The S&P 500 Index ($SPX) (SPY) at the moment is down -0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.18%. December E-mini S&P futures (ESZ25) are down -0.01%, and December E-mini Nasdaq futures (NQZ25) are down -0.16%.
Inventory indexes are posting modest losses at the moment, led by losses in chipmakers after Texas Devices forecasted This fall income that was beneath expectations. Different company earnings outcomes at the moment are blended for shares. Intuitive Surgical is up greater than +16% after boosting its worldwide Da Vinci process progress forecast for the entire 12 months. Additionally, Capital One Monetary is up greater than +3% after reporting better-than-expected Q3 adjusted EPS. Conversely, Netflix is down greater than -7% after reporting weaker-than-expected Q3 EPS.
US MBA mortgage functions fell -0.3% within the week ended October 17, with the acquisition mortgage sub-index down -5.2% and the refinancing sub-index up +4.0%. The typical 30-year fastened price mortgage fell -5 bp to six.37% from 6.42% within the prior week.
The markets are specializing in progress in US-China commerce talks, as President Trump reiterated his risk on Monday to spice up tariffs on Chinese language items “if there is not a deal” by November 1. President Trump is scheduled to fulfill Chinese language President Xi Jinping subsequent week on the sidelines of the Asia-Pacific Financial Cooperation convention in South Korea.
The shutdown of the US authorities continues into its fourth week, weighing on market sentiment and delaying key financial experiences. The federal government shutdown means delays within the launch of presidency experiences, together with the final three weeks of weekly preliminary unemployment claims and the Sep payroll report. The Bureau of Labor Statistics (BLS) stated the September client value report, which was initially scheduled to be launched final Wednesday, can be launched this Friday. The White Home has warned that if the federal government shutdown lingers, it might set off widespread dismissals of workers in authorities packages that do not align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal staff can be furloughed throughout the shutdown, which might increase jobless claims and push the unemployment price as much as 4.7%.
The markets this week will concentrate on earnings outcomes because the Q3 earnings season continues. Rising company earnings expectations are a bullish backdrop for shares. In response to Bloomberg Intelligence, 85% of the S&P 500 firms which have reported to date have overwhelmed forecasts, on track for the most effective quarter since 2021. Additionally, greater than 22% of firms within the S&P 500 which have offered steering for his or her Q3 earnings outcomes are anticipated to beat analysts’ expectations, the best in a 12 months. Nonetheless, Q3 earnings are anticipated to have risen by +7.2% y/y, the smallest improve in two years. Additionally, Q3 gross sales progress is projected to sluggish to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 97% probability of a -25 bp price minimize on the subsequent FOMC assembly on Oct 28-29.
Abroad inventory markets are decrease at the moment. The Euro Stoxx 50 is down -0.19%. China’s Shanghai Composite closed down -0.07%. Japan’s Nikkei Inventory 225 closed down -0.02%.
Curiosity Charges
December 10-year T-notes (ZNZ5) at the moment are down -2 ticks. The ten-year T-note yield is up +0.8 bp to three.963%. Provide pressures are weighing on T-notes because the Treasury will public sale $13 billion of 20-year T-bonds later at the moment. Losses in T-notes are contained because of the ongoing US authorities shutdown, which might result in extra job losses, diminished client spending, and a weakened US financial system, probably permitting the Fed to proceed slicing rates of interest.
European authorities bond yields are blended at the moment. The ten-year German bund yield is up +0.9 bp to 2.561%. The ten-year UK gilt yield dropped to a 6.5-month low of 4.369% and is down -7.7 bp to 4.401%.
UK Sep CPI rose +3.8% y/y, unchanged from Aug and weaker than expectations of +4.0% y/y. Sep core CPI unexpectedly eased to +3.5% y/y from +3.6% y/y in Aug, weaker than expectations of +3.7% y/y.
Swaps are discounting a 2% probability for a -25 bp price minimize by the ECB at its subsequent coverage assembly on October 30.
US Inventory Movers
Netflix (NFLX) is down greater than -7% to guide losers within the S&P 500 after reporting Q3 EPS of $5.87, nicely beneath the consensus of $6.94.
Texas Devices (TXN) is down greater than -7% to guide chipmakers decrease after forecasting This fall income of $4.22 billion to $4.58 billion, with the midpoint beneath the consensus of $4.50 billion. Additionally, Microchip Expertise (MCHP) is down greater than -4% and Analog Units (ADI) is down greater than -3%. As well as, NXP Semiconductors NV (NXPI) and ON Semiconductor (ON) are down greater than -2%, and Marvell Expertise (MRVL), GlobalFoundries (GFS), Qualcomm (QCOM), and Intel (INTC) are down greater than -1%.
Cryptocurrency-exposed shares are sliding at the moment, with the worth of Bitcoin down greater than -2%. Consequently, Coinbase International (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Technique (MSTR) are down greater than -1%.
AST SpaceMobile (ASTS) is down greater than -9% after saying a personal providing of $850 million of convertible senior notes due 2036.
Manhattan Associates (MANH) is down greater than -6% after reporting Q3 remaining efficiency obligations (RPOs) amounted to $2.077 billion, beneath the consensus of $2.088 billion.
Mattel (MAT) is down greater than -5% after reporting Q3 internet gross sales of $1.74 billion, weaker than the consensus of $1.84 billion.
W R Berkley (WRB) is down by greater than -1% after BMO Capital Markets downgraded the inventory to underperform from market carry out with a value goal of $64.
Industrial Metals (CMC) is down greater than -2% after Jeffries downgraded the inventory to carry from purchase.
Intuitive Surgical (ISRG) is up greater than +16% to guide gainers within the S&P 500 and Nasdaq 100 after boosting its worldwide Da Vinci process progress forecast for the entire 12 months.
Pegasystems (PEGA) is up greater than +15% after reporting Q3 income of $381.4 million, nicely above the consensus of $351.8 million.
Amphenol (APH) is up greater than +8% after reporting Q3 Ebitda of $1.93 billion, stronger than the consensus of $1.64 billion.
Hilton Worldwide Holdings (HLT) is up greater than +4% after elevating its full-year adjusted Ebitda to $3.69 billion-$3.72 billion from a earlier forecast of $3.65 billion-$3.71 billion, above the consensus of $3.68 billion.
Capital One Monetary (COF) is up greater than +3% after reporting Q3 adjusted EPS of $5.95, nicely above the consensus of $4.39.
Avadel Prescription drugs (AVDL) is up greater than +3% after Alkermes agreed to accumulate the corporate for about $2.1 billion, or $20 per share.
Vertiv Holdings (VRT) is up greater than +2% after elevating its full-year adjusted EPS forecast to $4.07-$4.13 from a earlier estimate of $3.75-$3.85, stronger than the consensus of $3.83.
Alphabet (GOOGL) is up greater than +1% on information that Anthropic PBC is in discussions with Google a couple of deal for cloud computing companies valued within the excessive tens of billions of {dollars}.
Earnings Stories(10/22/2025)
Alcoa Corp (AA), Amphenol Corp (APH), Annaly Capital Administration Inc (NLY), AT&T Inc (T), Avery Dennison Corp (AVY), Boston Scientific Corp (BSX), CACI Worldwide Inc (CACI), Churchill Downs Inc (CHDN), CME Group Inc (CME), Crown Citadel Inc (CCI), Fairness LifeStyle Properties In (ELS), First American Monetary Corp (FAF), FirstEnergy Corp (FE), GE Vernova Inc (GEV), Globe Life Inc (GL), Graco Inc (GGG), Hexcel Corp (HXL), Hilton Worldwide Holdings Inc (HLT), Worldwide Enterprise Machine (IBM), Kinder Morgan Inc (KMI), Knight-Swift Transportation Holdings Inc (KNX), Lam Analysis Corp (LRCX), Las Vegas Sands Corp (LVS), Lennox Worldwide Inc (LII), Lithia Motors Inc (LAD), Medpace Holdings Inc (MEDP), Molina Healthcare Inc (MOH), Moody’s Corp (MCO), Northern Belief Corp (NTRS), NVR Inc (NVR), O’Reilly Automotive Inc (ORLY), Packaging Corp of America (PKG), QuantumScape Corp (QS), Raymond James Monetary Inc (RJF), Reliance Inc (RS), Robert Half Inc (RHI), SEI Investments Co (SEIC), Sonoco Merchandise Co (SON), Southern Copper Corp (SCCO), SOUTHSTATE BANK CORP (SSB), Southwest Airways Co (LUV), Stifel Monetary Corp (SF), Teledyne Applied sciences Inc (TDY), Tesla Inc (TSLA), Thermo Fisher Scientific Inc (TMO), Journey + Leisure Co (TNL), United Leases Inc (URI), Vertiv Holdings Co (VRT), Viking Therapeutics Inc (VKTX), Westinghouse Air Brake Technol (WAB), Wyndham Resorts & Resorts Inc (WH).
On the date of publication, Wealthy Asplund didn’t have (both straight or not directly) positions in any of the securities talked about on this article. All info and information on this article is solely for informational functions. This text was initially revealed on Barchart.com
