On the 29th of October, the U.S. stock market displayed an upward trajectory across the three primary indices, with the Dow Jones Industrial Average concluding with a 0.65% increase, the S&P 500 advancing by 0.27%, and the Nasdaq Composite edging up by 0.26%. Concurrently, the oil market witnessed a substantial decline due to the absence of energy supply disruptions stemming from Israel's military actions against Iran, which notably excluded oil or nuclear facilities. Consequently, WTI crude oil prices plummeted by 6.13%, and Brent crude oil prices decreased by 6.09% amidst a relaxation of political tensions. In the Hong Kong stock market, the Hang Seng Index also experienced a slight upturn, closing with a 0.63% increase, while the Hang Seng Technology Index surged by 1.63%.

U.S. Stock Indices Ascend

In the U.S. stock market performance on the 28th of October, all three major indices reported modest gains. At closure, the Dow Jones Industrial Average rose by 0.65%, reaching 42,387.57 points; the S&P 500 increased by 0.27%, ending at 5,823.52 points; and the Nasdaq Composite gained 0.26%, closing at 18,567.19 points, nearing historical peaks. Market expectations are focused on the forthcoming earnings disclosures from several prominent U.S. technology firms this week, with hopes of further stimulating market growth.

Oil Prices Plummet

On the 29th of October, crude oil prices underwent a significant descent. At the time of this analysis, WTI crude prices decreased by 6.13%, marking the most substantial single-day decline in two years, closing at $67.38 per barrel. Meanwhile, Brent crude for December delivery plunged by $4.63, closing at $71.42 per barrel, a decline of 6.09%. This downturn in oil prices can be attributed to the easing of tensions in the Middle East, notably Israel's decision to abstain from targeting Iran's oil or nuclear facilities, which allayed concerns regarding supply interruptions. Furthermore, apprehensions regarding global economic growth deceleration have exerted additional pressure on oil prices. Analysts posit that with the notable decrease in geopolitical tensions, oil prices face downward pressure. Given the current phase of reduced demand in the global oil market and potential intentions by OPEC to enhance production, prices are likely to remain subdued unless geopolitical circumstances escalate.

Hong Kong's Hang Seng Index Marginally Rises

In the Hong Kong stock market, the Hang Seng Index commenced on the 29th of October with an uptick of 130.62 points, reflecting a 0.63% rise, concluding at 20,729.98 points. The Hang Seng Technology Index also began on a positive note, advancing by 74.4 points, or 1.63%, settling at 4,648.47 points. The Hong Kong Enterprise Index initiated with a 56.4-point increase, representing a rise of 0.76%, closing at 7,447.62 points, while the Red Chip Index climbed by 1.4 points, or 0.04%, ending at 3,867.0 points. The upward trend in the Hong Kong market can be attributed to robust performance in Chinese assets, with the Nasdaq China Golden Dragon Index soaring by 4.05%, primarily fueled by significant gains in Trump-associated stocks.