Morning Preview: October 29, 2025

Early Look

Wednesday, October 29, 2025

Futures

Up/Down

%

Last

Dow

25.00

0.05%

47,920

S&P 500

14.25

0.21%

6,940

Nasdaq

95.50

0.36%

26,258

 

 

U.S. futures are looking higher (again), with S&P futures (Spuz) and the Nasdaq 100 (QQQ) trying for a 5th straight day of gains ahead of the FOMC policy meeting this afternoon where a 25-bps rate cut is widely expected along with earnings results from tech giants GOOGL, META and MSFT after the close tonight. Tech has been the story in 2025 and continues to lead global stock markets higher. The story on Tuesday was NVDA, announcing deals, partnerships, investments, tie ups with many companies (MSFT, NOK, SMCI, HPE, KEYS, PSTG, CSCO, CHKP, ZM, etc.) as the AI chip leader saw shares hit $200 for the first time (topping the $5 trillion mkt cap) and pushed the broader tech heavy Nasdaq to record highs for a third straight day as well (NVDA +3% pre mkt). The market concentration remains heavy in a handful of large cap names, with the Technology sector (XLK) rising 1% on Tuesday, lifting the Nasdaq +0.8% while Smallcaps Russell 2000 declined and market breadth was negative again. The fate of the market remains (at this point) on the shoulders of 10-15 companies that are responsible for capex spending, AI infrastruture build out, and continues to push broader averages higher due to their heavy index weighting. @zerohedge noted on “X”. “Today’s S&P all time high will make the history books: it will happen with the most negative market breadth at an ATH.” @MrMBrown notes on “X”, that, “JPM – today will be the 5th time the Fed have cut with the SPX at an ATH; in all prior instances the index was higher 12mths later, with an avg return of 20%, and a worst return of 15%”.

 

In trade news, China purchases 180,000 tons of U.S. soybeans, the first order in months, as show of good faith ahead of tomorrow’s meeting between presidents Trump & Xi. U.S. President Donald Trump also said on Wednesday that a trade deal had been struck with South Korea. In Asian markets, The Nikkei Index jumped 1,088 points or 2.17% to settle at 51,307, the Shanghai Index jumped 28 points to top 4K at 4,016 and the Hang Seng Index dipped -87 points to 26,346. In Europe, the German DAX is down about -7 points to 24,271, while the FTSE 100 rises 46 points to 9,743. Ahead of the FOMC expected rate cut today, commodity prices are higher, the dollar and Bitcoin are higher. Another very busy day of earnings with CAT, VZ in the Dow reporting results this morning. Still in Day 29 of government shutdown as well.

 

Market Closing Prices Yesterday

  • The S&P 500 Index gained 15.73 points, or 0.23%, to 6,890.89
  • The Dow Jones Industrial Average rose 161.78 points, or 0.34%, to 47,706.37
  • The Nasdaq Composite gained 190.04 points, or 0.80%, to 23,827.49
  • The Russell 2000 Index declined -13.79 points, or 0.55% to 2,506.65

Economic Calendar for Today

  • 7:00 AM ET MBA Mortgage Applications Data
  • 10:00 AM ET                Pending Home Sales M/M for September…est. +1%
  • 10:30 AM ET                Weekly DOE Inventory Data
  • 2:00 PM ET FOMC Rate Decision (at least 25-bps rate cut expected)

Earnings Calendar:

  • Earnings Before the Open: ADP AEP AMRN AVT AVTR AXGN BA BLCO BLFY BXMT CAT CHEF CLH CLVT CNC COCO CRTO CSTM CTSH CVS DAN DFIN DRS EAT EQNR ESAB ETR ETSY EVR EXTR FDP FI FLEX FTV FULC GEHC GIL GNRC GRMN GSK GTES GTLS HAYW IEX IONS ITT KEX KHC LFUS MAS MGPI MNRO MTRN NAVI NI ODFL OGE OPRA OSK OSW OTIS OTLY PAG PB PSX PUMP RDWR REYN SCL SITE SLGN SW TEL TKR TNET UMC UTHR VIRT VRSK VZ WSO
  • Earnings After the Close: ACR AEM AGI ALGN ALSN AM AMH AR ASTL ATRC AVB AWK AXS BBT BELFA BHC BIO BNL BOOT CALX CBZ CDE CGNX CHRW CMG CMPR CNXN COHU CP CSL CVI CVNA DAY DHT DVA EBAY EG EHC EPR EQIX ESRT ESS ETD EXR FIBK FMC FORM GH GKOS GOOGL GRBK HWKN INVH IRT JBSS KLAC KRG LARK LUNG LXU MAA MAX MC MCW MDXG MELI MEOH META MGM MSFT MTG MUSA NNBR NOW NTGR NEW OPK PBI PGRE PI PPC PRU PSA RIG ROL RRX RSI RUSHA RWT SBUX SCI SFM STAG SUI TDOC TENB TK TS TTMI TYL UDMY UDR UFPI VIAV VNDA VTR WAY WEX WHD WOLF

Other Key Events:

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

 

 

Macro

Up/Down

Last

Nymex

0.24

60.39

Brent

0.10

64.50

Gold

55.50

4,038.60

EUR/USD

-0.0006

1.1643

JPY/USD

0.18

152.28

10-Year Note

+0.006

3.989%

 

World News

  • U.S. President Donald Trump said on Wednesday that a trade deal had been struck with South Korea as auto tariffs to be down to 15%, South Korea was able to cap annual supply of funds to the US at $20B, South Korea $350B investment in US to be $200B in cash in installment, shipbuilding cooperation $150B; South Korea presidential policy chief  says US chip tariffs on South Korea to be not unfavorable compared to Taiwan.

Sector News Breakdown

Consumer

  • Booking Holdings (BKNG) Q3 adj EPS $99.50 vs. consensus rose 13% y/y to $95.92 and revs $9.0B vs. est. $8.73B; Q3 gross bookings grew 14% y/y, or 10% on a constant currency basis and room nights grew 8% compared y/y; sees Q4 rev growth 10%-12% and FY25 rev growth about 12%.
  • Caesar’s Entertainment (CZR) Q3 EPS loss (-$0.27) on revs $2.9B vs. est. $2.89B; said Q3 Las Vegas segment adj EBITDA declined during the quarter due to lower city-wide visitation and poor table games hold. Volumes in our Caesars Digital segment were strong, driven by continued product improvements; Las Vegas AEBITDA down to $379M in Q3 2025 from $472M in Q3 2024.
  • Camping Worldwide (CWH) Q3 adj EPS $0.43 vs. est. $0.31; Q3 revs rose 4.7% y/y to $1.81B vs. est. $1.75B; said for Q3, delivered over 40% adj EBITDA growth, driven by record breaking new and used vehicle volume; Q3 Average selling price of new vehicles sold decreased 8.6% and average selling price of used vehicles sold decreased 0.9%; Same store new vehicle unit sales increased 2.9% for Q3.
  • Cheesecake Factory (CAKE) Q3 adj EPS $0.68 vs. est. $0.60; Q3 revs $907.2M vs. est. $912.62M; Q3 comp restaurant sales at The Cheesecake Factory restaurants increased 0.3% y/y and fell -3% at North Italia restaurants; aid the results came during a more challenging and competitive environment.
  • Ford (F) is recalling nearly 175,000 vehicles in the U.S. as their moonroof wind deflectors could detach, the NHTSA said in a statement.
  • Meritage Homes (MTH) Q3 adj EPS $1.55 vs. est. $1.63; Q3 revs $1.4B vs. est. $1.47B; said ended quarter exceeding 2024 sales volumes and ending with highest ever community count of 334, which was a 20% increase y/y; said expects Q4 2025 home closing volume of 3,800-4,000 units
  • Mondelez (MDLZ) Q3 adj EPS $0.73 vs. est. $0.71; Q3 revs $9.74B vs. est. $9.68B; said delivered solid top-line growth despite the impact of record-high cocoa cost inflation, with the third quarter representing peak costs of the year; now expects Fy25 organic net revenue growth of 4%+ and adj EPS to decline approximately 15%.
  • Stride Inc. (LRN) shares tumble; Q1 adj EPS $1.52 vs est $1.13, adj EBITDA $108.4Mm vs est $102.09Mm on revs $620.9Mm vs est $613.8Mm; guides FY revs $2.48-2.56B vs est $2.67B.

Energy,

  • Bloom Energy (BE) Q3 EPS $0.15 vs. est. $0.10; Q3 revs rose 57.1% y/y to $519.0M vs. est. $428.1M; Q3 gross margin of 29.2% in was an increase of 5.4% from 23.8% y/y; Q3 operating margin 1.5% and expenses $143.82M; 2nd consecutive quarter of double-digit non-GAAP profit margin % in services segment.
  • Edison International (EIX) Q3 core EPS $2.34 vs. est. $2.18 and revenue in-line with ests at $5.75B; narrows FY25 EPS view to $5.95-$6.20 from $5.94-$6.34 (est. $6.03).
  • Enphase Energy (ENPH) Q3 adj EPS $0.90 vs est $0.65 on revs $410.4Mm vs est $357.8Mm; guides Q4 revs $310-350Mm vs est $382.96Mm.
  • Expand Energy (EXE) Q3 adj EPS $0.97 vs est $0.97 on revs $2.97B vs est $2.467B; says anticipates $600Mm annual synergies by end of 2026, sees FY CAPEX guide reduced by $75Mm to $2.85B.
  • ONEOK (OKE) Q3 EPS $1.49 vs est $1.45, adj EBITDA $2.119B vs est $2.108B on revs $8.634B vs est $8.53B; affirms FY net income and adj EBITDA guide.
  • Range Resources (RRC) Q3 EPS $0.57, in-line with consensus on revs $748.53M vs. est. $705.74M; Q3 Capital spending was $190M, approximately 29% of annual budget; Q3 Production averaged 2.23 Bcfe per day, approximately 69% natural gas; Annual production is now expected to be approximately 2.23 Bcfe per day in 2025, updated from prior guidance of 2.225 Bcfe per day.

Financials

  • Boston Properties (BXP) Q3 FFO/SHR $1.74 vs est $1.72 on revs $871.5Mm vs est $858.1Mm; sees FY FFO/SHR $6.89-6.92 vs est $6.88.
  • CoStar Group (CSGP) Q3 adj EPS $0.23 vs est $0.18 on revs $833.6Mm vs est $813.08Mm; guides Q4 revs $885-895Mm vs est $857.54Mm, adj EBITDA $150-160M vs est $157.38M and adj EPS $0.26-0.28 vs est $0.28.
  • Equity Residential (EQR) Q3 FFO/SHR $1.05 vs est $1.01 on revs $782.4Mm vs est $780.92Mm; guides Q4 FFO/SHR $1.01-1.05 vs est $1.04.
  • Regency Centers (REG) Q3 FFO/SHR $1.15 vs est $1.15 on sales $387.57Mm vs est $379.91Mm; guides FY FFO/SHR $4.62-4.64 vs est $4.61.
  • Renaissance Holdings (RNR) Q3 adj EPS $15.62 vs est $9.78 on gr premiums written $2.324B vs est $2.351B, fee income $101.8Mm, combined ratio 68.4%.
  • Visa Inc. (V) Q4 adj EPS $2.98 vs. est. $2.97; Q4 revs rose 12% y/y to $10.7B vs. est. $10.62B; Q4 payments volume increased 9% on a constant dollar basis; Q4 cross-border volume excluding intra-Europe increased 11% on a constant dollar basis and Q4 processed transactions were $67.7B, a 10% increase y/y.

Healthcare

  • Centene Corp. (CNC) Q3 adj EPS $0.50 vs. est. loss (-$0.14); Q3 revs $49.69B tops consensus $47.83B; said adj EPS includes a 10c benefit of a low adjusted effective tax rate in the quarter as compared to the expected full year adjusted effective tax rate of 20%-21%; said $6.7B non-cash goodwill impairment leads to GAAP loss in Q3; raises FY25 adjusted EPS view to at least $2.00 from at least $1.75 (vs. est. $1.67).
  • CVS Health (CVS) Q3 adj EPS $1.60 vs. est. $1.36; Q3 revs $102.87B vs. est. $98.83B; raises FY25 adjusted EPS view to $6.55-$6.65 from $6.30-$6.40 (est. $6.38) and updates FY25 cash flow from operations view to $7.5B-$8B from at least $7.5B prior.
  • GE Healthcare (GEHC) Q3 adj EPS $1.07 vs. est. $1.05 and revs $5.10B vs. EST $5.08B; raises lower end of full-year 2025 ADJ EPS guidance range and reaffirms all other metrics; sees FY outlook FY organic growth 3% and FY adj EPS $4.51-4.63; 2025 guidance includes approximate tariff impacts of $265M to ADJ ebitda and $0.45 to adj EPS.
  • Neurocrine Biosciences (NBIX) Q3 adj EPS $2.17 vs est $1.58 on revs $794.9Mm vs est $746.52Mm; reaffirms FY Ingrezza guidance.
  • Thermo Fisher Scientific (TMO) announced a definitive agreement to acquire Clario Holdings, a provider of endpoint data solutions for clinical trials, from a shareholder group led by Astorg and Nordic Capital, Novo Holding and Cinven, for $8.875B in cash.

Industrials and Materials

  • Caterpillar (CAT) Q3 adj EPS $4.95 vs. est. $4.52; Q3 revs rose 9.3% y/y to $17.64B vs. est. $16.77B; says Q3 world machines retail sales up 6%, says North America machines retail sales up 9%, Asia/Pacific machines retail sales were down -16% and says Latin America machines retail sales up 8%
  • Element Solutions Inc (ESI) announces agreement to acquire Micromax® from Celanese (CE) for ~$500M. Portfolio includes highly engineered Electronics pastes and inks for specialized, high-performance applications built on complementary technical service, applications development and manufacturing capabilities.
  • Flowserve (FLS) Q3 adj EPS $0.90 vs est $0.80 on sales $1.17B vs est $1.206B, total bookings $1.2B; guides FY adj EPS $3.40-3.50 vs est $3.37; divests legacy asbestos liabilities.
  • Generac (GNRC) shares fall; Q3 EPS $1.83 below consensus $2.20; Q3 revs $1.11B vs. est. $1.19B; lowers FY25 adjusted EBITDA margin view to 17% from 18.0%-19.0% and net income margin, before deducting for non-controlling interests, is now projected to be approximately 6.0% for the FY25 vs. prior range of 7.5%-8.5%.
  • Joby Aviation (JOBY) announced a collaboration with NVIDIA (NVDA), marked by NVIDIA’s selection of Joby as the only aviation launch partner for the new NVIDIA IGX Thor platform.
  • Landstar System (LSTR) Q3 adj EPS $1.22 vs. est. $1.23 and revs $1.205B vs. est. $1.2B; said conducts strategic review to streamline operations for future growth; company did not provide specific financial guidance; said Achieved sequential growth in BCO truck count for the first time since Q1 2022.
  • Modine Manufacturing (MOD) Q2 adj EPS $1.06 vs est $1.03, adj EBITDA $103.8Mm vs est $101.2MM on revs $738.9Mm vs est $699.8Mm; guides FY sales +15-20% vs est +12.25% and adj EBITDA $440-470Mm vs est $441.93Mm.
  • Olympic Steel Inc (ZEUS) has entered into a definitive merger agreement with Ryerson (RYI); Olympic Steel shareholders will receive 1.7105 Ryerson shares for each Olympic share; Ryerson said it expects deal to generate about $120m in annual synergies by end of year two.
  • PPG Industries (PPG) Q3 adj EPS $2.13 vs. est. $2.08; Q3 revs $4.08B vs. est. $4.03B; Q3 Organic sales increased 2% year over year due to higher sales volumes and prices; cuts FY25 adjusted EPS view to $7.60-$7.70 from $7.75-$8.05 (est. $7.81); says global demand has softened compared to earlier this year.
  • Veralto Corp. (VLTO) Q3 adj EPS $0.99 vs est $0.95 on sales $1.404B vs est $1.398B; guides Q4 adj core sales +LSD vs est +4% and adj EPS $0.95-0.98 vs est $0.97; raised FY FCF conversion guide to approx 100%.

Technology, Media & Telecom

  • CSG Systems International (CSGS) shares rise after agreeing to be acquired by Japanese information-technology company NEC for about $2.3 billion as NEC said it will pay $80.70 a share in cash for CSG, a roughly 17% premium to Tuesday’s closing price of $68.75.
  • EA Inc. (EA) Q2 revenue fell -9.2% y/y to $1.84B vs. est. $1.88B; Q3 net bookings declined -13% to $1.82B, saying drop reflected challenging year-over-year comparisons, as last year’s quarter benefited from the launch of “EA Sports College Football 25,” which ended a decade-long hiatus for the franchise.
  • Seagate Technologies (STX) Q1 adj EPS $2.61 vs. est. $2.40 and revs rose 21% y/y to $2.63B above consensus $2.55B; sees Q2 adj EPS $2.75, plus/minus $0.20 vs. est. $2.67 and revs $2.7B, plus/minus $100M, vs. consensus $2.67B; better guide on robust demand for its storage devices as cloud providers expand investments in hardware to support generative AI development.
  • Sensata (ST) Q3 EPS $0.89 vs. est. $0.85; Q3 revs $932.0M vs. est. $921.1M; guides Q4 EPS $0.83-$0.87 vs. est. $0.86 on revs $890M-$920M vs. est. $915.0M; free cash flow was $136.2m in Q3, representing a free cash flow conversion rate of 105%.
  • Teradyne Inc. (TER) shares jump as Q3 non-GAAP EPS $0.85 vs. est. $0.79; Q3 revs $769M vs. est. $743.85M; announced that Michelle Turner has been appointed its CFO effective November 3; sees Q4 non-GAAP EPS $1.20-$1.46, vs. consensus $1.02 and sees Q4 revenue $920M-$1.000B, above consensus $816.64M.
  • Varonis Systems (VRNS) shares tumble; Q3 adj EPS $0.06 vs est $0.06 on revs $161.577Mm vs est $166.1Mm; guides Q4 revs $165-171Mm vs est $170.13Mm and adj EPS $0.02-0.04 vs est $0.04.
  • Verizon (VZ) Q3 adjusted EPS $1.21 vs. est. $1.19; Q3 revs $33.8B vs. est. $34.27B; says delivered 306,000 broadband net additions in Q3; added 44,000 total monthly bill-paying wireless subscribers in Q3, compared with expectations for 19,000 additions; reaffirmed its profit and free cash flow forecast for the full year.

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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.