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On October 29, Danske Bank strategists stated that stocks rose on Wednesday, with both the S&P 500 and the Euro Stoxx 600 indices moving higher, as AI-related stocks rebounded for a third consecutive day. Earnings reports released after market close by Alphabet and Microsoft showed mixed results in AI-related revenue and capital expenditures. The bank noted that unchanged capital expenditure guidance could constrain gains in the data center and semiconductor sectors driven by upward earnings revisions. Market reaction to earnings from major cloud computing companies was slightly negative, with the Korea Composite Stock Price Index (KOSPI) slipping 0.7% and Nasdaq futures falling 0.9%. However, given the recent volatility in AI stocks, the declines were relatively modest.
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