MicroStrategy Incorporated provides artificial intelligence-powered enterprise analytics software and services in the United States, Europe, the Middle East, Africa, and internationally. It offers MicroStrategy ONE, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making; and MicroStrategy Cloud for Government service, which offers always-on threat monitoring that meets the rigorous technical and regulatory needs of governments and financial institutions. The company also provides MicroStrategy Support that helps customers achieve their system availability and usage goals through highly responsive troubleshooting and assistance; MicroStrategy Consulting, which provides architecture and implementation services to help customers realize their desired results; and MicroStrategy Education that offers free and paid learning options. In addition, it engages in the development of bitcoin. The company offers its services through direct sales force and channel partners. It serves the U.S. government, state and local governments, and government agencies, as well as a range of industries, including retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications, and the public sector. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.

Strategy Inc

Below is Validea's guru fundamental report for MICROSTRATEGY INC (MSTR). Of the 22 guru strategies we follow, MSTR rates highest using our Quantitative Momentum Investor model based on the published strategy of Wesley Gray. This momentum model looks for stocks with strong and consistent intermediate-term relative performance.
MICROSTRATEGY INC (MSTR) is a mid-cap growth stock in the Software & Programming industry. The rating using this strategy is 77% 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.
SEASONALITY
NEUTRAL
Detailed Analysis of MICROSTRATEGY INC
MSTR Guru Analysis
More Information on Wesley Gray
Wesley Gray Portfolio
About Wesley Gray: Wesley Gray is the founder of Alpha Architect and the author (along with co-author Jack Vogel) of "Quantitative Momentum A Practitioner's Guide to Building a Momentum-Based Stock Selection System". He is also the author (along with co-author Tobias Carlisle) of "Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors". He is an industry recognized expert in the application of quantitative investing strategies. Wes is also a former Marine and has his Phd from the Univerisity of Chicago, where he studied under Nobel Prize winner Eugene Fama.
Additional Research Links
High Momentum 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.

MSTR Quantitative Stock Analysis

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.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
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 ($SPX) (SPY) is up +0.87%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.52%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.32%. December E-mini S&P futures (ESZ25) are up +0.82%, and December E-mini Nasdaq futures (NQZ25) are up +1.30%.
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 that the US threat of a 100% tariff on US imports from China starting 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 term as a Fed Governor runs until January 2028, although he will face pressure from Mr. Trump to step down as a Fed Governor as well, so Mr. Trump can appoint a more dovish Fed governor.
This will be 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 stocks 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 only that he was 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 initial 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 +0.27%. 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 -4.5 ticks. The 10-year T-note yield is up +1.0 bp at 4.010%. T-note prices are trading lower due to the US-Chinese trade agreement, which 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 97% 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 steady to lower. The 10-year German bund yield is unchanged at 2.626%. The 10-year UK gilt yield is down -2.0 bp at 4.411%.
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 gains of more than +2% in Nvidia (NVDA), Alphabet (GOOG), Tesla (TSLA), and Meta Platforms (META).
Chip stocks are trading higher across the board today, led by gains of more than +3% in Intel (INTC) and Lam Research (LRCX).
Crypto stocks are trading higher today, with support from today’s gains of more than +3% in Bitcoin (^BTCUSD) and +5% in Ethereum (^ETHUSD). Strategy (MSTR), MARA Holdings (MARA), and Riot Platforms (RIOT) are up more than +2%. Coinbase (COIN) is up more than +1%.
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) down -2%.
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 -2% while Cadence is up more than +4%.
Keurig Dr Pepper (KDP) is up more than +4% after raising its full-year net sales guidance.
Lululemon Athletica (LULU) is up more than +2% on news of an agreement with the National Football League and sports merchandiser Fanatics Inc to develop a line of fan apparel.
Robinhood (HOOD) is up more than 5% after CICC gave the brokerage a new rating of outperform.
Newmont (NEM) is down -4% 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
The crypto treasury model pioneered by Strategy has exploded in popularity, resulting in dozens of publicly traded companies also stockpiling crypto.
Many of these companies are raising money from outside investors rather than using cash from operations to finance crypto purchases.
The best-in-breed crypto treasury companies still trade for a premium to their core crypto holdings.
Crypto treasury companies are starting to look like highly risky and speculative bets on crypto. Short-sellers are starting to actively target them, and prominent crypto companies are starting to openly debate the merits of the crypto treasury business model.
So, are there any crypto treasury companies worth buying right now? Or are the risks simply too great?
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Look for "pure-play" crypto treasury companies
Broadly speaking, there are now dozens of publicly traded companies that purport to be crypto treasury companies. In some cases, these companies were specifically created to invest in a specific cryptocurrency such as Bitcoin (CRYPTO: BTC). These can be thought of as "pure-play" crypto treasury companies. The best example here is Strategy (NASDAQ: MSTR), the company formerly known as MicroStrategy that pioneered the concept of the Bitcoin treasury company.
In other cases, though, crypto treasury companies have rapidly transformed themselves from one business or industry to become a crypto-focused company within the past few months. For example, one of the top Ethereum (CRYPTO: ETH) treasury companies is SharpLink Gaming (NASDAQ: SBET), a company that once provided affiliate marketing services for online gambling sites.
There are now Bitcoin treasury companies that started off life in industries ranging from healthcare to media and entertainment. Notably, one of these companies now includes Trump Media & Technology Group (NASDAQ: DJT), which holds 15,000 BTC on its balance sheet and currently ranks among the top 10 Bitcoin treasury companies in the world. The overall mantra of these companies appears to be: "If you can't beat Bitcoin, then you have to buy it."
And that's what really concerns me. Many of these companies are attempting to shed money-losing or struggling businesses and reinvent themselves for the brave new world of crypto. Most of them have no experience buying and selling crypto, and they may not understand all the risks involved in the crypto treasury business model.
So, if you're thinking of investing in a crypto treasury company, I'd suggest sticking with a "pure-play" crypto treasury company. These are companies that have deep domain expertise and understand how cryptocurrency works. The best in class, of course, are those that only buy Bitcoin. But there are now "pure-play" crypto treasury companies for Ethereum, Solana, and XRP.
Look for companies trading above the value of their crypto holdings
A major complaint of short-sellers is that most -- if not all -- crypto treasury companies do not deserve to trade for more than the value of their crypto holdings. If a company like Strategy holds $71 billion worth of Bitcoin on its balance sheet, and it is now doing nothing else except accumulating Bitcoin, shouldn't the company be valued at $71 billion?
So, not surprisingly, one notable trend over the past few months has been the tendency for crypto treasury companies to trade at or below the value of their crypto holdings. Only a handful of the top crypto treasury companies have been able to maintain their lofty premiums. The most notable here is Strategy, which is currently valued at $86 billion. Roughly speaking, it now trades at a multiple of 1.2 times its core Bitcoin holdings.
When choosing between different crypto treasury companies, it's important to understand which companies are still holding on to their premium. These are the companies worth investing in. But, alas, those companies are getting harder and harder to find. For example, K33 Research recently highlighted that 25% of Bitcoin treasury companies now trade below their net asset value (NAV).
A speculative bubble in crypto?
The recent flash crash in the crypto market highlights how risky these companies can be. Depending on the leverage being used, investors could really take a hit if a cryptocurrency such as Bitcoin or Ethereum falls 10% in one day.
Keep in mind: Most of these crypto treasury companies are not purchasing cryptocurrency with cash from ongoing operations. Instead, they are raising capital from outside investors to finance their crypto purchases. Often, this involves debt. And that creates the potential for a massive, debt-fueled speculative bubble.
That being said, my interest in crypto treasury companies is now limited to the best-in-class companies that are laser-focused on buying Bitcoin and using as little leverage as possible. But even then, prudent investors might be better served simply buying a spot Bitcoin exchange-traded fund (ETF) to get their exposure to crypto.
Should you invest $1,000 in Strategy right now?
Before you buy stock in Strategy, consider this:
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Dominic Basulto has positions in Bitcoin, Ethereum, Solana, and XRP. The Motley Fool has positions in and recommends Bitcoin, Ethereum, Solana, and XRP. 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.

Are There Any Crypto Treasury Companies Worth Buying Right Now?

Key Points
Cathie Wood is extremely bullish on Bitcoin.
She believes its scarcity will draw in more retail and institutional investors.
Bitcoin could soar higher, but investors should take Wood's estimates with a grain of salt.
Cathie Wood is one of the market's most closely followed investors. Wood, whose net worth exceeds $200 million, is the founder of Ark Invest -- an investment firm that manages several growth-oriented exchange-traded funds (ETFs).
Ark's investment strategy is divisive because it often chases high-growth stocks regardless of their valuations. It also isn't shy about investing in riskier assets like cryptocurrencies. Through a partnership with 21Shares, Ark launched five crypto-oriented ETFs in late 2023 -- but it eventually liquidated four of them.
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The only one left is the ARK 21Shares Bitcoin ETF (NYSEMKT: ARKB), which tracks the spot price of Bitcoin (CRYPTO: BTC), the world's top cryptocurrency. Wood believes Bitcoin's price could surge about 2,122% from about $108,000 today to $2.4 million by 2030 in an "aggressive" bull case scenario. Let's see if that ambitious outlook makes sense.
What sets Bitcoin apart from other cryptocurrencies?
Bitcoin became the world's first true cryptocurrency when it was launched in 2009. It's mined with a proof-of-work (PoW) mechanism, which requires miners to solve cryptographic puzzles with their computers to earn Bitcoin as a reward.
Bitcoin could originally be mined with regular CPUs and GPUs. But every four years, that difficulty spikes with each "halving," which cut its mining rewards in half. Today, Bitcoin can only be mined for a profit with powerful application-specific integrated circuits (ASICs).
Bitcoin has a maximum supply of 21 million coins. Some 19.9 million of those coins have already been mined, and the last one is expected to be mined in 2140. That scarcity makes it more comparable to gold and other hard assets than other cryptocurrencies.
Bitcoin's PoW blockchain, which can only be used for mining, consumes a lot of power. By comparison, proof-of-stake (PoS) blockchains like Ethereum (CRYPTO: ETH) consume less power because the coins are only staked (locked up for interest-like rewards) instead of mined. PoS blockchains also support smart contracts -- which are often used to develop decentralized apps (dApps), non-fungible tokens (NFTs), and other crypto assets. So while PoS coins are often valued by the growth of their developer ecosystems, PoW coins are usually valued by their scarcity, the power needed to mine new coins, and their usage in mainstream payments.
Why does Cathie Wood expect Bitcoin to skyrocket?
Bitcoin already has a market cap of $2.2 trillion, making it the world's third most valuable commodity after gold ($28.1 trillion) and silver ($2.7 trillion). A 2,122% gain would propel Bitcoin's valuation to $48.9 trillion and make it more valuable than gold.
That's a bold forecast, but Wood believes Bitcoin's first-mover's advantage, scarcity, and fully decentralized nature will make it an attractive digital alternative to gold as a haven asset. It could also become a useful hedge against inflation and the persistent devaluation of fiat currencies. More countries, including the U.S., are already building up their Bitcoin reserves -- and some countries like El Salvador and the Central African Republic are even accepting it as legal tender.
Wood, like many other fellow Bitcoin bulls, believes those core strengths will attract more like-minded institutional and corporate investors. Standard Chartered expects Bitcoin's price to nearly double to $200,000 by the end of this year. Michael Saylor, who engineered Strategy's transformation from a software company to a Bitcoin hoarder, expects the top cryptocurrency's price to surge as high as $21 million per token by 2046.
With a wide range of spot price ETFs and a growing number of brokerages supporting direct cryptocurrency trades, it's also becoming easier for retail investors to invest in Bitcoin. All of those tailwinds could drive Bitcoin's price much higher over the next five years.
But will it really hit $2.4 million by 2030?
In its report, Ark admits that Bitcoin's price might only hit its price target of $2.4 million by 2030 in an extremely bullish market. But even in its "base case" scenario, it believes its price can hit $1.2 million -- and reach $500,000 in a "bear case" scenario.
So even in a gloomy market, Wood expects Bitcoin's price to rise nearly fivefold over the next five years. I'd take that estimate with a grain of salt, since Wood previously predicted that Bitcoin would reach $500,000 by 2026 (back in 2021), but I'm still optimistic about the cryptocurrency's future. Plenty of catalysts could drive its price higher through the end of the decade, but I wouldn't be surprised if it falls short of Wood's headline-grabbing estimates.
Should you invest $1,000 in Bitcoin right now?
Before you buy stock in Bitcoin, consider this:
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Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool recommends Standard Chartered Plc. 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.

Ark Invest's Cathie Wood Is Bullish on a Cryptocurrency That Could Soar 2,122% by 2030

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.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
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.

Stocks Slide on Weakness in Chipmakers

The S&P 500 Index ($SPX) (SPY) today is down -0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.18%. December E-mini S&P futures (ESZ25) are down -0.01%, and December E-mini Nasdaq futures (NQZ25) are down -0.16%.
Stock indexes are posting modest losses today, led by losses in chipmakers after Texas Instruments forecasted Q4 revenue that was below expectations. 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. Conversely, Netflix is down more than -7% after reporting weaker-than-expected Q3 EPS.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
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 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%.
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 -0.19%. 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 -2 ticks. The 10-year T-note yield is up +0.8 bp to 3.963%. 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 +0.9 bp to 2.561%. The 10-year UK gilt yield dropped to a 6.5-month low of 4.369% and is down -7.7 bp to 4.401%.
UK Sep CPI rose +3.8% y/y, unchanged from Aug and weaker than expectations of +4.0% y/y. Sep core CPI unexpectedly eased to +3.5% y/y from +3.6% y/y in Aug, weaker than expectations of +3.7% y/y.
Swaps are discounting a 2% 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 -7% to lead losers in the S&P 500 after reporting Q3 EPS of $5.87, well below the consensus of $6.94.
Texas Instruments (TXN) is down more than -7% 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) is down more than -4% and Analog Devices (ADI) is down more than -3%. In addition, NXP Semiconductors NV (NXPI) and ON Semiconductor (ON) are down more than -2%, and Marvell Technology (MRVL), GlobalFoundries (GFS), Qualcomm (QCOM), and Intel (INTC) are down more than -1%.
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 -1%.
AST SpaceMobile (ASTS) is down more than -9% after announcing a private offering of $850 million of convertible senior notes due 2036.
Manhattan Associates (MANH) is down more than -6% after reporting Q3 remaining performance obligations (RPOs) amounted to $2.077 billion, below the consensus of $2.088 billion.
Mattel (MAT) is down more than -5% after reporting Q3 net sales of $1.74 billion, weaker than the consensus of $1.84 billion.
W R Berkley (WRB) is down by more than -1% after BMO Capital Markets downgraded the stock to underperform from market perform with a price target of $64.
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 +15% after reporting Q3 revenue of $381.4 million, well above the consensus of $351.8 million.
Amphenol (APH) is up more than +8% after reporting Q3 Ebitda of $1.93 billion, stronger than the consensus of $1.64 billion.
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.
Vertiv Holdings (VRT) is up more than +2% after raising its full-year adjusted EPS forecast to $4.07-$4.13 from a previous estimate of $3.75-$3.85, stronger than the consensus of $3.83.
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.
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.

Stocks Pressured as Texas Instruments Drags Chipmakers Lower

Below is Validea's guru fundamental report for MICROSTRATEGY INC (MSTR). Of the 22 guru strategies we follow, MSTR rates highest using our Quantitative Momentum Investor model based on the published strategy of Wesley Gray. This momentum model looks for stocks with strong and consistent intermediate-term relative performance.
MICROSTRATEGY INC (MSTR) is a large-cap growth stock in the Software & Programming industry. The rating using this strategy is 77% 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.
SEASONALITY
NEUTRAL
Detailed Analysis of MICROSTRATEGY INC
MSTR Guru Analysis
More Information on Wesley Gray
Wesley Gray Portfolio
About Wesley Gray: Wesley Gray is the founder of Alpha Architect and the author (along with co-author Jack Vogel) of "Quantitative Momentum A Practitioner's Guide to Building a Momentum-Based Stock Selection System". He is also the author (along with co-author Tobias Carlisle) of "Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors". He is an industry recognized expert in the application of quantitative investing strategies. Wes is also a former Marine and has his Phd from the Univerisity of Chicago, where he studied under Nobel Prize winner Eugene Fama.
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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.

Key Points
Ethereum is the face of decentralized finance, powering everything from smart contracts, to NFTs, to stablecoin transactions.
Analyst Geoff Kendrick says increasing institutional adoption and a fluid regulatory landscape will benefit Ethereum in coming years.
Kendrick is forecasting a price target of $25,000 for Ethereum by 2028.
Ethereum (CRYPTO: ETH) is the world's second-largest cryptocurrency by market capitalization, trailing Bitcoin. Unlike Bitcoin, which mainly acts as a digital store of value, Ethereum functions as a decentralized computing platform that supports smart contracts, decentralized applications, and tokenized assets.
Its blockchain underpins much of today's web3 ecosystem -- from non-fungible tokens (NFTs) to stablecoins -- making it one of the most versatile and influential networks in crypto.
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What is Ethereum and why does it matter?
At its core, Ethereum functions as a global, decentralized computer powered by blockchain technology. It allows developers to build applications and execute digital agreements without relying on banks, lawyers, or any centralized authority -- enabling money, assets, and information to move securely and automatically.
The flexibility has made Ethereum the backbone of the modern crypto economy, powering decentralized finance (DeFi) platforms that let users lend, borrow, and earn interest without traditional intermediaries.
Ethereum's network is also becoming more efficient. Its transition to a proof-of-stake consensus mechanism has dramatically reduced energy consumption while allowing users to lock up their coins to earn staking rewards for helping secure the network. The result is a greener, more sustainable ecosystem that appeals to both environmentally conscious and income-seeking investors.
Why Geoff Kendrick thinks Ethereum could reach $25,000 in 2028
According to Standard Chartered analyst Geoff Kendrick, Ethereum could soar to $25,000 by 2028 -- representing a potential gain of more than a 540% from levels as of Oct. 18. Kendrick's bullish outlook rests on several structural tailwinds.
First, Ethereum is rapidly becoming the default settlement layer for stablecoins -- cryptocurrencies pegged to assets like the U.S. dollar. As global adoption of stablecoins accelerates across banks, retailers, and payment networks, demand for Ethereum's infrastructure should rise in lockstep.
Second, the regulatory landscape is gradually turning more favorable. Following the approval of spot Bitcoin exchange-traded funds (ETFs) and plans to establish a U.S. strategic Bitcoin reserve, many analysts expect Ethereum ETFs to be next in line for mass institutional integration. The introduction of regulated investment vehicles could unlock new waves of capital and further cement Ethereum's position as a legitimate asset.
Lastly, institutional interest in Ethereum is expanding through both treasury adoption and infrastructure investment. Fundstrat top investment strategist Tom Lee has suggested that corporations may eventually allocate portions of their balance sheets to Ethereum -- much like how companies such as GameStop and Strategy (formerly MicroStrategy) embraced Bitcoin.
This shift would mark a major step toward mainstream recognition, signaling that Ethereum is not just a speculative asset, but a core component of corporate financial budgeting.
The risks: Volatility and uncharted territory
Even with such compelling upside, investing in Ethereum remains inherently risky. Cryptocurrencies are notoriously volatile, with price swings that can exceed 10% or more in a single day -- often driven by sentiment, liquidity shifts, or narrative-focused headlines rather than fundamentals.
Unlike a public company, Ethereum does not have a management team, earnings reports, or corporate oversight. Investors must rely on open-source governance, where upgrades and policies are the byproduct of a community rather than enforced by a traditional boardroom or regulator.
Ethereum also faces competitive and technical risks. Rival blockchains such as Solana, Avalanche, and Cardano continue to push the boundaries of speed and scalability, threatening to capture developers and users if Ethereum's network upgrades lag behind.
For long-term investors, Ethereum should be viewed as a high-risk, high-reward innovation play -- one that sits at the intersection of finance, technology, and decentralization. If Kendrick's forecast proves correct, Ethereum could redefine what it means to invest in a truly open digital economy. But only those prepared to embrace volatility and uncertainty will be positioned to benefit from the journey.
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Adam Spatacco has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Avalanche, Bitcoin, Ethereum, and Solana. The Motley Fool recommends Standard Chartered Plc. 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.

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