Stock futures experienced an uptick, reflecting investor optimism in light of strong earnings from major financial institutions and ongoing developments in U.S.-China trade tensions. Yesterday’s mixed performances in major stock indexes did little to overshadow this positive sentiment. Futures linked to the tech-heavy Nasdaq climbed by 1%, while the benchmark S&P 500 and Dow Jones Industrial Average saw increases of 0.8% and 0.5%, respectively. In the commodities market, gold futures surged past $4,215 an ounce, marking fresh record highs amid heightened economic uncertainty and stock market volatility. Bitcoin, on the other hand, saw a slight decline, trading at $112,000 after hitting an overnight high of $113,600.
In a significant boost for investors, both Bank of America and Morgan Stanley released quarterly results that exceeded Wall Street expectations. Bank of America reported third-quarter revenues of $28.24 billion, surpassing analysts’ predictions of $27.5 billion, with earnings per share (EPS) at $1.06, significantly above the expected 95 cents. Morgan Stanley also outperformed expectations, posting revenue of $18.2 billion against a consensus estimate of $16.69 billion, while its EPS of $2.80 greatly topped estimates of $2.11. Following these announcements, shares of both banks saw an increase of over 4% in premarket trading.
As earnings season continues, investors are keenly anticipating the Federal Reserve’s upcoming “Beige Book,” set to be released at 2 p.m. ET today. The report offers insights into economic conditions across the Federal Reserve’s 12 districts and is particularly important this week due to delays in key data releases caused by the ongoing federal government shutdown. The Consumer Price Index report for September, which was initially scheduled for today, has been postponed to October 24.
In the technology sector, ASML Holding saw its shares rise after reporting quarterly results that exceeded profit estimates, despite sales falling short of projections. The Dutch semiconductor equipment maker announced quarterly revenue of 7.516 billion euros ($8.74 billion), slightly below the expected 7.67 billion euros but net income of 2.125 billion euros ($2.47 billion) outperformed the consensus. ASML also provided an optimistic outlook for 2026 sales, indicating that they may surpass 2025 levels, although the ongoing trade tensions with China present uncertainties. Shares rose more than 4% in premarket trading and have increased over 40% since the beginning of the year.
In a noteworthy development for the automotive industry, Stellantis announced a substantial investment of $13 billion in U.S. manufacturing over the next four years. This marks the largest single investment in the company’s century-long history in the U.S. The funds will support the launch of five new vehicles across its brands, including Jeep and Chrysler, and are expected to create approximately 5,000 new jobs at plants in Illinois, Ohio, Michigan, and Indiana. Following the announcement, Stellantis shares rose by 0.5% in premarket trading, buoyed by reported U.S. sales growth that ended a two-year decline.
