Global Markets: Dow and S&P Extend Record Rallies; Most U.S.-Listed Chinese Stocks Fall; International Gold Rises More Than 1%

Global Markets: Dow and S&P Extend Record Rallies — U.S. indexes hit fresh highs as investors juggle AI flows, healthcare themes, and a U.S. government shutdown.

Quick takeaways — what investors, founders, and techies should note

• Major U.S. indexes show index-level strength while individual-stock dispersion remains high.
• Large-cap tech was mixed: some names set records, others slipped.
• Most U.S.-listed Chinese stocks lagged, even though the Nasdaq Golden Dragon China Index gained for the week.
• Commodities moved with geopolitics and risk sentiment — gold jumped and oil ticked up.

U.S. Markets — Dow, S&P Hit New Highs; Nasdaq Retreats

U.S. equity indexes finished mixed on October 3.

The Dow Jones Industrial Average notched its sixth straight daily gain and closed at 46,758.28, up 238.56 points (+0.51%).

The S&P 500 closed at 6,715.79, essentially flat, up 0.01%.

The Nasdaq Composite declined 63.54 points (-0.28%) to 22,780.51.

For the week, the Dow rose about 1.1%, the Nasdaq gained roughly 1.32%, and the S&P advanced about 1.09%.

Big movers and sector themes

• Mixed-to-weak large-cap tech: AMD fell nearly 3%; Meta slipped more than 2%; Tesla (Tèsīlā 特斯拉) lost over 1%; NVIDIA (Yīngwéidá 英伟达) declined slightly.
• Apple (Píngguǒ 苹果) rose 0.35% and set a fresh record.
• Healthcare and crypto-related plays outperformed on thematic flows: Coinbase and Eli Lilly (Lǐlái 礼来) climbed more than 2%; Novo Nordisk (Nuòhénuòdé 诺和诺德) and Pfizer (Huīruì 辉瑞) gained over 1%.

U.S.-listed China names and the Golden Dragon index

The Nasdaq Golden Dragon China Index (U.S.-listed Chinese stocks) fell 1.15% on the day but still posted a 2.58% gain for the week.

Most popular China concept stocks traded lower on the day.

• GDS Holdings (Wànguó Shùjù 万国数据) dropped over 4%.
• Li Auto (Lǐxiǎng Qìchē 理想汽车) fell nearly 4%.
• XPeng (Xiǎopéng Qìchē 小鹏汽车) slid more than 3%.
• NIO (Wèilái 蔚来) fell over 2%.
• Bilibili (Bìlībìlī 哔哩哔哩) and JD.com (Jīngdōng 京东) each lost over 1%, while Baidu (Bǎidù 百度) rose more than 1%.

European Markets — FTSE, CAC, DAX mixed

European benchmarks closed mixed on October 3.

The FTSE 100 (London) rose 0.67% to 9,491.25.

France’s CAC 40 added 0.31% to 8,081.54.

Germany’s DAX slipped 0.18% to 24,378.80.

Commodities — Oil Up; Gold Advances More Than 1%

Energy: WTI front-month futures rose $0.40 to $60.88 per barrel (≈ ¥444.42 RMB; $60.88 USD).

Brent front-month futures added $0.42 to $64.53 per barrel (≈ ¥470.63 RMB; $64.53 USD).

Precious metals: COMEX gold futures jumped $40.80 (+1.05%) to $3,908.90 per ounce (≈ ¥28,539.00 RMB; $3,908.90 USD).

Note: currency conversions are approximate using 1 USD = ¥7.30 RMB.

Notable overnight headlines — macro, policy, and tech

• U.S. Senate rejects a bipartisan stopgap spending bill; the federal government remains in a partial shutdown after both Democratic and Republican temporary funding proposals failed to pass.
• The U.S. government shutdown has delayed the release of September’s nonfarm payrolls and unemployment rate data.
• The U.S. Secretary of Labor said that once agencies reopen, the September employment figures will be released immediately.
• Berkshire Hathaway has formally separated the roles of chairman and CEO in its corporate governance documents, clearing a procedural step for Greg Abel to succeed Warren Buffett earlier than in prior expectations.
• OpenAI’s new short-form video/social app Sora climbed to No. 1 on Apple’s U.S. “Top Free Apps” list, with OpenAI-related apps occupying multiple top positions.
• A federal judge in Louisiana ruled that former President Biden’s late-term, wide-ranging offshore oil-and-gas drilling ban exceeded executive authority and was unlawful.
• Tensions in the Middle East: U.S. President Donald Trump set a deadline for Hamas to accept a proposed Gaza ceasefire, warning of severe consequences if it is rejected.
• China EV makers report strong September deliveries: Leapmotor (Liúpǎo 零跑汽车), XPeng (Xiǎopéng 汽车), Xiaomi Automobile (Xiǎomǐ Qìchē 小米汽车) and NIO (Wèilái 蔚来) posted record deliveries as the traditional “Golden September” season and replacement-subsidy policies supported demand.
• Xiaomi responded to viral video claims that a Xiaomi car “drove away by itself,” saying it formed an incident investigation team, reviewed app logs and vehicle data with the user, and found no vehicle-quality issue; the company says app logs and iPhone 15 Pro Max operation timestamps matched vehicle commands.

What this means for investors — positioning, risk, and sectors

Markets remain driven by a mix of corporate earnings, AI- and healthcare-related thematic flows, and macro/political developments (notably the U.S. federal shutdown).

Record highs in major U.S. indexes alongside pockets of weakness in high-multiple tech and U.S.-listed Chinese names suggest divergence:

• Index-level risk-on: Large-cap breadth and thematic concentration (AI, healthcare) are helping indexes tread higher.
• Individual-stock dispersion: Earnings sensitivity and policy headlines are creating volatile moves at the stock level.
• Safe-haven flows: Commodities — especially gold — have reacted to geopolitical and fiscal uncertainty with inflows that lifted prices.

From a positioning perspective, investors may want to:

• Monitor macro timing risks tied to the government shutdown and delayed economic data releases.
• Watch theme concentration in AI and healthcare names that are driving headline index gains.
• Keep an eye on China EV delivery cycles and policy changes that can quickly re-rate U.S.-listed China concept stocks.

Practical takeaways for founders and investors

• For founders: Rising index levels don’t guarantee easier funding — investor attention is themed and concentrated, so pitch around clear, thematic value (AI, healthcare, energy transition) where possible.
• For investors: Consider balancing index exposure with focused positions in names you can actively research, given higher single-stock dispersion.
• For market-watchers: Track the government shutdown and the labor data release — these are likely to create volatility when they resolve.

Linking opportunities — suggested internal and external anchors to add when publishing

• “U.S. market rally” — link to previous coverage of Dow and S&P trends.
• “Nasdaq Golden Dragon China Index” — link to index methodology or historical performance pages.
• “COMEX gold futures” — link to commodity market data or gold price charts.
• “OpenAI Sora” — link to Apple App Store ranking pages or OpenAI announcements.
• “China EV deliveries” — link to manufacturer delivery reports and EV industry analysis.

References

• 全球市场：道指、标普续创历史新高 热门中概股普跌 国际金价涨超1% – 东方财富 (Eastmoney)
• 美国政府“停摆” 非农数据停发！劳工部长：一旦开门 将立即公布 – 东方财富 (Eastmoney)
• OpenAI再造爆款？AI视频社交应用Sora问鼎苹果热门App榜单 – 东方财富 (Eastmoney)

Global Markets: Dow and S&P Extend Record Rallies — digest these signals and stay ready to adjust as macro events and theme-driven flows evolve.