Oct 27 – Nov 2, 2025

Stocks

Weekly market direction:
U.S. equities advanced modestly, building on the prior week’s strength as cooler-than-expected inflation data and signs of trade de-escalation provided tailwinds. The S&P 500 (~+1.4% w/w), Nasdaq Composite (~+1.8% w/w), and Dow Jones Industrial Average (~+1.2% w/w) all posted gains. Leadership remained concentrated in tech and growth-oriented sectors, while cyclical participation improved and risk appetite held up into the close.

Drivers and context:
Key to the move was the release of the September CPI, which printed a +0.3% m/m / ~3.0% y/y reading. The softer outcome reinforced hopes for further Fed easing, while a scheduled meeting between U.S. and Chinese leaders raised hopes of calmer trade relations. These developments lifted confidence and supported multiple expansion in equities, though valuation discipline remained under supervision.

Sector and single‐name action:
Large-cap tech remained the engine of the move — Microsoft (+~2.5% w/w), Apple (+~2.0% w/w), Amazon (+~1.9% w/w), and Meta (+~2.7% w/w) all delivered strong weeks on upbeat near-term guidance or AI spend commentary. On the cyclical front, Ford (+~5.1% w/w) and General Motors (+~4.4% w/w) out-performed amid improved auto-sales data. Meanwhile, defensive sectors such as utilities and staples lagged modestly as investors leaned into growth.

Fixed-income interplay:
The 10-year Treasury yield declined to ~4.00% (-10 bps w/w), while the 2-year remained near ~3.48%, slightly steepening the curve. Lower long-end yields reinforced growth equity valuations and supported risk assets. Credit markets stayed firm, with spreads narrowing and primary issuance remaining robust.

Precious metals and industrial metals

Gold softens amid firmer yields.
After two consecutive weeks of strength, Gold (spot) eased as Treasury yields ticked slightly higher and equity sentiment stayed positive. The metal fell roughly –2.6% w/w, ending near $2,365/oz, with traders trimming safe-haven exposure ahead of the FOMC meeting. Market participants cited light ETF outflows and reduced geopolitical hedging demand.

Silver tracks lower.
Silver (spot) slipped in tandem, down about –3.1% w/w to ~$27.6/oz, reflecting weaker investment flows and some profit-taking after its October highs. The gold–silver ratio widened modestly, signaling a preference for liquidity and larger-cap hedges over industrial-linked precious metals.

Base metals consolidate.
Industrial metals were mixed but held relatively firm given stable Chinese demand data. Copper (COMEX) edged down –0.4% w/w to around $4.18/lb, while Aluminium (LME) hovered flat near $2,330/mt. Analysts pointed to range-bound trading as markets awaited clearer policy cues from Beijing and global manufacturing PMIs.

Overall tone.
The week’s metals performance reflected a mild re-pricing of safe-haven assets rather than a fundamental deterioration in demand. With bond yields steadying and inflation expectations easing, traders preferred to hold risk assets over defensive commodities, leading to orderly consolidation across the complex.

Crypto Asset

Bitcoin:
Bitcoin (BTC) climbed modestly, finishing near ~$110,050 (approx. +1.3% w/w) after a brief pull-back in prior week. The stabilization came alongside renewed risk-asset flows and lower real yields, though volatility remains elevated and upside remains selective.

Ethereum:
Ethereum (ETH) ended around ~$3,857 (approx. +0.6% w/w), showing relative resilience though softer than bitcoin. On-chain signals remain positive and derivative markets are calmer, but ETH’s relative under-performance suggests caution among alt-holders.

XRP, Solana, Cardano:
XRP (~+3.5% w/w) advanced modestly to roughly $0.60, supported by renewed institutional interest. Solana (~+4.0% w/w) traded near $165, aided by DeFi updates. Cardano (~+2.8% w/w) rose to ~$0.50, with developer progress cited as underpinning support.

Crypto sentiment:
Crypto markets reflected a “risk-on but measured” tone. The absence of sharp liquidations, combined with stable flows and better macro signals, allowed markets to tread higher. Nonetheless, leverage remains elevated, so sharp reversals remain possible.

US economic data

Inflation and labour market:
The delayed September CPI data (see above) spurred the cross-asset move. Labour-market indicators remained mixed but generally resilient: jobless claims held near multi-year lows, while labour-cost measures showed tentative moderation.

Macro outlook:
Markets increasingly factor in a potential Fed rate cut later this year, contingent on continued disinflation and labour stability. Meanwhile, U.S.–China trade diplomacy remains a wildcard: any escalation could rapidly flip sentiment.

Outlook — coming week

Key focus: The upcoming mid‐week FOMC meeting will dominate. Markets expect a 25 bps cut or clear guidance in that direction. Equity market behaviour will be sensitive to the Fed’s tone on balance-sheet policy. Earnings remain in full swing, with chip companies and mega-caps reporting ahead of next week’s key data.

Metals & crypto themes: Gold and silver may correct if yields back up; base-metals will trade off China stimulus and inventory headlines. For crypto, look at ETF flows, open interest and institutional participation, as well as correlation with equities and yields.

Summary

The week of October 27 – November 2, 2025 delivered steady gains in risk assets as inflation softened and trade hopes improved. Equities advanced to new highs, base‐metals strengthened, crypto quietly recovered, and gold consolidated near its highs. The coming week hinges on Fed direction and corporate guidance.