| US stocks saw some mixed trading on Monday, as investors eyed the mid-term elections and the latest policy announcement from the Federal Reserve later in the week. At the close, the Dow Jones Industrial Average was up 0.76% to 25,461.70 and the S&P 500 had gained 0.56% to 2,738.31. The Nasdaq, however, closed 0.38% weaker at 7,328.85 as tech and internet related stocks were hit hard throughout the session after reports that the White House was looking into the likes of Alphabet and Facebook over potential violations of antitrust laws. On Monday, China’s President Xi Jinping promised to address criticisms of the nation’s “unfair” trade practices by reducing its tariffs and opening up its economy to more imports. On Friday, markets contended with several conflicting headlines regarding the progress of negotiations between Beijing and Washington. The Trump administration's reinstatement of all of the sanctions on Iran that it removed under the 2015 nuclear deal was also in focus, as it sparked worries about a supply shock to crude oil markets. David Cheetham, chief market analyst at XTB, noted that Washington now appears to be taking a more soft approach by announcing that some of its closest allies will have exemptions that allow Tehran’s biggest customers, mostly in Asia, to still buy crude for now. Eight countries have been granted the waiver including Japan, India and South Korea. In corporate news, Lowe's closed 0.26% higher after the retailer announced that it would close underperforming stores in the US and Canada in order to focus on its most profitable stores and "improve the overall health of its store portfolio". Verizon Communications gained 1.06% throughout the session after it said it will reorganise its business segments into consumer, business, and Verizon Media. Ferrari was down 1.63% at the close despite confirming its full-year guidance and posting a rise in third-quarter net profit, while SeaWorld sunk 4.30% despite the company's third-quarter revenue beating analysts' expectations. Under Armour picked up 1.22% during the day after its target price was upped from $27 to $30 by analysts at Stifel Nicolaus and Cabot Oil and Gas shot up 5.87% as forecasts were made for colder than expected weather across the United States. On the data front, US manufacturing firms signalled a strong start to the final quarter of the year, with operating conditions improving at a faster pace in October. IHS Markit’s US Manufacturing PMI report turned in a seasonally adjusted figure of 55.7 in October, broadly in line with September’s figure of 55.6. While manufacturing firms recorded pressures on profit margins in October, with the rate of input price inflation quickening to a marked pace, the rate of job creation reached a ten-month high. Elsewhere, activity in the US services sector deteriorated less than expected in October, according to data released on Monday. The Institute for Supply Management's services index slipped to 60.3 from 61.6 in September, beating expectations for a bigger drop to 59.5. The business activity index fell to 62.5 from 65.2 in September, while the new orders index printed at 61.5 in October from 61.6 the month before. The employment index dipped to 59.7 from 62.4 and the prices index came in at 61.7 from 64.2. Andrew Hunter, US economist at Capital Economics, said that despite the drop in the index, it remains close to a 21-year high and consistent with strong GDP. However, other surveys like the Markit PMIs have been much less upbeat, said Hunter, adding that he still thinks GDP growth is set for a gradual slowdown in the fourth quarter." "On past form, a weighted average of the ISM manufacturing and non-manufacturing surveys is consistent with GDP growth of more than 5% annualised. But the ISM surveys are increasingly at odds with the other survey evidence.” | 
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