Tonight’s Highlights | U.S. Major Index Futures Drop Significantly Pre-Market, Rare Earth Stocks Defy Trend

On Tuesday, U.S. stock index futures collectively fell in pre-market trading.

 

 

As of this report, Dow Jones futures were down 0.85%, S&P 500 futures fell 0.97%, and Nasdaq 100 futures dropped 1.23%.

 

Tech stocks faced significant pre-market pressure, with Nvidia, Google, Amazon, Meta, and Palantir down over 1%, and Tesla, Broadcom, and TSMC falling more than 2%. Most cryptocurrency-related stocks weakened, with Coinbase and MicroStrategy down over 3%.

 

Rare earth stocks bucked the trend, with Critical Metals surging 34% pre-market, USA Rare Earth rising nearly 11%, and MP Materials up over 7%. AMD gained 2.5%, supported by Oracle’s plan to deploy 50,000 AMD AI chips for its cloud services in H2 2026.

 

CFRA Research Chief Investment Strategist Sam Stovall said: “AI remains the market’s primary momentum driver, so dip-buying isn’t surprising.” He also cautioned that unresolved trade disputes warrant investor vigilance.

 

During the day, escalating trade tensions fueled risk-off sentiment, boosting bond demand. The U.S. 10-year Treasury yield fell to 4% for the first time in a month, with other maturities also seeing declines.

 

Meanwhile, the U.S. government shutdown entered its 13th day. House Republican Speaker Johnson warned it could become the longest government shutdown in U.S. history.

 

Most European markets in session trended lower, with Germany’s DAX down 1.22%, the UK’s FTSE 100 down 0.40%, and France’s CAC 40 down 1.02%.

 

Later today, Fed Chair Jerome Powell will speak at a National Association for Business Economics event. Overnight, Philadelphia Fed President Anna Paulson said she favors two more rate cuts this year, as monetary policy should overlook short-term tariff-driven price spikes.

Company News

JPMorgan Chase Reports Q3 2025 Net Income of $14.4 Billion, Up 12% YoY  

 

JPMorgan reported Q3 2025 net revenue of $47.1 billion, up 9% YoY, and net income of $14.4 billion, up 12% YoY. EPS was $5.07, compared to $4.37 in Q3 2024.

 

Goldman Sachs Q3 Net Revenue of $15.18 Billion, Beats Expectations  

 

Goldman Sachs reported Q3 net revenue of $15.18 billion, surpassing estimates of $14.17 billion. Investment banking revenue was $2.66 billion (vs. $2.21 billion expected), advisory revenue was $1.4 billion (vs. $1.15 billion), and FICC sales/trading revenue was $3.47 billion (vs. $3.18 billion).

 

Q3 EPS was $12.25, up from $8.40 last year.

 

Citigroup Q3 EPS at $1.86, 2025 Expenses to Exceed $53.4 Billion  

 

Citigroup’s Q3 FICC sales/trading revenue was $4.02 billion (vs. $3.74 billion expected), equities sales/trading revenue was $1.54 billion (vs. $1.33 billion), and investment banking revenue was $1.17 billion (vs. $1.05 billion). Q3 EPS was $1.86. Citigroup projects 2025 expenses to exceed $53.4 billion.

 

BlackRock Q3 AUM Reaches $13.46 Trillion, Up 17% YoY  

 

BlackRock’s Q3 assets under management hit $13.46 trillion, up 17% YoY, exceeding market expectations of $13.37 trillion.

 

Abu Dhabi Investment Authority Signs Deal with Stellantis to Boost UAE Auto Industry  

 

On October 14, the Abu Dhabi Investment Authority (ADIA) and Abu Dhabi Ports Group signed a strategic agreement with Stellantis to build an integrated automotive ecosystem. Stellantis will leverage its expertise and Abu Dhabi’s logistical and business advantages to explore local auto industry investment opportunities with ADIA.

 

Microsoft Faces Class-Action Lawsuit Over OpenAI “Secret Deal”  

 

Microsoft faces a new consumer class-action lawsuit alleging it inflated generative AI product prices through a “secret agreement” with ChatGPT developer OpenAI, restricting computing resources needed for ChatGPT. The proposed lawsuit was filed in San Francisco federal court. Microsoft’s investment in OpenAI exceeds $13 billion to date.