli hostages and Palestinian prisoners, and the delivery of humanitarian aid to Gaza.  

 

U.S. Treasury Intervenes in Argentina’s Forex Market  

 

On Thursday, U.S. Treasury Secretary Bessent announced via social media that the U.S. has finalized a $20 billion bailout plan for Argentina. Bessent said the U.S. also “directly purchased Argentine pesos,” a rare move marking the latest effort to stabilize Argentina’s financial markets.  

 

Since President Milei’s significant setback in local elections, the Argentine peso has sharply depreciated against other currencies, raising doubts about his ability to secure a congressional majority in the upcoming mid-term elections later this month.  

 

U.S. Labor Department Plans to Release September CPI Data by Month-End  

 

According to a U.S. Labor Department official, the Bureau of Labor Statistics has recalled staff to prepare the September Consumer Price Index (CPI) report. The White House Office of Management and Budget instructed the agency to compile the report for release before month-end.

 

Originally scheduled for October 15, this data is critical for calculating next year’s Social Security payments.  

Company News

Nvidia Reportedly Approved to Export AI Chips to UAE  

 

Reports indicate the U.S. Commerce Department’s Bureau of Industry and Security issued Nvidia an export license under a May bilateral AI agreement, approving billions in chip exports to the UAE.  

 

Intel CEO Showcases World’s First 1.8nm Chip Wafer  

 

On Thursday, Intel displayed its next-generation 18A process chip. Photos showed CEO Pat Gelsinger, who took office in March, holding a wafer for the Panther Lake Core processor at its Arizona factory.  

 

Compared to Lunar Lake, dubbed “Intel’s CPU efficiency pinnacle,” the new chip offers 50% better performance at the same power level or 30% lower power consumption compared to the Arrow Lake-H processor at the same performance.  

 

GM Revives Chevrolet Bolt with Starting Price of $29,990  

 

Following Tesla’s Tuesday launch of “stripped-down, lower-priced” Model 3/Y variants, GM unveiled the new Chevrolet Bolt EV, set to hit the market in early 2026.  

 

The RS sport edition starts at ~$32,000, the LT comfort edition at $29,990, and the LT base model, launching months later, at $28,955—the cheapest known EV in the U.S. for 2026.  

 

Google Launches Gemini Subscription for Enterprises  

 

On Thursday, tech giant Google introduced a series of Gemini subscription services for enterprises, aiming to compete with Microsoft and OpenAI for the enterprise AI market.  

 

Novo Nordisk Acquires MASH Drug for $5.2 Billion  

 

On Thursday, Novo Nordisk announced the acquisition of U.S. biopharma firm Akero Therapeutics for up to $5.2 billion. Akero’s stock surged 16.33%.  

 

Akero’s drug efruxifermin (EFX) is in Phase III trials for treating moderate to advanced liver fibrosis (F2 or F3) and cirrhosis (F4) caused by metabolic dysfunction-associated steatohepatitis (MASH).  

Forex & Commodities  

Oil prices fell on October 9. NYMEX WTI crude futures for the front-month contract dropped $1.04 to $61.51 per barrel (-1.66%); Brent crude futures fell $1.03 to $65.22 per barrel (-1.55%).  

 

International gold prices plunged nearly $100, with COMEX gold futures for the front-month contract falling $97.90 (-2.41%) to $3,972.6 per ounce.  

 

At the New York close, the dollar index rose 0.55% to 99.40, with most non-U.S. currencies declining.  

Key Events

Yen Plunges, BOJ Rate Hike Path in Doubt  

 

A political shakeup triggered a sharp yen drop. On October 4, former Economic Security Minister Sanae Takaichi won the LDP leadership election, and by October 6, the yen fell against the dollar, breaking multiple key levels in subsequent days.

 

Analysts cite Japan’s political changes, concerns over fiscal prospects, and uncertainty about BOJ rate hikes as key drivers. Long-term, however, the BOJ’s policy path and yen trends will hinge on macroeconomic fundamentals, not political rhetoric.  

Cryptocurrency  

Bitcoin fell 1.13% in 24 hours to $121,807.  

 

Ethereum (ETH-USD) dropped 3.32% to $4,378.24.  

 

XRP (XRP-USD) fell 2.04%, BNB (BNB-USD) dropped 3.36%, Solana (SOL-USD) fell 3.17%.  

 

Dogecoin (DOGE-USD) dropped 2.03%, Cardano (ADA-USD) fell 2.56%.  

Key Events

Global Public Companies Add 190,611 Bitcoins Worth $23.36 Billion in Q3  

 

Reports show global public companies increased their Bitcoin holdings by 190,611 coins in Q3 2025, valued at $23.36 billion.