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Friday, October 24

Noteworthy macro moves today: Gold -1.1%. Ethereum +2.7%. Noteworthy US mega-cap moves today: Broadcom Inc (AVGO) +2.8%.

Recent economic data from the United States indicates a slight moderation in inflation, with the Consumer Price Index (CPI) for September rising by 3.0% year-on-year, below expectations of 3.1%. This has led to increased market confidence that the Federal Reserve may continue its path toward interest rate cuts at their upcoming meetings.

In Europe, business activity is showing signs of resilience as evidenced by stronger-than-expected PMI reports; Germany's Composite PMI rose to 53.8 and Eurozone Services PMI reached a new high since August last year at 52.6. However, European stock markets are experiencing mixed performance amid these positive indicators due to concerns over potential impacts on monetary policy direction.

Additionally, geopolitical tensions remain significant as U.S.-China trade talks occur against an ongoing government shutdown affecting key economic releases in the U.S., which adds uncertainty into financial markets globally while investors await further developments regarding tariffs and international relations between major economies.

VanEck Semiconductor ETF (SMH) [+1.8%]
The VanEck Semiconductor ETF (SMH) has seen a price increase of 1.8% in pre-market trading on Friday. This uptick follows Intel Corp's strong third-quarter results, which included revenue of $13.65 billion and adjusted earnings per share of $0.23, surpassing analyst expectations. Intel's stock surged by 8.4% post-announcement, contributing positively to semiconductor stocks within the ETF. Additionally, social media discussions highlighted Intel's performance, noting significant gains in after-hours trading. Other top contributors to the ETF's performance included Broadcom, NVIDIA, Micron, and AMD, with Broadcom receiving an analyst upgrade due to advancements in AI. The Nasdaq 100 Index also rose by 0.81%, reflecting broader market sentiment that correlates with the semiconductor sector. Recent macroeconomic data showed a slight decrease in U.S. inflation rates, which typically influences SMH's price movements.

SPDR Gold Shares (GLD) [-0.9%]
Gold prices for December have declined significantly, risking the end of a ten-week winning streak unless they surpass last week's closing price. Pre-market trading indicates a further drop in gold prices, reflecting ongoing market adjustments. Recent data from Bank of America reveals that gold has experienced inflows totaling $50 billion over the past four months, the highest in 14 years, with a record weekly inflow noted recently. JP Morgan has forecasted that gold prices could average $5,055 per ounce by Q4 2026. Concurrently, discussions on social media highlight a rebound in GLD after two sessions of losses, attributed to renewed geopolitical risks. However, there is a sentiment of disappointment regarding GLD's recent performance, with some suggesting it requires a "miracle" to extend its winning streak. Additionally, silver prices have also declined, reflecting broader market sentiment affecting precious metals.

COIN | +4.0% | +3.3B
Coinbase Global Inc | Financial Exchanges & Data
Coinbase Global Inc. has experienced a notable price increase, aligning with the broader market's upward movement. This rise follows a significant upgrade from JPMorgan, which raised its rating from Neutral to Overweight and increased its price target substantially. The upgrade reflects JPMorgan's optimism regarding easing risks and potential new monetization opportunities, including the anticipated launch of a Base token and improved USDC payout strategies. Additionally, Coinbase's shares gained in after-hours trading following this news. Social media discussions have highlighted the upgrade and noted Coinbase's involvement in a fundraising effort for Trump's White House ballroom. Meanwhile, Ethereum has also seen an increase, which may further influence sentiment towards cryptocurrency exchanges like Coinbase. Coinbase is set to announce its Q3 FY2025 earnings on October 30, 2025, with estimates indicating a significant improvement in both EPS and revenue compared to previous projections.

BAH | -10.5% | -1.2B
Booz Allen Hamilton Holding Corp | Research & Consulting Services
Booz Allen Hamilton Holding Corp reported its fiscal second-quarter results, revealing a notable decline in both profit and revenue. Adjusted earnings per share were $1.49, missing the consensus estimate of $1.51, while revenue fell by 8.1% year-over-year to $2.89 billion, below the expected $2.97 billion. The company has revised its fiscal 2026 guidance downward, now anticipating adjusted earnings between $5.45 and $5.65 per share, down from a previous forecast of $6.20 to $6.55. Revenue is projected between $11.3 billion and $11.5 billion, compared to prior guidance of $12 billion to $12.5 billion. The downturn is attributed to a slowdown in government funding, with the backlog growing to $40 billion and a book-to-bill ratio of 1.7 times. Net income dropped significantly to $175 million, down 55% year-over-year, while free cash flow decreased to $395 million from $563 million in the previous year.

GSK | -7.0% | -12.4B
GSK plc | Pharmaceuticals
GSK plc has received FDA approval for its blood-cancer drug Blenrep, aimed at treating adult patients with relapsed or refractory multiple myeloma who have undergone at least two prior therapies. This approval comes after a previous rejection in July and is supported by data from the DREAMM-7 phase III trial, which showed a significant reduction in the risk of death and an extended median progression-free survival. The drug will be administered alongside bortezomib and dexamethasone, although it carries warnings for ocular toxicity, with a notable percentage of trial participants experiencing dose modifications due to eye-related side effects. GSK is preparing to announce its Q3 FY2025 earnings, with an EPS estimate slightly lower than the previous quarter and a revenue estimate showing an increase. Social media discussions have highlighted Blenrep's mixed FDA decision regarding its use in combination therapies, along with its competitive landscape.

INTC | +5.9% | +10.2B
Intel Corp | Semiconductors
Intel Corp reported third-quarter 2025 revenue of $13.65 billion, exceeding analyst expectations of $13.14 billion, marking a year-over-year increase of 3%. The company achieved a net income of $4.06 billion, a significant turnaround from a loss of $16.64 million in the prior year. Adjusted earnings per share were reported at $0.23, well above the consensus estimate of $0.01. Current demand is noted to be outpacing supply, with projections for this trend to continue into 2026. The company anticipates fourth-quarter revenues between $12.8 billion and $13.8 billion, aligning with market estimates. Following the announcement, Intel's stock surged over 6%, trading above $40 per share for the first time since April 2024. Additionally, the Trump Administration's investment in Intel has reportedly doubled since August, contributing to a profit increase of approximately $4.5 billion in just two months.

NEM | -5.7% | -5.5B
Newmont Corporation | Gold
Newmont Corporation's shares have fallen to 126.89 AUD, the lowest level since September 2025. The company reported third-quarter adjusted earnings per share of 1.71, exceeding the analyst consensus of 1.42, alongside revenues of 5.524 billion, surpassing estimates of 5.183 billion. Despite a year-over-year increase in adjusted net income to 1.883 billion, gold production declined by 4% to approximately 1.42 million ounces due to lower grades and planned shutdowns. The average realized gold price reached a record of 3,539 per ounce. Newmont also announced a reduction in its 2025 capital guidance due to cost-saving initiatives and declared a quarterly cash dividend of 25 cents per share, payable on December 22 to shareholders of record as of November 26. Following the earnings report, the stock experienced a drop of 3.1% shortly after the announcement.

F | +3.8% | +1.9B
Ford Motor Co | Automobile Manufacturers
Ford Motor Co has paused production of its F-150 Lightning EV pickup due to aluminum shortages resulting from a fire at Novelis's plant in Oswego, New York, which has rendered 40% of the facility non-operational. In response, Ford will shift its focus to more profitable gas and hybrid F-Series trucks, planning to increase production of F-150 and F-Series Super Duty trucks by over 50,000 units in 2026 and create up to 1,000 new jobs in Michigan and Kentucky. In its recent earnings report, Ford reported an adjusted EPS of $0.45, surpassing estimates, with quarterly revenue reaching $50.53 billion. Despite these positive results, the company warned of a financial headwind of $1.5 billion to $2 billion on adjusted EBIT for 2025 due to the Novelis incident.

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