【Investment Morning Brief | Nov. 3】

U.S. stocks were mixed overnight: the Dow closed higher, while the Nasdaq fell about 1.1%; technology and AI stocks remained under pressure, down about 3%. Oil prices plunged on expectations of U.S.-Iran peace talks, with WTI down about 7.4%. For the A-share market at the open, overseas markets are not showing broad risk appetite. The pullback in oil prices may weigh on energy stocks and benefit cost-sensitive sectors and consumer-related stocks. Semiconductor, computing-power and optical-module stocks are more sensitive to the overnight AI-related disruption, so watch opening price action and trading volume first. Today, watch whether the Shanghai Composite can hold above 3,640, how the computing-power supply chain is priced at the open, and the relative performance of energy and consumer stocks after the oil price pullback.

U.S. stocks overnight (Nov. 2, U.S. Eastern Time): Dow 51,983.98 (+0.41%), S&P 500 7,541.40 (−0.51%), Nasdaq 25,164.32 (−1.07%). The technology sector fell about 3%. Marvell Technology and Lumentum weighed on the optical module supply chain, while Oracle’s refinancing added to concerns over AI capital spending and valuations. AMD, Micron, Dell and other hardware and storage stocks weakened. Consumer and cyclical stocks outperformed. WTI was around 96.46 (−7.4%), and Brent around 104.77 (−7.6%).

A-shares, previous trading day (11/2): Shanghai Composite 3638.03 (+1.08%), still below the 5-day moving average near 3644 and the 20-day moving average near 3727. In the short term, watch whether it holds around 3640 and faces resistance at 3650–3660; if it falls below, watch 3600/3595. Shenzhen Component 11010.68 (+1.63%). ChiNext Index 2458.70 (+1.87%). STAR 50 Index 1196.94 (+3.11%). Turnover was about 1.8 trillion yuan; AI animated dramas, games, and related sectors were relatively strong.

Events to watch in trading

• Opening price action in the computing power supply chain

• Divergence between energy and consumer stocks after the oil price pullback

• Whether the Shanghai Composite holds above 3640; resistance at 3650–3660

• If it falls below, watch 3600/3595

Data from contributors and publicly available market data. Not investment advice.