As international oil prices and treasury yields fell, concerns over inflation and interest rate hikes eased. Relieved investors revived buying momentum, driving the stock market higher, led by tech stocks.
International oil prices fell as reports of Saudi Arabia expanding crude oil supply to Asia eased supply disruption concerns.
The 10-year US Treasury yield fell to 4.93%, easing the sharp surge in interest rates and restoring investor sentiment.
The Fed raised its benchmark interest rate by 0.25 percentage points at the September FOMC meeting and hinted at the possibility of an additional rate hike within the year.
Amid the stabilization of oil prices and bond yields, buying pressure flowed into mega-cap tech stocks such as Intel and Nvidia, leading the stock market to close higher.
Despite concerns over the Federal Reserve maintaining higher interest rates for longer, persuasion from Big Tech executives led to the scrapping of a proposed AI regulatory body, significantly reviving buying sentiment in tech stocks. Coupled with rising expectations of a US investment agreement, risk-on appetite in the market is regaining momentum.
The US administration's plan to establish an AI regulatory agency was scrapped following persuasion by Big Tech leaders, maintaining a light-touch regulatory stance on tech stocks
Caution over bond market volatility as KKR raised its US 10-year Treasury yield forecast and the Fed projected high interest rates to persist until 2029
South Korea-US foreign ministers' meeting held, exploring the announcement of the first project under a $200 billion investment package in the US
Geopolitical risks in the Middle East persist as US President Trump hints at the potential resumption of large-scale military operations against Iran
North Korea's Vice Foreign Minister attends the UN General Assembly and discusses the potential resumption of US-North Korea summit diplomacy
Escalating legal dispute between Midas PE and BoostLab's founder over unfair shareholders' agreement terms and CEO dismissal
