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Monday, October 20

Noteworthy macro moves today: Gold +1.5%. Bitcoin +2.2%. Natural Gas +8.2%. Noteworthy US mega-cap moves today: Apple Inc (AAPL) +1.8%.

Recent developments in the U.S.-China trade relationship have significantly influenced market sentiment. President Trump indicated that raising tariffs on China to 100% is unsustainable, which has eased fears of escalating tensions between the two nations. This comes as Treasury Secretary Scott Bessent prepares for discussions with Chinese Vice Premier He Lifeng this week, suggesting a potential thawing in relations and contributing to positive investor outlooks.

In economic data releases, China's GDP growth exceeded expectations at 1.1% quarter-on-quarter for Q3 2025 while industrial production rose by an impressive 6.5%, indicating resilience despite external pressures from tariffs imposed by the U.S. However, retail sales showed signs of weakness growing only by 3%, marking their slowest pace since August last year; these mixed signals reflect ongoing challenges within China's economy amid global uncertainties.

Additionally, Germany's producer prices fell unexpectedly for September—marking seven consecutive months of decline—which may weigh on future Eurozone monetary policy decisions and impact currency valuations across Europe. The combination of easing geopolitical risks alongside disappointing European economic indicators creates a complex backdrop affecting both equity markets and currencies globally.

SPDR Gold Shares (GLD) [+2.2%]
Gold prices have risen in premarket trading, recovering from previous losses and reaching approximately 4,271. This upward movement coincides with broader geopolitical tensions and economic uncertainties, which continue to drive demand for gold as a safe-haven asset. Concurrently, significant social media discussions surrounding GLD have noted its trading volume at its highest since 2013, with reports of extensive consumer interest in purchasing gold. Notably, GLD traded over 152 million shares last week, marking a rare occurrence since its inception. Furthermore, the implied volatility for GLD has reached its highest level in over two years, reflecting increased market activity. Royal Gold's recent acquisitions of Sandstorm Gold and Horizon Copper may also influence the precious metals market, as these transactions enhance its portfolio with additional royalty interests.

Bitcoin (BTC/USD) [+2.0%]
Bitcoin (BTC) has increased in value by 2.2% since Sunday, currently trading above 110K. Bitcoin miners are facing heightened pressure as network difficulty reaches new highs, while transaction fees decline, contributing to a liquidity drought. Approximately 34,689 BTC remain in linked wallets as the deadline for Mt. Gox trustees to complete repayments approaches on October 31st. Public companies hold a total of over 1 million BTC, with BlackRock alone possessing nearly 805,000 BTC, valued at over $87 billion. Social media sentiment reflects optimism, with predictions of BTC potentially reaching between $200,000 and $250,000 by year-end. However, concerns about market manipulation have arisen amid reports of shutdowns at Coinbase and Robinhood, where users have been locked out of their accounts. In a notable transaction, the Royal Government of Bhutan moved 108.8 BTC, retaining a substantial holding of over 6,200 BTC.

MU | +3.9% | +9.0B
Micron Technology Inc | Semiconductors
Micron Technology Inc. has announced its exit from the China data center market, a decision influenced by a 2023 ban that adversely affected sales. This move occurs amid escalating U.S.-China tensions, which are prompting a push for increased technological self-sufficiency. Analysts suggest that this trade conflict is undermining U.S. dominance in the semiconductor industry. Concurrently, Micron has received approval for a new manufacturing facility in New York. On social media, discussions have highlighted Samsung's substantial investment of ₩4.2 trillion won (approximately US$3 billion) to accelerate the development of its Pyeongtaek P4 chip complex, reflecting heightened competition in the semiconductor sector. Notably, posts indicate that Micron's withdrawal from the China server market has elicited minimal market reaction, with the stock reportedly reaching all-time highs and maintaining a robust chart pattern.

HOLX | +4.8% | +827.0M
Hologic Inc | Health Care Equipment
Hologic Inc has seen its stock price rise significantly in pre-market trading, following reports from Bloomberg that Blackstone and TPG are in advanced discussions to acquire the company. The potential deal could value Hologic at over $17 billion, including debt, with negotiations suggesting a price exceeding 75 per share. This information has driven notable premarket gains for Hologic shares. Social media conversations have echoed this sentiment, with posts highlighting the nearing acquisition and an increase in implied volatility, which has prompted some investors to buy shares. While the talks remain private and no final agreement has been reached, an announcement may be imminent.

EXEL | -10.2% | -1.0B
Exelixis Inc | Biotechnology
Exelixis Inc. reported preliminary results from its phase 3 STELLAR-303 trial, indicating that the combination of zanzalintinib and atezolizumab improved median overall survival to 10.9 months, compared to 9.4 months with regorafenib for patients with previously treated metastatic colorectal cancer. The combination therapy reduced the risk of death by 20%, with a stratified hazard ratio of 0.80. The trial enrolled 901 patients, and grade 3/4 treatment-related adverse events were observed in 59% of those receiving the combination, versus 37% for regorafenib. Following these announcements, Exelixis experienced a pre-market drop of approximately 8%. Additionally, the company shared results from a subgroup analysis of the CABINET Phase 3 pivotal trial evaluating CABOMETYX, which was highlighted on social media after market hours.

SMMT | -8.9% | -1.2B
Summit Therapeutics Inc | Biotechnology
Summit Therapeutics Inc. reported a net loss of $231.8 million for Q3 2025, significantly higher than the $56.3 million loss recorded in Q3 2024. The net loss per share rose to $0.31 from $0.08 year-over-year. Total operating expenses surged to $234.2 million, primarily driven by increased research and development costs. Cash and short-term investments decreased to $238.6 million from $412.3 million at the end of 2024. The company plans to submit a Biologics License Application for ivonescimab in Q4 2025, following promising results from its HARMONi study, which showed a 48% reduction in disease progression risk for patients with EGFR-mutant non-small cell lung cancer. Social media discussions highlighted ivonescimab's performance in the HARMONi-6 study, showing a 40% reduction in disease progression risk compared to Tislelizumab. Following Q3 earnings, SMMT's stock moved down significantly, reflecting market reaction to the financial results and ongoing clinical developments.

COO | +6.0% | +911.8M
Cooper Companies Inc | Health Care Supplies
Shares of Cooper Companies experienced a significant rise following reports that activist investor Jana Partners has acquired a stake in the firm. Jana Partners plans to advocate for strategic alternatives, including a potential merger of Cooper's contact-lens division with competitor Bausch + Lomb. The CEO of Bausch + Lomb has expressed interest in such a combination. According to The Wall Street Journal, Jana believes that Cooper's two main business segments lack synergies and intends to push for improved capital allocation to enhance shareholder returns. This news has contributed to the notable uptick in Cooper's stock price, reflecting the impact of the activist investment.

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