Market
November 2, U.S. stocks opened higher as investors welcomed solid economic data and rotated into growth names. The Dow Jones Industrial Average advanced 0.8% to 52,180, the S&P 500 added 0.5% to 7,617, and the Nasdaq Composite gained 0.7% to 25,608, reflecting broad risk-on sentiment.
LightInTheBox surged 19.9% after lifting its fourth-quarter sales guidance, while Zhihu jumped 8.6% on news of a fresh strategic investment. XPeng Inc. soared 6.6% following record October EV deliveries, Alibaba rose 4.6% as strong Singles Day presales boosted outlook, and Vertiv Holdings climbed 2.4% on continued data-center demand. On the downside, Oracle fell 3.8% after a broker downgrade, and Silicon Motion Technology slipped 2.5% amid renewed regulatory scrutiny.
Broader tech momentum pushed Tesla Motors up 2.5%, Amazon.com higher by 2.1%, ProShares UltraPro QQQ up 1.8%, NVIDIA firmer by 1.4%, and Advanced Micro Devices ahead 0.7%. Lumentum tumbled 8.1% and Marvell Technology lost 4.0% as investors rotated within semiconductors.
News
Alibaba raises full-year revenue outlook, shares pop. The e-commerce leader cited accelerating cloud and international growth, sending its ADRs up more than 4% in early trade.
XPeng posts record October deliveries, stock surges. The EV maker shipped 24,000 vehicles last month, signaling demand momentum and boosting shares over 6% at the open.
LightInTheBox hikes holiday sales forecast, jumps nearly 20%. Strong early-season apparel orders prompted management to lift guidance, igniting a sharp rally in the micro-cap retailer.
Tesla unveils next-gen battery technology, lifts sentiment. The firm said new cells could cut costs by 25% and extend range, helping shares add more than 2%.
Amazon.com launches AI shopping assistant ahead of peak season. The tool aims to enhance product discovery and drive higher conversion, supporting a 2% gain in the stock.
NVIDIA secures multibillion-dollar cloud-chip deal. A leading hyperscale customer placed a large order for AI accelerators, underscoring sustained data-center demand.
Oracle downgraded to ‘neutral’ on growing cloud competition. Analysts flagged margin pressure, and the software giant’s shares fell nearly 4%.
PDD Holdings announces European marketplace expansion. The discount e-commerce platform plans launches in Spain and Italy, pushing ADRs up more than 3%.
Silicon Motion Technology hit by fresh U.S. antitrust queries. Regulators requested additional information on its pending acquisition, dragging shares down about 2%.
U.S. factory orders rise for fourth month, boosting recovery hopes. A 0.6% September increase signaled resilient industrial demand and supported the broader market’s early advance.
