Morning Preview: October 24, 2025

Auto PostDaily Market Report

Early Look

Friday, October 24, 2025

Futures

Up/Down

%

Last

Dow

59.00

0.13%

46,981

S&P 500

20.25

0.30%

6,795

Nasdaq

124.50

0.49%

25,378

 

 

U.S. futures edge higher, looking to close out another weekly win for major averages with just one big inflation economic reading standing in its way. Markets await the first noteworthy economic data point in three weeks with the U.S. September CPI data dropping this morning at 8:30 a.m. ET. The Federal shutdown rolls into Day 24 today, with no major economic data for weeks, leaving investors in the dark on economic reports until this CPI reading. Expectations for today’s headline CPI are to rise +0.4% M/M and rise +2.9% Y/Y while core CPI (ex-food & energy) est. +0.3% M/M, and +3.1% Y/Y. Markets are currently pricing in a 25bps Fed cut next week. In stock news, Intel (INTC) shares jumped over 8% last night on earnings for Q3 topped estimates, while shares of retailer Deckers (DECK) slides on guidance. Market momentum is clear to the upside after all three indexes closed in the green on Thursday and the CBOE Volatility Index (VIX), Wall Street’s fear gauge, hit its lowest in over two weeks, down at 17.15. Gold prices are lower this morning and on track to snap its 10-week winning streak barring a miracle and Bitcoin prices reclaim $111K.

 

In trade news overnight, President Trump leaves Washington on Friday night, and is set for a five-day trip spanning Malaysia, Japan and South Korea, On this trip, the President is expected to meet Chinese leader Xi Jinping in South Korea to iron out trade disputes. Washington and Beijing have hiked tariffs on each other’s exports and threatened to cut off critical minerals and technologies altogether. Separately, U.S. President Donald Trump said on Thursday trade talks with Canada were terminated after a Canadian political advertisement used the recorded voice of late president Ronald Reagan saying tariffs cause trade wars and economic disaster. In Asian markets, The Nikkei Index rose 658 points to 49,299, the Shanghai Index gained 27 points to 3,950, and the Hang Seng Index advanced 192 points to 26,160. In Europe, the German DAX is up 12 points to 24,220, while the FTSE 100 is down slightly to 9,576.

 

Market Closing Prices Yesterday

  • The S&P 500 Index climbed 39.03 points, or 0.58%, to 6,738.42
  • The Dow Jones Industrial Average rose 144.20 points, or 0.31%, to 46,734.61
  • The Nasdaq Composite gained 201.40 points, or 0.89%, to 22,941.80
  • The Russell 2000 Index advanced 31.10 points, or 1.27%, to 2,482.65

Economic Calendar for Today

  • 8:30 AM ET                Consumer Price Index (CPI) headline M/M for September…est. +0.4%
  • 8:30 AM ET                Consumer Price Index (CPI) headline Y/Y for September…est. +2.9%
  • 8:30 AM ET CPI Core – Ex: Food & Energy M/M for September…est. +0.3%
  • 8:30 AM ET CPI Core – Ex: Food & Energy Y/Y for September…est.+3.1%
  • 9:45 AM ET                 S&P Global Manufacturing PMI, Oct-flash
  • 9:45 AM ET                 S&P Global Services PMI, Oct-flash
  • 9:45 AM ET                 S&P Global Composite PMI, Oct-flash
  • 10:00 AM ET               University of Michigan Sentiment, Oct-final
  • 10:00 AM ET               University of Michigan 1-yr and 5-yr inflation expectations
  • 10:00 AM ET               New Home Sales M/M for September
  • 11:00 AM ET               Cleveland Fed CPI for September
  • 1:00 PM ET                  Baker Hughes Weekly rig count data

Earnings Calendar:

  • Earnings Before the Open: BAH EAF FHB FLG GD GNTX HCA ITW PG SBSI STEL VRTS

 

 

Macro

Up/Down

Last

Nymex

0.00

61.79

Brent

0.04

66.03

Gold

-67.30

4,078.30

EUR/USD

-0.0006

1.1611

JPY/USD

0.34

152.92

10-Year Note

+0.017

4.006%

 

World News

  • U.S. President Donald Trump said on Thursday trade talks with Canada were terminated after a Canadian political advertisement used the recorded voice of late president Ronald Reagan saying tariffs cause trade wars and economic disaster. Trump, who imposed import tariffs on Canadian steel, aluminum and autos earlier this year, called the video ad fraudulent. “Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” Trump wrote on Truth Social.

Sector News Breakdown

Consumer

  • Boston Beer (SAM) Q3 EPS $4.25 tops consensus $3.34; Q3 revs $537.5M vs. est. $541.97M; said Q3 depletions declined by -3% as volumes were pressured across the beer industry and Q3 shipments decreased -13%; raises FY25 EPS guidance to $7.80-$9.80 from $6.72-$9.54; guides FY25 capex $50M-$70M from prior view of $70M-$90M.
  • Boyd Gaming (BYD) Q3 adj EPS $1.72 vs. est. $1.63; Q3 revs $1.0B vs. est. $875.11M; Q3 Adjusted EBITDAR was $321.8M compared to $336.6M y/y.
  • Coca-Cola Co (KO) files for mixed shelf; size not disclosed.
  • Comfort Systems (FIX) Q3 EPS $8.25 vs est $6.23, op Inc $378.874Mm vs est $283.9Mm on revs $2.451B vs est $2.151B, adj FCF $553.3Mm.
  • Deckers Outdoors (DECK) Q2 EPS $1.82 tops consensus $1.58; on revs $1.43B, consensus $1.42B; said in Q2, HOKA and UGG again delivered double-digit growth; sees FY26 EPS $6.30-$6.39 vs est. $6.32 and sees FY26 revenue $5.35B vs. consensus $5.45B.
  • Ford Motor (F) Q3 adj EPS $0.45 vs est $0.36 on revs $50.53B vs est $43.08B, model E segment EBIT loss $1.41B; guides FY adj EBIT $6.0-6.5B vs est $6.988B and adj FCF $2.0-3.0B; said expect lower production in the fourth quarter of 2025 driven by the Novelis fire, which we expect to recover partially in 2026; said incurred $1.6B expenses through Q3 related to previously announced cancellation of all-electric three-row SUV program
  • Mohawk Industries (MHK) Q3 adj EPS $2.67 vs est $2.64 on revs $2.8B vs est $2.731B; sees Q4 adj EPS $1.90-2.00 vs est $2.14.

Energy

  • Baker Hughes (BKR) Q3 adj. EPS $0.68 vs est $0.62; Q3 sales $7.010B vs est $6.828B; orders of $8.2B, including $4.1B of IET orders; RPO of $35.3B, including record IET RPO of $32.1B; cash flows from operating activities of $929M and free cash flow* of $699M.
  • NEXTracker (NXT) Q2 adj EPS $1.19 tops consensus $1.01; Q2 revenue $905M vs. est. $839.89M; Raises FY26 revenue view to $3.275B-$3.475B from $3.2B-$3.45B (est. $3.4B), while narrows FY26 EPS view to $4.04-$4.25 from $3.96-$4.27 (est. $4.22); says Abunayyan Holding and Nextracker enter into agreement to form joint venture to accelerate energy transition in Saudi Arabia and Mena region.

Financials

  • Associated Bancorp. (ASB) Q3 EPS $0.73 vs. est. $0.68; Q3 net interest margin of 3.04%, net interest income $305M; said for Q3, posted nearly $300 million in C&I loan growth, over $700 million in deposit growth.
  • Digital Realty (DLR) Q3 AFFO/shr $1.89 vs est $1.78 on bookings $201Mm; raised FY core FFO/SHR view to $7.32-7.38 from $7.15-$7.25 and vs est $7.19; raises 2025 revenue view to $6.025B-$6.075B from $5.925B-$6.025B, and vs. consensus $5.99B.
  • EastGroup Properties (EGP) Q3 FFO/SHR $2.27 vs est $2.26; sees FY FFO/SHR $8.94-8.98 vs est $8.95; raised quarterly dividend to $1.55/shr.
  • Enova International (ENVA) Q3 adj EPS $3.36 vs est $3.03, adj EBITDA $218Mm on revs $802.678Mm vs est $806.65Mm.
  • Kinsale Capital (KNSL) Q3 EPS $6.09 vs est $4.82 on gross written premiums $486.251Mm vs est $480.01Mm, ROE 31.6%, combined ratio 74.9%, expense ratio 21%.
  • SLM Corp. (SLM) Q3 EPS $0.63 vs. est. $0.77; Q3 net interest income $373M; Q3 provisions for credit losses $179M; raises FY25 EPS view to $3.20-$3.30 from $3.00-$3.10, and above consensus $3.09.
  • Western Union (WU) Q3 adj EPS $0.47 vs. est. $0.43; Q3 revs were in-line at $1.03B; backs FY25 adjusted EPS $1.65-$1.75 vs. est. $1.70 and guides FY25 revenue view to $4.085B-$4.185B from $4.09B-$4.18B prior and vs. consensus $4.09B; Q3 GAAP operating margin was 20% in the current year period, up from 16% y/y.

Healthcare

  • Community Health (CYH) Q3 revs 43.08B vs. est. $2.99B; Q3 adj EBITDA $376M beats analyst expectations, reflecting improved operational performance; did not provide specific guidance for future quarters; Same-store net operating revenues increased 6.0%.
  • Coya Therapeutics (COYA) 3.64M Spot Secondary priced at $5.50.
  • Healthpeak Properties (DOC) Q3 AFFO $0.42 vs. est. $0.45; Q3 revs $705.87M vs. est. $680.88M; backs FY25 AFFO view $1.81-$1.87, vs. consensus $1.83.
  • Inhibrx Biosciences (INBX) said it announced positive topline results from the registrational ChonDRAgon study investigating ozekibart as a single agent versus placebo in patients with advanced or metastatic, unresectable chondrosarcoma.
  • Teladoc Health (TDOC) announces Chief Financial Officer transition as Mala Murthy will be stepping down from her role.
  • UnitedHealth Group (UNH) is working with bankers on a sale of Optum UK, which largely consists of the EMIS GP patient records system supplier it bought for £1.2bn two years ago; Blackstone is among the suitors – report by Sky news.
  • X4 Pharmaceuticals (XFOR) 45.87M share Spot Secondary priced at $2.85.

Industrials and Materials

  • Newmont Mining (NEM) Q3 adj EPS $1.71 vs. est. $1.43; Q3 revs $5.524B vs. est. $5.183B; said delivered a robust third quarter performance, producing approximately 1.4 million attributable gold ounces and generating a third-quarter record of $1.6 billion in free cash flow; sees 2026 capital spending to increase as key projects advance.

Technology, Media & Telecom

  • Intel Corp. (INTC) Q3 adj EPS $0.23 vs est $0.01 on revs $13.65B vs est $13.14B, adj gr mgn 40.0%; guides Q4 revs $12.8-13.8B vs est $13.37B, adj gr mgn about 36.5% and adj EPS about $0.08 vs est $0.08; says current demand outpacing supply, a trend it expects to persist into 2026.
  • AI startup Anthropic agreed to use Google’s (GOOGL) AI chips in a deal worth tens of billions. Google to deliver up to 1 mln custom-built tensor processing units (TPUs) to Anthropic starting 2026, adding over a gigawatt of processing power.
  • Coursera (COUR) Q3 adj EBITDA $15.6Mm vs est $12.98Mm on revs $194.2Mm vs est $190.3Mm; guides Q4 revs $189-193Mm vs est $187.85Mm and adj EBITDA $7-10Mm vs est $10.17Mm.
  • Knowles (KN) Q3 EPS $0.33 vs est. $0.31; Q3 revs $152.9M vs. est. $149.1M; guides Q4 EPS $0.33-$0.37 vs. est. $0.34 on revs $151M-$161M vs. est. $154.3M; said has confidence in ability to achieve full year organic revenue growth of 6% in 2025.
  • MaxLinear (MXL) Q3 EPS $0.14 vs. est. $0.12; Q3 revs rose 56% y/y to $126.45M vs. est. $124.66M; sees Q4 revenue $130M-$140M, vs. consensus $130.48M and sees Q4 GAAP gross margin 56.0%-59.0%; attributes growth to investments in data center optical interconnects, wireless infrastructure, and other areas.
  • SS&C Technologies (SSNC) Q3 adj EPS $1.57 vs est $1.47 on revs $1.569B vs est $1.552B; guides Q4 adj revs $1.59-1.63B vs est $1.612B and adj EPS $1.56-1.62 vs est $1.58; sees FY adj revs $6.21-6.25B vs est $6.218B and FY adj EPS $6.02-6.08 vs est $5.95.
  • VeriSign (VRSN) Q3 revenue grows 7.3% y/y to $419.1M, beating analyst expectations; net income for Q3 2025 rises to $213M, with diluted EPS of $2.27; ended Q3 with 171.9M .com and .net domain name registrations in the domain name base, a 1.4% y/y; did not provide specific guidance.

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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.

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