China rare-earth policy
The White House said China would effectively eliminate rare-earth restrictions and end investigations of U.S. companies, easing a supply-chain and trade-policy concern.
Nov 1, 2025 · QQQ/SPY Market Review · 10 headlines
China rare-earth relief meets a dovish Fed signal as AI capacity expands
Markets were closed, leaving QQQ at 629.19 and SPY at 681.99 from Friday's regular close. The White House said China would effectively eliminate rare-earth curbs and end probes of U.S. firms. Fed Governor Christopher Waller backed continued rate cuts in December as employment faced a risk of slowing, while OpenAI and Amazon reported fresh scale in revenue and computing capacity.
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What shaped the session
Fed and fiscal outlook
Waller supported another rate cut in December because employment faced a risk of slowing and inflation was expected to ease. The government shutdown was also approaching the 35-day historical record.
AI revenue and capacity
Sam Altman said OpenAI revenue exceeded $13 billion and could reach $100 billion by 2027. Amazon said Project Rainier was fully operational with nearly 500,000 Trainium 2 chips, with the total expected to double.
Key news
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