4:20pm: Nvidia powers higher
US stocks ended higher on Tuesday, with the Nasdaq taking the lead as Nvidia fueled a rally in tech shares ahead of a packed week of earnings and the Federal Reserve’s policy decision.
The Dow rose 0.3% to 47,706, the S&P 500 added 0.2% to 6,891, and the Nasdaq jumped 0.8% to 23,827. The Russell 2000, however, slipped 0.5%, as small caps lagged behind their larger peers.
Nvidia was the day’s standout, climbing 5% to a record high after CEO Jensen Huang told investors the AI industry has “turned a corner” during his keynote address at the company’s GTC event. The chipmaker also announced a slate of new partnerships, further cementing its leadership in the AI space.
The upbeat mood comes as Wall Street braces for a flood of earnings from the Mag 7 tech giants. Starting Wednesday, Alphabet, Apple, Meta, Amazon, and Microsoft will all report results, offering a crucial read on the health of the market’s biggest drivers.
Investors will be paying particularly close attention to Amazon, which recently said it would cut about 14,000 jobs, and Apple, which hit a $4 trillion market valuation ahead of its report.
Elsewhere on the earnings front, Visa, UnitedHealth, UPS, and PayPal are all set to release their quarterly results after tonight’s bell.
Meanwhile, the Federal Reserve kicked off its two-day policy meeting, with traders widely expecting a second straight interest rate cut on Wednesday. Markets will be watching Chair Jerome Powell’s comments closely for hints about whether another cut could come in December.
3:55pm: Proactive news headlines
- U.S. Global Investors (NASDAQ:GROW) has partnered with Keystone School, committing $50,000 over multiple years starting with a $10,000 donation to support the school’s Model United Nations program.
- 374Water Inc (NASDAQ:SCWO) signed a $4 million agreement with the City of Olathe, Kansas, to supply and deploy its AirSCWO 6 system and a full-scale pre-treatment and dewatering system over the next two years.
- Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) said partner Walker Lane Resources has begun an airborne geophysical survey at the Tule Canyon Property in Nevada, where it holds an option to acquire full ownership.
- Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) announced that Beijer Ref will distribute its THERMAL-XR ENHANCE heat transfer coating through its Australian Beijer Ref and Kirby wholesale network.
- Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) began civil construction at its Sorel-Tracy site in Quebec, marking the start of the build phase for its first Ultra High Purity hydrogen production module.
- Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) closed a C$30.48 million upsized bought deal financing to fund exploration at its Zambian copper projects, including the Solwezi Project, and for general corporate purposes.
- Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:NRGOF) reported strong preliminary metallurgical results from its El Potrero project in Mexico, with gold recoveries reaching up to 96.79%.
- Happy Creek Minerals Ltd (TSX-V:HPY, OTC:HPYCF) completed the first tranche of its 2025 drill program at the Fox tungsten project in British Columbia, with all holes intersecting tungsten-hosting rock.
- Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) said its Eventdex AI Matchmaking platform reached $100,000 in 2025 YTD revenue with a 95% gross margin, as it continues expanding its AI Event Suite of technologies.
3:10pm: Market movers
- Wayfair shares surged more than 22% after the company reported third-quarter revenue of $3.12 billion, exceeding analyst expectations and marking an 8.1% year-over-year increase.
- UPS shares rose 8% as third-quarter revenue of $21.4 billion and operating profit of $1.8 billion topped estimates, reflecting successful profitability initiatives.
- Bed Bath & Beyond showed improved profitability in the third quarter despite revenue falling 17% year over year to $257.19 million, slightly missing forecasts.
- PayPal shares jumped nearly 11% after announcing a partnership with OpenAI that will enable ChatGPT users to buy and sell products directly through PayPal’s platform starting next year.
- 374Water signed a $4 million, two-year agreement with the City of Olathe, Kansas, to deploy its AirSCWO 6 system and a full-scale waste pre-treatment facility.
- Royal Caribbean shares fell over 7% after reporting third-quarter revenue and a profit forecast that both missed analyst expectations.
- Graphene Manufacturing Group announced a distribution agreement with Beijer Ref to offer its THERMAL-XR ENHANCE coating through the latter’s Australian wholesale network for refrigeration products.
- Charbone Hydrogen Corporation began civil construction at its Sorel-Tracy site in Quebec, marking the build phase of its first Ultra High Purity hydrogen production module.
1:45pm: Microsoft, Apple join $4T club
Fears of a bubble have arisen again after both Microsoft and Apple have joined the elite club of companies with a $4 trillion valuation.
“This continues to be one of the most disliked rallies in history," Chris Beauchamp at IG said Tuesday.
"Each new high in indices and every milestone achieved by individual stocks is presented as evidence of a bubble in equities. Even Cathie Wood appears to be getting jitters.
"This doesn’t feel like we are seeing Greenspan’s ‘irrational exuberance’, instead the disbelief appears to be widespread. It is understandable to see signs of nervousness around tech earnings this week, but the market continues to demonstrate remarkable resilience.”
12:35pm: Huang to speak this afternoon
Stocks are ticking up at midday, with the Dow and Nasdaq leading the way, as traders wait for news from Nvidia and keep an eye on global trade developments.
Both the Dow and the Nasdaq are up 0.6%, while the S&P 500 has risen 0.2%.
Later today, investors will be watching Nvidia CEO Jensen Huang speak at an event, with a key focus on which chips the AI giant can sell in China – a major flashpoint in the ongoing US-China tech tensions.
Meanwhile, Trump praised Japanese Prime Minister Sanae Takaichi as the US signed new trade and rare earth deals with Japan, setting the stage for a high-stakes meeting with China’s President Xi Jinping on Thursday.
11:25am: Consumer confidence slips
Consumer confidence fell to 94.6 in October, marking a third consecutive monthly decline, Wells Fargo analysts said, though last month’s figure was revised upward to 95.6 from 94.2. “Though things haven't exactly gotten better, they haven't gotten particularly worse, either,” the analysts noted.
The report showed consumers slightly more positive about their current situation but less optimistic about the future, with those anticipating higher incomes dropping to 17.9% and those expecting declines rising to 12.5%. Employment perceptions were mixed, as the share of consumers saying jobs were “plentiful” rose to 27.8%, while those saying jobs were “hard to get” edged up to 18.4%.
Wells Fargo highlighted that sentiment measures are not always reliable predictors of spending, but noted the report offers insight amid scarce economic data during the ongoing government shutdown. Analysts said inflation expectations remained elevated but stable, giving the Federal Reserve room to ease policy: “We anticipate the Fed will announce a 25 bps cut tomorrow and another 25 bps cut at its December meeting.”
10:45am: Global stocks rally
Global equity markets extended gains on Tuesday, with several major indices hitting fresh record highs as optimism grew over progress in trade talks between the United States and China.
“Markets are pricing in a best-case scenario — that Washington and Beijing can avoid the triple-digit tariffs that would hurt both economies,” said Ipek Ozkardeskaya, Senior Analyst at Swissquote. She added that investor sentiment was further buoyed by reports of a successful meeting between US President Trump and Japan’s new Prime Minister, Sanae Takaichi, which resulted in an agreement on critical minerals trade.
Ozkardeskaya noted that while markets are rallying, the underlying issues between the US and China remain unresolved. “The US wants to bring manufacturing home while asking China to spend more domestically — goals that are fundamentally at odds,” she said.
Still, she observed that improved diplomatic tone and market resilience are keeping investors optimistic. “The S&P 500 hasn’t waited for perfect news to extend its rally,” Ozkardeskaya said, pointing to gains in Chinese and Hong Kong tech stocks as signs of renewed confidence.
9.55am: Nasdaq leads gains as PayPal and Skyworks surge
The Nasdaq is marching at the head of the procession, up 0.4% to above 23,780 for the first time, followed by the Dow Jones' 0.3% gain to 47,700, with the S&P 500 up 0.1% to 6,880.
Lagging is the Russell 2000, with the small-cap index down 0.3%.
At the top of the Nasdaq's notable risers is PayPal (NASDAQ:PYPL), up 8% after signing a deal with OpenAI to have its digital wallet embedded into ChatGPT so users can pay for items found through the leading consumer AI tool.
The agreement was sealed over the weekend, CNBC reported, and starts next year.
On the S&P, Skyworks Solutions Inc (NASDAQ:SWKS) has surged 18% after the supplier of radio frequency chips for Apple and other smartphone makers was reported to have held talks to acquire competitor Qorvo.
United Parcel Service Inc (NYSE:UPS) shares were up 10.2% after the delivery company's earnings topped estimates.
8.15am: Dow Jones futures called higher
US stocks are expected to barge higher to yet more records on Tuesday, as both Washington and Beijing made further encouraging comments about a potential trade deal.
Dow Jones futures were 0.5% higher ahead of the opening bell, while futures for the S&P 500 and Nasdaq 100 were up 0.1% and 0.2% respectively.
All three indexes had finished at new all-time highs the previous day, led by the Nasdaq, which added 1.9% to reach 23,637 points, with the S&P up 1.2% to 6,875 and the Dow rising 0.7% to 47,544.
The was driven by US-China trade deal optimism, after comments from Treasury Secretary Scott Bessent and other reports revealed that a preliminary framework had been reached on key issues, including tariffs, rare earth export controls, fentanyl, and agricultural trade.
Ahead of a meeting this week between Presidents Donald Trump and Xi Jinping, China’s foreign minister and the US Secretary of State held a call overnight.
"It’s hoped that both sides will meet each other halfway, prepare for high-level interactions between China and the U.S., and create conditions for the development of bilateral relations," Chinese foreign minister Wang Yi told Marco Rubio, according to a Chinese Foreign Ministry readout.
Confirming the call, the US State Department said Rubio for his part "emphasized the importance of open and constructive communication on a range of bilateral issues".
As his tour of Asia passed through Japan, President Trump added to new agreements on trade and/or rare earths with Thailand, Cambodia and Malaysia.
Trump and new Japanese Prime Minister Sanae Takaichi held a bilateral meeting on Tuesday and signed two agreements, one on trade and one on critical minerals.
The trade deal confirmed earlier agreements made in July and September, where a 15% tariff on Japanese goods was agreed in exchange for $550 billion of Japanese investment in the US.