Overnight US stocks | Nasdaq rises then pulls back; the three major indexes close mixed; Marvell Technology, Inc. (MRVL.US) falls 12.7%.

Monday saw US stocks open higher but close lower, with the Nasdaq briefly rising more than 1% during the session. Iran's Supreme Leader Mojtaba Khamenei approved the government to advance peace negotiations, signaling a possible diplomatic breakthrough amid growing concerns over a renewed conflict between the US and Israel and Iran. Trump said later on Monday that the White House is willing to hold talks, hinting that consultations had made progress but providing no details or evidence. The US midterm elections will be held on Tuesday, with Democrats expected to win control of the House while control of the Senate remains uncertain. US stocksAt the close, the Dow Jones Industrial Average rose 213.67 points, or 0.41%, to 51,983.98; the S&P 500 fell 38.67 points, or 0.51%, to 7,541.40; the Nasdaq Composite fell 272.68 points, or 1.07%, to 25,164.32. The Philadelphia Semiconductor Index fell 3.3%, Intel Corporation (INTC.US) fell 8.8%, Micron Technology, Inc. (MU.US) fell 5.7%, Marvell Technology, Inc. (MRVL.US) fell 12.7%, and Oracle Corporation (ORCL.US) fell 8.8%. The Nasdaq Golden Dragon China Index closed up 2.2%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose 3.5%, and Bilibili, Inc. Sponsored ADR Class Z (BILI.US) rose 6.5%. European stocksGermany's DAX30 index rose 168.50 points, or 0.65%, to 25,986.71; the UK's FTSE 100 index rose 37.67 points, or 0.35%, to 10,767.45; France's CAC40 index rose 78.27 points, or 0.98%, to 8,047.69; the Euro Stoxx 50 index rose 47.54 points, or 0.78%, to 6,178.85; Spain's IBEX35 index rose 311.99 points, or 1.67%, to 18,964.89; Italy's FTSE MIB index rose 466.53 points, or 0.94%, to 49,967.50. ForexThe US dollar index, which measures the greenback against six major currencies, fell 0.16% on the day and closed at 101.719 in late foreign exchange trading. As of late New York forex trading, 1 euro bought 1.1194 dollars, up from 1.1167 dollars the previous trading day; 1 pound bought 1.3410 dollars, up from 1.3394 dollars the previous trading day. 1 dollar bought 157.91 yen, up from 157.37 yen the previous trading day; 1 dollar bought 0.8183 Swiss francs, down from 0.8236 Swiss francs the previous trading day; 1 dollar bought 1.3987 Canadian dollars, up from 1.3956 Canadian dollars the previous trading day; 1 dollar bought 9.7807 Swedish kronor, down from 9.8170 Swedish kronor the previous trading day. CryptocurrenciesBitcoin fell below the $77,000 mark, at $76,720 as of press time; Ethereum fell 0.77% to $2,255. Precious metalsSpot gold rose 1.8% to $3,945.83; spot silver rose more than 3% to $50.637/oz. Crude oilThe price of light crude oil futures for December delivery on the New York Mercantile Exchange fell $7.66 to settle at $96.46 per barrel, a decline of 7.36%; the price of London Brent crude oil futures for January delivery fell $8.66 to settle at $104.77 per barrel, a decline of 7.63%. Macro news US natural gas production fell over the weekend, and low prices may prompt producers to cut output voluntarily. US natural gas futures rose as natural gas production declined over the weekend, with the Appalachian shale gas region showing the most pronounced reduction. The decline in supply indicates that producers may be voluntarily cutting output amid low natural gas prices. In addition, weather forecasts have turned slightly colder, meaning demand for natural gas for heating and power generation may increase as the winter heating season begins. However, temperatures in most parts of the US are expected to remain above seasonal averages in the coming weeks, which may limit the upside for natural gas prices and offset the support from a marginal increase in heating demand. In addition, the volume of natural gas flowing to LNG export terminals also declined, leaving more natural gas in the US domestic market and putting downward pressure on prices. Economist: US manufacturing expansion coexists with cost pressures, and the future inflation trajectory faces new tests. Chris Williamson, Chief Business Economist at S&P Global, Inc. Market Intelligence, said: "US factories continued to expand strongly in October, with manufacturing extending its best growth momentum since early 2022. The recovery also drove employment growth at the fastest pace in five and a half years, reaching the highest level since the surge in demand during the COVID-19 pandemic. However, the pressures brought by manufacturing growth are also evident. Amid supply chain disruptions, factories are struggling to meet robust demand, especially for AI-related goods and equipment. Affected by shipping and logistics problems, delivery delays are more widespread than at any time since 2022. As demand frequently exceeds supply, producers' ability to pass on cost increases to customers is strengthening, especially for energy-related inputs. As a result, manufacturers' factory-gate price inflation accelerated further in October, with the increase reaching the highest level since September 2022. Such a large increase in factory-gate prices is bound to pass through to consumers in the coming months, keeping inflation persistently above the Federal Reserve's target and further increasing pressure on policymakers to continue raising rates." Britain's bank deposit battle heats up, and traditional banks face pressure from fund outflows. The focus of the third-quarter earnings reports of major UK banks was not the bank tax, rising interest rates, inflation or artificial intelligence, but deposit competition. Jason Napier, an analyst at UBS Group AG, said on Lloyds Banking Group plc Sponsored ADR's earnings call that deposits have become "the top issue for investors." Other analysts even apologized for repeatedly asking about deposits. The banks' earnings reports highlighted the intensity of deposit competition. In the three months ended September 30, Lloyds Banking Group plc Sponsored ADR's UK retail savings deposits decreased by 300 million pounds (about $403 million). Deposits in NatWest Group's private banking and wealth management business also fell by a similar amount. Barclays PLC Sponsored ADR's UK corporate bank deposits decreased by 2 billion pounds from the previous quarter. HSBC HOLDINGS said one of its key profitability indicators remained stable, but emerging competitive pressure on customer deposits in markets such as the UK offset some of the positive effects. Deposits are a source of funding for banks that is cheaper than the wholesale funding market. Wholesale funding refers to banks borrowing from channels such as institutional investors. Banks use deposits to make loans and earn income from them. A shrinking deposit base means banks must either reduce lending or bear higher funding costs. Individual stock news Apple Inc.'s revenue beat expectations but growth slowed, with Greater China and services under pressure. Apple Inc. (AAPL.US) reported fiscal 2026 Q4 revenue up 12% year-on-year to $114.5 billion, above the market expectation of $113.5 billion, but growth slowed from 16% in the previous quarter. Greater China revenue rose 21% year-on-year to $17.53 billion, but still fell short of the market expectation of $18.75 billion. The company faces pressures including the standard iPhone not being updated in September as usual, limited product supply, slowing services growth and lagging progress in AI. Services revenue grew less than 10% year-on-year in the quarter, the slowest growth since 2022, covering iCloud storage, App Store commissions, AppleCare warranty services and search engine licensing revenue from Alphabet Inc. Class C. In addition, Apple Inc.'s capital expenditure in the quarter was only $2.24 billion, below the market expectation of $3.33 billion and far below the AI infrastructure investment of other large technology companies. The market will focus on the contribution of the foldable iPhone Duo to holiday shopping season sales and when the company can ease supply constraints. After the results were announced, Apple Inc. edged lower in US after-hours trading. AI giant Anthropic's revenue grew rapidly, with huge losses and spending expanding in tandem. Anthropic's revenue for the third quarter ended September 30 was close to $17 billion, 12 times higher than the same period last year, a performance expected to further raise market expectations for the artificial intelligence company's IPO, whose listing size may set a record. According to a filing Anthropic submitted to the US Securities and Exchange Commission on Monday, the developer of the Claude platform had a net loss of $23.3 billion in the three months ended September, compared with a net loss of $12.1 billion in the same period last year. Operating expenses rose to $17.5 billion in the quarter, up 292% year-on-year. The filing shows that Anthropic currently has total contracted and other committed spending of $895 billion, most of which is related to computing power and infrastructure. About $448 billion is expected to be incurred by the end of 2030, of which about $70 billion will be paid within the 12 months ending September 2027. Anthropic submitted an initial public offering (IPO) application on October 26 and plans to list before the US Thanksgiving holiday. People familiar with the matter previously said the company hopes to raise an amount equal to or exceeding the $86.2 billion raised in SpaceX's listing.