Cleveland-Cliffs Inc. operates as a flat-rolled steel producer in North America. The company offers hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, galvalume, enameling, and advanced high-strength steel products; austenitic, martensitic, duplex, precipitation hardening, and ferritic stainless steel products; plates; and grain oriented and non-oriented electrical steel products, as well as slab, scrap, iron ore, coal, and coke. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing. In addition, the company offers tinplate products, such as electrolytic tin coated and chrome coated sheet, and tin mill products; tooling and sampling; ingots, rolled blooms, and cast blooms; and hot-briquetted iron products. Further, it owns five iron ore mines in Minnesota and Michigan. The company serves automotive, infrastructure and manufacturing, distributors and converters, and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.

Cleveland-Cliffs Inc.

The following companies are expected to report earnings prior to market open on 11/25/2025. Visit our Earnings Calendar for a full list of expected earnings releases.
Analog Devices, Inc. (ADI)is reporting for the quarter ending October 31, 2025. The semiconductor company's consensus earnings per share forecast from the 10 analysts that follow the stock is $2.22. This value represents a 32.93% increase compared to the same quarter last year. In the past year ADI has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 6.22%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ADI is 29.98 vs. an industry ratio of 15.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Alibaba Group Holding Limited (BABA)is reporting for the quarter ending September 30, 2025. The internet company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.49. This value represents a 74.61% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BABA is 25.96 vs. an industry ratio of 0.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Burlington Stores, Inc. (BURL)is reporting for the quarter ending October 31, 2025. The discount retail company's consensus earnings per share forecast from the 7 analysts that follow the stock is $1.59. This value represents a 2.58% increase compared to the same quarter last year. In the past year BURL has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 25.2%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BURL is 31.51 vs. an industry ratio of 26.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Best Buy Co., Inc. (BBY)is reporting for the quarter ending October 31, 2025. The retail company's consensus earnings per share forecast from the 11 analysts that follow the stock is $1.31. This value represents a 3.97% increase compared to the same quarter last year. BBY missed the consensus earnings per share in the 4th calendar quarter of 2024 by -3.08%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for BBY is 12.21 vs. an industry ratio of 12.20, implying that they will have a higher earnings growth than their competitors in the same industry.
Dick's Sporting Goods Inc (DKS)is reporting for the quarter ending October 31, 2025. The retail company's consensus earnings per share forecast from the 10 analysts that follow the stock is $2.70. This value represents a 1.82% decrease compared to the same quarter last year. In the past year DKS has met analyst expectations once and beat the expectations the other three quarters. Zacks Investment Research reports that the 2026 Price to Earnings ratio for DKS is 14.49 vs. an industry ratio of 3.30, implying that they will have a higher earnings growth than their competitors in the same industry.
The J.M. Smucker Company (SJM)is reporting for the quarter ending October 31, 2025. The food company's consensus earnings per share forecast from the 8 analysts that follow the stock is $2.11. This value represents a 23.55% decrease compared to the same quarter last year. SJM missed the consensus earnings per share in the 3rd calendar quarter of 2025 by -2.56%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for SJM is 11.56 vs. an industry ratio of 29.50.
NIO Inc. (NIO)is reporting for the quarter ending September 30, 2025. The auto (foreign) company's consensus earnings per share forecast from the 1 analyst that follows the stock is $-0.24. This value represents a 33.33% increase compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for NIO is -5.47 vs. an industry ratio of 12.40.
Amentum Holdings, Inc. (AMTM)is reporting for the quarter ending September 30, 2025. The engineering company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.57. This value represents a 21.28% increase compared to the same quarter last year. In the past year AMTM has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 5.88%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AMTM is 11.44 vs. an industry ratio of 6.50, implying that they will have a higher earnings growth than their competitors in the same industry.
Atour Lifestyle Holdings Limited (ATAT)is reporting for the quarter ending September 30, 2025. The leisure (recreational) company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.45. This value represents a 15.38% increase compared to the same quarter last year. ATAT missed the consensus earnings per share in the 1st calendar quarter of 2025 by -25%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for ATAT is 23.33 vs. an industry ratio of -26.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Abercrombie & Fitch Company (ANF)is reporting for the quarter ending October 31, 2025. The retail (shoe) company's consensus earnings per share forecast from the 6 analysts that follow the stock is $2.14. This value represents a 14.40% decrease compared to the same quarter last year. In the past year ANF has beat the expectations every quarter. The highest one was in the 3rd calendar quarter where they beat the consensus by 2.2%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ANF is 7.26 vs. an industry ratio of 19.10.
Kohl's Corporation (KSS)is reporting for the quarter ending October 31, 2025. The retail company's consensus earnings per share forecast from the 6 analysts that follow the stock is $-0.19. This value represents a 195.00% decrease compared to the same quarter last year. KSS missed the consensus earnings per share in the 4th calendar quarter of 2024 by -25.93%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for KSS is 23.10 vs. an industry ratio of 24.10.
Clearfield, Inc. (CLFD)is reporting for the quarter ending September 30, 2025. The wireless equipment company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.09. This value represents a 250.00% increase compared to the same quarter last year. In the past year CLFD has beat the expectations every quarter. The highest one was in the 2nd calendar quarter where they beat the consensus by 120%. The "days to cover" for this stock exceeds 11 days. Zacks Investment Research reports that the 2025 Price to Earnings ratio for CLFD is 182.88 vs. an industry ratio of -4.40, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for November 25, 2025 : ADI, BABA, BURL, BBY, DKS, SJM, NIO, AMTM, ATAT, ANF, KSS, CLFD

Key Points
Hodges Capital Management added over 507,00 shares of GEO Group.
At the end of the quarter, it held 955,386 shares valued at $19.6million
The position now accounts for 1.7% of the equity AUM.
On Nov. 7,, Hodges Capital Management Inc. disclosed a purchase of 507,012 shares of GEO, increasing its position by an estimated $8.8 million.
Change in position: 507,012 shares added, net value increase of $8.8 million
Transaction accounts for 0.99% of 13F AUM
Post-trade stake: 955,386 shares valued at $19.6 million
Position now 1.7% of AUM
What happened
According to a filing with the Securities and Exchange Commission dated Nov. 7, Hodges Capital Management Inc. increased its stake in The GEO Group (NYSE:GEO) by 507,012 shares in the third quarter. The position’s reported value rose to $19.6 million at quarter’s end, reflecting both additional purchases and changes in share price.
What else to know
The fund increased its GEO holding, now representing 1.7% of its reportable U.S. equity AUM.
Top five holdings after the filing:
NASDAQ: WULF: $43.2 million (3.7% of AUM)
NASDAQ: NVDA: $39.0 million (3.4% of AUM)
NYSE: UBER: $35.5 million (3.0% of AUM)
NYSE: TPL: $33.6 million (2.9% of AUM)
NYSE: CLF: $29.7 million (2.5% of AUM)
As of Nov. 6, GEO shares were priced at $15.41, down 28.3% over the past year, lagging the S&P 500 by 41.7 percentage points.
Company overview
Price (as of market close 2025-11-06)
$15.41
Market Capitalization
$2.14 billion
Revenue (TTM)
$2.53 billion
Net Income (TTM)
$237.28 million
Company snapshot
The GEO Group, Inc. provides correctional, detention, and community reentry services through secure facilities and supervision programs in the United States, Australia, and South Africa. Services include secure facilities management and rehabilitation programs, and it produces revenue primarily from long-term government contracts. GEO Group's main customers include U.S. federal, state, and local government agencies, as well as international public sector clients in Australia and South Africa.
Foolish take
Hodges Capital Management meaningfully added to it GEO Group position. In fact, it more than doubled its share ownership in three months, to over 955,000 shares. At quarter's end, it was the fund's 15th largest holding.
Details about its new position come on the heels of Geo Group's third-quarter earnings release. The company reported a 13.1% increase in revenue to $682.3 million. Its earnings, adjusted to eliminate certain items, came in at $0.25 a share, up 19% compared to the $0.21 earnings per share in the year-ago period.
Geo Group highlighted high-profile contract wins, including those with the U.S. Customs and Immigration Enforcement (ICE). These include housing and transporting detainees. These don't come without controversy, and the company has faced litigation in the past.
Nonetheless, despite top-line and bottom-line growth, the market reacted negatively to the earnings release, likely due to its fourth-quarter guidance. They sent the share price down 10% in the following two days. Investors should take note of Hodges Capital Management's next quarterly holdings release. An increase in shares would indicate the firm's long-term confidence.
Glossary
13F AUM: The total value of U.S. equity securities a fund manager reports on SEC Form 13F.
AUM (Assets Under Management): The total market value of investments managed on behalf of clients by a fund or firm.
Stake: The ownership interest or position held by an investor or fund in a particular company.
Fee-for-service model: A business approach where clients pay for each service provided, rather than a flat or bundled rate.
Correctional, detention, and community reentry services: Services related to managing prisons, supervising detainees, and helping individuals transition back into society.
Facility management: The operation and oversight of buildings or complexes, especially in the context of secure or correctional environments.
Supervision services: Monitoring and managing individuals, often as part of parole, probation, or electronic monitoring programs.
Government contracts: Agreements to provide goods or services to government agencies, often long-term and subject to specific regulations.
TTM: The 12-month period ending with the most recent quarterly report.
Where to invest $1,000 right now
When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 1,036%* — a market-crushing outperformance compared to 191% for the S&P 500.
They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor.
*Stock Advisor returns as of November 3, 2025
Lawrence Rothman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia and Uber Technologies. 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.

Hodges Capital Loads Up On 507,000 GEO Group Shares

The NASDAQ 100 Pre-Market Indicator is down -144.88 to 25,974.97. The total Pre-Market volume is currently 212,554,224 shares traded.
The following are the most active stocks for the pre-market session:
Cambium Networks Corporation (CMBM) is +2.9698 at $5.92, with 73,684,238 shares traded.CMBM is scheduled to provide an earnings report on 11/6/2025, for the fiscal quarter ending Sep2025. The consensus earnings per share forecast is -0.04 per share, which represents a -21 percent increase over the EPS one Year Ago
ProShares UltraPro Short QQQ (SQQQ) is +0.17 at $12.93, with 8,112,574 shares traded., following a 52-week high recorded in prior regular session.
Direxion Daily TSLA Bull 2X Shares (TSLL) is -0.4401 at $21.65, with 7,519,035 shares traded. This represents a 244.2% increase from its 52 Week Low.
NVIDIA Corporation (NVDA) is -1.9869 at $205.05, with 6,082,074 shares traded. As reported by Zacks, the current mean recommendation for NVDA is in the "buy range".
Intel Corporation (INTC) is -0.49 at $40.85, with 4,873,421 shares traded. Over the last four weeks they have had 9 up revisions for the earnings forecast, for the fiscal quarter ending Dec 2025. The consensus EPS forecast is $-0.03. INTC's current last sale is 111.92% of the target price of $36.5.
Direxion Daily META Bull 2X Shares (METU) is -8.2201 at $35.88, with 3,798,445 shares traded. This represents a 78.42% increase from its 52 Week Low.
Chipotle Mexican Grill, Inc. (CMG) is -7.28 at $32.48, with 2,558,064 shares traded. As reported by Zacks, the current mean recommendation for CMG is in the "buy range".
Roblox Corporation (RBLX) is -4.74 at $129.00, with 2,098,110 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Dec 2025. The consensus EPS forecast is $-0.43. As reported by Zacks, the current mean recommendation for RBLX is in the "buy range".
Snap Inc. (SNAP) is -0.04 at $7.70, with 1,797,712 shares traded.SNAP is scheduled to provide an earnings report on 11/5/2025, for the fiscal quarter ending Sep2025. The consensus earnings per share forecast is -0.11 per share, which represents a -8 percent increase over the EPS one Year Ago
Cleveland-Cliffs Inc. (CLF) is -1.73 at $12.36, with 1,421,713 shares traded. CLF's current last sale is 95.08% of the target price of $13.
Novo Nordisk A/S (NVO) is -1.18 at $50.19, with 1,191,214 shares traded.NVO is scheduled to provide an earnings report on 11/5/2025, for the fiscal quarter ending Sep2025. The consensus earnings per share forecast is 0.75 per share, which represents a 90 percent increase over the EPS one Year Ago
Lithium Americas Corp. (LAC) is +0.21 at $5.96, with 1,119,392 shares traded.LAC is scheduled to provide an earnings report on 11/4/2025, for the fiscal quarter ending Sep2025. The consensus earnings per share forecast is -0.05 per share, which represents a -1 percent increase over the EPS one Year Ago
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Most Active for Oct 30, 2025 : CMBM, SQQQ, TSLL, NVDA, INTC, METU, CMG, RBLX, SNAP, CLF, NVO, LAC

The S&P 500 Index ($SPX) (SPY) on Tuesday closed unchanged, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.47%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.06%. December E-mini S&P futures (ESZ25) fell -0.05%, and December E-mini Nasdaq futures (NQZ25) fell -0.08%.
Stock indexes settled mixed on Tuesday, with the S&P 500 posting a one-week high and the Dow Jones Industrial Average reaching a new record high. The broader market found support Tuesday on some positive corporate news. General Motors closed up more than +14% after raising its full-year adjusted EPS estimate. Also, 3M Co closed up more than +7% after raising its full-year adjusted EPS continuing operations estimate. In addition, RTX Corp closed up more than +7% after raising its full-year adjusted sales estimate. Finally, Coca-Cola closed up more than +4% after reporting better-than-expected Q3 comparable EPS.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side, mining stocks retreated on Tuesday after the price of gold sank by more than -5% and silver prices plunged by more than -7% due to long liquidation pressures following their rallies to record highs last week. Also, weakness in semiconductor stocks weighed on the Nasdaq 100.
Gains in stocks were limited on Tuesday as they consolidated some of their sharp gains made over the past two sessions. The market is focusing on progress in US-China trade talks, as President Trump on Monday reiterated his threat 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.
In some minor US economic news, the Oct Philadelphia Fed non-manufacturing business activity survey fell -9.9 to a 4-month low of -22.2.
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 Sep 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%.
Trade tensions between the US and China, the ongoing US government shutdown, and fears about credit quality in the US have sparked a buying spree in precious metals as a haven, with gold and silver reaching fresh all-time highs last Friday.
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. 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 higher on Tuesday. The Euro Stoxx 50 rallied to a new all-time high and closed up +0.10%. China's Shanghai Composite closed up +1.36%. Japan's Nikkei Stock 225 rose to a new record high and closed up by +0.27%.
Interest Rates
December 10-year T-notes (ZNZ5) on Tuesday closed up +5 ticks. The 10-year T-note yield fell -2.5 bp to 3.955%. T-note prices moved higher on Tuesday 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. T-notes remained higher after the Oct Philadelphia Fed non-manufacturing business activity survey fell to a 4-month low.
European government bond yields moved lower on Tuesday. The 10-year German bund yield fell -2.5 bp to 2.552%. The 10-year UK gilt yield fell -2.7 bp to 4.478%.
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
General Motors (GM) closed up more than +14% to lead gainers in the S&P 500 after raising its full-year adjusted EPS estimate to $9.75-$10.50 from a previous estimate of $8.25-$10.00.
Halliburton (HAL) closed up more than +12% after reporting Q3 revenue of $5.60 billion, better than the consensus of $5.39 billion.
Warner Bros. Discovery (WBD) closed up more than +11% to lead gainers in the Nasdaq 100 after it announced it has initiated a review of strategic alternatives to maximize shareholder value.
Gartner (IT) closed up more than +8% after William Balire said it was "impressed" by a demo of the company's AI-powered AskGartner tool at the IT Symposium/Xpo 2025 conference.
3M Co (MMM) closed up more than +7% to lead gainers in the Dow Jones industrials after raising its full-year adjusted EPS continuing operations to $7.95-$8.05 from a previous estimate of $7.75-$8.00.
RTX Corp (RTX) closed up more than +7% after raising its full-year adjusted sales estimate to $86.5 billion-$87.0 billion from a previous estimate of $84.75 billion-$85.50 billion.
Danaher (DHR) closed up more than +6% after reporting Q3 adjusted EPS of $1.89, stronger than the consensus of $1.72.
Crown Holdings (CCK) closed up more than +5% after boosting its full-year adjusted EPS estimate to $7.70-$7.80 from a previous estimate of $7.10-$7.50, above the consensus of $7.39.
Coca-Cola (KO) closed up more than +3% after reporting Q3 comparable EPS of 82 cents, above the consensus of 78 cents.
Mining stocks sold off on Tuesday after gold prices sank more than -5% and silver prices plunged more than -7%. As a result, Newmont (NEM) closed down more than -9% to lead losers in the S&P 500. Also, Barrick Mining (B), Coeur Mining (CDE), Kinross Gold (KGC), and Anglogold Ashanti Plc (AU) closed down more than -9%.
Chipmakers declined on Tuesday, weighing on the Nasdaq 100. Micron Technology (MU) closed down more than -2%. Also, Broadcom (AVGO), Marvell Technology (MRVL), ASML Holding NV (ASML), ARM Holdings Plc (ARM), and Advanced Micro Devices (AMD) closed down more than -1%. In addition, Applied Materials (AMAT) closed down -0.93% and Nvidia (NVDA) closed down -0.81%.
Cleveland-Cliffs (CLF) closed down more than -17% after Wells Fargo Securities downgraded the stock to underweight from equal weight with a price target of $11.
NuScale Power (SMR) closed down more than -13% after Citigroup downgraded the stock to sell from neutral with a price target of $37.50.
Tempus AI (TEM) closed down more than -3% after TD Cowen downgraded the stock to hold from buy, citing valuation.
Alphabet (GOOGL) closed down by more than -2% after OpenAI unveiled the first AI-powered web browser, sparking competition with Alphabet's Google.
Verizon Communications (VZ) closed down more than -1% to lead losers in the Dow Jones Industrials after BNP Paribas Exane downgraded the stock to neutral from outperform.
Elevance Health (ELV) closed down more than -1% despite reporting better-than-expected Q3 operating revenue after the company said it sees 2025 Medicaid operating margin "modestly negative."
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.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Mixed on Strong Earnings and Weakness in Mining Stocks

The S&P 500 Index ($SPX) (SPY) today is up +0.07%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.58%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.12%. December E-mini S&P futures (ESZ25) are up +0.07%, and December E-mini Nasdaq futures (NQZ25) are down -0.11%.
Stock indexes are mixed today, with the Dow Jones Industrials posting a 1.5-week high. The broader market is moving slightly higher on some positive corporate news. General Motors is up more than +14% after raising its full-year adjusted EPS estimate. Also, RTX Corp is up more than +8% after raising its full-year adjusted sales estimate. In addition, Coca-Cola is up more than +3% after reporting better-than-expected Q3 comparable EPS.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side, mining stocks are under pressure today, with the price of gold down by more than -4% and silver prices sinking by more than -7% due to long liquidation pressures following their rallies to record highs last week. Also, weakness in chipmakers today is weighing on the Nasdaq 100.
Gains in stocks are limited as they consolidate some of their sharp gains made over the past two sessions. The market is focusing on progress in US-China trade talks, as President Trump on Monday reiterated his threat 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.
In some minor US economic news, the Oct Philadelphia Fed non-manufacturing business activity survey fell -9.9 to a 4-month low of -22.2.
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 Sep 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%.
Trade tensions between the US and China, the ongoing US government shutdown, and fears about credit quality in the US have sparked a buying spree in precious metals as a haven, with gold and silver reaching fresh all-time highs last Friday.
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. 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 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are higher today. The Euro Stoxx 50 rallied to a new all-time high and is up +0.02%. China’s Shanghai Composite closed up +1.36%. Japan’s Nikkei Stock 225 rose to a new record high and closed up by +0.27%.
Interest Rates
December 10-year T-notes (ZNZ5) are up +5 ticks. The 10-year T-note yield is down -2.5 bp to 3.955%. T-note prices today are slightly higher. T-notes have 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. T-notes maintained modest gains after the Oct Philadelphia Fed non-manufacturing business activity survey fell to a 4-month low.
European government bond yields are moving lower today. The 10-year German bund yield is down -2.2 bp to 2.555%. The 10-year UK gilt yield is down -2.3 bp to 4.482%.
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
General Motors (GM) is up more than +14% to lead gainers in the S&P 500 after raising its full-year adjusted EPS estimate to $9.75-$10.50 from a previous estimate of $8.25-$10.00.
Warner Bros. Discovery (WBD) is up more than +9% to lead gainers in the Nasdaq 100 after it announced it has initiated a review of strategic alternatives to maximize shareholder value.
Halliburton (HAL) is up more than +9% after reporting Q3 revenue of $5.60 billion, better than the consensus of $5.39 billion.
RTX Corp (RTX) is up more than +8% after raising its full-year adjusted sales estimate to $86.5 billion-$87.0 billion from a previous estimate of $84.75 billion-$85.50 billion.
Danaher (DHR) is up more than +8% after reporting Q3 adjusted EPS of $1.89, stronger than the consensus of $1.72.
Crown Holdings (CCK) is up more than +4% after boosting its full-year adjusted EPS estimate to $7.70-$7.80 from a previous estimate of $7.10-$7.50, above the consensus of $7.39.
3M Co (MMM) is up more than +4% to lead gainers in the Dow Jones industrials after raising its full-year adjusted EPS continuing operations to $7.95-$8.05 from a previous estimate of $7.75-$8.00.
Coca-Cola (KO) is up more than +3% after reporting Q3 comparable EPS of 82 cents, above the consensus of 78 cents.
Mining stocks are under pressure today, with gold prices down by more than -4% and silver prices down by more than -7%. As a result, Newmont (NEM) is down more than -9% to lead losers in the S&P 500. Also, Barrick Mining (B), Coeur Mining (CDE), Kinross Gold (KGC), Anglogold Ashanti Plc (AU), and Freeport McMoRan (FCX) are down more than -3%.
Semiconductor stocks are sliding today and weighing on the Nasdaq 100. Marvel Technology (MRVL), Advanced Micro Devices (AMD), and Micron Technology (MU) are down more than -2%. Also, ARM Holdings Plc (ARM), Broadcom (AVGO), ASML Holding NV (ASML), and Nvidia (NVDA) are down more than -1%.
Cleveland-Cliffs (CLF) is down more than -17% after Wells Fargo Securities downgraded the stock to underweight from equal weight with a price target of $11.
NuScale Power (SMR) is down more than -8% after Citigroup downgraded the stock to sell from neutral with a price target of $37.50.
Verizon Communications (VZ) is down more than -1% to lead losers in the Dow Jones Industrials after BNP Paribas Exane downgraded the stock to neutral from outperform.
Elevance Health (ELV) is down more than -1% despite reporting better-than-expected Q3 operating revenue after the company said it sees 2025 Medicaid operating margin “modestly negative.”
PulteGroup (PHM) is down more than -1% after reporting a Q3 backlog of home orders fell -18% y/y to 9,888, below the consensus of 9,990.
Earnings Reports(10/21/2025)
3M Co (MMM), Agree Realty Corp (ADC), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), Danaher Corp (DHR), East West Bancorp Inc (EWBC), Elevance Health Inc (ELV), EQT Corp (EQT), Equifax Inc (EFX), General Electric Co (GE), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Intuitive Surgical Inc (ISRG), Lockheed Martin Corp (LMT), Manhattan Associates Inc (MANH), Matador Resources Co (MTDR), Mattel Inc (MAT), Nasdaq Inc (NDAQ), Netflix Inc (NFLX), Northrop Grumman Corp (NOC), Omnicom Group Inc (OMC), PACCAR Inc (PCAR), Pegasystems Inc (PEGA), Pentair PLC (PNR), Philip Morris International Inc (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Texas Instruments Inc (TXN), Valmont Industries Inc (VMI), Weatherford International PLC (WFRD), Western Alliance Bancorp (WAL).
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 Supported by Strong Q3 Earnings Results

The S&P 500 Index ($SPX) (SPY) today is up +0.05%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.12%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.30%. December E-mini S&P futures (ESZ25) are up +0.03%, and December E-mini Nasdaq futures (NQZ25) are down -0.25%.
Stock indexes are mixed today, with the Dow Jones Industrials posting a 1.5-week high. The broader market is moving slightly higher on some positive corporate news. General Motors is up more than +12% after raising its full-year adjusted EPS estimate. Also, RTX Corp is up more than +10% after raising its full-year adjusted sales estimate. In addition, Coca-Cola is up more than +3% after reporting better-than-expected Q3 comparable EPS.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side, mining stocks are under pressure today, with the price of gold down by more than -3% and silver prices sinking by more than -5%.
Gains in stocks are limited as they consolidate some of their sharp gains made over the past two sessions. The market is focusing on progress in US-China trade talks, as President Trump on Monday reiterated his threat 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.
In some minor US economic news, the Oct Philadelphia Fed non-manufacturing business activity survey fell -9.9 to a 4-month low of -22.2.
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 Sep 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%.
Trade tensions between the US and China, the ongoing US government shutdown, and fears about credit quality in the US have sparked a buying spree in precious metals as a haven, with gold and silver reaching fresh all-time highs last Friday.
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. 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 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are higher today. The Euro Stoxx 50 rallied to a new all-time high and is up +0.05%. China’s Shanghai Composite closed up +1.36%. Japan’s Nikkei Stock 225 rose to a new record high and closed up by +0.27%.
Interest Rates
December 10-year T-notes (ZNZ5) are up +5 ticks. The 10-year T-note yield is down -2.7 bp to 3.953%. T-note prices today are slightly higher. T-notes have 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. T-notes maintained modest gains after the Oct Philadelphia Fed non-manufacturing business activity survey fell to a 4-month low.
European government bond yields today are moving lower. The 10-year German bund yield is down -2.2 bp to 2.555%. The 10-year UK gilt yield is down -3.2 bp to 4.473%.
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
General Motors (GM) is up more than +12% to lead gainers in the S&P 500 after raising its full-year adjusted EPS estimate to $9.75-$10.50 from a previous estimate of $8.25-$10.00.
Warner Bros. Discovery (WBD) is up more than +10% to lead gainers in the Nasdaq 100 after it announced it has initiated a review of strategic alternatives to maximize shareholder value.
RTX Corp (RTX) is up more than +10% after raising its full-year adjusted sales estimate to $86.5 billion-$87.0 billion from a previous estimate of $84.75 billion-$85.50 billion.
Halliburton (HAL) is up more than +8% after reporting Q3 revenue of $5.60 billion, better than the consensus of $5.39 billion.
Danaher (DHR) is up more than +8% after reporting Q3 adjusted EPS of $1.89, stronger than the consensus of $1.72.
Crown Holdings (CCK) is up more than +4% after boosting its full-year adjusted EPS estimate to $7.70-$7.80 from a previous estimate of $7.10-$7.50, above the consensus of $7.39.
Coca-Cola (KO) is up more than +3% to lead gainers in the Dow Jones industrials after reporting Q3 comparable EPS of 82 cents, above the consensus of 78 cents.
3M Co (MMM) is up more than +2% after raising its full-year adjusted EPS continuing operations to $7.95-$8.05 from a previous estimate of $7.75-$8.00.
Mining stocks are under pressure today, with gold prices down by more than -3% and silver prices down by more than -5%. As a result, Newmont (NEM) is down more than -8% to lead losers in the S&P 500. Also, Barrick Mining (B), Coeur Mining (CDE), Kinross Gold (KGC), Anglogold Ashanti Plc (AU), and Freeport McMoRan (FCX) are down more than -3%.
Cleveland-Cliffs (CLF) is down more than -14% after Wells Fargo Securities downgraded the stock to underweight from equal weight with a price target of $11.
NuScale Power (SMR) is down more than -7% after Citigroup downgraded the stock to sell from neutral with a price target of $37.50.
Elevance Health (ELV) is down more than -4% despite reporting better-than-expected Q3 operating revenue after the company said it sees 2025 Medicaid operating margin “modestly negative.”
PulteGroup (PHM) is down more than -3% after reporting a Q3 backlog of home orders fell -18% y/y to 9,888, below the consensus of 9,990.
Northrop Grumman (NOC) is down more than -1% after cutting its full-year sales forecast to $41.70 billion-$41.90 billion from a previous estimate of $43.05 billion-$42.25 billion, weaker than the consensus of $42.22 billion.
W R Berkley (WRB) is down more than -1% after reporting Q3 net premiums written of $3.23 billion, below the consensus of $3.28 billion.
Earnings Reports(10/21/2025)
3M Co (MMM), Agree Realty Corp (ADC), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), Danaher Corp (DHR), East West Bancorp Inc (EWBC), Elevance Health Inc (ELV), EQT Corp (EQT), Equifax Inc (EFX), General Electric Co (GE), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Intuitive Surgical Inc (ISRG), Lockheed Martin Corp (LMT), Manhattan Associates Inc (MANH), Matador Resources Co (MTDR), Mattel Inc (MAT), Nasdaq Inc (NDAQ), Netflix Inc (NFLX), Northrop Grumman Corp (NOC), Omnicom Group Inc (OMC), PACCAR Inc (PCAR), Pegasystems Inc (PEGA), Pentair PLC (PNR), Philip Morris International Inc (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Texas Instruments Inc (TXN), Valmont Industries Inc (VMI), Weatherford International PLC (WFRD), Western Alliance Bancorp (WAL).
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.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mixed on Mostly Positive Corporate News

Summit Therapeutics Inc.’s SMMT shares slid 4.6% after reporting third-quarter 2025 losses of 31 cents per share, wider than the Zacks Consensus Estimate loss of 14 cents.
Shares of Cleveland-Cliffs Inc. CLF soared 21.5% following announcements of a transformative partnership with a global steel producer and new rare-earth mining ambitions.
L3Harris Technologies, Inc.’s LHX shares gained 2.4% after winning a major contract to supply modified jets to South Korea.
Shares of The Cooper Companies, Inc. COO rose 4.2% on reports that activist investor Jana Partners had built a stake and was pressing for strategic alternatives, including potential merger activity.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
Download Atomic Opportunity: Nuclear Energy's Comeback free today.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Summit Therapeutics PLC (SMMT) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Company News for Oct 21, 2025

The hottest trade of late hasn’t been in AI, instead, stocks of companies that are engaged in the production or servicing of rare earth minerals and elements have taken the spotlight.
While the market had been on edge amid reemerging trade war fears, “rare earth” stocks have gained more momentum from the increased tensions between the U.S and China.
To that point, the U.S.-China friction has intensified around rare earth minerals, which are critical for defense and tech industries, including for the production of electric vehicles and semiconductors.
Dominating the rare earth supply chain for quite some time, China’s tariff retaliation has also centered on tighter export restrictions for these essential commodities. In response, the U.S. has planned to ramp up domestic production and has even made direct investments in publicly traded mining and critical element producing companies.
These strategic investments led the initial surge in rare earth stocks with JPMorgan JPM recently adding to the optimism by announcing a $1.5 trillion “Security and Resilience Initiative” to help as well.
Keeping this scenario in mind, investors are certainly wondering if they should ride the rare earth stock’s trade wave.
The U.S. Government’s Direct Investments
Focusing on critical minerals and national security, the U.S. government has taken direct equity stakes in several mining companies, which have all seen their stocks soar well over +100% in 2025.
Lithium Americas - LAC
Stock Price & YTD Gains: $6, +135%
Although Lithium Americas LAC is a Canadian-based company, it has critical mineral projects in the U.S. that are essential to the nation’s ability to produce such rare resources. With the U.S. taking a 5% stake in Lithium Americas, the mining company’s Thacker Project in Nevada is on track to be one of the largest sources of lithium in North America. Notably, lithium is crucial for EV production and the excitement for Lithium America’s stock has taken off despite expectations of an adjusted loss of around $0.20 per share or more for the foreseeable future. Still, fiscal 2026 EPS estimates have remained slightly higher in the last 60 days landing LAC shares a Zacks Rank #3 (Hold) as the possibility of Lithium Americas being lifted above the probability line has become more likely.
Trilogy Metals - TMQ
Stock Price & YTD Gains: $6, +434%
Yes your seeing that right, this was a penny stock that has skyrocketed over +400% after trading under $1 earlier in the year. Also based in Canada, the U.S. has a 10% stake in Trilogy Metals TMQ to support the development of its Ambler mining district project in Alaska, which is rich in copper, cobalt, and geranium.
TMQ shares also land a Zacks Rank #3 (Hold) as earnings estimate revisions have remained unchanged over the last quarter but the metal exploration company is actually closer to posting positive EPS sooner than Lithium Americas.
MP Materials - MP
Stock Price & YTD Gains: $82, +427%
Headquartered in Nevada, MP Materials MP has long been on the radar as one of the more popular mining stocks. Producing rare earth materials in the Western Hemisphere, the U.S. has taken a 15% equity stake in MP Materials. That said, the rally in MP Materials stock appears to be overdone with MP shares trading over $80 after soaring more than +400% YTD. It might be a good time to take profits in MP as FY25 and FY26 EPS estimates are both lower in the last 60 days. Correlating with such, MP lands a Zacks Rank #4 (Sell).
MP Materials is projected to swing into the black next year and post positive EPS of $0.92 but estimates are down from $0.96 two months ago. Plus, this would still leave MP Materials at a very high forward P/E valuation despite moving further away from the speculative growth phase since going public in 2020.
USA Rare Earth Stock Soars on China’s Export Controls
Launching its IPO in March, USA Rare Earth’s USAR stock has attracted investors interest as one of the few companies aiming to produce rare earth magnets solely in the U.S., a key component in electric motors and military systems.
Furthermore, USA Rare Earth’s new CEO Babara Humpton has sparked investor sentiment after hinting that management is in close communication with the White House amid the Trump administration’s goal to cut China’s dominance over rare earth minerals. Fueling speculation about a potential government partnership, USAR shares have rallied more than +100% in the last month to over $30 and are now sitting on pleasant IPO gains of +70%.
Image Source: Zacks Investment Research
USA Rare Earth is not yet profitable, but is projected to post a smaller adjusted EPS loss of -$0.32 in FY26 with FY25 estimates currently at -$0.82 per share. USAR has a Zacks Rank #3 (Hold) as FY26 EPS revisions are sharply up from projections of -$0.54 earlier in the quarter although FY25 EPS estimates are down from -$0.60.
Image Source: Zacks Investment Research
Cleaveland-Cliff’s Q3 Report
It’s noteworthy that Cleveland-Cliffs CLF has entered the rare earth stock trade after announcing a bold pivot into the space during its Q3 report on Monday morning. CLF surged more than +20% in today’s trading session to $16 a share as Cleaveland-Cliffs stated it would explore rare earth mineral production at its mining sites in Michigan and Minnesota.
Able to exceed earnings expectations, Cleveland-Cliffs posted an adjusted loss of -$0.50 a share compared to Q3 EPS estimates of -$0.68. The EPS surprise was attributed to robust demand for its U.S.-produced steel thanks to President Trump’s 50% tariff on imported steel. However, Cleveland-Cliffs came short of Q3 sales estimates of $4.88 billion by 3% with CLF currently landing a Zacks Rank #4 (Sell). Hopefully a trend of declining EPS revisions for FY25 and FY26 will begin to turnaround, especially as Cleaveland-Cliffs is expected to be unprofitable for the time being.
Image Source: Zacks Investment Research
Conclusion & Final Thoughts
Not to doubt the emerging importance and relevance of these rare earth stocks, but there could certainly be better buying opportunities ahead as most of them are in the speculatory growth phase. Obviously, a higher risk tolerance will be needed for those who choose to invest in these rare earth companies but they make for a great watchlist of buy the dip targets.
#1 Semiconductor Stock to Buy (Not NVDA)
The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.
One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.
See This Stock Now for Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
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.

Ride the Rare Earth Stock's Trade Wave?

The S&P 500 Index ($SPX) (SPY) on Monday closed up +1.07%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.12%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.30%. December E-mini S&P futures (ESZ25) rose +1.12%, and December E-mini Nasdaq futures (NQZ25) rose +1.32%.
Stock index futures rallied on Monday and added to last Friday’s gains, with the S&P 500 and Nasdaq 100 posting 1-week highs, and the Dow Jones Industrials posting a 1.5-week high. Market sentiment has improved as US-China trade tensions eased after President Trump on Sunday said that “I think we’re going to be fine with China.” Stocks are also seeing support from optimism that Q3 earnings results will continue to surprise to the upside. Carry-over support from rallies in European and Japanese stocks to record highs on Monday also underpinned US stocks. Additionally, lower bond yields are supportive of stocks as the 10-year T-note yield fell -3 bp on Monday to 3.98%.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Treasury Secretary Bessent said the US and China will hold talks this week in Malaysia to prepare for President Trump’s meeting with Chinese President Xi Jinping later this month on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
Better-than-expected Chinese economic news is supportive of global growth prospects. China Q3 GDP rose +1.1% q/q and +4.8% y/y, stronger than expectations of +0.8% q/q and +4.7% y/y. Also, China’s Sep industrial production rose +6.5% y/y, stronger than expectations of +5.0% y/y. In addition, China’s Sep jobless rate unexpectedly fell -0.1 to 5.2%, showing a stronger labor market than expectations of no change at 5.3%.
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 Sep 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%.
Trade tensions between the US and China, the ongoing US government shutdown, and fears about credit quality in the US have sparked a buying spree in precious metals as a haven, with gold and silver reaching fresh all-time highs last Friday.
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. 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 99% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are higher today. The Euro Stoxx 50 rose to a new record high and closed up +1.31%. China’s Shanghai Composite closed up +0.63%. Japan’s Nikkei Stock 225 rallied to a new record high and closed up sharply by +3.37%.
Interest Rates
December 10-year T-notes (ZNZ5) on Monday closed up +4 ticks. The 10-year T-note yield fell -2.5 bp to 3.984%. T-notes recovered from early losses and moved higher on Monday due to a slide in inflation expectations after the 10-year breakeven inflation rate fell to a 4.25-month low of 2.262%. T-notes also have 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.
Strength in stocks on Monday curbed safe-haven demand for government debt securities and limited gains in T-note prices. Also, the easing of US-China trade tensions has curbed safe-haven demand for government debt securities and is undercutting T-note prices after President Trump said things will be “fine” with China.
European government bond yields moved lower on Monday. The 10-year German bund yield fell -0.3 bp to 2.577%. The 10-year UK gilt yield fell -2.6 bp to 4.505%.
German Sep PPI fell -0.1% m/m and -1.7% y/y, weaker than expectations of +0.1% m/m and -1.5% y/y.
Late last Friday, S&P Global Ratings lowered France's sovereign debt credit rating to A+ from AA-, citing the country's budget uncertainty as "elevated" despite the submission of a 2025 draft budget.
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
Most Magnificent Seven technology stocks rallied on Monday and provided support to the overall market. Apple (AAPL) closed up more than +3% and Meta Platforms (META) closed up more than +2%. Also, Alphabet (GOOGL), Amazon.com (AMZN), and Tesla (TSLA) closed up more than +1%. In addition, Microsoft (MSFT) closed up +0.63%.
Chipmakers and AI infrastructure stocks moved higher on Monday to support gains in the broader market. Super Micro Computer (SMCI) closed up more than +5%, and ON Semiconductor (ON) and KLA Corp (KLAC) closed up more than +4%. Also, Advanced Micro Devices (AMD), ARM Holdings Plc (ARM), and Microchip Technology (MCHP) closed up more than +3%. In addition, NXP Semiconductors NV (NXPI), Micron Technology (MU), Lam Research (LRCX), GlobalFoundries (GFS), and Intel (INTC) closed up more than +2%.
Cryptocurrency-exposed stocks moved higher on Monday after the price of Bitcoin rose more than +3% following last Friday’s fall to a 3.75-month low. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) are up more than +2%.
Celcuity Inc. (CELC) closed up more than +35% after reporting “statistically significant” improvement in a trial of its gedatolisib drug in combination with palbociclib and fulvestrant in the treatment of breast cancer patients.
Cleveland-Cliffs (CLF) closed up more than +21% after reporting a Q3 adjusted loss per share of -45 cents, a smaller loss than the consensus of -47 cents. Also, the company said it had entered into an agreement with a “major global steel producer.”
Sable Offshore Corp. (SOC) closed up more than +6% after US Secretary of Energy Wright supported the company’s effort to restart one of its California oil projects that is awaiting state approval.
Cooper Cos. (COO) closed up more than +4% after the Wall Street Journal reported that Jana Partners has built a stake in the company and plans to push for strategic alternatives.
nCino (NCNO) closed up more than +4% after Raymond James upgraded the stock to strong buy from outperform with a price target of $36.
Lululemon Athletica (LULU) closed up more than +2% after BNP Paribas Exane upgraded the stock to neutral from underperform.
Hologic (HOLX) closed up more than +2% on news that Blackstone and TPG Inc. are in advanced negotiations to acquire the company.
AppLovin (APP) closed down more than -5% to lead losers in the S&P 500 and Nasdaq 100 after the New York Times reported that several state regulators have reached out to short sellers in a possible preliminary probe of the company.
Progressive Corp (PGR) closed down more than -2% after Morgan Stanley downgraded the stock to underweight from equal weight with a price target of $214.
Marvell Technology (MRVL) closed down more than -2% after Barclays downgraded the stock to equal weight from overweight.
Astera Labs (ALAB) closed down more than -2% after Barclays downgraded the stock to equal weight from overweight.
Lumentum Holdings (LITE) closed down more than -2% after Barclays downgraded the stock to equal weight from overweight.
Earnings Reports(10/21/2025)
3M Co (MMM), Agree Realty Corp (ADC), Capital One Financial Corp (COF), Chubb Ltd (CB), Coca-Cola Co/The (KO), Danaher Corp (DHR), East West Bancorp Inc (EWBC), Elevance Health Inc (ELV), EQT Corp (EQT), Equifax Inc (EFX), General Electric Co (GE), General Motors Co (GM), Genuine Parts Co (GPC), Halliburton Co (HAL), Intuitive Surgical Inc (ISRG), Lockheed Martin Corp (LMT), Manhattan Associates Inc (MANH), Matador Resources Co (MTDR), Mattel Inc (MAT), Nasdaq Inc (NDAQ), Netflix Inc (NFLX), Northrop Grumman Corp (NOC), Omnicom Group Inc (OMC), PACCAR Inc (PCAR), Pegasystems Inc (PEGA), Pentair PLC (PNR), Philip Morris International Inc (PM), PulteGroup Inc (PHM), Quest Diagnostics Inc (DGX), RTX Corp (RTX), Texas Instruments Inc (TXN), Valmont Industries Inc (VMI), Weatherford International PLC (WFRD), Western Alliance Bancorp (WAL).
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 on Easing Trade Tensions and Solid Q3 Earnings

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Cleveland-Cliffs Inc (Symbol: CLF), where a total of 233,082 contracts have traded so far, representing approximately 23.3 million underlying shares. That amounts to about 65% of CLF's average daily trading volume over the past month of 35.9 million shares. Especially high volume was seen for the $20 strike call option expiring January 16, 2026, with 23,073 contracts trading so far today, representing approximately 2.3 million underlying shares of CLF. Below is a chart showing CLF's trailing twelve month trading history, with the $20 strike highlighted in orange:
Shutterstock Inc (Symbol: SSTK) options are showing a volume of 1,771 contracts thus far today. That number of contracts represents approximately 177,100 underlying shares, working out to a sizeable 62.8% of SSTK's average daily trading volume over the past month, of 281,895 shares. Especially high volume was seen for the $22.50 strike put option expiring December 19, 2025, with 420 contracts trading so far today, representing approximately 42,000 underlying shares of SSTK. Below is a chart showing SSTK's trailing twelve month trading history, with the $22.50 strike highlighted in orange:
And Align Technology Inc (Symbol: ALGN) options are showing a volume of 7,560 contracts thus far today. That number of contracts represents approximately 756,000 underlying shares, working out to a sizeable 62.8% of ALGN's average daily trading volume over the past month, of 1.2 million shares. Especially high volume was seen for the $150 strike put option expiring January 16, 2026, with 1,606 contracts trading so far today, representing approximately 160,600 underlying shares of ALGN. Below is a chart showing ALGN's trailing twelve month trading history, with the $150 strike highlighted in orange:
For the various different available expirations for CLF options, SSTK options, or ALGN options, visit StockOptionsChannel.com.
Also see:
HYLN Options Chain
BPI shares outstanding history
Institutional Holders of CPSJ
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Periodand min./max. price, $	Price change, %		Volatility, %		Volume, $
Periodand min./max. price, $	CLF	Industry	CLF	Industry	Volume, $
Yesterday 12.3 - 12.9	-2.08	5.91	3.18	1.61	241.85M
Week 12.1 - 13.6	2.13	12.88	4.55	3.24	907.21M
Month 10.2 - 13.6	21.67	29.02	10.25	9.04	3.84B
3 Months 9.9 - 16.7	3.99	46.14	34.67	16.13	20.12B
6 Months 6.7 - 16.7	73.22	41.59	59.29	23.27	33.65B
Year 5.6 - 16.7	24.44	48.21	78.17	39.12	54.51B
3 years 5.6 - 23.0	-15.60	63.72	100.88	69.61	120.29B
5 years 5.6 - 34.0	-6.65	128.65	135.18	99.92	297.84B
All time 1.2 - 122.0	119.86	95.31	—	—	254.81B

Cleveland-Cliffs Inc.

Price and volatility history

Risk ratios