RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
U.S. Treasury Yields Surge as 30-Year Hits 22-Year High 
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
Asian Stocks Fall as Surging Bond Yields Rattle Markets 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
US Stock Futures Fall as Treasury Yields Surge Ahead of Trump-Xi Summit 
Dollar Holds Near Two-Month High as Yen Approaches 160 
US Comfortable With Canada Trade Standoff as Import Bans Loom 
Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
Fed’s Hammack Says Bond Yield Surge Is Not Driven by Inflation Fears 
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The Nasdaq closed slightly lower on Friday, capping its steepest weekly decline since early April as investors reassessed the rapid gains in artificial intelligence (AI) and technology shares. The index dropped about 3% for the week, while chip and tech-related stocks were the biggest losers. Despite this setback, the Nasdaq remains up more than 50% since April, driven by optimism around AI following President Donald Trump’s sweeping tariff announcements.
Market sentiment cooled after The Financial Times reported Nvidia CEO Jensen Huang’s warning that China may surpass the U.S. in the AI race. “We’re seeing this AI selloff continue after those comments,” said Michael O’Rourke, chief market strategist at JonesTrading. “It’s a recalibration of valuations, along with some profit-taking after a strong rally this year.”
All three major U.S. stock indexes opened sharply lower but pared losses later in the day. The Dow Jones Industrial Average rose 74.80 points, or 0.16%, to 46,987.10; the S&P 500 gained 8.49 points, or 0.13%, to 6,728.81; while the Nasdaq Composite slipped 49.45 points, or 0.21%, to 23,004.54. Global markets also softened, with MSCI’s world stock index down 0.07% and Europe’s STOXX 600 off 0.55%.
Meanwhile, weaker China trade data highlighted the impact of U.S. tariffs. China’s exports fell 1.1% in October, their worst drop since February. U.S. Treasury yields edged down as consumer sentiment hit its lowest level since mid-2022 amid the ongoing government shutdown. The 10-year Treasury yield slipped to 4.091%.
The U.S. dollar weakened slightly, with the dollar index down 0.11% to 99.57, while oil and gold prices edged higher. U.S. crude settled at $59.75 per barrel, and Brent rose to $63.63, supported by hopes of energy cooperation between the U.S. and Hungary.
