Daily summary: Cryptocurrencies under pressure; US100 drives Wall Street

Key takeaways

Indices: The gap between AI and the rest of the market is widening. The S&P 500 rose 0.3%, the Nasdaq Composite gained 0.7%, while the Dow Jones fell 0.4%. The distribution of gains remains highly concentrated, with more than 400 S&P 500 companies posting declines, as confirmed by weak market breadth indicators. Technology companies are on the rise. The financial and traditional industrial sectors are performing poorly.
Technology companies: AI contracts are driving the market. Amazon is up 5%, Nvidia gained 3%, and Micron Technology jumped 5% after a series of high-profile AI deals. Contracts worth $38 billion (Amazon-OpenAI) and $9.7 billion (Iren-Microsoft) mean months of stable demand for new technologies.
Macro: ISM for industry is mixed. The ISM index for October came in above expectations at 49.5 (48.7 expected), remaining in contraction territory. The price index fell to 58 from 61.9 previously — the fifth consecutive decline — indicating limited opportunities to pass costs on to consumers. Employment showed slight growth and new orders remained stable, suggesting a moderately better condition of the sector than the earlier projection would indicate.
Monetary policy: The Fed remains open but cautious. Mary Daly of the Fed emphasized that policymakers should remain open to December, although they will support maintaining a moderately restrictive policy. Her statement suggests a pause in easing conditions as inflation remains above the 2.5 percent target.
Currencies: The dollar resumes its gains. EURUSD resumes its downward trend at the start of the new trading week. The British pound is also performing relatively well. The Canadian dollar and Swiss franc in particular remain under downward pressure today.
Commodities: Oil under pressure, gold rebounds slightly. Crude oil (WTI) is hovering around USD 61.16 per barrel, weighed down by concerns about oversupply in 2026 and weak demand from Asia. Gold is gaining slightly, supported by uncertainty surrounding the path of interest rates. The broader picture for commodities shows a market dominated by supply and demand fundamentals, where macroeconomic characteristics will determine the direction in the coming months.
Cryptocurrencies: Bitcoin at its lowest since mid-October. The leading cryptocurrency is down 2.6% today, falling below $107,000. Other cryptocurrencies, however, are performing even worse. Ethereum is currently down 5.5% and Polygon is down nearly 10%.

3 November 2025, 4:31 PM

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Daily summary: Cryptocurrencies under pressure; US100 drives Wall Street

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