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Tuesday, November 4

Noteworthy macro moves today: Nasdaq 100 Index (US) -1.6%. S&P 500 Index (US) -1.1%. Bitcoin -2.4%. Noteworthy US mega-cap moves today: Tesla Inc (TSLA) -3.2%. Alphabet Inc (GOOGL) -2.4%. Alphabet Inc (GOOG) -2.3%. 

US equity markets are trading lower amid concerns over a potential market correction, as highlighted by warnings from major financial institutions regarding stretched valuations and geopolitical tensions. The Bank of England has also raised alarms about the risks associated with current asset prices, particularly in technology sectors focused on artificial intelligence.

The ongoing US government shutdown is contributing to negative sentiment across global markets; it is now extending into its sixth week without resolution. This situation exacerbates uncertainty surrounding economic data releases that have been delayed due to the impasse, further impacting investor confidence.

Recent economic indicators show mixed signals: Japan's Manufacturing PMI was revised slightly downwards for October while France reported an improvement in its budget deficit figures. These developments reflect broader challenges facing economies globally amidst fluctuating demand conditions and inflationary pressures affecting central bank policies moving forward.

Ethereum (ETH/USD) [-2.5%]
Cryptocurrency markets, including Ethereum (ETH), are experiencing significant declines today, with ETH dropping by 2.5%. This downturn coincides with Bitcoin's fall below 104,000 and over 400 million in liquidations within the derivatives market, contributing to negative sentiment across both equity and cryptocurrency markets. Ongoing concerns regarding potential economic repercussions from a U.S. government shutdown may further influence market dynamics. Social media activity highlights excitement around the Anon airdrop, which offers up to 10,000,000 ANON tokens, while users express anxiety about ETH's price movements. Recent discussions note that ETH is at a critical zone, with Bitcoin declining by 2.8% and struggling to maintain support levels. Additionally, a promotion for zero trading fees on ETH, BTC, and BNB until November 21 may incentivize trading activity, although user sentiment remains mixed amid current volatility.

SPDR S&P 500 ETF Trust (SPY) [-1.1%]
The SPDR S&P 500 ETF Trust (SPY) is down 1% in pre-market trading, reflecting broader declines in the S&P 500 Index, which has also dropped significantly. Ongoing concerns about the U.S. government shutdown, now in its 35th day, are raising fears of economic repercussions. Mixed signals from Federal Reserve officials regarding interest rate cuts are adding to market volatility amid persistent inflation pressures. Social media discussions highlight that SPY has fallen below the 9-day moving average and is struggling to maintain the 50-day moving average, suggesting a decline in market breadth. Notably, the ratio of the equal-weight S&P 500 to SPY has reached its lowest level since 2003. Significant contributors to SPY's performance include NVDA, AMZN, MSFT, GOOG, and GOOGL, all of which experienced declines. Amazon's recent partnership with OpenAI is noteworthy, but its stock still reflects broader market trends.

UBER | -8.0% | -15.3B
Uber Technologies Inc | Passenger Ground Transportation
Uber Technologies Inc. reported its third-quarter earnings, revealing an earnings per share (EPS) of 3.11, significantly exceeding the consensus estimate of 0.69. Revenue reached 13.47 billion, surpassing expectations of 13.26 billion, while gross bookings amounted to 49.74 billion, above the forecast of 48.96 billion. The company noted a substantial increase in trips, totaling 3.51 billion, reflecting a 22% rise year-over-year. Despite these positive figures, Uber's fourth-quarter adjusted EBITDA guidance of 2.41 billion to 2.51 billion fell slightly below analyst expectations of 2.49 billion. CEO Dara Khosrowshahi stated that the robotaxi segment would not be profitable for several years. Following these announcements, shares of Uber experienced a notable decline in trading, dropping significantly in pre-market activity.

PLTR | -8.5% | -35.8B
Palantir Technologies Inc | Application Software
Palantir Technologies Inc. reported its third-quarter results on November 3, revealing adjusted earnings of $0.21 per share, surpassing the analyst consensus of $0.17, alongside revenues of $1.18 billion, exceeding expectations of $1.09 billion. The company experienced a year-over-year revenue growth of 63%, with U.S. commercial revenue rising 121%. Following these results, Palantir raised its fiscal year 2025 revenue guidance to a range of $4.396 billion to $4.400 billion and forecasted fourth-quarter revenue between $1.327 billion and $1.331 billion, above the consensus estimate of $1.19 billion. Despite these strong metrics, shares fell in after-hours trading due to concerns regarding high valuation relative to financial performance. Social media discussions highlighted both the impressive earnings and ongoing apprehensions, particularly regarding significant short positions taken by notable investors like Michael Burry. As of this morning, shares are reported to be down approximately 6.85%.

MPC | -7.0% | -4.5B
Marathon Petroleum Corp | Oil & Gas Refining & Marketing
Marathon Petroleum Corp reported its third-quarter results, revealing an adjusted EPS of 3.01, which fell short of the consensus estimate of 3.15. Revenue for the quarter was 35.849 billion, exceeding expectations of 32.552 billion and reflecting a slight increase from 35.373 billion year-over-year. The company faced higher turnaround costs of 400 million, up from 287 million a year earlier, contributing to the earnings miss. The refining and marketing segment reported a margin of 17.60 per barrel, up from 14.63 the previous year. Following the earnings announcement, shares declined by 5% in premarket trading. Crude capacity utilization for Q3 was recorded at 95%, with an outlook for Q4 refining operating costs at 5.80 per barrel.

GRAB | -7.6% | -1.7B
Grab Holdings Ltd | Passenger Ground Transportation
Grab Holdings Ltd reported its third-quarter earnings, revealing earnings per share of 0.01, aligning with analyst expectations, and revenues of 873 million, slightly above the anticipated 872.87 million. This marked a year-over-year sales increase of approximately 22%. Despite surpassing revenue estimates, the company’s share price fell significantly in premarket trading. Total incentives for the quarter reached 585 million, raising concerns about the sustainability of growth. The adjusted EBITDA for fiscal year 2025 is projected between 490 million and 500 million, higher than prior estimates. Monthly transacting users increased to 48 million, up 14% year-over-year, while on-demand gross merchandise value rose to 5.8 billion, reflecting a 24% increase. The New York State Common Retirement Fund initiated a position with 670,437 shares, while analysts from Evercore ISI and Benchmark Co. maintained Buy ratings with targets suggesting potential upside.

GPN | +5.5% | +1.1B
Global Payments Inc | Transaction & Payment Processing Services
Global Payments Inc. reported its third-quarter earnings, revealing a GAAP EPS of 2.64 and an adjusted EPS of 3.26, surpassing the analyst consensus estimate of 3.24. This adjusted EPS reflects an increase of 11.64% compared to the prior year's figure of 2.92. The company generated revenue of 2.01 billion, with adjusted net revenue at 2.43 billion, both exceeding estimates. Net income rose significantly to 635.2 million from 315.1 million year-over-year. Additionally, Global Payments reaffirmed its full-year 2025 outlook, projecting constant-currency adjusted EPS growth at the high end of 10%-11% and a revenue increase of 5%-6%. Following the earnings announcement, the stock experienced a price movement of +4.5%.

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