Date: 30th October 2025. 
		 
		Alphabet Leads Tech Gains as US–China Deal Lifts Market Sentiment. 
		 
		
			
		
		 
		Investors have plenty to digest this week, with volatile earnings results, interest rate cuts, and hawkish comments from central banks. The Federal Reserve and Bank of Japan have announced their interest rate decisions and held press conferences. In addition, tech giants including Alphabet, Microsoft and Meta have released their quarterly earnings reports. 
		 
		Some aspects of the latest developments have been positive, while others have been negative. As a result, most asset classes have experienced mixed price movements. However, the main factor driving optimism is the trade agreement between the US and China. 
		 
		
			US-China Trade Agreement
		
		US President Donald Trump’s tour of Asia which is drawing to a close. Before returning to the US, President Trump met with Chinese President Xi Jinping at Busan Airport amid heightened tensions over tariffs, TikTok, and rare earth minerals. 
		 
		Political analysts have expressed optimism about the outcome of the meeting and comments made from both sides. President Xi stated that the two countries had reached an agreement to resolve ‘major trade issues.’ 
		 
		China has agreed to pause new rare-earth export restrictions for one year, with annual reviews planned. Trump said the issue is ‘settled’ for now, while China has also resumed purchases of US soybean, signaling a renewal in agricultural trade. Maintaining stability is now the main priority, as past periods of trade optimism have often been followed by renewed tariffs and tensions. 
		 
		This development is having a positive impact on the market’s risk appetite. This is reflected in the VIX index, which is trading 1.50% lower, and the Put/Call Ratio, which has again declined towards the 0.60 level. However, technical analysts warn that if the Put/Call Ratio falls below 0.60, the stock market may experience profit-taking and resistance. 
		 
		
			Earnings Reports
		
		Investors had been eagerly awaiting for the earnings reports from major technology companies. In the first half of the year, the NASDAQ experienced a market decline of 26% and within six months recovered only 6-7%. The index was lagging behind Asian and European stocks with most investors suggesting that the US market required stronger bullish catalysts-potentially from earnings results. 
		 
		On Wednesday, after market close, Microsoft, Alphabet and Meta released their third-quarter earnings reports. The main takeaways are as follows: 
		 
		Microsoft stocks Fall 3.95% After Earnings Release-the company’s revenue and earnings per share were slightly above expectations but not enough to significantly boost demand. Microsoft’s record $35 billion AI spending raised concerns over margins, while its forecast of persistently high costs unsettled investors. 
		 
		Alphabet stocks rise 6.70% After Earnings Report-the company's revenue was higher than predictions set by analysts. The Earnings per share came in 7% higher than previous forecasts. 
		 
		Meta stocks fall 7.40% After Earnings Report-the company was unable to beat earnings and revenue expectations. However, the main concern for investors was that tax-related charges reduced earnings and the company warned that expenses would increase in 2026. 
		 
		The standout performer was Alphabet which not only impressed with beating earnings expectations but also through user growth. Alphabet reported record quarterly revenue of $102.3 billion, up 16% year on year and above expectations, driven by growth in its Cloud and YouTube divisions. The company’s record $91–93 billion in capital spending highlights its aggressive investment in AI infrastructure. 
		 
		
			NASDAQ (US100)-Technical Analysis
		
		 
		
			
		
		NASDAQ (USA100) 30-Minute Chart 
		 
		During the US trading session the NASDAQ experienced three major price waves on the shorter timeframes. The first when the Federal Reserve confirmed its decision to cut rates by 0.25% which triggered a brief decline. The price quickly recovered but then fell again as Jerome Powell’s press conference was more hawkish than markets had anticipated. The index later rebounded following the announcement of Alphabet’s earnings report, which drove the price to a new all-time high. 
		 
		The key support level can be seen at $25,929.30 and the resistance level at $26,287.65. Although the index was unable to maintain its bullish impulse wave momentum, it has remained above key technical levels and the VWAP. 
		 
		
			Key Takeaways:
		
		
			
				Markets remain volatile as investors react to earnings results, rate cuts, and hawkish central bank commentary.
			
			
				The new US-China trade agreement boosts global risk appetite, easing tensions over tariffs and rare-earth exports.
			
			
				Alphabet leads technology gains with strong earnings and record AI investment, while Microsoft and Meta stocks decline.
			
			
				The NASDAQ reaches a new all-time high after Alphabet’s results, supported by optimism despite mixed market sentiment.
			
		
		Always trade with strict risk management. Your capital is the single most important aspect of your trading business. 
		 
		Please note that times displayed based on local time zone and are from time of writing this report. 
		 
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		Michalis Efthymiou 
		HFMarkets 
		 
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