Forecast-beating China data leads weekend updates from Apple and Alibaba

U.S. markets were closed for the weekend, so QQQ remained at Friday's 603.88 close and SPY at 664.32. China's third-quarter GDP grew 4.8% year over year, above the 4.7% estimate but below the prior 5.2%. September industrial production rose 6.5%, topping the 5.0% estimate, while unemployment eased to 5.2% from 5.3%. Apple was reported to be seeing its strongest smartphone sales growth since COVID-19. Alibaba Cloud said Aegaeon cuts Nvidia GPU use by 82%, and South Korea reported substantive progress in U.S. tariff talks.