Tonight’s Highlights | Gold and Silver See Volatility, “Southeast Asia’s Tencent” Aims for $1 Trillion Valuation
Supported by broadly positive U.S. corporate earnings outlooks, U.S. stocks remained in a sideways consolidation phase pre-market on Tuesday. With the dollar strengthening for the third consecutive day, assets like gold and silver saw notable pullbacks.
As of this report, Nasdaq 100 futures dipped 0.05%, S&P 500 futures edged up 0.01%, and Dow futures rose 0.02%.
Spot gold experienced a sharp pullback, dropping from an all-time high of $4,381 per ounce to $4,220 intraday. While no clear catalyst triggered the decline, profit-taking at record highs, signs of easing geopolitical tensions, the end of India’s seasonal buying, and a stronger dollar all weighed on prices.
(Spot Gold Minute Chart, Source: TradingView)
On gold’s outlook, analysts suggest watching for signs of sidelined buyers entering the market. UBS commodity analyst Giovanni Staunovo said: “In my view, many market participants haven’t joined this rally yet. They’re waiting for a price dip to enter, which should limit downside.”
Spot silver fell over 5%. Traders and analysts noted that increased overseas silver inflows have eased liquidity pressures in London’s spot market.
As of Tuesday’s pre-market, the U.S. earnings season has supported markets. GE Aerospace, Coca-Cola, and General Motors, reporting pre-market Tuesday, delivered positive news to investors. After the close, streaming giant Netflix will report, kicking off the tech earnings season.
In consumer electronics, Samsung will unveil an XR product to rival Apple’s Vision Pro on Tuesday evening U.S. time. Tech bloggers who tested the device say Samsung’s headset is on par with Vision Pro but has an edge with Google’s latest AI, an area where Apple lags.
Other Market News
U.S. Earnings Season Updates
GE Aerospace rose nearly 3% pre-market after reporting better-than-expected Q3 revenue and profit, raising its full-year outlook. The plane maker benefited from strong air travel demand for the second straight quarter.
General Motors surged over 11% pre-market, with earnings and revenue beating expectations and a reduced forecast for tariff impacts.
Coca-Cola gained over 2% pre-market, with profit and revenue topping estimates while reaffirming its full-year outlook.
Sea Founder Targets $1 Trillion Valuation
Sea Group’s founder and CEO, Forrest Li, said in a Monday memo to employees that leveraging AI for business expansion could realistically drive the company’s market cap to $1 trillion—a staggering figure, ten times its current $98.1 billion valuation.
Leaked Documents: Amazon Aims to Replace 600,000 U.S. Workers with Robots
Tuesday reports revealed Amazon is aggressively pursuing automation, projecting it could avoid hiring over 160,000 additional workers by 2027. By 2033, this plan could eliminate the need for over 600,000 new hires. Amazon responded that the documents are incomplete and don’t reflect its full hiring strategy.
Musk’s Massive Compensation Package Faces New Hurdles
Following ISS, another prominent proxy advisory firm urged Tesla shareholders to vote against Elon Musk’s ~$1 trillion compensation package in an upcoming vote, potentially derailing the plan.
Nvidia in Talks to Guarantee Part of OpenAI’s Loan
Reports indicate Nvidia is discussing guaranteeing part of a loan OpenAI plans to use for building proprietary data centers. The talks are part of broader data center collaboration, with OpenAI opting to lease rather than purchase Nvidia chips.
Unilever Delays Magnum Ice Cream Spin-Off Listing Due to U.S. Government Shutdown
Unilever announced Tuesday that the U.S. government shutdown has delayed SEC confirmation of the registration statement needed for its Magnum ice cream business to list on the NYSE. Originally set for November 10, the spin-off listing in Amsterdam, London, and New York has been rescheduled. Unilever remains committed to completing the spin-off in 2025.