Driven by factors such as expectations of interest rate cuts by the Federal Reserve and positive earnings forecasts for tech giants, the three major US stock indices closed higher across the board on Tuesday (October 28). The Dow Jones Industrial Average rose 0.34% to 47,706.37 points, the S&P 500 Index increased 0.23% to 6,890.89 points, and the Nasdaq Composite Index gained 0.8% to 23,827.49 points. All three indices set new historical closing highs.

Most large-cap tech stocks advanced: Nvidia surged nearly 5%, with its total market capitalization approaching $5 trillion; Microsoft rose nearly 2%, regaining a $4 trillion market cap; Tesla increased over 1%, with its market value exceeding $1.5 trillion, nearing previous highs; Amazon climbed 1%; Apple and Meta saw slight gains; Google fell less than 1%.

Pandemic-related stocks generally declined: Moderna dropped nearly 5%, Gilead Sciences fell over 2%, AstraZeneca decreased more than 1%, and BioNTech slipped nearly 1%.

Airline stocks bucked the trend and fell: American Airlines dropped over 5%, Delta Air Lines declined more than 4%, United Airlines decreased nearly 4%, and Southwest Airlines fell over 3%.

Chinese concept stocks overall edged lower, with the Nasdaq Golden Dragon China Index down 1.23%. Among individual stocks: Lexin fell over 20%, Qifu Technology dropped nearly 14%, FinVolution Group declined over 10%, and Lufax decreased nearly 10%. On the gaining side: Shengda Technology and Pony.ai both rose over 11%, Bilibili and WeRide both increased more than 5%, Century互联 gained over 2%, while XPeng Motors and Tiger Brokers rose over 1%.

International gold prices continued to decline. On October 28, the spot price of gold in London fell 0.75%. Previously, on October 27, London spot gold had plunged over 3%. The main COMEX gold futures contract fell more than 1%, with prices fluctuating between $3,900 and $4,000 per ounce.