GoAI Market Morning Wrap - 1st Nov

Stock Market

On Friday (October 31), the three major U.S. indices closed higher collectively.  

 

At the close, the Dow Jones rose 0.09% to 47,562.87 points; the S&P 500 rose 0.26% to 6,840.20 points; the Nasdaq Composite rose 0.61% to 23,724.96 points.  

 

Weekly: Dow up 0.75%, S&P up 0.71%, Nasdaq up 2.24%—all up three weeks in a row. Monthly: Dow and S&P up 2.51% and 2.27%, sixth straight gain; Nasdaq up 4.7%, seventh straight gain.  

 

On Friday, Amazon rose 9.58%, hitting a record high—this gain led the Dow's 30 components and ranked second among S&P 500 components, behind only First Solar's 14.28%.  

 

 

After hours yesterday, Amazon announced in its earnings that quarterly cloud revenue grew 20%. CEO said AWS growth "reached the highest level since 2022," with strong demand for AI and core infrastructure.  

 

Influenced by Amazon's earnings, investors bought other AI-related stocks on Friday: software firm Palantir up 3.04%, data center builder/operator Oracle up 2.23%.  

 

Zacks Investment Management portfolio manager Brian Mulberry commented: "AI applications are accelerating, making tech giants' investments in computing power and capabilities profitable."  

 

"This will be a key metric going forward, as we've committed over $600 billion in capex next year." Mulberry added: "Investors will watch how this spending feeds back to each company in sales growth."  

Global Hotspots  

Trump Says No Decision Yet on Striking Targets Inside Venezuela  

 

U.S. government selected multiple "potential strike targets" in Venezuela, including military facilities, as part of anti-drug operations. President Trump October 31 said he has not decided on ground strikes inside Venezuela.  

 

Trump: No Restart of Talks with Canada  

 

Local time October 31, when asked if U.S. and Canada will restart talks, President Trump said "no."  

 

U.S. Transportation Secretary: Flight Delays Expected to Worsen  

 

Local time October 31, U.S. Transportation Secretary Sean Duffy said with government "shutdown" entering day 31, flight delays nationwide expected to worsen in coming days. Duffy: "More flight disruptions in airspace this weekend and next week."  

 

Trump Calls to Abolish Senate "Filibuster" Rule, Faces GOP Internal Opposition  

 

Local time October 31, President Trump urged Republican senators to use "nuclear option" to abolish long-standing Senate filibuster rule (requiring 60 votes to pass bills) to break government "shutdown" deadlock. Proposal immediately resisted by GOP leadership.  

 

U.S. Judge Rules Government Cannot Suspend Food Aid During "Shutdown"  

 

Local time October 31, federal judge ruled Trump administration cannot suspend Supplemental Nutrition Assistance Program ("food stamps") during shutdown, saying it may violate federal law. Due to shutdown, program ran out of funds October 31. Covers ~42 million Americans, about 1/8 population, most below poverty line. Recipients use federal aid to buy food at designated stores.  

 

Russian Foreign Ministry Announces Entry Restrictions on Some EU Persons  

 

Local time October 31, Russian Foreign Ministry announced entry restrictions on EU institutions and member state persons in response to EU's 19th round of Russia sanctions.  

Company News  

Hyundai Motor Partners with Nvidia, Using 50,000 Blackwell GPUs for AI Training  

 

Nvidia said Hyundai Motor Group is collaborating with Korean government and Nvidia to build NVIDIA AI factory with 50,000 Blackwell GPUs for AI model training, validation, deployment in manufacturing, autonomous driving, robotics.

 

Plans to use NVIDIA DRIVE AGX Thor, NeMo, Nemotron, Omniverse to simulate factory operations.  

 

Novo Nordisk Lays Off 9,000 to Focus on New Weight-Loss Drugs  

 

Per Novo Nordisk CEO Mike Doustdar LinkedIn post, employee notifications for 9,000 layoffs largely complete. Added layoffs global but timelines vary by local laws. Part of restructuring Doustdar launched last month.  

 

AbbVie Raises Full-Year Guidance  

 

AbbVie expects 2025 adjusted EPS $10.61–$10.65, up from $10.38–$10.58. Raised dividend per share from $1.64 to $1.73 (est. $1.71).  

 

Possible Carcinogen: U.S. Drugmakers Recall Over 580,000 Bottles of Blood Pressure Drug  

 

Local time October 31, FDA said multiple pharma companies recalling over 580,000 bottles of contaminated blood pressure drug prazosin hydrochloride. FDA: New Jersey's Teva Pharmaceuticals USA and Mylan Health Services began voluntary nationwide recall early this month.

 

Drug dilates blood vessels, lowers BP; also treats PTSD nightmares/sleep issues. FDA noted some batches may contain nitrosamine impurities—potential carcinogens formed in production/storage. Recall classified "Class II" risk.  

 

Monness Crespi Hardt Raises Amazon, Apple Targets to $300  

 

Monness Crespi Hardt raised Amazon target from $275 to $300; Apple from $270 to $300.  

 

S&P Upgrades Boeing Outlook to "Stable"  

 

S&P adjusted Boeing outlook from "negative" to "stable," affirmed "BBB-" rating. S&P on Boeing: 777X first delivery delay impacts prior estimates, but expects 737/787 delivery growth to significantly improve credit metrics in next two years.  

Forex & Commodities  

International crude futures settled slightly higher. WTI up 0.68% to $60.98/barrel, October down 3.89%. Brent up 0.11% to $65.07/barrel, October down 4.26%.  

 

Spot gold down 0.51% to $4,004.02/oz, October up 3.74%. COMEX gold futures up 0.06% to $4,013.4/oz, October up 3.76%. Spot silver down 0.54% to $48.66/oz, October up 4.29%; COMEX silver futures down 0.66% to $48.25/oz, October up 3.6%.  

 

NY close, ICE USD index up 0.27% to 99.791, October up 2.06%.  

Key Events  

Bulgaria Parliament Decides to Suspend Petroleum Product Supplies to Other EU Members  

 

Local time October 31, Bulgaria parliament passed bill 135-4 (42 abstentions) suspending exports and intra-EU supplies of petroleum products, mainly diesel and aviation fuel.

 

Ban excludes refueling domestic/international ships/aircraft and supplies to EU/NATO armed forces. Bulgaria parliament: To ensure domestic energy security and fuel market stability amid recent U.S. sanctions on Russian oil companies.  

Cryptocurrency  

Bitcoin 24h up 0.52% to $109,829.  

 

Ethereum (ETH-USD) up 0.46% to $3,848.26.  

 

XRP (XRP-USD) up 1.76%, BNB (BNB-USD) up 1.04%, Solana (SOL-USD) up 0.89%.  

 

Dogecoin (DOGE-USD) up 1.00%, Cardano (ADA-USD) up 0.24%.  

Key Events  

Michael Saylor: If Bitcoin Maintains ~30% Annual Returns, $20M in 20 Years Not Impossible - Crypto News  

 

Bitcoin bull and Strategy founder Michael Saylor believes with Wall Street, tech giants, big banks fully entering crypto, Bitcoin could hit $150,000 by year-end; longer-term, at ~30% CAGR, $20 million in 20 years "not impossible." Strategy holds 640,808 BTC (~$71.4B), top among public companies.

 

In CNBC interview, As derivatives/hedging tools improve, institutional infrastructure accelerates, Bitcoin's historic volatility being "gradually tamed." "I believe price will rise in steps," he said.