Tonight’s Highlights | U.S. Stock Index Futures Fall Collectively, Google Up 8% Pre-Market  

On Thursday, U.S. stock index futures fell collectively as investors digested trade negotiation outcomes and earnings from major tech companies. Major European indices also mostly declined.

 

Wall Street had mixed performance in the previous session. The Dow hit an intraday record high before pulling back, closing down ~0.2%; the S&P 500 closed flat; the Nasdaq rose nearly 0.6%.

 

Market sentiment was impacted by Fed Chair Powell’s hawkish remarks. The Fed cut rates 25bps on Wednesday as expected, but Powell said in the press conference: “Further rate cuts at the December meeting are not a done deal—far from it.”

 

Investors had anticipated 25bps cuts in both October and December.

 

Wealthspire Advisors chief market strategist Chris Maxey said: “This cut was relatively easy; the market gave the Fed room to maneuver. Monetary policy is reasonably balanced with employment/inflation conditions. Powell’s lack of confidence in a December cut unsettled the market—this could be the start of ‘lagged market reaction.’”

 

Investors are assessing the pace of corporate AI spending and returns. Three tech giants—Alphabet (Google parent), Meta, and Microsoft—reported quarterly results after Wednesday’s close.

 

Alphabet surged 8% pre-market on strong results; Meta and Microsoft fell ~10% and over 2%, respectively. Reactions to these earnings weighed on the broader market.

 

CFRA chief investment strategist Sam Stovall noted that if tech earnings show AI productivity gains exceeding expectations, the Fed may need to cut rates more aggressively than planned.

 

He added that October is historically one of the most volatile months, and future price uncertainty could create attractive buying opportunities for traders.

 

Apple and Amazon report after Thursday’s close.

Company News

OpenAI Plans 2027 Listing, Valuation Potentially Up to $1 Trillion  

 

OpenAI reportedly plans to file for IPO as early as H2 2026, listing in 2027. The IPO could value the company at ~$1 trillion, potentially the largest in history. OpenAI aims to raise at least $60 billion.

 

An OpenAI spokesperson said: “IPO is not our focus, so we can’t set a specific date. We’re building a sustainable business and advancing our mission to ensure AGI benefits all of humanity.”

 

Off-Road Light Bar May Detach, Tesla Recalls 6,197 Cybertrucks in U.S.  

 

On October 30, per NHTSA disclosure, due to possible use of incorrect primer when installing light bars on windshields, causing potential detachment, Tesla is recalling certain 2024 Cybertruck models—total 6,197 units.

 

Novo Nordisk Bids for U.S. Firm Metsera  

 

On October 30, Denmark’s Novo Nordisk submitted a proposal to acquire U.S. biopharma Metsera. Novo offers $56.50/share cash for all issued common shares (~$6.5B equity value or ~$6B enterprise value), plus contingent value rights (CVR) up to $21.25/share cash (~$2.5B total) based on clinical/regulatory milestones. Pfizer reportedly made an offer last month.

 

Eli Lilly Q3 Revenue $17.6B  

 

Eli Lilly announced Q3 revenue $17.6B, up 54% YoY; Q3 adj. EPS $7.02. Lilly raised 2025 full-year revenue guidance to $63B–$63.5B.

 

Pre-market, Lilly U.S. shares up over 3%.

 

Merck Q3 Sales $17.276B, Up 4% YoY  

 

Merck released Q3 results: sales $17.276B, up 4%; GAAP net income $5.785B, up 83%; GAAP EPS $2.32, up 87%.

 

Volkswagen Group Q3 Operating Loss Nearly €1.3B  

 

On October 30, Volkswagen Group reported Q3: vehicle deliveries 2.199M, up 1.0%; revenue €80.305B, up 2.3%; operating loss €1.299B (vs. €2.833B profit last year); automotive net cash flow €8.521B, down 9.7%.

 

TotalEnergies Q3 Adj. Net Income $3.98B, Down 2.3% YoY  

 

TotalEnergies announced Q3: revenue $43.84B, net income $3.68B, adj. net income $3.98B, down 2.3% YoY.