Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products. The company is involved in the licensing, marketing, research, and development of microprocessors, systems intellectual property (IPs), graphics processing units, physical IP and associated systems IPs, software, tools, and other related services. It also offers system IP products, including memory controller IP, interconnect IP, and other on-chip peripheral components; and compute platforms for a range of devices and applications. The company's products are used in various markets, such as automotive, computing infrastructure, consumer technologies, and Internet of things. It operates in the United States, the People's Republic of China, Taiwan, the Republic of Korea, and internationally. The company was founded in 1990 and is headquartered in Cambridge, the United Kingdom. Arm Holdings plc operates as a subsidiary of Kronos II LLC.

Arm Holdings plc

The S&P 500 Index ($SPX) (SPY) today is up by +0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.40%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.47%. December E-mini S&P futures (ESZ25) are up +0.30%, and December E-mini Nasdaq futures (NQZ25) are up +0.42%.
US stock indexes are climbing today, with the S&P 500, the Dow Jones Industrials, and the Nasdaq 100 posting new all-time highs. Easing global trade tensions are supporting gains in stocks today after President Trump said he expects to lower tariffs on Chinese goods over the fentanyl crisis. The Wall Street Journal reported late Tuesday that President Trump was considering cutting the 20% tariff to as low as 10% on Chinese goods as he expects China would be "doing things" and work with him directly to address the export of precursor chemicals critical to manufacturing fentanyl. Also, the US and South Korea finalized a trade deal today that will see South Korea make $150 billion in shipbuilding investments in the US, and the US will cap tariffs on South Korean goods at 15%.
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Strength in semiconductor stocks is also supportive for the broader market today, led by a +4% jump in Nvidia, after President Trump said he was open to providing China with access to Nvidia's Blackwell AI processor as part of a trade deal. Chinese Foreign Ministry spokesman Guo Jiakun said China was ready to "inject fresh momentum" into the US relationship.
The prospects of a more dovish Fed are another bullish factor for stocks. At the conclusion of today's 2-day FOMC meeting, the Fed is expected to cut the federal funds target range by 25 bp to 3.75%-4.00% from 4.00%-4.25% and may halt its quantitative tightening regime. Assuming the Fed proceeds with today's -25 bp rate cut, the markets are then discounting a 90% chance of another -25 bp rate cut at the next FOMC meeting on December 9-10. The markets are discounting an overall 115 bp rate cut by the end of 2026 to 2.95% from the current effective federal funds rate of 4.10%.
The FOMC at this week's meeting is not scheduled to release a Summary of Economic Projections, which contains the Fed's dot plot. That means the markets today will hear from Fed Chair Powell at his regular post-meeting press conference but will not receive an update from other Fed officials on their views of the future course of interest rates.
The markets are also expecting the FOMC today to announce that it is ending its quantitative tightening, which involves allowing its balance sheet to decline. A halt to the Fed's quantitative tightening would be supportive for the stock and bond markets, as the Fed would no longer be draining liquidity from the US financial system.
US MBA mortgage applications rose +7.1% in the week ended October 24, with the purchase mortgage sub-index up +4.5% and the refinancing sub-index up +9.3%. The average 30-year fixed rate mortgage fell -7 bp to a 13-month low of 6.30% from 6.37% in the prior week.
Stocks have carry-over support from Monday's news that US and Chinese negotiators, who met over the weekend in Malaysia, reached a tentative trade agreement that is expected to be officially announced at Thursday's summit between Presidents Trump and Xi on the sidelines of the APEC conference in South Korea. Treasury Secretary Bessent said the agreement means the US threat of a 100% tariff on US imports from China, set to start November 1, is "effectively off the table." Meanwhile, China agreed not to restrict the export of rare earth metals for at least one year and to buy a "substantial" amount of US soybeans. The two sides also made progress on shipping fees and US demands that China crack down on the export to the US of fentanyl and precursors. The two sides may also reach an agreement that would allow US consumers to continue to access TikTok.
This is a heavy earnings week, with 173 of the S&P 500 companies reporting earnings. Notably, five of the Magnificent Seven companies report earnings this week. Alphabet, Meta, and Microsoft report today, and Apple and Amazon.com report on Thursday. Q3 earnings have been running strong so far. According to Bloomberg Intelligence, 84% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from +6.4% in Q2.
The markets are monitoring US-Canada trade relations after President Trump said on Saturday that he would impose a new 10% tariff on US imports from Canada as punishment for last week's anti-tariff advertisement released by the provincial government of Ontario that featured former President Reagan's criticism of tariffs. Mr. Trump initially said he was halting US trade negotiations with Canada because of the ad, but he escalated the punishment this past weekend by imposing a new 10% tariff, even though Ontario had agreed to pause the ad campaign.
Regarding President Trump's reciprocal tariffs, markets are looking ahead to oral arguments at the Supreme Court scheduled for November 5 on whether the tariffs are legal. Lower courts have already ruled that Mr. Trump's reciprocal tariffs are illegal, finding they are based on a specious claim of emergency authority. If the US Supreme Court upholds those rulings and strikes down the tariffs, then the US government will have to refund the reciprocal tariffs already collected, and Mr. Trump's power to impose tariffs will be limited to well-founded sections of US trade law. Observers expect the US Supreme Court to announce its final ruling on the reciprocal tariffs by late 2025 or early 2026.
The US government shutdown continues into its fifth week, weighing on market sentiment and the US economy. The government shutdown is delaying the release of government reports, including all the recent weekly unemployment claims reports, the September unemployment and payroll report, Aug trade balance, Sep retail sales, Sep PPI, Sep housing starts, Sep industrial production, Sep leading indicators, and others. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
Overseas stock markets are higher today. The Euro Stoxx 50 rallied to a new record high and is up +0.34%. China's Shanghai Composite climbed to a 10-year high and closed up +0.70%. Japan's Nikkei Stock 225 rose to a new record high and closed up sharply by +2.17%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down by -3 ticks. The 10-year T-note yield is up +1.7 bp to 3.993%. T-note prices are under pressure today from a rally in stocks, which has reduced safe-haven demand for government debt securities. T-notes also continue to see reduced safe-haven demand after Monday's news of a preliminary US-China trade agreement.
Losses in T-notes are limited in hopes that the FOMC, at the conclusion of its meeting today, will cut interest rates and end its quantitative tightening regime. T-note prices have underlying support from the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are moving lower today. The 10-year German bund yield is down -0.2 bp to 2.621%. The 10-year UK gilt yield is down -0.3 bp to 4.397%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Nvidia (NVDA) is up more than +4% to lead chipmakers higher today after President Trump said he'll discuss the chipmaker's Blackwell artificial intelligence processors with Chinese President Xi Jinping. Also, Lam Research (LRCX) and Advanced Micro Devices (AMD) are up more than +3%. In addition, Micron Technology (MU), Applied Materials (AMAT), and KLA Corp (KLAC) are up more than +2%, and Marvell Technology (MRVL), ASML Holding NV (ASML), and ARM Holdings Plc (ARM) are up more than +1%.
Teradyne (TER) is up more than +15% to lead gainers in the S&P 500 after reporting Q3 net revenue of $769.2 million, better than the consensus of $745.1 million, and forecasting Q4 revenue of $920 million-$1.0 billion, well above the consensus of $820.5 million.
Seagate Technology Holdings Plc (STX) is up more than +15% after reporting Q1 adjusted EPS of $2.61, above the consensus of $2.37, and forecasting Q2 adjusted EPS of $2.55-$2.95, the midpoint above the consensus of $2.67.
Bloom Energy (BE) is up more than +13% after reporting Q3 adjusted EPS of 15 cents, stronger than the consensus of 7.9 cents.
Caterpillar (CAT) is up more than +11% to lead gainers in the Dow Jones Industrials after reporting Q3 adjusted EPS of $4.95, stronger than the consensus of $4.51.
Centene (CNC) is up more than +7% after reporting an unexpected Q3 adjusted EPS profit of 50 cents versus expectations of a loss of -15 cents, and raising its full-year adjusted EPS forecast to $2.00 from $1.75, stronger than the consensus of $1.67.
Cognizant Technology Solutions (CTSH) is up more than +6% to lead gainers in the Nasdaq 100 after reporting Q3 revenue of $5.42 billion, stronger than the consensus of $5.32 billion, and raising its full-year revenue forecast to $21.05 billion-$21.10 billion from a previous estimate of $20.7 billion-$21.1 billion, above the consensus of $20.96 billion.
Fiserv (FI) is down more than -44% to lead losers in the S&P 500 after cutting its full-year adjusted EPS estimate to $8.50-$8.60 from a previous estimate of $10.15-$10.30.
Avantor (AVTR) is down more than -15% after reporting Q3 net sales of $1.62 billion, below the consensus of $1.65 billion.
Verisk Analytics (VRSK) is down more than -13% to lead losers in the Nasdaq 100 after forecasting full-year adjusted EPS of $6.80 to $7.00, the midpoint below the consensus of $7.00
Garmin Ltd (GRMN) is down more than -12% after forecasting full-year revenue of about $7.10 billion, below the consensus of $7.15 billion.
Generac Holdings (GNRC) is down more than -8% after reporting Q3 net sales of $1.11 billion, weaker than the consensus of $1.19 billion, and cutting its full-year adjusted Ebitda margin to 17% from a previous view of 18% to 19%.
Smurfit WestRock Plc (SW) is down more than -7% after reporting Q3 adjusted Ebitda of $1.30 billion, weaker than the consensus of $1.32 billion.
Boeing (BA) is down more than -3% to lead losers in the Dow Jones Industrials after reporting a Q3 core share loss of -$7.47 a share, well below the consensus of a -$4.44 a share loss.
Mondelez International (MDLZ) is down more than -3% after cutting its full-year adjusted EPS estimate to down -15% from a previous estimate of down -10%.
Earnings Reports(10/29/2025)
CVS Health Corp (CVS), ITT Inc (ITT), Penske Automotive Group Inc (PAG), Esab Corp (ESAB), Etsy Inc (ETSY), Timken Co/The (TKR), Ionis Pharmaceuticals Inc (IONS), Phillips 66 (PSX), IDEX Corp (IEX), Virtu Financial Inc (VIRT), Silgan Holdings Inc (SLGN), Centene Corp (CNC), OGE Energy Corp (OGE), Fortive Corp (FTV), Garmin Ltd (GRMN), Boeing Co/The (BA), Hayward Holdings Inc (HAYW), Watsco Inc (WSO), Flex Ltd (FLEX), Gates Industrial Corp PLC (GTES), GE HealthCare Technologies Inc (GEHC), Avantor Inc (AVTR), Old Dominion Freight Line Inc (ODFL), Prosperity Bancshares Inc (PB), Automatic Data Processing Inc (ADP), Clarivate PLC (CLVT), Kraft Heinz Co/The (KHC), Leonardo DRS Inc (DRS), Verisk Analytics Inc (VRSK), Otis Worldwide Corp (OTIS), TE Connectivity PLC (TEL), Fiserv Inc (FI), SiteOne Landscape Supply Inc (SITE), Reynolds Consumer Products Inc (REYN), Clean Harbors Inc (CLH), Littelfuse Inc (LFUS), Avnet Inc (AVT), NiSource Inc (NI), Generac Holdings Inc (GNRC), Entergy Corp (ETR), Cognizant Technology Solutions (CTSH), Smurfit WestRock PLC (SW), United Therapeutics Corp (UTHR), Verizon Communications Inc (VZ), Caterpillar Inc (CAT), Evercore Inc (EVR), Seaboard Corp (SEB), Oshkosh Corp (OSK), Masco Corp (MAS), Kirby Corp (KEX), Align Technology Inc (ALGN), Chipotle Mexican Grill Inc (CMG), EPR Properties (EPR), MercadoLibre Inc (MELI), MGM Resorts International (MGM), FMC Corp (FMC), Hanover Insurance Group Inc/Th (THG), Everest Group Ltd (EG), Extra Space Storage Inc (EXR), CH Robinson Worldwide Inc (CHRW), Cognex Corp (CGNX), American Water Works Co Inc (AWK), Sun Communities Inc (SUI), Mid-America Apartment Community (MAA), eBay Inc (EBAY), Coca-Cola Consolidated Inc (COKE), Tyler Technologies Inc (TYL), Dayforce Inc (DAY).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stock Indexes Soar to Record Highs as Global Trade Tensions Ease

Wall Street bulls continue to defy the odds as stocks climb the proverbial wall of worry. This week, the Nasdaq, S&P 500 Index, and Dow Jones Industrial Average each reached fresh all-time highs, while the small-cap Russell 2000 Index hovers just below them. Meanwhile, despite the ‘Liberation Day’ panic of early 2025, the tech-heavy Nasdaq 100 Index is enjoying a banner year, gaining some 23% thus far. Despite the robust performance, stocks are likely to melt up and even gain momentum into year-end for five reasons, including:
1. Muted Investor Sentiment: Many investors may be surprised to learn that despite the robust performance and all-time highs for equities, the average investor remains fearful. For instance, the latest data from the CNN Fear/Greed Index registered a “Fear” reading. In other words, despite the strong market returns, investors are far from euphoric and may even be considered skeptical at this juncture – a bullish contrarian signal.
Image Source: Zacks Investment Research
2. Bullish Q4 Seasonality Looms: Since 1950, Q4 has been the best-performing quarter for US equities. Typically, stocks experience some weakness in Q3, but bottom on average on October 27th. Additionally, institutional investors will likely be forced to ‘window dress’ their portfolios and chase performance into year-end.
Image Source: Carson Investment Research
3. Earnings Season is Off to a Robust Start: According to market research from BBG, 70% of S&P 500 reporters have exceeded sales estimates, the highest proportion of positive surprises in about four years. 85% of benchmark companies have beat on earnings, just 14% have missed. Investors should get more good news when companies like Advanced Micro Devices (AMD), CoreWeave (CRWV), Arm Holdings (ARM), Meta Platforms (META), and Apple (AAPL) report in the coming days.
4. Trade Tensions are Easing: One of the most significant market headwinds has been investor concern about trade tensions between the world’s two largest economies – China and the US. However, Trump administration trade officials recently provided some welcome news, stating that US-China trade talks are moving into the final stages. US President Donald Trump and Chinese President Xi Jinping are scheduled to meet on October 30th in South Korea in another sign of easing trade tensions between the two economic rivals.
5. The Return of a Dovish Federal Reserve: Fed Chair Jerome Powell recently cut rates for the first time after a lengthy pause. Historically, S&P 500 returns are stunning after such pauses.
Image Source: Ned Davis Research
Bottom Line
Despite investor fears, US stocks are primed to melt up into the historically strong fourth quarter. Easing trade fears, a Dovish Fed, and robust earnings are bullish tailwinds for stocks into year-end.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Stocks Are Set to Melt Up Despite Investor Fear

The S&P 500 Index ($SPX) (SPY) on Monday rose by +1.22%, the Dow Jones Industrials Index ($DOWI) (DIA) rose by +0.69%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose by +1.82%. December E-mini S&P futures (ESZ25) rose by +1.21%, and December E-mini Nasdaq futures (NQZ25) rose by +1.83%.
US stocks rallied sharply on Monday after US and Chinese negotiators, who met over the weekend in Malaysia, said they reached a tentative trade agreement to be finalized at Thursday's summit between Presidents Trump and Xi on the sidelines of the ASEAN conference in Malaysia. Treasury Secretary Bessent said the agreement means the US threat of a 100% tariff on US imports from China, set to start November 1, is "effectively off the table." Meanwhile, China agreed not to restrict the export of rare earth metals for at least one year and to buy a "substantial" amount of US soybeans. The two sides also made progress on shipping fees and US demands that China crack down on the export to the US of fentanyl and precursors. The two sides may also reach an agreement that would allow US consumers to continue to access TikTok.
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Treasury Secretary Bessent said Monday that the pool of candidates for the next Fed Chair has been narrowed to Christopher Waller, Kevin Warsh, Kevin Hassett, Michelle Bowman, and Rick Rieder. President Trump is expected to announce a decision on a new Fed Chair by year-end to replace current Fed Chair Powell, whose term as the Fed Chairman ends on May 15, 2026. Mr. Powell's separate term as a Fed Governor runs until January 2028, though he faces pressure from Mr. Trump to step down as a Fed Governor as well, so Mr. Trump can appoint a more dovish Fed governor.
This is a busy week, with the FOMC meeting on Tuesday and Wednesday, when it is expected to cut its federal funds rate target by -25 bp. Also, five of the Magnificent Seven companies report earnings this week, with Alphabet, Meta, and Microsoft reporting on Wednesday, and Apple and Amazon.com reporting on Thursday.
There was some carry-over support from last Friday's Sep US CPI report of +3.0% y/y for both the nominal and core figures, which was slightly weaker than expectations of +3.1% y/y for both figures.
Trade relations with Canada were a negative factor for stocks on Monday after President Trump said on Saturday that he would impose a new 10% tariff on US imports from Canada as punishment for last week's anti-tariff advertisement released by the provincial government of Ontario. Mr. Trump initially said that he was only halting US trade negotiations with Canada due to the ad, but he escalated the punishment over the weekend by imposing a new 10% tariff, even though Ontario had agreed to pause the ad campaign.
Ontario's ad featured former US President Reagan speaking out in a 1987 address in favor of free trade and against tariffs, calling tariffs an outdated idea that stifles innovation, drives up prices, and hurts US workers. Mr. Trump claimed the ad was deceptive and said it was designed to influence the US Supreme Court ahead of oral arguments on November 5 on the legality of Mr. Trump's reciprocal tariffs. Lower courts have already deemed Mr. Trump's reciprocal tariffs illegal, ruling the tariffs are based on a specious claim of emergency authority. If the US Supreme Court upholds those rulings, the US government will have to refund the tariffs already collected, and Mr. Trump's power to impose tariffs will be limited to well-founded sections of US trade law.
The US government shutdown continues into its fifth week, weighing on market sentiment and the US economy. The government shutdown is delaying the release of government reports, including all the recent weekly unemployment claims reports, the September unemployment and payroll report, Aug trade balance, Sep retail sales, Sep PPI, Sep housing starts, Sep industrial production, Sep leading indicators, and others. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets are focused on earnings results as the Q3 earnings season continues. According to Bloomberg Intelligence, 84% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from +6.4% in Q2.
Overseas stock markets on Monday closed higher. The Euro Stoxx 50 closed up +0.64%. China's Shanghai Composite closed up +1.18%. Japan's Nikkei Stock 225 closed up +2.46%.
Interest Rates
December 10-year T-notes (ZNZ5) on Monday rose slightly by +0.5 tick. The 10-year T-note yield fell -1.2 bp to 3.989%. T-note prices initially fell on Monday due to the US-Chinese trade agreement, which reduced safe-haven demand for Treasury securities and was positive for the US and Chinese economies. T-note prices were also pressured by the rally in US stocks.
However, T-note prices recovered later in the day as the 10-year inflation expectations rate fell by -1.1 bp to 2.288%. T-notes have support from the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
The markets are discounting a 98% chance of a -25 bp rate cut at this week's FOMC meeting on Tuesday and Wednesday (Oct 28-29).
European government bond yields closed lower. The 10-year German bund yield fell -1.0 bp to 2.616%. The 10-year UK gilt yield fell 3.0 bp at 4.402%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
The Magnificent Seven stocks all closed higher on Monday, led by a +4.3% gain in Tesla (TSLA), a +3.6% gain in Alphabet (GOOG), and gains of more than +2% in Nvidia (NVDA) and Apple (AAPL).
Chip stocks traded higher across the board Monday, led by a +11% gain in Qualcomm (QCOM) on news of a new AI chip and computer line to compete with Nvidia. Marvell Technology (MRVL) rose more than +5%, and Arm Holdings (ARM) rose more than +4%. ON Semiconductors (ON), Lam Research (LRCX), and Intel (INTC) all rose by more than +3%.
Crypto stocks traded higher, with support from Monday's gains of more than +3% in Bitcoin (^BTCUSD) and +5% in Ethereum (^ETHUSD). Riot Platforms (RIOT) rallied more than +7%, Strategy (MSTR) rallied +2.3%, and Coinbase (COIN) rallied +2.0%.
Avidity Biosciences (RNA) rallied +42% after news that Swiss-based Novartis plans to buy the company in a deal worth $12 billion. Novartis ADR shares (NVS) fell -0.9%.
Ohio-based Huntington Bancshares (HBAN) agreed to buy Cadence Bank (CADE) for $7.4 billion in an all-stock deal to expand into the Southeast and South. Huntington fell -1.8%, while Cadence rallied +4.4%.
American Water Works (AWK) fell -2.5%, and Essential Utilities (WTRG) fell -1.4%, after news that the two companies finalized AWK's purchase of Essential Utilities for $12 billion in an all-stock deal.
Keurig Dr Pepper (KDP) rallied more than +7% after raising its full-year net sales guidance.
Lululemon Athletica (LULU) rallied about +2% on news of an agreement with the National Football League and sports merchandiser Fanatics Inc to develop a line of fan apparel.
Robinhood Markets (HOOD) rose more than +4% after CICC gave the brokerage a new rating of outperform.
Newmont (NEM) fell more than -5% as the company seeks to gain control of Barrick's gold mines in Nevada.
Boeing (BA) rose +0.8% even though factory workers in St Louis narrowly rejected a new 5-year contract that would have ended a 3-month strike that has disrupted the company's main military manufacturing operations.
Earnings Reports(10/28/2025)
DR Horton Inc (DHI), PayPal Holdings Inc (PYPL), UnitedHealth Group Inc (UNH), Wayfair Inc (W), Labcorp Holdings Inc (LH), Corning Inc (GLW), Armstrong World Industries Inc (AWI), Sysco Corp (SYY), Royal Caribbean Cruises Ltd (RCL), VF Corp (VFC), Carrier Global Corp (CARR), A O Smith Corp (AOS), United Parcel Service Inc (UPS), Hubbell Inc (HUBB), Sherwin-Williams Co/The (SHW), Ecolab Inc (ECL), Zebra Technologies Corp (ZBRA), IQVIA Holdings Inc (IQV), MSCI Inc (MSCI), Smithfield Foods Inc (SFD), Tenet Healthcare Corp (THC), Applied Industrial Technologie (AIT), Axalta Coating Systems Ltd (AXTA), Repligen Corp (RGEN), Xylem Inc/NY (XYL), Invesco Ltd (IVZ), SoFi Technologies Inc (SOFI), Regeneron Pharmaceuticals Inc (REGN), American Tower Corp (AMT), Incyte Corp (INCY), ATI Inc (ATI), NextEra Energy Inc (NEE), Neurocrine Biosciences Inc (NBIX), Booking Holdings Inc (BKNG), Mondelez International Inc (MDLZ), Sensata Technologies Holding P (ST), WP Carey Inc (WPC), Enphase Energy Inc (ENPH), Aurora Innovation Inc (AUR), Landstar System Inc (LSTR), Equity Residential (EQR), ONEOK Inc (OKE), Flowserve Corp (FLS), Caesars Entertainment Inc (CZR), Edison International (EIX), CoStar Group Inc (CSGP), Frontier Communications Parent (FYBR), MSA Safety Inc (MSA), Chemed Corp (CHE), Range Resources Corp (RRC), BXP Inc (BXP), PPG Industries Inc (PPG), RenaissanceRe Holdings Ltd (RNR), Regency Centers Corp (REG), ExlService Holdings Inc (EXLS), Veralto Corp (VLTO), Visa Inc (V), Expand Energy Corp (EXE), Seagate Technology Holdings PL (STX), Element Solutions Inc (ESI), Highwoods Properties Inc (HIW), Electronic Arts Inc (EA), Teradyne Inc (TER).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rally on US-China Preliminary Trade Agreement

The S&P 500 Index ($SPX) (SPY) is up +0.84%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.41%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.49%. December E-mini S&P futures (ESZ25) are up +0.87%, and December E-mini Nasdaq futures (NQZ25) are up +1.51%.
US stocks rallied today after US and Chinese negotiators, who met over the weekend in Malaysia, said they reached a tentative trade agreement to be finalized at Thursday's summit between Presidents Trump and Xi on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea. Treasury Secretary Bessent said the agreement means the US threat of a 100% tariff on US imports from China, set to start November 1, is "effectively off the table." Meanwhile, China agreed not to restrict the export of rare earth metals for at least one year and to buy a "substantial" amount of US soybeans. The two sides also made progress on shipping fees and US demands that China crack down on the export to the US of fentanyl and precursors. The two sides may also reach an agreement that would allow US consumers to continue to access TikTok.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Treasury Secretary Bessent said today that the pool of candidates for the next Fed Chair has been narrowed to Christopher Waller, Kevin Warsh, Kevin Hassett, Michelle Bowman, and Rick Rieder. President Trump is expected to announce a decision on a new Fed Chair by year-end to replace current Fed Chair Powell, whose term as the Fed Chairman ends on May 15, 2026. Mr. Powell's separate term as a Fed Governor runs until January 2028, though he faces pressure from Mr. Trump to step down as a Fed Governor as well, so Mr. Trump can appoint a more dovish Fed governor.
This is a busy week, with the FOMC meeting on Tuesday and Wednesday, when it is expected to cut its federal funds rate target by -25 bp. Also, five of the Magnificent Seven companies report earnings this week, with Alphabet, Meta, and Microsoft reporting on Wednesday, and Apple and Amazon.com reporting on Thursday.
There is some carry-over support from last Friday's Sep US CPI report of +3.0% y/y for both the nominal and core figures, which was slightly weaker than expectations for both of +3.1% y/y.
Trade relations with Canada are a negative factor for stocks after President Trump on Saturday said he will impose a new 10% tariff on US imports from Canada as punishment for last week's anti-tariff advertisement released by the provincial government of Ontario. Mr. Trump initially said that he was only halting US trade negotiations with Canada due to the ad, but he escalated the punishment over the weekend by imposing a new 10% tariff, even though Ontario had agreed to pause the ad campaign.
Ontario's ad featured former US President Reagan speaking out in a 1987 address in favor of free trade and against tariffs, calling tariffs an outdated idea that stifles innovation, drives up prices, and hurts US workers. Mr. Trump claimed the ad was deceptive and said it was designed to influence the US Supreme Court ahead of oral arguments on November 5 on the legality of Mr. Trump's reciprocal tariffs. Lower courts have already deemed Mr. Trump's reciprocal tariffs illegal, ruling the tariffs are based on a specious claim of emergency authority. If the US Supreme Court upholds those rulings, the US government will have to refund the tariffs already collected, and Mr. Trump's power to impose tariffs will be limited to well-founded sections of US trade law.
The US government shutdown continues into its fifth week, weighing on market sentiment and the US economy. The government shutdown is delaying the release of government reports, including all the recent weekly unemployment claims reports, the September unemployment and payroll report, Aug trade balance, Sep retail sales, Sep PPI, Sep housing starts, Sep industrial production, Sep leading indicators, and others. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets are focused on earnings results as the Q3 earnings season continues. According to Bloomberg Intelligence, 84% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from +6.4% in Q2.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +0.62%. China's Shanghai Composite closed up +1.18%. Japan's Nikkei Stock 225 closed up +2.46%.
Interest Rates
December 10-year T-notes (ZNZ5) are down -7 ticks. The 10-year T-note yield is up +2.3 bp at 4.024%. T-note prices are trading lower due to the US-Chinese trade agreement, which reduced safe-haven demand for Treasury securities and is positive for the US and Chinese economies. T-note prices are also being pressured by the rally in US stocks and today's +0.7 bp rise in the 10-year breakeven inflation expectations rate.
T-notes have support from the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
The markets are discounting a 99% chance of a -25 bp rate cut at this week's FOMC meeting on Tuesday and Wednesday (Oct 28-29).
European government bond yields are mixed. The 10-year German bund yield is up +0.3 bp at 2.629%. The 10-year UK gilt yield is down -2.0 bp at 4.412%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
The Magnificent Seven stocks are all trading higher today, led by a gain of more than +4% in Tesla (TSLA), and gains of more than +2% in Alphabet (GOOG) and Nvidia (NVDA).
Chip stocks are trading higher across the board today, led by a +12.6% gain in Qualcomm (QCOM) on news of a new AI chip and computer line to compete with Nvidia. Marvell Technology (MRVL) is up more than +5%. Arm Holdings (ARM), ON Semiconductors (ON), and Lam Research (LRCX) are up more than +4%.
Crypto stocks are trading higher today, with support from today's gains of more than +3% in Bitcoin (^BTCUSD) and +5% in Ethereum (^ETHUSD). Riot Platforms (RIOT) is up more than +4% and Coinbase (COIN) is up more than +2%.
Avidity Biosciences (RNA) is up +42% after news that Swiss-based Novartis plans to buy the company in a deal worth $12 billion. Novartis ADR shares (NVS) are down -1%.
Ohio-based Huntington Bancshares (HBAN) agreed to buy Cadence Bank (CADE) for $7.4 billion in an all-stock deal to expand into the Southeast and South. Huntington is down more than -2% while Cadence is up more than +4%.
American Water Works (AWK) is down -3% and Essential Utilities (WTRG) is down -0.9% after news that the two companies have finalized AWK's purchase of Essential Utilities for $12 billion in an all-stock deal.
Keurig Dr Pepper (KDP) is up more than +7% after raising its full-year net sales guidance.
Lululemon Athletica (LULU) is up more than +3% on news of an agreement with the National Football League and sports merchandiser Fanatics Inc to develop a line of fan apparel.
Robinhood Markets (HOOD) is up more than 4% after CICC gave the brokerage a new rating of outperform.
Newmont (NEM) is down more than -6% as the company seeks to gain control of Barrick's gold mines in Nevada.
Boeing (BA) is trading slightly higher even though factory workers in St Louis narrowly rejected a new 5-year contract that would have ended a 3-month strike that has disrupted the company's main military manufacturing operations.
Earnings Reports(10/27/2025)
Keurig Dr Pepper Inc (KDP), Revvity Inc (RVTY), Arch Capital Group Ltd (ACGL), Whirlpool Corp (WHR), Simpson Manufacturing Co Inc (SSD), Alexandria Real Estate Equities (ARE), Brixmor Property Group Inc (BRX), Nucor Corp (NUE), NOV Inc (NOV), Hartford Insurance Group Inc/T (HIG), Brown & Brown Inc (BRO), Cincinnati Financial Corp (CINF), Crane Co (CR), F5 Inc (FFIV), Universal Health Services Inc (UHS), Amkor Technology Inc (AMKR), FTAI Aviation Ltd (FTAI), Principal Financial Group Inc (PFG), Kilroy Realty Corp (KRC), Welltower Inc (WELL), Avis Budget Group Inc (CAR), Cadence Design Systems Inc (CDNS), Confluent Inc (CFLT), Olin Corp (OLN), Waste Management Inc (WM), BioMarin Pharmaceutical Inc (BMRN), NXP Semiconductors NV (NXPI).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Key Points
Nvidia, a brand that has become synonymous with artificial intelligence (AI), has 95% of its $4.3 billion portfolio invested in CoreWeave and Arm.
CoreWeave has been recognized as the best GPU cloud on the market due to its superior performance and close relationship with Nvidia.
Arm processors are gaining market share in data centers, partly because their energy efficient architecture is well-suited to AI workloads.
Nvidia (NASDAQ: NVDA) is the industry standard in artificial intelligence (AI) infrastructure. The chipmaker not only leads the market for AI accelerators with its graphics processing units (GPUs), but also leads the market for generative AI networking equipment.
Forrester Research analysts write, "Nvidia sets the pace for AI infrastructure worldwide. Without Nvidia's GPUs, modern AI wouldn't be possible." So, the chipmaker presumably has a good read on how the industry will evolve and it has chosen to back CoreWeave (NASDAQ: CRWV) and Arm Holdings (NASDAQ: ARM).
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Specifically, Nvidia reported owning $4.3 billion in stocks on its most recent Form 13F. Of that total, 91% was invested in data center operator CoreWeave, and 4% was invested in semiconductor company Arm. Nvidia also works with both companies in some capacity, which further underscores its conviction.
Here's what investors should know about CoreWeave and Arm.
CoreWeave: 91% of Nvidia's portfolio
CoreWeave provides cloud infrastructure and software services from data centers purpose-built for artificial intelligence (AI) workloads. Its platform, known as a graphics processing unit (GPU) cloud, is built exclusively on Nvidia accelerators. But the relationship is mutually beneficial; CoreWeave gets early access to Nvidia chips and is often the first cloud to deploy the latest products.
Additionally, CoreWeave has also established itself as a highly adept data center operator. Traditional data centers lose as much as 65% of GPU compute capacity to system inefficiencies, whereas CoreWeave delivers up to 20% better performance than alternative clouds. Also, the company frequently submits top results at the MLPerfs, objective tests that grade AI systems across training and inference.
Semiconductor-focused research firm SemiAnalysis recently ranked CoreWeave as the best AI cloud platform on the market, awarding it a higher score than Amazon, Microsoft, and Alphabet. Chief analyst Dylan Patel wrote, "CoreWeave's product offerings set a new standard across the GPU cloud industry." He also said the company was a "clear leader in GPU cloud reliability."
CoreWeave stock currently trades at 15 times sales, a relatively reasonable valuation for a company whose revenue is forecast to increase at 127% annually through 2026. Nvidia has a great deal of conviction in the data center operator -- it recently agreed to purchase any unsold compute capacity from CoreWeave through 2032 -- so patient investors should consider buying a small position in this stock.
Arm Holdings: 4% of Nvidia's portfolio
Arm is a semiconductor company that designs central processing units (CPUs) and related technologies like compute subsystems and software development tools. However, rather than selling chips, the company licenses its intellectual property to other companies that want to build custom CPUs for personal computers, data center servers, and automotive systems.
Arm CPUs have long been the industry standard in mobile devices due to power-efficient architecture. The company holds 99% market share in smartphone processors. However, Arm has more recently become a major player in data centers, partially for the same reason. That is, power efficient hardware helps reduce the cost of artificial intelligence.
However, Arm also has an attractive business model. By licensing blueprints rather than selling chips, Arm gives clients the flexibility to design custom solutions. Many of the largest technology companies have found that value proposition very compelling; Apple, Amazon, Microsoft, Alphabet, and Nvidia have all designed data center server processors on Arm architecture.
In turn, the company has gained more than 10 percentage points of market share in the data center in the last three years. Importantly, more than 70,000 enterprises now run AI workloads on Arm architecture, up 14-fold since 2021. Shareholders should find that trend encouraging. Arm is clearly benefiting from increased demand for AI infrastructure, which hints at a long runway for future growth.
Wall Street estimates Arm's earnings will increase at 45% annually through the fiscal year that ends in March 2027. That makes the current valuation of 110 times earnings look rich, but not absurdly expensive. Investors comfortable with volatility can buy a small position today, but it would be more prudent to wait for a slightly better entry point.
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Trevor Jennewine has positions in Amazon and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nvidia Has 95% of Its Portfolio Invested in 2 Artificial Intelligence (AI) Stocks

The S&P 500 Index ($SPX) (SPY) on Friday rose by +0.79%, the Dow Jones Industrials Index ($DOWI) (DIA) rose by +1.01%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose by +1.04%. December E-mini S&P futures (ESZ25) rose by +0.74%, and December E-mini Nasdaq futures (NQZ25) rose by +1.00%.
The S&P 500 and the Nasdaq 100 indexes both rallied to new record highs on Friday. Stocks found support from the slightly weaker-than-expected US CPI report, which gave the Fed a bit more latitude to cut interest rates. The Sep CPI report of +0.3% m/m and +3.0% y/y was slightly weaker than market expectations of +0.4% m/m and +3.1% y/y. Also, the Sep core CPI report of +0.2% m/m and +3.0% y/y was slightly weaker than market expectations of +0.3% m/m and +3.1% y/y.
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While the markets reacted favorably to Friday’s CPI report, the Sep CPI report of +3.0% y/y rose to match the current 16-month high, and the core CPI report of +3.0% y/y was still far above the Fed’s inflation target of +2.0%.
Stocks also saw support from Friday’s Oct S&P US manufacturing PMI report of +0.2 to 52.2, stronger than expectations of unchanged at 52.0. Also, the Oct S&P US services PMI report of +1.0 to 55.2 was stronger than expectations for a -0.7 point decline to 53.5.
On the negative side, Friday’s final-Oct University of Michigan US consumer sentiment index fell -1.4 points to 53.6, which was weaker than market expectations of a -0.5 point drop to 54.5.
Stocks were undercut when President Trump late Thursday announced he had terminated trade negotiations with Canada, citing an anti-tariff advertisement released by the provincial government of Ontario that apparently hit a nerve with Mr. Trump. The ad featured former US President Reagan speaking out in a 1987 address in favor of free trade and against tariffs, calling tariffs an outdated idea that stifles innovation, drives up prices, and hurts US workers.
Mr. Trump claimed the ad was deceptive and said it was designed to influence the US Supreme Court ahead of oral arguments on November 5 on the legality of Mr. Trump’s reciprocal tariffs. Lower courts have already deemed Mr. Trump’s reciprocal tariffs illegal, ruling the tariffs are based on a specious claim of emergency authority. If the US Supreme Court upholds those rulings, the US government will have to refund the tariffs already collected, and Mr. Trump’s power to impose tariffs will be limited to well-founded sections of US trade law.
Later in the day, Ontario said it plans to pause the anti-tariff ad campaign. Also, Canadian Prime Minister Carney said Canada is prepared to resume trade talks “when the Americans are ready.”
The markets are focused on US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next Thursday on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The US government shutdown continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown is delaying the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets are focused on earnings results as the Q3 earnings season continues. Positive corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
Overseas stock markets on Friday closed higher. The Euro Stoxx 50 closed up +0.11%. China’s Shanghai Composite closed up +0.71%. Japan’s Nikkei Stock 225 closed up +1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) fell -1 tick, while the 10-year T-note yield fell -0.4 bp to 3.997%. T-notes rebounded from early losses on the slightly weaker-than-expected US CPI report. Also, the 10-year breakeven inflation expectations rate fell by -0.6 bp to 2.298%.
T-notes have support from the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
The markets are discounting a 97% chance of a -25 bp rate cut at next week’s FOMC meeting on Oct 28-29.
European government bond yields rose. The 10-year German bund yield rose +4.3 bp to 2.626%. The 10-year UK gilt yield rose +0.8 bp to 4.432%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
The Magnificent Seven stocks on Friday closed higher, except for the -3.4% decline in Tesla (TSLA). Alphabet (GOOG) and Nvidia (NVDA) both showed gains of more than +2%.
There were some notable gains in chip stocks Friday, which supported gains in tech stocks and the overall market. Advanced Micro Devices (AMD) rallied more than +7%, and Micron Technology (MU) rallied more than +5%. Broadcom (AVGO), Arm Holdings (ARM), and Lam Research (LRCX) rallied more than +2%. Intel (INTC) rose +0.3% on a favorable earnings report and strong revenue guidance.
Crypto stocks saw support on Friday, with Bitcoin up +1% and Ethereum up +2.7%. Also, Coinbase (COIN) rallied more than +9% on an upgrade from JPMorgan to overweight from neutral due to some risk abatement and increasing monetization opportunities. Riot Platforms (RIOT) rallied +4.5%, and MARA Holdings (MARA) rallied +1.7%.
Ford (F) rallied more than +12% after beating analyst earnings expectations and expressing optimism about a bounce-back from a disruptive fire at a major supplier.
Newmont (NEM) fell more than -6% after the company said that gold production in 2026 may be no higher than in 2025.
Deckers Outdoor (DECK) fell more than -15% after reporting disappointing 2026 net sales.
Earnings Reports(10/27/2025)
Keurig Dr Pepper Inc (KDP), Revvity Inc (RVTY), Arch Capital Group Ltd (ACGL), Whirlpool Corp (WHR), Simpson Manufacturing Co Inc (SSD), Alexandria Real Estate Equities (ARE), Brixmor Property Group Inc (BRX), Nucor Corp (NUE), NOV Inc (NOV), Hartford Insurance Group Inc/T (HIG), Brown & Brown Inc (BRO), Cincinnati Financial Corp (CINF), Crane Co (CR), F5 Inc (FFIV), Universal Health Services Inc (UHS), Amkor Technology Inc (AMKR), FTAI Aviation Ltd (FTAI), Principal Financial Group Inc (PFG), Kilroy Realty Corp (KRC), Welltower Inc (WELL), Avis Budget Group Inc (CAR), Cadence Design Systems Inc (CDNS), Confluent Inc (CFLT), Olin Corp (OLN), Waste Management Inc (WM), BioMarin Pharmaceutical Inc (BMRN), NXP Semiconductors NV (NXPI).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rally to Record Highs on Favorable US CPI Report

Below is Validea's guru fundamental report for ARM HOLDINGS PLC - ADR (ARM). Of the 22 guru strategies we follow, ARM rates highest using our P/B Growth Investor model based on the published strategy of Partha Mohanram. This growth model looks for low book-to-market stocks that exhibit characteristics associated with sustained future growth.
ARM HOLDINGS PLC - ADR (ARM) is a large-cap growth stock in the Semiconductors industry. The rating using this strategy is 66% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of ARM HOLDINGS PLC - ADR
More Information on Partha Mohanram
About Partha Mohanram: Sometimes the best investing strategies don't come from the world of investing. Sometimes research that changes the investing world can come from the halls of academia. Partha Mohanram is a great example of this. While academic research has shown that value investing works over time, it has found the opposite for growth investing. Mohanram turned that research on its head by developing a growth model that produced significant market outperformance. His research paper "Separating Winners from Losers among Low Book-to-Market Stocks using Financial Statement Analysis" looked at the criteria that can be used to separate growth stocks that continue their upward trajectory from those that don't. Mohanram is currently the John H. Watson Chair in Value Investing at the University of Toronto and was previously an Associate Professor at the Columbia Business School.
Additional Research Links
High Insider Ownership Stocks
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea Detailed Fundamental Analysis - ARM

The S&P 500 Index ($SPX) (SPY) today is up +0.76%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.85%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.04%. December E-mini S&P futures (ESZ25) are up +0.70%, and December E-mini Nasdaq futures (NQZ25) are up +0.82%.
Stock indexes are trading higher after today’s slightly weaker-than-expected US CPI report gave the Fed a bit more latitude to cut interest rates. The Sep CPI report of +0.3% m/m and +3.0% y/y was slightly weaker than market expectations of +0.4% m/m and +3.1% y/y. Also, the Sep core CPI report of +0.3% m/m and +3.1% y/y was slightly weaker than market expectations of +0.2% m/m and +3.1% y/y.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
While the markets reacted favorably to today’s CPI report, the Sep CPI report of +3.0% y/y rose to match the current 16-month high, and the core CPI report of +3.0% y/y was still far above the Fed’s inflation target of +2.0%.
Stocks also saw support from today’s Oct S&P US manufacturing PMI report of +0.2 to 52.2, stronger than expectations of unchanged at 52.0. Also, the Oct S&P US services PMI report of +1.0 to 55.2 was stronger than expectations for a -0.7 point decline to 53.5.
On the negative side, today’s final-Oct University of Michigan US consumer sentiment index fell -1.4 points to 53.6, which was weaker than market expectations of a -0.5 point drop to 54.5.
Stocks were undercut when President Trump late Thursday announced he had terminated trade negotiations with Canada, citing an anti-tariff advertisement released by the provincial government of Ontario that apparently hit a nerve with Mr. Trump. The ad featured former US President Reagan speaking out in a 1987 address in favor of free trade and against tariffs, calling tariffs an outdated idea that stifles innovation, drives up prices, and hurts US workers.
Mr. Trump claimed the ad was deceptive and said it was designed to influence the US Supreme Court ahead of oral arguments on November 5 on the legality of Mr. Trump’s reciprocal tariffs. Lower courts have already deemed Mr. Trump’s reciprocal tariffs illegal, ruling the tariffs are based on a specious claim of emergency authority. If the US Supreme Court upholds those rulings, the US government will have to refund the tariffs already collected, and Mr. Trump’s power to impose tariffs will be limited to well-founded sections of US trade law.
The markets are focused on US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next Thursday on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The US government shutdown continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown is delaying the release of government reports, including the last four weeks of weekly initial unemployment claims and the September payroll report. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets are focused on earnings results as the Q3 earnings season continues. Positive corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
Overseas stock markets on Friday are mixed. The Euro Stoxx 50 is down -0.06%. China’s Shanghai Composite closed up +0.71%. Japan’s Nikkei Stock 225 closed up +1.35%.
Interest Rates
December 10-year T-notes (ZNZ5) are up +1 tick, and the 10-year T-note yield is down -0.8 bp at 3.993%. T-notes rebounded from early losses on the slightly weaker-than-expected US CPI report. Also, the 10-year breakeven inflation expectations rate today is down -0.9 bp at 2.294%.
T-notes have ongoing support from the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
The markets are discounting a 97% chance of a -25 bp rate cut at next week’s FOMC meeting on Oct 28-29.
European government bond yields are higher. The 10-year German bund yield is up +4.5 bp at 2.627%. The 10-year UK gilt yield is up +0.4 bp at 4.427%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
The Magnificent Seven stocks today are mostly trading higher, except for a -2% decline in Tesla (TSLA) and a small decline in Meta Platforms (META). Notable gainers include a +2.8% gain in Alphabet (GOOG), and gains of more than 1% in Nvidia (NVDA), Apple (AAPL), and Amazon (AMZN).
Chip stocks are broadly higher today, supporting gains in tech stocks and the overall market. Advanced Micro Devices (AMD) is up more than +6%, and Micron Technology (MU) is up more than 4%. Broadcom (AVGO), Arm Holdings (ARM), and Lam Research (LRCX) are up more than +3%. Intel (INTC) is up +0.6% on a favorable earnings report and strong revenue guidance.
Crypto stocks are seeing support today with Bitcoin up +0.9% and Ethereum up +2.3%. Also, Coinbase (COIN) is up more than +7% on an upgrade from JPMorgan to overweight from neutral due to some risk abatement and increasing monetization opportunities. Riot Platforms (RIOT) is up more than +5%, and MARA Holdings (MARA) is up more than +3%.
Ford (F) is up more than +11% after beating analyst earnings expectations and expressing optimism about a bounce-back from a disruptive fire at a major supplier.
Newmont (NEM) is down more than -4% after the company said that gold production in 2026 may be no higher than 2025.
Deckers Outdoor (DECK) is down more than -12% after reporting disappointing 2026 net sales.
Earnings Reports(10/24/2025)
Booz Allen Hamilton Holding Co (BAH), First Hawaiian Inc (FHB), General Dynamics Corp (GD), Gentex Corp (GNTX), HCA Healthcare Inc (HCA), Illinois Tool Works Inc (ITW), Procter & Gamble Co/The (PG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks See Support from Favorable CPI Report

The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -0.53%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.71%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.99%. December E-mini S&P futures (ESZ25) fell -0.52%, and December E-mini Nasdaq futures (NQZ25) fell -0.96%.
Stock indexes settled lower on Wednesday as the broader market was under pressure throughout the session, with chipmakers selling off after Texas Instruments forecasted Q4 revenue that fell below expectations. Also, Netflix closed down more than -9% after reporting weaker-than-expected Q3 EPS. Other corporate earnings results on Wednesday were supportive for stocks. Intuitive Surgical rose more than +13% after boosting its worldwide Da Vinci procedure growth forecast for the whole year. Also, Capital One Financial rose more than +1% after reporting better-than-expected Q3 adjusted EPS.
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Stock losses accelerated Wednesday afternoon after Reuters reported that the Trump administration is considering broad restrictions on exports to China made with US software in retaliation for China’s latest round of rare earth export restrictions.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
US MBA mortgage applications fell -0.3% in the week ended October 17, with the purchase mortgage sub-index down -5.2% and the refinancing sub-index up +4.0%. The average 30-year fixed rate mortgage fell -5 bp to 6.37% from 6.42% in the prior week.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 97% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 closed down -0.84%. China’s Shanghai Composite closed down -0.07%. Japan’s Nikkei Stock 225 closed down -0.02%.
Interest Rates
December 10-year T-notes (ZNZ5) on Wednesday closed up +1.5 ticks. The 10-year T-note yield fell -1.4 bp to 3.949%. T-notes recovered from early losses on Wednesday and settled slightly higher. Wednesday’s slump in stocks, sparked by renewed China trade tensions, triggered short covering in T-notes and pushed prices higher. T-notes maintained modest gain on Wednesday due to strong demand for the Treasury’s $13 billion auction of 20-year T-bonds that had a bid-to-cover ratio of 2.73, better than the 10-auction average of 2.63.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields were mixed on Wednesday. The 10-year German bund yield rose +1.1 bp to 2.563%. The 10-year UK gilt yield dropped to a 6.5-month low of 4.369% and finished down -6.0 bp to 4.417%.
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.
ECB Vice President Guindos said, “The current ECB interest-rate level is adequate as the path forward for inflation looks positive,” and risks to the outlook for consumer-price growth are balanced.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Texas Instruments (TXN) closed down more than -5% to lead chipmakers lower after forecasting Q4 revenue of $4.22 billion to $4.58 billion, with the midpoint below the consensus of $4.50 billion. Also, ON Semiconductor (ON) closed down more than -5%, and Microchip Technology (MCHP) closed down more than -4%. In addition, Advanced Micro Devices (AMD), Marvell Technology (MRVL), and Intel (INTC) closed down more than -3%. Finally, Analog Devices (ADI), KLA Corp (KLAC), ARM Holdings Plc (ARM), GlobalFoundries (GFS), Lam Research (LRCX), Micron Technology (MU), and NXP Semiconductors NV (NXPI) all closed down by more than 2%.
Cryptocurrency-exposed stocks retreated on Wednesday as the price of Bitcoin fell more than -2%. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) closed down more than -4%.
Lennox International (LII) closed down by more than -10% to lead losers in the S&P 500 after cutting its full-year EPS forecast to $22.75-$23.25 from a previous estimate of $23.25-$24.25.
Netflix (NFLX) is down more than -10% to lead losers in the Nasdaq 100 after reporting Q3 EPS of $5.87, well below the consensus of $6.94.
AST SpaceMobile (ASTS) closed down more than -10% after announcing a private offering of $850 million of convertible senior notes due 2036.
Manhattan Associates (MANH) closed down more than -4% after reporting that its Q3 remaining performance obligations (RPOs) amounted to $2.077 billion, below the consensus of $2.088 billion.
Mattel (MAT) closed down more than -3% after reporting Q3 net sales of $1.74 billion, weaker than the consensus of $1.84 billion.
Commercial Metals (CMC) closed down more than -3% after Jeffries downgraded the stock to hold from buy.
Intuitive Surgical (ISRG) closed up more than +13% to lead gainers in the S&P 500 and Nasdaq 100 after boosting its worldwide Da Vinci procedure growth forecast for the whole year.
Avery Dennison (AVY) closed up more than +9% after reporting Q3 adjusted EPS of $2.37, better than the consensus of $2.33, and announcing a pact with Walmart where Walmart will use Avery’s sensor technology that brings RFID-enabled labels to Walmart’s fresh-food departments.
Energy producers and energy service providers rallied on Wednesday after the price of WTI crude oil rose more than +2% to a 1-week high. Halliburton (HAL) closed up more than +4% and Marathon Petroleum (MPC) closed up more than +3%. Also, Phillips 66 (PSX), Occidental Petroleum (OXY), and Valero Energy (VLO) closed up more than +2%. In addition, Baker Hughes (BKR), Chevron (CVX), ConocoPhillips (COP), Devon Energy (DVN), and Exxon Mobil (XOM) closed up more than +1%.
Amphenol (APH) closed up more than +3% after reporting Q3 Ebitda of $1.93 billion, stronger than the consensus of $1.64 billion.
Hilton Worldwide Holdings (HLT) closed up more than +3% after raising its full-year adjusted Ebitda to $3.69 billion-$3.72 billion from a previous forecast of $3.65 billion-$3.71 billion, above the consensus of $3.68 billion.
Avadel Pharmaceuticals (AVDL) closed up more than +3% after Alkermes agreed to acquire the company for about $2.1 billion, or $20 per share.
Capital One Financial (COF) closed up more than +1% after reporting Q3 adjusted EPS of $5.95, well above the consensus of $4.39.
Earnings Reports(10/23/2025)
Alaska Air Group Inc (ALK), Allegion plc (ALLE), American Airlines Group Inc (AAL), AutoNation Inc (AN), Baker Hughes Co (BKR), Blackstone Inc (BX), Boston Beer Co Inc/The (SAM), Boyd Gaming Corp (BYD), Brunswick Corp/DE (BC), Carpenter Technology Corp (CRS), CBRE Group Inc (CBRE), CenterPoint Energy Inc (CNP), Comfort Systems USA Inc (FIX), Darling Ingredients Inc (DAR), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), EastGroup Properties Inc (EGP), Euronet Worldwide Inc (EEFT), First Citizens BancShares Inc/ (FCNCA), Ford Motor Co (F), Freeport-McMoRan Inc (FCX), FTI Consulting Inc (FCN), Hasbro Inc (HAS), Healthpeak Properties Inc (DOC), Honeywell International Inc (HON), Intel Corp (INTC), Iridium Communications Inc (IRDM), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Millrose Properties Inc (MRP), Mohawk Industries Inc (MHK), MSC Industrial Direct Co Inc (MSM), Newmont Corp (NEM), Norfolk Southern Corp (NSC), Old Republic International Cor (ORI), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Roper Technologies Inc (ROP), Ryder System Inc (R), SLM Corp (SLM), Spirit AeroSystems Holdings In (SPR), SS&C Technologies Holdings Inc (SSNC), TechnipFMC PLC (FTI), Textron Inc (TXT), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), TransUnion (TRU), Union Pacific Corp (UNP), Valero Energy Corp (VLO), VeriSign Inc (VRSN), West Pharmaceutical Services Inc (WST), Western Union Co/The (WU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Retreat on Chipmaker Weakness and Renewed China Tensions

The S&P 500 Index ($SPX) (SPY) today is down -0.37%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.68%. December E-mini S&P futures (ESZ25) are down -0.37%, and December E-mini Nasdaq futures (NQZ25) are down -0.70%.
Stock indexes are under pressure today, led by losses in chipmakers after Texas Instruments forecasted Q4 revenue that was below expectations. Also, Netflix is down more than -9% after reporting weaker-than-expected Q3 EPS. Other corporate earnings results today are mixed for stocks. Intuitive Surgical is up more than +16% after boosting its worldwide Da Vinci procedure growth forecast for the whole year. Also, Capital One Financial is up more than +3% after reporting better-than-expected Q3 adjusted EPS.
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US MBA mortgage applications fell -0.3% in the week ended October 17, with the purchase mortgage sub-index down -5.2% and the refinancing sub-index up +4.0%. The average 30-year fixed rate mortgage fell -5 bp to 6.37% from 6.42% in the prior week.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods "if there isn't a deal" by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don't align with President Trump's priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts' expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 97% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.43%. China's Shanghai Composite closed down -0.07%. Japan's Nikkei Stock 225 closed down -0.02%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -3 ticks. The 10-year T-note yield is up +1.0 bp to 3.972%. Supply pressures are weighing on T-notes as the Treasury will auction $13 billion of 20-year T-bonds later today. Losses in T-notes are contained due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are mixed today. The 10-year German bund yield is up +1.6 bp to 2.568%. The 10-year UK gilt yield dropped to a 6.5-month low of 4.369% and is down -5.5 bp to 4.422%.
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.
ECB Vice President Guindos said, "The current ECB interest-rate level is adequate as the path forward for inflation looks positive," and risks to the outlook for consumer-price growth are balanced.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Netflix (NFLX) is down more than -9% to lead losers in the S&P 500 and Nasdaq 100 after reporting Q3 EPS of $5.87, well below the consensus of $6.94.
Texas Instruments (TXN) is down more than -5% to lead chipmakers lower after forecasting Q4 revenue of $4.22 billion to $4.58 billion, with the midpoint below the consensus of $4.50 billion. Also, Microchip Technology (MCHP), Lam Research (LRCX), Advanced Micro Devices (AMD), and Intel (INTC) are down more than -3%. In addition, Analog Devices (ADI), Marvell Technology (MRVL), KLA Corp (KLAC), ARM Holdings Plc (ARM), and ON Semiconductor (ON) are down more than -2%.
Cryptocurrency-exposed stocks are sliding today, with the price of Bitcoin down more than -2%. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) are down more than -3%.
AST SpaceMobile (ASTS) is down more than -12% after announcing a private offering of $850 million of convertible senior notes due 2036.
GE Vernova (GEV) is down more than -8% after reporting Q3 EPS of $1.64, weaker than the consensus of $1.86.
Manhattan Associates (MANH) is down more than -5% after reporting that its Q3 remaining performance obligations (RPOs) amounted to $2.077 billion, below the consensus of $2.088 billion.
Mattel (MAT) is down more than -2% after reporting Q3 net sales of $1.74 billion, weaker than the consensus of $1.84 billion.
Commercial Metals (CMC) is down more than -2% after Jeffries downgraded the stock to hold from buy.
Intuitive Surgical (ISRG) is up more than +16% to lead gainers in the S&P 500 and Nasdaq 100 after boosting its worldwide Da Vinci procedure growth forecast for the whole year.
Pegasystems (PEGA) is up more than +10% after reporting Q3 revenue of $381.4 million, well above the consensus of $351.8 million.
Hilton Worldwide Holdings (HLT) is up more than +4% after raising its full-year adjusted Ebitda to $3.69 billion-$3.72 billion from a previous forecast of $3.65 billion-$3.71 billion, above the consensus of $3.68 billion.
Capital One Financial (COF) is up more than +3% after reporting Q3 adjusted EPS of $5.95, well above the consensus of $4.39.
Avadel Pharmaceuticals (AVDL) is up more than +3% after Alkermes agreed to acquire the company for about $2.1 billion, or $20 per share.
Alphabet (GOOGL) is up more than +1% on news that Anthropic PBC is in discussions with Google about a deal for cloud computing services valued in the high tens of billions of dollars.
Amphenol (APH) is up more than +1% after reporting Q3 Ebitda of $1.93 billion, stronger than the consensus of $1.64 billion.
Earnings Reports(10/22/2025)
Alcoa Corp (AA), Amphenol Corp (APH), Annaly Capital Management Inc (NLY), AT&T Inc (T), Avery Dennison Corp (AVY), Boston Scientific Corp (BSX), CACI International Inc (CACI), Churchill Downs Inc (CHDN), CME Group Inc (CME), Crown Castle Inc (CCI), Equity LifeStyle Properties In (ELS), First American Financial Corp (FAF), FirstEnergy Corp (FE), GE Vernova Inc (GEV), Globe Life Inc (GL), Graco Inc (GGG), Hexcel Corp (HXL), Hilton Worldwide Holdings Inc (HLT), International Business Machine (IBM), Kinder Morgan Inc (KMI), Knight-Swift Transportation Holdings Inc (KNX), Lam Research Corp (LRCX), Las Vegas Sands Corp (LVS), Lennox International Inc (LII), Lithia Motors Inc (LAD), Medpace Holdings Inc (MEDP), Molina Healthcare Inc (MOH), Moody's Corp (MCO), Northern Trust Corp (NTRS), NVR Inc (NVR), O'Reilly Automotive Inc (ORLY), Packaging Corp of America (PKG), QuantumScape Corp (QS), Raymond James Financial Inc (RJF), Reliance Inc (RS), Robert Half Inc (RHI), SEI Investments Co (SEIC), Sonoco Products Co (SON), Southern Copper Corp (SCCO), SOUTHSTATE BANK CORP (SSB), Southwest Airlines Co (LUV), Stifel Financial Corp (SF), Teledyne Technologies Inc (TDY), Tesla Inc (TSLA), Thermo Fisher Scientific Inc (TMO), Travel + Leisure Co (TNL), United Rentals Inc (URI), Vertiv Holdings Co (VRT), Viking Therapeutics Inc (VKTX), Westinghouse Air Brake Technol (WAB), Wyndham Hotels & Resorts Inc (WH).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.