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Tuesday, October 21

Noteworthy macro moves today: Gold -3.2%. Silver -5.2%. Platinum -3.8%. 

Recent market movements are significantly influenced by the ongoing U.S.-China trade negotiations and domestic economic data releases. The MSCI All Country World Index has seen a rally, nearing record highs due to strong corporate earnings in the U.S., with 85% of companies beating Q3 profit estimates. Additionally, easing tensions between President Trump and Chinese officials regarding tariffs have positively contributed to investor sentiment.

In terms of economic indicators, Canada reported an annual inflation rate increase to 2.4% for September from 1.9%, surpassing expectations that could limit potential interest rate cuts by the Bank of Canada as it crosses their target threshold after six months below it. Meanwhile, public sector net borrowing in the UK widened slightly but remained under forecasts at £20.2 billion for September; this marks significant spending pressures amid rising costs associated with services and benefits.

The financial markets also reflect cautious optimism ahead of key upcoming events such as delayed CPI reports from both Canada and the United States later this week amidst continued government shutdown concerns affecting perceptions of macroeconomic stability across global economies.

SPDR Gold Shares (GLD) [-3.6%]
Gold prices have experienced a significant decline, dropping 3.6% to approximately 4,264.50 per ounce, while silver has fallen nearly 5%. This downturn has been attributed to stretched valuations and expectations of softer U.S. CPI data. December gold futures are also down, trading at around 4,280 an ounce. In pre-market trading, U.S. gold stocks such as Coeur, Harmony, and Pan American Silver have declined by about 4%. Social media discussions highlight a "silver squeeze" impacting the fiat system and concerns regarding gold's potential to reach all-time highs amidst fears of currency collapse. The strengthening U.S. Dollar and easing U.S.-China trade tensions further contribute to the downward pressure on gold, diminishing its appeal as a safe-haven asset. Silver's notable decline is likely affecting sentiment towards gold due to their historical correlation.

Ethereum (ETH/USD) [-1.9%]
Ethereum (ETH/USD) has experienced a notable decline of approximately 1.9% since Monday. This downturn coincides with recent developments, including easing US-China trade tensions, which have strengthened the US Dollar and influenced market sentiment. Concurrently, Japan's political shift with Sanae Takaichi as Prime Minister may lead to changes in economic policies affecting various markets, including cryptocurrencies. Social media highlights include BitMine's acquisition of $820 million in Ethereum, raising its total holdings to 3.24 million tokens, representing about 2.7% of the circulating supply. This follows a series of substantial purchases, including 63,539 ETH valued at $251 million. Additionally, a whale recently purchased 11,860 ETH for approximately $45.6 million. In related market movements, Bitcoin (BTC/USD) has also declined by 1.76%, reflecting broader market sentiment that may be influencing Ethereum's price trajectory.

GM | +11.3% | +8.3B
General Motors Co | Automobile Manufacturers
General Motors Co reported its third-quarter earnings, revealing an adjusted EPS of 2.80, surpassing analysts' expectations of 2.31, although down from 2.96 a year prior. Revenue reached 48.59 billion, exceeding the consensus estimate of 45.33 billion but reflecting a slight decline from 48.76 billion a year earlier. The company raised its full-year adjusted EPS guidance to a range of 9.75 to 10.50, up from the previous forecast of 8.25 to 10.00, in light of an improved outlook for adjusted automotive free cash flow, now expected between 10 billion and 11 billion. Vehicle sales totaled 977,003 units, surpassing the forecast of 947,478 units. GM also indicated strong internal combustion engine volumes and plans to reduce electric vehicle losses starting in 2026, with the Orion Assembly plant expected to resume operations in early 2027. Shares reacted positively, increasing significantly in early trading following these announcements.

HAL | +6.5% | +1.4B
Halliburton Co | Oil & Gas Equipment & Services
Halliburton Co reported its Q3 results, revealing an adjusted EPS of 0.58, exceeding the estimate of 0.50 by 16.7%. Sales reached 5.6 billion, surpassing the consensus estimate of 5.39 billion. Despite these positive figures, both earnings and sales reflect a decline from the previous year's earnings of 0.73 per share and sales of 5.697 billion. The company recorded a net income of 18 million and an adjusted net income of 496 million for the quarter. Additionally, Halliburton reported cash flow from operations at 488 million and free cash flow of 276 million. The firm announced initiatives expected to generate savings of 100 million per quarter, along with a reset of its 2026 capital budget and the idling of non-performing equipment.

RTX | +5.4% | +12.1B
RTX Corp | Aerospace & Defense
Raytheon Technologies Corp. (RTX) has raised its full-year 2025 adjusted earnings per share (EPS) guidance to a range of 6.10 to 6.20, up from 5.80 to 5.95, surpassing the consensus estimate of 5.95. The company also increased its revenue outlook to between 86.5 billion and 87 billion, compared to the previous range of 84.75 billion to 85.5 billion. These adjustments followed a strong third quarter, where RTX reported adjusted EPS of 1.70, exceeding estimates of 1.41, and revenue of 22.48 billion, higher than the expected 21.31 billion. RTX achieved a backlog of 251 billion and secured 37 billion in new awards during the quarter, driven by robust demand across its segments, particularly in Pratt & Whitney and defense products. Social media discussions highlighted these earnings results and the company's significant performance metrics, including over 100% growth in free cash flow.

DHR | +4.6% | +7.4B
Danaher Corp | Life Sciences Tools & Services
Danaher Corporation reported its third-quarter earnings today, revealing an adjusted EPS of 1.89, surpassing the estimated 1.72. Revenue reached 6.05 billion, slightly above the expected 6 billion, reflecting a year-over-year growth of 4.5%. The company generated 1.4 billion in free cash flow and reaffirmed its full-year adjusted diluted net earnings guidance between 7.70 and 7.80 per share, which is marginally below the consensus estimate of 7.78. Additionally, Danaher anticipates low-single-digit core revenue growth for 2025 and a 2.5% sales increase attributed to currency impact in Q4 2025. Following these announcements, shares increased notably in premarket trading, with an initial surge of 10% shortly after the earnings release.

CCK | +7.6% | +927.4M
Crown Holdings Inc | Metal, Glass & Plastic Containers
Crown Holdings Inc reported robust third-quarter results, with adjusted earnings per share (EPS) of 2.24, surpassing the consensus estimate of 1.99. Revenue reached 3.20 billion, exceeding expectations of 3.14 billion. The company achieved a net income of 239 million, a notable recovery from a loss of 175 million the previous year. Following these results, Crown raised its full-year 2025 adjusted EPS guidance to a range of 7.70 to 7.80, up from 7.10 to 7.50, and above analyst estimates of 7.39. The fourth-quarter adjusted EPS is projected between 1.65 and 1.75, compared to a consensus of 1.58. Social media discussions highlighted the company's "double beat" performance, generating positive sentiment among users shortly after the earnings announcement.

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