The Federal Reserve Bank of New York reported a significant rise in its regional manufacturing index for October, suggesting that underlying industrial output remains resilient. This optimism helped markets navigate the inflationary pressure caused by factory-gate costs, which rose at more than triple the pace seen in August.

Not all sectors shared in the momentum. Rocket Lab shares retreated after the company announced a delay for its Neutron reusable rocket launch. Management attributed the setback to a manufacturing complication, pushing the debut of the SpaceX competitor into next year.