Early Look

Friday, October 10, 2025

U.S. futures are looking at a flattish open, with S&P futures trading in a narrow 20-point range all night but remain on track for another weekly gain as investors have flocked into everything from stocks to bonds, gold and cryptocurrencies, underscoring resilient risk appetite. U.S. stocks finished in negative territory on Thursday as investors, left with no economic data or any sentiment-swaying catalysts ahead of earnings season, while the government shutdown rolls into Day 10 with no immediate resolution in sight between Republicans/Democrats. The S&P 500 and the Nasdaq inched back from Wednesday’s record closing highs, while Dow Jones Industrial Averages closed with the deepest percentage decline. Wall Street is shows signs of fatigue after a +36% rally since April, with the S&P 500 dipping amid concerns over stretched valuations and AI-driven exuberance. We also saw some minor cracks in other asset classes yesterday such as gold and Bitcoin, both of which hit record highs earlier this week but have since seen notable declines while the Dollar pushes back slightly. In fact, the US dollar index (DXY) is up nearly 2% on the week at 99.40 and if holds, would be highest close since last day since July. Other sector seeing weakness include Dow Transports which fell -1.3% at 15,580 in weak spot for market, dropping below its 50dma of 15,660 today with 100dma lower at 15,515 while Homebuilders (XHB) hit a 2-month closing low. Next up some economic data as the University of Michigan’s reading on consumer sentiment is due Friday at 10 a.m. ET., while the Bureau of Labour Statistics said it plans to release September’s CPI by the month’s end. Oil held the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply. In Asian markets, The Nikkei Index dropped -491 points to 48,088, the Shanghai Index fell -36 points to 3,897, and the Hang Seng Index tumbled -462 points to 26,290. In Europe, the German DAX is down -58 points to 24,663, while the FTSE 100 is down -11 points to 9,498.

• The Dow Jones Industrial Average fell -243.36 points, or 0.52%, to 46,358.42
• The Nasdaq Composite slipped -18.75 points, or 0.08%, to 23,024.63
• The Russell 2000 Index declined -15.14 points, or 0.61% to 2,468.85

• 1:00 PM ET                   Baker Hughes Weekly rig count data

• Ford (F) is reversing a plan to claim EV tax credits, according to Reuters citing a company spokesperson.
• Levi Strauss (LEVI) Q3 adj EPS $0.34 vs. est. $0.30; Q3 revs $1.5B vs. est. $1.49B; Q3 Gross margin was 61.7%, with an EBIT margin of 10.8% and an adjusted EBIT margin of 11.8%; quarterly revenues in Asia and Europe growing 12% and 5%, respectively; raised FY EPS guidance to $1.27-$1.32 from $1.25-$1.30 saying forecast assumes U.S. tariffs will remain at 30% for China and 20% for other countries.

• Mosaic Co (MOS) said Q3 phosphate production volumes about 1.7M tonnes and prelim production & sales volumes for potash in Q3 were both about 2.3M tonnes.

• Applied Digital (APLD) Q1 adj EPS ($0.03) vs est. ($0.13) on revs $64.2Mm vs est. $51Mm; says review of strategic options for cloud services business remains ongoing; said on projected annualized NOI run rate of about $500M once Polaris forge 1 fully operational.
• Artisan Partners Asset Management Inc. (APAM) preliminary assets under management as of September 30, 2025, totaled $181.3 billion. Artisan Funds and Artisan Global Funds accounted for $88.0 billion of total firm AUM, while separate accounts and other AUM accounted for $93.3 billion.
• Invesco Ltd. (IVZ) preliminary month-end assets under management (AUM) of $2,124.8B, an increase of 3.0% M/M; delivered net long-term inflows of $11.9B in the month. Non-management fee earning net inflows was $1.1B and money market net outflows were $2.0B.
• Lazard, Inc. (LAZ) preliminary assets under management as of September 30, 2025, totaled approximately $264.5 billion. The month’s AUM included market appreciation of $5.4 billion, FX appreciation of $0.5 billion, and net inflows of $0.3 billion.
• Victory Capital Holdings, Inc. (VCTR) reported Total Assets Under Management (AUM) of $310.6 billion, Other Assets of $2.7 billion, and Total Client Assets of $313.4 billion, as of September 30, 2025.

• OrthoPediatrics (KIDS) preliminary Q3 revenue $61.2M below consensus $63.63M saying they faced incremental headwinds late in September, largely driven by delayed 7D capital sales and headwinds within the Latin and South America segment of our business; cuts FY25 revenue view to $233.5M-$234.5M from $237M-$242M while backs FY25 adjusted EBITDA view.
• Usana Health Sciences (USNA) said in Q3 forecast was softer-than-expected sales, brand partner productivity during rollout of enhanced brand partner compensation plan; said slowdown during transition was more pronounced than anticipated and negatively affected our quarterly results.
• Vir Biotechnology (VIR) announces first patient dosed in part 3 of phase 1 trial of PSMA-targeting pro-XTEN® dual-masked t-cell engager vir-5500 in combination with androgen receptor pathway inhibitors for the treatment of metastatic prostate cancer.

• China has launched an antitrust investigation into U.S. semiconductor manufacturer Qualcomm (QCOM) over its acquisition of Israel’s Autotalks, China’s market regulator said on Friday.
• Nvidia Corp. (NVDA) and Advanced Micro Devices Inc. (AMD) would have to ensure US companies get priority access to their products before China under legislation the Senate passed, a setback for the industry’s efforts to block the measure. The bipartisan legislation was approved in a vote late Thursday