Economic Indicators - The ADP National Employment report indicated that U.S. private nonfarm payrolls increased by 42K in October, surpassing expectations of 32K [2] - The U.S. ISM services index rose to 52.4 in October, exceeding expectations of 50.7 [2] - The U.S. October S&P Global services PMI was revised down to 54.8 from a preliminary reading of 55.2 [2] Stock Market Performance - Wall Street's three main equity benchmarks closed positively, with notable gains in chip stocks such as Micron Technology (MU) up over +8% and Marvell Technology (MRVL) rising more than +6% [3] - Amgen (AMGN) surged over +7% after reporting strong Q3 results and raising its full-year guidance [3] - Lumentum Holdings (LITE) jumped more than +23% following better-than-expected FQ1 results and strong FQ2 guidance [3] - Zimmer Biomet Holdings (ZBH) fell over -15% after reporting weaker-than-expected Q3 sales, making it the top percentage loser on the S&P 500 [3] Bond Market and Interest Rates - Bond yields fell as U.S. companies announced the highest number of job cuts for any October in over two decades, leading to increased expectations for a rate cut next month [5] - U.S. rate futures indicate a 67.3% probability of a 25 basis point rate cut at December's monetary policy meeting [6] Corporate Earnings - The third-quarter corporate earnings season continues, with companies like ConocoPhillips (COP), Airbnb (ABNB), and Warner Bros Discovery (WBD) set to release results [7] - S&P 500 companies are expected to report an average +7.2% increase in quarterly earnings for Q3 compared to the previous year, marking the smallest rise in two years [7] International Market Developments - The Euro Stoxx 50 Index is down -0.09% as investors react to mixed corporate earnings and economic data [10] - Germany's industrial production rose +1.3% m/m in September, weaker than the expected +3.0% [13] - Eurozone's retail sales unexpectedly fell -0.1% m/m in September, contrasting with previous consumer sentiment [10][13] Asian Market Insights - China's Shanghai Composite Index closed up +0.97%, buoyed by optimism surrounding the nation's push for tech self-sufficiency [13] - Japan's Nikkei 225 Index also closed higher, with electronics and machinery stocks leading the gains [14] - Japan's real wages declined for the ninth consecutive month in September, complicating the Bank of Japan's policymaking [14]