US Stock Market Close: The three major indexes closed slightly higher, with the storage, optical communications, and Neocloud sectors all showing broad strength.
According to data from the BIT Stock Platform, U.S. stocks closed higher: the Dow Jones Industrial Average rose approximately 0.19%, the S&P 500 gained around 0.28%, and the Nasdaq increased by roughly 0.27%. The Cboe Volatility Index (VIX) closed down about 4.22% to 16.78. SpaceX (SPCX) ended the session down approximately 2.25%. Most optical communication concept stocks closed higher: Applied Optoelectronics (AAOI) rose around 6.85%, Lumentum (LITE) gained about 5.52%, Ciena (CIEN) increased by 3.43%, Credo (CRDO) rose 3.74%, and Coherent (COHR) added 1.61%. In the Neocloud sector, CoreWeave (CRWV) climbed roughly 7.32%, Nebius (NBIS) rose around 6.96%, and Astera Labs (ALAB) gained 3.67%. Most semiconductor stocks closed higher: Arm (ARM) rose approximately 4.10%, Marvell (MRVL) gained about 3.32%, AMD increased by 3.24%, Broadcom (AVGO) added 2.77%, Intel (INTC) rose 1.91%, ASML gained 1.67%, TSMC (TSM) increased by 0.60%, while NVIDIA (NVDA) fell around 1.17%. Storage stocks strengthened: Micron (MU) rose roughly 5.86%, SanDisk (SNDK) gained about 7.66%, and Western Digital (WDC) increased by 4.08%. Crypto-related concept stocks were mixed: Strategy (MSTR) rose approximately 2.66%, MARA gained around 3.67%, Bitmine (BMNR) increased by 2.15%, Coinbase (COIN) added 0.76%, while Robinhood (HOOD) fell about 3.31%.
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Summary of Walsh's Press Conference: The decision to hold off on interest rate hikes was not politically influenced, and schedule reforms will be implemented next autumn.
Fed Governor Waller has concluded the press conference following the October FOMC meeting. BlockBeats summarizes the key takeaways as follows:
Waller first affirmed the U.S. economy, stating that U.S. economic activity is expanding strongly, domestic consumption has remained resilient, productivity is robust, and capital investment is strong. However, he warned that inflation remains elevated. The Federal Reserve believes additional information will help the FOMC assess its policy stance, and the committee will achieve price stability. Economic growth is robust.
Waller also added that credit conditions have tightened somewhat since the Fed’s last rate hike, but immediately clarified: “I neither want to nor can describe it as ‘tightening.’” When asked whether midterm elections would influence interest rate decisions, Waller said “politics has played no role at all.”
On issues including AI and oil prices, Waller pointed out that interest rates have fallen amid rising oil prices, expressed skepticism about the view that “rate hikes will not impact AI,” and noted that interest rates have affected the tech sector.
Waller also announced adjustments to the FOMC meeting schedule starting next fall: the committee will hold 8 meetings annually. In 2027, the Fed will still hold 8 meetings as scheduled, but one will not vote on monetary policy interest rates, focusing solely on policy strategy. In 2028, two of the 8 meetings will be dedicated to policy strategy, with no votes on policy interest rates, and these will not be formal policy decision-making sessions.
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Wash: We are keeping a close eye on South Korea's economy, and the level of attention we are paying may surprise you.
Federal Reserve Governor Warsh told reporters at a press conference, "I am closely monitoring the South Korean economy, and my level of attention to South Korea may exceed what you might imagine."
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Wash voiced skepticism about the claim that interest rate hikes will not impact AI, and has observed that interest rates are affecting the tech sector.
Fed Chair Walsh: As oil prices continue to climb, interest rates have retreated. He expressed skepticism toward the view that interest rate hikes will not impact AI, noting that whether you interpret it as AI or SI is up to you, and added that he has observed interest rates affecting the tech sector.
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