The Nasdaq rose nearly 1%, the Chinese concept index surged 4%, Xiaopeng Motors soared over 10%, and long-term bond yields moved away from a 16-year high.

In October, the preliminary reading of the Markit Manufacturing PMI in the United States returned to expansion for the first time in six months, but business activity in the Eurozone and the UK continued to shrink. Market expectations are that the European Central Bank, the Federal Reserve, and the Bank of England will not raise interest rates. The Dow Jones Industrial Average stopped its four-day decline and rose more than 330 points intraday, while the S&P 500 Index briefly rose 1%. Earnings reports led to a nearly 5% after-hours increase in Microsoft's stock, while Google's stock fell by about 6%. Chinese concept stocks performed strongly for two consecutive days, with Ideal Motors and Bilibili both rising more than 7%, NIO rising 6.6%, and GDS Holdings leading the blockchain sector with an increase of nearly 13%. The decline in long-term US bond yields during the trading session boosted risk assets. European data highlighted pessimistic demand, and oil prices fell for three consecutive days to a new low in over a week. The US dollar rose above 106, breaking away from a one-month low, and the yen fell below 150. Bitcoin briefly rose 10% and broke through $35,000. Gold continued to retreat from its five-month high, and positive news from China helped London copper break away from its 11-month low.