FX.co ★ US Stocks Erase Gains

On Friday, U.S. stocks showed a mixed performance after erasing earlier gains, as earnings reports varied and investors expressed skepticism about whether high capital expenditures on AI will meet the guidance promised by major tech firms. The S&P 500 remained unchanged, the Dow dropped by 150 points, and the Nasdaq 100 experienced a slight increase. Nvidia dipped into negative territory despite announcing new collaborations with South Korean companies. Meanwhile, Meta's shares decreased by 2%, contributing to a nearly 15% decline since it revealed its high capital expenditure forecasts for the coming year. AbbVie saw a 5% drop following concerns over potential impacts from drug pricing cuts prompted by policy changes from the Trump administration. Conversely, Amazon's stock soared by 10% after reporting its fastest cloud unit growth in almost three years. Among energy sector players, Chevron's stocks rose by 3% on better-than-expected earnings reports, while Exxon Mobil experienced a decline in quarterly profits. The major indices were poised to achieve significant gains for October, with the Nasdaq rising by almost 4%, fueled by AI-related deals that continued to drive the Magnificent 7 stocks' rally.