Headline: Markets Mixed as AI Stocks Slide, Gold Tests Resistance, and Housing Finance Jumps
Introduction: Global markets delivered a split verdict as investors weighed pressure on AI shares, solid gains in healthcare, and fresh macro signals across commodities, currencies, and housing. Caution is creeping into gold, while policy and corporate updates added new layers to the outlook for risk assets.
U.S. equities were broadly mixed: the S&P 500 edged up 0.21% and the Dow Jones added 1.18%, while the Nasdaq slipped 0.31% as AI stocks retreated on product delays and reports of SoftBank reducing exposure to Nvidia. Healthcare and pharma names provided support, offsetting part of the tech weakness. In commodities, gold is flirting with a potential triple-top formation near recent highs—an area that could cap gains unless momentum strengthens.
Policy and macro developments offered a busy backdrop. The People’s Bank of China is expected to anchor the yuan with a USD/CNY reference rate near 7.1141, signaling continued management of currency volatility. In Australia, Q3 housing finance jumped 9.6% quarter-over-quarter, far outpacing expectations of 2.6%, with both owner-occupier and investor lending advancing. In the U.S., the hotel industry faces an estimated $1.2 billion revenue hit tied to the shutdown, with roughly 186,000 rooms sitting empty nightly—conditions that are especially tough for smaller operators. On the policy front, Donald Trump indicated plans to lower certain tariffs on coffee, a potential tailwind for importers and consumer prices. In corporate news, NBIS reported revenue quadrupling and secured a $3 billion deal with Meta; despite this, its shares remain about 30% below recent highs, with some analysts flagging room for upside.
Key Points: – U.S. session mixed: S&P 500 +0.21%, Dow +1.18%, Nasdaq -0.31% – AI stocks declined on delays and SoftBank’s reported Nvidia exit; healthcare rallied – Gold price stalls near resistance, raising triple-top risk for bullion – Australia’s Q3 housing finance surged 9.6% q/q, beating a 2.6% forecast – PBOC expected to set USD/CNY reference rate around 7.1141 – U.S. hotel sector faces a $1.2B revenue hit; NBIS wins $3B Meta contract as shares lag
