The Economic Times·2025-11-03 13:33Market Overview - US stock futures increased on Monday morning, indicating a continuation of the strong momentum from October, with S&P 500 futures rising 0.3%, Nasdaq 100 futures jumping 0.6%, and Dow Jones Industrial Average futures adding about 0.1% [1] - October was a strong month for stocks, with the S&P 500 rising 2.3%, the Dow gaining 2.5%, and the Nasdaq Composite climbing 4.7%, driven by investor interest in growth and AI-linked companies, particularly Big Tech and the "Magnificent Seven" [2][19] - Optimism regarding easing US-China trade tensions contributed to market gains, although concerns remain in Washington due to a government shutdown delaying key economic reports [2][19] Earnings Reports - Earnings season is active, with about 300 S&P 500 companies having reported third-quarter results, and over 100 more reports expected this week from firms such as Palantir, Super Micro, and AMD [4][20] - Berkshire Hathaway's stock rose over 1% after reporting a 17% profit increase in its third-quarter results, attributed to a mild hurricane season and investment gains [6][10][20] Significant Corporate Developments - IREN stock surged 24% following the announcement of a $9.7 billion cloud services contract with Microsoft, which will utilize Nvidia's GB300 processors to enhance AI and data center infrastructure [8][20] - The GB300 processors will be installed in stages until 2026 at IREN's 750-megawatt campus in Texas, with Microsoft making a 20% prepayment [9][20] Leadership Changes - Warren Buffett will step down as CEO of Berkshire Hathaway in January, with Vice Chair Greg Abel set to take over, while Buffett remains as chairman [11][20] - Berkshire Hathaway's significant cash pile of $381.7 billion as of September is expected to remain intact despite recent investments [11][20] Market Reactions - Xiaomi shares rose over 3% following a lighthearted exchange between Chinese President Xi Jinping and South Korean President Lee Jae Myung, highlighting sensitive security issues in US-China relations [13][20] - Gold prices fell below $4000 per ounce after China removed a tax incentive for gold purchases, although prices are still up more than 50% this year due to demand from central banks and investors [15][16][20]