Morning Preview: October 28, 2025

Early Look

Tuesday, October 28, 2025

Futures

Up/Down

%

Last

Dow

58.00

0.12%

47,770

S&P 500

-0.25

0.01%

6,907

Nasdaq

16.50

0.06%

25,980

 

 

U.S. futures are flattish overnight after back-to-back record high closes at the highs Friday and Monday, as markets roll into the heart of earnings season this week, and anticipate another 25bps rate cut by the Fed at tomorrow’s FOMC meeting. The S&P 500, Dow Jones Industrials and the Nasdaq Composite all closed at record highs for the second consecutive session, buoyed by positive US/China trade talks, expected FOMC rate cuts midweek and bullishness into earnings results for many of the largest tech companies in the world this week (AAPL, AMZN, GOOGL, META, MSFT). Strength on Monday’s has been commonplace as Bespoke Invest noted, “8th straight Monday gain for the Nasdaq 100 (QQQ) and 3rd straight Monday gain of +1%.” Strong earnings overnight and this morning lifting a handful of earnings including UPS, UNH, REGN among others, while there are lots of interesting stories moving a handful of names as well (QRVO, PYPL, CCJ – see all details below). The U.S. govt is still shut down (now 28 and 2nd longest streak on record) and starting to get to the point that if paychecks still don’t come there could be a massive spending shock that will bust up GDP for Q4 and beyond. In Asian markets, The Nikkei Index declined -293 points, pulling back off all-time highs to 50,219, the Shanghai Index dipped -8 points to 3,988, and the Hang Seng Index dropped -87 points to 26,246. In Europe, the German DAX is down -35 points to 24,273, while the FTSE 100 is little changed at 9,656. Bitcoin prices dip, gold pulls back further after record run and Treasury yields edge lower.

 

Market Closing Prices Yesterday

  • The S&P 500 Index climbed 83.47 points, or 1.23%, to 6,875.16
  • The Dow Jones Industrial Average rose 337.47 points, or 0.71%, to 467,544.59
  • The Nasdaq Composite spiked 432.59 points, or 1.86%, to 23,637.46
  • The Russell 2000 Index advanced 6.97 points, or 0.28%, to 2,520.44

Economic Calendar for Today

  • 7:45 AM ET ICSC Weekly Retail Sales
  • 8:55 AM ET                  Johnson/Redbook Weekly Sales
  • 9:00 AM ET                  Monthly Home Prices M/M for August
  • 9:00 AM ET                  CaseShiller 20-city index for August…est. (-0.1%)
  • 10:00 AM ET                Consumer Confidence for October…est. 93.2
  • 10:00 AM ET                Richmond Fed Index for October…prior (-17)
  • 1:00 PM ET US Treasury to sell $44B in 7-year notes
  • 4:30 PM ET API Weekly Inventory Data

Earnings Calendar:

  • Earnings Before the Open: ABG AIT ALKS AMT AOS ARCC ARQT ATI AWI AXTA CAC CARR CECO CHKP CLS CTS CVLT CX DHI ECL EDU FELE FMX FOR GLW SPI HNI HOPE HRI HSBC HUBB IBCP INCY IQV IVZ JBLU LH MSCI NEE NEO NUE NXRT PHIN PII PYPL RCL REGN RGEN SFD SHW SOFI SYY THC TRS UNH UPS VFC W WGS XYL ZBRA
  • Earnings After the Close: AAT AKR AMRZ APAM ATOM AUR BBNX BE BKNG BXP CAKE CHE CLW CSGP CTO CWH CZR EA EIX ENPH EQR ESI EXE EXLS FCF FCPT FLS FSP FYBR GBX HIW HRZN HURN KIDS LOGI LRN LSTR MDLZ MIR MOD MSA MTH NBIX NBR NGD NTB OKE ORN PPG RCKY REG RNR RRC RRR RYI ST STX TER TRMK TTI TX UCTT UMBF V VLTO VRNS VSEC WPC ZWS

Other Key Events:

  • Roth Capital 8th Annual Sustainability Private Capital Conference, 10/28-10/29 (virtual)

 

 

Macro

Up/Down

Last

Nymex

-0.83

60.48

Brent

-0.92

64.70

Gold

-91.60

3,928.10

EUR/USD

0.0018

1.1661

JPY/USD

-0.98

151.89

10-Year Note

-0.016

3.981%

 

Sector News Breakdown

Consumer

  • Amazon (AMZN) will reduce its corporate workforce by 14,000 roles, the company said Tuesday. The company needs to “be organized more leanly, with fewer layers and more ownership, to move as quickly as possible,” said Beth Galetti, Amazon’s senior vice president of people, experience and technology.
  • Avis Budget Group (CAR) Q3 EPS $10.11 vs est $7.96, adj EBITDA $559Mm vs est $542.3Mm on revs $3.519B vs est $3.458B; end of qtr liquidity position nearly $1.0B with additional $1.9B fleet funding capacity.
  • Bed Bath & Beyond (BBBY) Q3 EPS loss (-$0.19) vs. est. loss (-$0.31); Q3 revs $257M vs. consensus $260.2M; said expects year-over-year revenue trends to turn positive in 2026
  • KB Home (KBH) announces new $1B share repurchase authorization.
  • Royal Caribbean (RCL) shares fall; Q3 adj EPS $5.75 vs. est. $5.68 and revs $5.14B vs. est. $5.17B. Load factor in the third quarter was 112%; sees Q4 adjusted EPS $2.74-$2.79, below consensus $2.90; said Q4 net yields are expected to increase 2.6% to 3.1% as-reported and 2.2% to 2.7% in Constant Currency.
  • Uber (UBER) is planning to invest in the Hong Kong listings of Chinese robotaxi firms PONY AI (PONY) and WeRide (WRD). Uber may put around $100M into Pony AI’s share sale as part of a $972M raise. It is also exploring an investment in WeRide’s $398M listing, per Bloomberg.
  • Whirlpool Corp. (WHR) Q3 adj EPS $2.09 above consensus $1.39; Q3 revs $4.03B vs. est. $3.93B; narrow FY25 adjusted EPS to ~$7.00 from $6.00-$8.00 (est. $6.41) while backs FY25 revs $15.8B; the co gained traction in North America with new products in Q3 and CFO said he expects the momentum to continue.

Energy,

  • Cameco (CCJ) shares jump after reports that at least $80B of new nuclear reactors will be constructed across the U.S. under a new partnership formed between the U.S. government, Westinghouse Electric, Cameco (CCJ) and Brookfield Asset Management (BAM).
  • Noble Corp. (NE) Q3 adj EPS $0.19 vs. est. $0.30; Q3 revs $798M vs. est. $777.38M; Q3 Contract drilling services revenue decreased due to lower rig utilization, which fell to 65% in Q3 from 73% q/q; secured $740 mln in new contracts, increasing backlog to $7B; narrows year rev guidance to $3.225B-$3.275B from $3.2B-$3.3B.

Financials

  • Arch Capital Group (ACGL) Q3 EPS $2.77 vs. est. $2.25; Q3 gross premiums written $5.41B vs. $5.44B last year; Q3 book value per common share of $62.32 end of Sept; Q3 combined ratio 79.8%.
  • Alexandira Real Estate (ARE) Q3 AFFO/shr $2.22 vs est $2.31 on revs $751.9Mm vs est $745.03Mm; guides FY AFFO/shr $8.98-9.04 vs prior $9.16-9.36 and est $9.22.
  • Cincinnati Financial (CINF) Q3 EPS $2.85 on revs $3.72B vs. est. $2.88; said Property casualty insurance underwriting led our strong performance; net income for Q3 rises 37% y/y, driven by investment gains and underwriting profit; 9.2%-point improvement in Q3 combined ratio due to reduced catastrophe losses.
  • ETHZilla (ETHZ) sold approximately $40M of its ETH treasury holdings and plans to use the proceeds for share repurchases.
  • Everest Group (EG) said it has entered into an adverse development reinsurance agreement, effective October 1, 2025, supported by Longtail Re, an affiliate of Stone Ridge Holdings Group. The agreement provides $1.2B of gross limit protection against future adverse reserve development arising from substantially all insurance policies written by Everest Insurance’s North American business for accident years 2024 and prior.
  • Galaxy (GLXY) announces private offering of $1.0B of exchangeable senior notes.
  • Hartford Financial (HIG) Q3 core EPS $3.78 vs. est. $3.21; Q3 revs $7.23B; posted 9% increase in P&C earned premium driven by Business Insurance growth; increases quarterly dividend by 15% to $0.60 per share; Improved loss and loss adjustment expense ratio in Personal Insurance due to higher earned premiums.
  • Kilroy Realty (KRC) Q3 FFO/SHR $1.08 vs est $0.97 on revs $279.7Mm vs est $272.24Mm; guides FY FFO/SHR $4.18-4.24 vs est $4.04.
  • PayPal (PYPL) becomes the first payments wallet inside OpenAI’s ChatGPT. Users will be able to shop and check out directly in chat while merchants list inventory in real time.  OpenAI integrates the transaction layer, and PayPal runs the money flow.
  • Principal Financial Group (PFG) Q3 adj EPS $2.10 vs est $2.20.
  • Welltower (WELL) Q3 AFFO/shr $1.34 vs est $1.30 on same-store revs +9.7% and same-store NOI +14.5%.

Healthcare

  • BioMarin Pharmaceuticals (BMRN) Q3 non-GAAP EPS $0.12 vs. est. $0.31; Q3 revs $776M vs. est. $780.43M; lowers 2025 non-GAAP EPS $3.50-$3.60 from $4.40-$4.55 (est. $3.84), while narrows 2025 revenue view to $3.15B-$3.2B from $3.125B-$3.2B (est. $3.17B).
  • Regeneron (REGN) Q3 revenue grows 1% to $3.75B vs. est. $3.58B; Q3 adj EPS $11.83 tops $9.58 consensus, driven by strong product sales; reports strong sales growth for Dupixent and EYLEA HD; updates 2025 R&D expense guidance to $5.68-$5.75B; Q3 Dupixent global net sales increased 27%.
  • UnitedHealth (UNH) Q3 adj EPS $2.92 vs. est. $2.81; Q3 revs $113.16B vs. est. $113.06B; ups FY25 adjusted EPS view to at least $16.25 from at least $16.00 (est. $16.22); Q3 medical-loss ratio, or the share of premiums spent on healthcare costs, was 89.9%, lower than analysts’ expected 90.7%.
  • United Health Services (UHS) Q3 adj EPS $5.69 vs est $4.84 on revs $4.495B vs est $4.345B; guides FY revs $17.306-17.445B vs est $17.212B and adj EPS $21.50-22.10 vs est $20.63.

Industrials and Materials

  • Carrier Global (CARR) Q3 adj EPS $0.67 vs. est. $0.57; Q3 revs $5.58B vs. est. $5.55B; announces $5B share repurchase program; cuts FY25 adjusted EPS view to $2.65 from $3.00-$3.10 (est. $2.70), lowers FY26 revenue view to $22B from $23B and cuts FY26 adjusted operating margin view to 15%-15.5%.
  • Crane (CR) Q3 adj EPS $1.64 vs. est. $1.49; Q3 revs rose 7.5% y/y to $589.2M vs. est. $578.89M; core order growth up 1.8% and core backlog growth up 16.4%, driven by ongoing strength at aerospace & electronics; Raising and narrowing our full-year adjusted EPS outlook range to $5.75-$5.95 from prior range of $5.50-$5.80, reflecting 20% year-over-year adjusted EPS growth at the midpoint.
  • FTAI Aviation (FTAI) Q3 EPS $1.10 vs est $1.21, adj EBITDA $297.381Mm vs est $289.1Mm on revs $667.1Mm vs est $653.5Mm; says completes fundraising for inaugural strategic capital vehicle hitting upsized hard cap of $2.0B equity commitments.
  • Nucor Corp. (NUE) Q3 adj EPS $2.63 vs. est. $2.16; Q3 revs $8.52B in line with consensus $8.15B; said expect earnings in Q4 of 2025 to be lower than Q3 of 2025; 3Q total tons shipped to outside customers down -1%; Q3 steel mills total shipments 6.43M Tons.
  • Olin Corp. (OLN) Q3 adj EPS $222.4Mm vs est $187.8Mm on revs $1.713B vs est $1.735B; guides Q4 adj EBITDA $110-130Mm vs est $166.65Mm.
  • Ramaco Resources (METC) Q3 EPS loss (-$0.25) vs. est. loss (-$0.30); Q3 revs $121.0M vs. est. $130.92M; ended the third quarter with record liquidity of $272M, and a net cash position of more than $77M.
  • UPS (UPS) shares surge; Q3 adj EPS $1.74 tops consensus $1.30; Q3 revenue $21.4B vs. est. $20.84B; guides Q4 revs about $24B vs. est. $23.8B; reaffirms FY Capital expenditures of approximately $3.5B
  • Waste Management (WM) Q3 adj EPS $1.98 vs est $2.02 on revs $6.443B vs est $6.504B; guides FY revs $25.275B vs est $25.392B; Backs FY25 adjusted operating EBITDA view $7.475B-$7.625B.

Technology, Media & Telecom

  • Amkor Technologies (AMKR) Q3 EPS $0.51 vs. est. $0.43; Q3 revs $1.99B vs. est. $1.93B fueled by demand for Advanced packaging, which set a new revenue record; announces CEO to retire.
  • Cadence Design Systems (CDNS) Q3 adj EPS $1.93 vs est $1.79 on revs $1.339B vs est $1.323B; guides FY revs $5.262-5.292B vs est $5.248B and adj EPS $7.02-7.08 vs est $6.84.
  • Celestica (CLS) Q3 adj EPS $1.58 vs. est. $1.44; Q3 revs rose 28% y/y to $3.19B vs. est. $2.98B; Q3 adj EBIT margin 7.6%; Q3 CCS segment revenue increased 43% compared to Q3 2024; raises 2025 revenue outlook to $12.2B from $11.55B prior and expects 2026 revenue of $16.0B; sees Q4 revenue between $3.32B-$3.57B.
  • Confluent (CFLT) Q3 adj EPS $0.13 vs est $0.10, adj op Inc $29.1Mm vs est $20.7Mm on revs $298.5Mm vs est $292.7Mm; guides Q4 revs $295.5-296.5Mm vs es t$305.58Mm, adj op mgn about 7% and adj EPS $0.09-0.10 vs est $0.09.
  • F5 Networks (FFIV) shares fell; Q4 EPS $4.39 vs. est. $3.97 and revs rose 8% y/y to $810M above consensus $795.48M, driven by 16% product revenue growth, including 42% growth in systems revenue; guides Q1 EPS $3.35-$3.85 below consensus $4.03 and revs $730M-$780M vs. est. $793.91M.
  • NXP Semiconductors (NXPI) Q3 EPS $3.11 vs. est. $3.12 and revs $3.17B vs. est. $3.16B; sees Q4 EPS $3.07-$3.49, vs. consensus $3.28 and revs $3.2B-$3.4B vs. est. $3,23B; sees Q4 gross margin 57%-58% and sees Q4 tax rate 17.5%-18.5%; said experienced broad-based sequential improvement across all regions and end markets.
  • Rambus (RMBS) Q3 EPS $0.44 vs est $0.63 on revs $178.5Mm vs est $175.57Mm; guides Q4 product revs $94-100Mm, contract & other revs $25-31Mm, licensing billings $60-66Mm.
  • Skyworks Solution (SWKS), which supplies radio frequency chips to Apple (AAPL) and other smartphone makers, held talks in recent months to buy Qorvo (QRVO), a rival with a market capitalization of more than $8 billion, according to people familiar with the matter in The Information. https://tinyurl.com/rb5psdha
  • 3D Systems (DDD) and the Saudi Arabian Industrial Investments Company owned by the Public Investment Fund, Saudi Aramco, and SABIC, established the National Additive Manufacturing Innovation Company, or NAMI, in 2022 to help enable Saudi Arabia’s Vision 2030 Program

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Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.