Daily summary: Wall Street tries to stop the sell-off 📌Gold down 1.8%, Bitcoin loses 4.5%

• Wall Street indices are attempting to halt the recent sell-off, with the Nasdaq 100 turning “green” despite falling nearly 1.5% at the start of the session. Nevertheless, buying interest remains limited, and the risk of renewed declines persists, with the VIX holding above 20 points. The sell-off continues even though the U.S. government shutdown has ended, and sentiment around AI-related stocks remains cautious. Shares of CoreWeave, one of the key barometers of optimism surrounding GPU demand and computing power, have resumed their decline — losing nearly 30% over the past five days.
• Micron shares surged today as Morgan Stanley analysts have raised their price target for  shares to a record $325 from the previous $220, highlighting the sharp surge in DDR5 memory prices, which have tripled over the past month, a level not seen since the 1990s. 
• Chinese technology giant Alibaba (BABA.US) has been identified as providing technological support for Chinese military “operations” targeting the United States, according to intelligence referenced in a White House national security memo. Alibaba shares extend a sell-off today.
• Both cryptocurrencies and precious metals are losing ground today, with gold falling almost 1.8% and Bitcoin down almost 5%, falling to the lowest level since May 2025. The US dollar slightly gains today.
• CBOT wheat futures (WHEAT) are trading sharply lower today following the USDA WASDE report, which showed significantly higher-than-expected ending stocks at 901 million bushels, compared with the 869 million projected. Corn stocks came in line with expectations, while soybean stocks were slightly lower (290 million vs. 302 million estimated).
• EIA Natural Gas Inventories change (in bcf) came in at 45B vs 34B exp. and 33B previously. The NATGAS reaction to data was muted; futures were slightly up after the report.
• According to FactSet data, the 91% of S&P 500 companies already out with results, 82% beat earnings expectations, while 77% topped revenue forecasts — a broadly positive quarter. 91% of S&P 500 companies having already reported, 82% beat EPS expectations — well above the 5-year average (78%) and 10-year average (75%). If this number holds, it would match the best beat rate since Q3 2021.
• The German DAX was down almost 1.1% today, with British FTSE falling almost 0.7%; sentiments were pressured by US indices sell-off before the start of the session on Wall Street. Eurozone Q3 GDP data released today showed growth of 0.2%, in line with forecasts and above the previous 0.1%. Year over year, GDP increased 1.4%, beating expectations of 1.3%, though slightly below the prior 1.5%. Employment in the eurozone rose 0.1% quarter-on-quarter, and 0.2% in the EU. On an annual basis, employment increased 0.5% in the eurozone and 0.6% in the EU.
• France’s October CPI data showed a 0.1% month-on-month increase, matching expectations (after a 1% m/m decline previously). Year-over-year inflation came in at 0.9%, slightly below the 1% forecast and down from 1.2% previously. Spanish data indicated a 0.7% m/m increase, in line with estimates (after –0.3% m/m previously). Annual inflation rose 3.1% y/y, matching expectations and exceeding the prior 3.0%.
• Switzerland has agreed to invest $200 bln in the US after the trade deal; achieving a tariff agreement at 15% all in. Under the declaration of intent, at the same time as the reduction in US tariffs, Switzerland will reduce import duties on a range of US products.

Source: xStation5