Market close on October 6: U.S. stocks finished higher, with both the Nasdaq and Nvidia hitting all-time highs as investors turned their attention to earnings season.
Top 20 by trading volume on October 6: Nvidia rose more than 2% to set a new record high, SpaceX surged over 7%, and Elon Musk reclaimed trillionaire status.
Most popular Chinese concept stocks advanced on October 6, with Alibaba gaining more than 4% and Pinduoduo rising over 3%.
Commodities overview: Oil prices fell amid focus on Saudi oil supply and strait shipping volumes, copper prices rose, and gold prices held steady.
European markets were lifted by commodity stocks, while British media reports on tariffs targeting Chinese electric vehicles boosted auto shares.
Macro news: President Trump said U.S. bombers were withdrawn from a UK base due to a "specific threat." Trump stated he would use personal funds and MAGA Inc. money to pay for advertising costs. Trump blamed high gasoline prices on the closure of U.S. refineries. The Trump administration plans to relax restrictions on tax-exempt diesel use to lower fuel costs. The United States warned foreign financial institutions that continued dealings with Iran could result in sanctions. The U.S. Secretary of State said the withdrawal of U.S. bombers from the UK was a routine rotation. Senior U.S. and Indian officials hinted that trade negotiations have reached a stalemate, with significant obstacles to reaching an agreement. Multiple explosions were heard in Riyadh, the Saudi capital. The Saudi-led coalition said it conducted military operations in Yemen's Hodeidah province. Yemen's Houthi armed group claimed three rounds of military operations against multiple targets inside Saudi Arabia. The "Mecca Defense Alliance" decided to activate a collective defense mechanism. Israeli sources said the motive of a Dubai Aviation co-pilot was "revenge for Gaza." Iran said negotiations with the United States, which has broken its promises, are "meaningless." Iran warned that the enemy's next miscalculation would trigger new fronts and greater surprises. Lula is considering having his vice president serve as the next finance minister if he is reelected. Ukraine said an AI-powered turret successfully intercepted a Russian drone for the first time.
Companies: SpaceX rose more than 7%, and Elon Musk returned to the ranks of trillionaires. DayOne Data Centers submitted a Nasdaq IPO filing under the ticker DODC. Meta and Microsoft are seeking to reduce employee use of Claude. OKX filed with the SEC to launch tokenized U.S. stock trading, initially covering Nvidia, Apple, and others.
Commentary: U.S. Treasury bonds extended losses, with the 30-year yield returning to a 24-year high. AI fervor has sparked a wealth-creation wave, pushing tech giants into one of their most remarkable years ever. The Governor of the Bank of France issued a warning on interest rates. Citi recommended increasing exposure to Brazilian risk assets after Bolsonaro performed better than expected in the first round of voting. Morgan Stanley released a bullish research report, and SpaceX shares surged 5%. A new risk for U.S. Treasuries is hidden in the fine print of Treasury futures contracts, where a "CTD switch" could intensify selling. Citi lowered its euro target, citing pressure from a hawkish Federal Reserve and Iran tensions. Citadel Securities said rising U.S. Treasury yields stem from a stronger economy, not from intensifying inflation concerns. BMO said a 30-year U.S. Treasury yield rising to 6% is "inevitable."